Xiaomi just announced on its official Weibo account that it plans to invest $1 billion in online video content to support its smart television ecosystem. The investment will be overseen by two Xiaomi executives who have considerable experience building online content. They are Chen Tong, the former editor-in-chief of news portal Sina.com, who Xiaomi hired away last month, and Wang Chuan, the director for Xiaomi’s smart TV products, including the Mi TV and Mi Box.
China’s Xiaomi Technology Co Ltd said on Tuesday it would spend $1 billion to expand its internet TV content as the world’s third largest smartphone maker ramps up its push into the living room, and a market estimated to be worth $3 billion. Xiaomi’s burgeoning TV unit includes its Xiaomi TV as well as a set-top box, which both use its software and content. The company is best known for its budget smartphones and tablets that have won it legions of fans worldwide. In a post on its official Weibo microblog, Xiaomi said it had hired Chen Tong, a former executive at Chinese internet firm Sina Corp, to overhaul the TV business and make it more “diverse and exciting”. “We want to repeat the success of Xiaomi’s hardware integration model in the television industry,” Chen said at a press conference, according to Xiaomi’s microblog. The company did not to provide further details.