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Sony has made a $400M investment in Bilibili, the Chinese entertainment platform that is wildly popular with young people in the middle kingdom.
The service, which features content including animation, comics, games, user-generated videos and streaming, first launched in 2020. Today’s deal sees Sony acquire 17.3 million shares, roughly 5% of its total number, valuing the company at $8BN. Bilibili trades on the NASDAQ and currently sits at $26.20 per share.
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Streaming has boomed in China during the coronavirus pandemic. According to figures released by online ticketing platform Maoyan today, Bilibili has the highest daily time spent on online platforms in China, with users watching 111 minute per day on average over the New Year holiday (January 24 – February 2).
The two companies said in a statement that they would also enter into business together to pursue opportunities in the Chinese market including creating anime and mobile games.
Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili, said, “We are excited to partner with Sony, the world’s leader in entertainment and technology. The strategic investment and business cooperation further align our goals to bring best-in-class content offerings and services to our users, as we increase our domestic stronghold in animation and mobile games. We look forward to joining efforts on a broader scale to fulfill the tremendous and growing entertainment needs in China.”
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