Chinese electronics giant Xiaomi Technology says it will invest $1 billion in entertainment content as it seeks to diversify away from hardware.
No time frame for the investment was given, but the company said that it has hired former Sina.com Internet executive Chen Tong to head a new TV and video contents division alongside Xiaomi co-founder Wang Chuan.
"We want to repeat the success of Xiaomi’s hardware integration model in the television industry,” Chen said at a press conference, reported on Xiaomi’s in house microblog.
The company, which makes TVs, computers and tablets, has risen in spectacular fashion to become the world’s number three smart phone manufacturer.
The new content will initially be available via its smart TV sets and its set-top boxes.
Other major Chinese groups making a leap from technology into entertainment include Baidu, Alibaba and Tencent, collectively known as BAT.