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Alibaba fancies itself the eBay, Amazon.com and PayPal of the Chinese Internet. Now it wants to add YouTube and Netflix to the list.

阿里巴巴集團(Alibaba Group)把自己比作中國互聯網世界的eBay、亞馬遜(Amazon)和貝寶(PayPal),現在它想再加入一點YoutTube和Netflix的成份。

In the latest in a string of entertainment industry acquisitions, Alibaba said Monday it will jointly take an 18.5% stake in New York-listed Youku Tudou for $1.22 billion, alongside an investment vehicle linked to Chairman Jack Ma.

阿里巴巴集團周一宣布,阿里巴巴將與馬云(Jack Ma)創立的一家基金聯手斥資12億美元收購紐約上市公司優酷土豆18.5%的股權。為進軍文化娛樂產業,阿里巴巴展開了一連串的并購活動,入股優酷土豆是其最新舉措。

In March, Alibaba acquired a majority stake in ChinaVision Media, a film and television production studio. Earlier this month, a separate investment vehicle owned by Mr. Ma and another Alibaba co-founder took a 20% stake in Wasu Media, an Internet television company with a small cable network. Add the three deals together, and that is a $3 billion spending spree.

今年3月份,阿里巴巴收購了影視劇制作公司文化中國傳播集團有限公司(ChinaVision Media)的多數股權。本月早些時候,馬云和阿里巴巴的另一位創始人通過旗下另一個投資平臺購入互聯網電視公司華數傳媒控股股份有限公司(Wasu Media) 20%的股權。這三樁交易加在一起的總投資約為30億美元。

As Alibaba gears up for a massive initial public offering, a picture is emerging of an ambitious, vertically integrated video strategy encompassing content creation, broadband distribution and online streaming. Just how the pieces fit together, including the role played by Mr. Ma's investment vehicles, remains unclear.


Youku is one of China's top Internet video sites, combining user-generated and professional content. But it faces intense competition from search engine Baidu's video unit, as well as diversified Internet giant Tencent Holdings and New York-listed portal Sohu.com, both with their own video services.

優酷土豆是中國頂尖的視頻網站之一,是將用戶自創內容與專業內容相融合的一個平臺。不過該公司正面臨激烈的市場競爭,競爭對手包括搜索引擎百度(Baidu)旗下的視頻子公司、綜合性互聯網巨頭騰訊控股有限公司(Tencent Holdings Ltd., 簡稱:騰訊控股)以及紐約上市的門戶網站搜狐公司(Sohu.com Inc.),其中騰訊控股和搜狐公司都有自己的視頻業務。

The next logical step in China's Internet deal frenzy could be a video tie-up between Tencent and Sohu, since the two companies are already allied in search. Tencent was earlier in talks with Youku over a possible investment and will want to keep toe-to-toe with Alibaba.


Regulatory risks hang over the entire sector. Chinese censors recently pulled four popular U.S. television shows from the Web, including one, 'The Good Wife,' which Youku had the rights to. Last week, Beijing stripped portal site Sina Corp. of some publishing licenses over pornographic material, sending shares down 10% over two days.

監管審查是整個視頻行業面臨的一大風險。中國審查機構最近將四部美劇從國內視頻網站下架,優酷土豆擁有其中《傲骨賢妻》(The Good Wife)的播放權。上周,中國政府吊銷了新浪公司(Sina Co., SINA)的《互聯網出版許可證》和《信息網絡傳播視聽節目許可證》,導致其股價在兩天內下跌10%。

Nor is Youku coming cheap. The deal will be done at $30.50 per share, 26% higher than Youku's closing price on Friday. But because Youku will issue new shares in the transaction, this understates the premium that Alibaba is paying. Youku as a whole will be valued at $6.6 billion, 63% above its Friday market cap, or 13 times 2013 sales for the loss-making company.


Alibaba is already asking investors to support what could be the biggest IPO in U.S. history. Now it will also ask them to invest in a hastily agglomerated video strategy. Alibaba needs to make the case why.



希尼爾翻譯公司  2014-05-18