Curated streaming video on demand service MUBI forms Joint Venture (“MUBI China”) with Asian film producer Dong Ping’s Huanxi Media Group Limited (“Huanxi”), to launch the popular video streaming model in China this year.
The prominent Asian entertainment company Huanxi will invest $50 million in MUBI, with a view to launching the curated video on demand service across China in 2016.
Following a highly successful 2015 for MUBI, with global partnerships now spanning film festivals, major film studios and distribution platforms, the launch in China marks another significant step for the bespoke film streaming site, headquartered in London and currently available in over 200 territories globally.
Huanxi will invest $40 million in MUBI China for 70% of the joint venture entity. MUBI's contribution by way of license of its intellectual property and know-how into MUBI China will be for 30% of the joint venture entity.
Furthermore, as part of the agreement, Huanxi will make a strategic investment in MUBI of $10 million for 8% of MUBI, valuing the fast growing company at $125 million.
Huanxi was founded by Dong Ping, one of China’s most accomplished movie investors/executives in the last 20 years, whose past credits include Let the Bullets Fly, Crouching Tiger, Hidden Dragon and Journey To The West. Mr. Dong was formerly the Founder and Chairman of the powerhouse production company ChinaVision Media Group Limited (now known as Alibaba Pictures Group Limited). Huanxi’s most recent releases include Lost in Hong Kong, which, with RMB 1.6 billion (US$ 244 million) box office receipts, is the second highest-grossing movie of all time for a Chinese language film.
When launched in China, the popular SVOD model is set to boast the same consumer value proposition as it does internationally. Currently, MUBI introduces to its subscribers one film each day, available for 30 days and accessible across multiple devices, via a monthly or yearly subscription.
Of the deal, Efe Cakarel, Founder and CEO of MUBI commented: "We are thrilled to launch MUBI in China this year. The foundation of MUBI has always been to ensure film fans have access to the best films around the globe, from London to Beijing, wherever and whenever they want. Through our partnership with Huanxi, we will be able to do just that; introduce a curated film offering in the country with the largest population in the world - and soon the largest film market in the world."
In light of today’s announcement, Executive Director of Huanxi Dong Ping added: “As China’s movie market grows rapidly, the online video and movie sector is also expanding quickly. As a result, there is a growing demand by Chinese audiences for quality content online. Our Joint Venture with MUBI would allow us to combine our deep expertise in creating, acquiring original, event-driven content in China with MUBI’s powerful, user-friendly platform.”
MUBI has been making the news in recent months, most notably for securing the exclusive rights to Paul Thomas Anderson’s Junun in October 2015, as well as signing deals with Sony Pictures Television, Paramount Pictures, Miramax, eOne, Icon and StudioCanal. In April 2016, MUBI will partner with New Wave Films to release Miguel Gomes’ straight out of Cannes and universally acclaimed Arabian Nights theatrically in the U.K. and online via the streaming service.
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