China, India drive Alibaba's UCWeb revenue up 271%
Alibaba group firm UCWeb on Friday reported a 271 per cent year-on-year jump in its digital media and entertainment revenue for 2017 financial year on account of growth in China, India and Indonesia.
"UCWeb Inc's holding company, Alibaba Group has reported a 271 per cent jump ,year-on-year, in its digital media and entertainment revenue for the fiscal year ended March 31, 2017," the company said in a statement.
"The unit s revenue for fourth stands at $571 million, recording a 234 per cent increase year-over-year. Mobile internet services revenue from UCWeb businesses, including mobile search and news feeds, as well as apps and game publishing across China as well as key global markets like India and Indonesia are key contributors to the revenue rise," the statement said.
Alibaba Digital Media and Entertainment Group elevated its Alibaba Mobile Business Group President for overseas business Jack Huang to the position of President of Alibaba Mobile Business Group.
He will now report to the President Office of the Alibaba Digital Media & Entertainment Group.
The recent restructuring in leadership team is a step forward for the group to embrace the challenges and opportunities that lie ahead for us in strategic markets such as India, Indonesia and Russia. I am confident that Jack is well-appointed to help the Group achieve many more significant milestones in our global success story, Alibaba Digital Media & Entertainment Group Chairman & CEO Yongfu Yu said.
UCWeb has announced plans to Rs 200 crore for driving content distribution in India and Indonesia over the next 2 years. Out of this, Rs 120 crore is estimated to be invested in India.