Alibaba's entertainment group renamed after killer whale as it seeks to revive growth
Alibaba Group Holding is renaming its digital entertainment division as part of a broader push to reinvigorate growth outside its core e-commerce and cloud businesses.
Alibaba Digital Media and Entertainment Group will be renamed Hujing Digital Media and Entertainment Group, using the Chinese name for the orca, or killer whale, Alibaba said in a statement on its official WeChat account on Wednesday.
'Orcas are large but flexible and smart, and can adapt to various complex environments,' the entertainment group said in a letter to employees. 'These characteristics are very consistent with the concept pursued by the entertainment group: digital intelligence, symbiosis and happiness.'
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The rebranding adds to Alibaba's 'zoo', as some refer to the technology conglomerate's animal-themed businesses. It includes Tmall, represented by a black cat, and logistics unit Cainiao, which literally means 'rookie bird'.
The move aligns with Alibaba's strategy to 'return to the original mission and start a new business', the company said.
Alibaba, which owns the South China Morning Post, two years ago announced a sweeping restructuring that split the company into six distinct business groups. It is now seeking to break down its internal silos.
Earlier this month, CEO Eddie Wu Yongming told employees in an internal memo that the company would 'mobilise at full strength and concentrate our efforts on a few core strategic priorities', with 'key initiatives driven jointly by multiple businesses'. The company needed to 'embrace a zero-to-one mindset and think like a start-up to create new opportunities', he added.
Separately, the filmmaking subsidiary Alibaba Pictures, which is overseen by the entertainment unit, announced a plan to change its name to Damai Entertainment Holdings, according to a filing to the Hong Kong stock exchange on Wednesday.
The Hong Kong-listed shares of Alibaba Pictures rose by 23 per cent to HK$0.75 (10 US cents) on Wednesday. Alibaba Group closed up 1.2 per cent to HK$123.1.
While the entertainment division remains a relatively small part of Alibaba's business empire, it posted improved results last financial year, which ended March 31. Revenue climbed 5 per cent to 22.3 billion yuan (US$3.1 billion), driven by growth at Alibaba Pictures and video platform Youku, according to the company's latest earnings report released this month. The unit accounted for just 2 per cent of Alibaba's total revenue of 996 billion yuan.
The division remains unprofitable, though losses narrowed to 554 million yuan from 1.54 billion yuan in the previous year.
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