What is a company to do after rapidly becoming the world’s third largest smartphone maker? If you’re Xiaomi, expand your market reach to intangibles, apparently. In a blog post today on Chinese social media site Weibo, the manufacturer announced its plan to invest $1 billion in Internet TV content.
The post avoided specifics, but imparted Xiaomi’s desire “to repeat [its] success […] in the television industry.” As part of the strategy, the company has hired Chen Tong, a former executive at Chinese internet firm Sina Corp. Tong will work with Chuan Wang, Xiaomi’s director for Internet TV related products, to make the division more “diverse and exciting,” the blog post said.
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