On Thursday, April 9, Sony Corporation announced a $400 million investment on Chinese streaming platform Bilibili.
As reported by Reuters, Bilibili has more than 130 million monthly active users. Sony has acquired a 4.98% stake in the company through the purchase 17.3m shares at $23.1 per share.
Sony corporation says, “We believe China is a key strategic region in the entertainment business, and this investment in Bilibili is in line with Sony’s strategy”.
The transaction is expected to close on or before April 10, 2020, subject to customary closing conditions.
Mr Rui Chen, CEO 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 fulfil the tremendous and growing entertainment needs in China.”
Both companies have also agreed to continue this collaboration in the entertainment & gaming field in China.
Bilibili started 10-year ago as an animation site. Bilibili also nicknamed B site, is a Chinese video-sharing website based in Shanghai, themed around animation, comic, and game, where users can submit, view and add commentary subtitles on videos, while featuring a real-time overlaying subtitle system for interactive playback experience.
Sony Corporation commonly known as Sony is a Japanese multinational conglomerate corporation. The company owns the largest music entertainment business in the world, largest video game console business and one of the largest video game publishing businesses, and is one of the leading manufacturers of electronic products for the consumer and professional markets, and a leading player in the film and television entertainment industry.