Xiaomi ready to invest $1 billion to expand its Internet TV service

Xiaomi will invest $1 billion to help its video content delivery services.

33 seconds read time

Rising electronics powerhouse Xiaomi plans to invest $1 billion in providing more online TV content to subscribers, which will complement Xiaomi TV and the company's set-top box.

Xiaomi ready to invest $1 billion to expand its Internet TV service | TweakTown.com

China has more than 600 million Internet users, with a growing number watching online video via smartphones - and Xiaomi wants to compete against Alibaba, Tencent, and others in the growing market. The country was the second largest movie market in 2012, trailing the United States, with continued growth expected over the next several years, analysts predict.

Here is what Chen Tong, a recent Xiaomi hire and former Chinese Sina Internet company executive said: "We want to repeat the success of Xiaomi's hardware integration model in the television industry."

Xiaomi is currently the No. 3 largest smartphone manufacturer in the world, trailing only Apple and Samsung, and looks to diversify its product offerings to consumers.

An experienced tech journalist and marketing specialist, Michael joins TweakTown to cover everything from cars & electric vehicles to solar and green energy topics. A former Staff Writer at DailyTech, Michael is now the Cars & Electric Vehicles News Reporter and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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