Lee Hua Ling of WebTVAsia signs strategic partnerships with Eva Lin of Tudou, Alibaba. Photo by: MusicNewsAsia
WebTVAsia, the Malaysia-based digital media entertainment company, officially announced on June 2 during the Rise of Asia Forum that it is spreading its wings by venturing into a global strategic partnership with China’s leading short video platform Tudou, a solely owned subsidiary of Alibaba Digital Media and Entertainment Group.
This will place WebTVAsia as Asia’s first Multi Channel Network (MCN) to take part in Tudou’s new USD 291 million global short-form content sourcing initiative dubbed “The Big Fish Plan.”
The company also officially announced that it has bought over Indonesia’s online media company, Layaria, and acquired majority stakes in Korean entertainment agency Duble Kick Entertainment.
The company’s investment in Duble Kick marks the tenth market WebTVAsia has penetrated in Asia. These deals are in line with the company’s plans to grow its regional footprint via collaborations with local partners.
Fred Chong, Founder and Group CEO stated that: “Our vision is to be the leader that champions Asia’s media entertainment ecosystem, expected to be the world’s biggest market within a decade. These investments in Indonesia and South Korea will give us significant growth opportunities to tap into two highly competitive markets.”
Layaria, established back in 2011, has more than 800 creators from major cities such as Jakarta, Bandung, Surabaya and Yogyakarta. With this acquisition, the executive is positive that they will be able to record 25x viewership growth on this platform come 2019.
Meanwhile, WebTVAsia’s investment in Duble Kick will see the former helping to promote and commercialise top Korean artistes along with original content through its regional network of 1,000 digital channels.
WebTVAsia currently has 1.5 billion views per month and the company aims to hit the 2 billion views per month mark by the end of this year.