Alibaba’s Youku Reaches VR Agreement with Digital Domain Holdings
Youku, a video streaming platform, which is a subsidiary of Chinese e-commerce giant Alibaba, has reached an agreement to acquire and develop virtual reality (VR) content from Digital Domain Holdings. This partnership will open up a new possibility in the VR industry in the Asian tech market.
Youku Signs VR Deal with Digital Domain Holdings
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The deal involved outright buying of Digital Domain Holdings’ VR and CGI content in order to be able to establish online distribution in Greater China. Youku will develop and create 360 live streaming and pre-recorded video, virtual reality, augmented reality, and immersive media contents for the Chinese populace. With this new development the Chinese populace will be introduced to the entertaining and sensational world of the virtual reality on the home front.
Digital Domain Holdings of late organized a VR concert featuring the famous Hong Kong cartoon character McDull; Dark Fairy Tale; a VR video jointly created by Digital Domain, Youku, and Hxmstudio; and a VR music video featuring rising Chinese boy band TFBOYS.
Both companies are also planning to work together in the “virtual human” business, in which animated look-alikes of entertainers—living and dead—can be recreated to bring a new experience to the industry. Digital Domain Holdings proclaims that it had recently reached a deal with the estate of Anita Mui to produce a hologram of the late Hong Kong singer-actress who died in 2003. DDH has previously created theatrical concert performances with their holographic recreation of Taiwanese singer Teresa Teng. Creating holograms will yield the same spontaneous reactions that the star used to have on the audiences.
Youku’s Growth in the Video Streaming Industry
In 2012, Youku merged with Tudou to create video streaming colossus Youku Todou. The company was acquired by Alibaba in a $4 billion deal in November last year. The acquisition brought about the growth of the video streaming firm, culminating into its acquisition by Alibaba.
On the other hand, DDH, which is a company listed on the Hong Kong stock market, acquired Digital Domain 3.0 Group, which comprises Digital Domain 3.0, Digital Domain Prods. 3.0, and Mothership Media. It has rich content that enjoyed by huge audience. DDH’s content output will enhance the Youku’s anticipated virtual reality experience.
Daniel Seah Ang, the executive director and CEO of Digital Domain, while speaking recently from Shanghai, says, “Youku’s platform, network, and resources will allow Digital Domain to develop a VFX ecosystem combining advanced technology, original content production, and a distribution platform.”
Ultimately, the Alibaba Youku’s platform, network, and resources guarantee the development of virtual reality into something fantastic for the audience. It will bring about a combined advanced technology working to distribute original content via the platform.