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Huanxi invests $50m in Mubi

Streaming service Mubi is set to launch in China after the company agreed a joint venture that will see it receive US$50m investment from Hong Kong entertainment firm Huanxi Media.

Huanxi will plough US$40m into Mubi China for a 70% stake in the JV and is investing a further US$10m for an 8% stake in Mubi itself, which offers movies via the web and mobile apps in more than 200 territories.

Indie films and art house shows make up the majority of its slate, with a new title added daily as older ones drop out.

Efe Cakarel, founder and CEO of Mubi, said the partnership would allow the firm to “introduce a curated film offering in the country with the largest population in the the world – and soon the largest film market in the world.”

The service, which launched in 2007, is available in more than 200 territories and in the US costs US$4.99 a month or US$39.99 for a year.

It will be rolled out in China this year, with a new office being opened in the country, facing competition from firms such as Alibaba and Tencent. Netflix, which recently rolled out in more than 130 additional countries, has yet to reveal any plan to launch in China.

Huanxi was founded by Crouching Tiger, Hidden Dragon producer Dong Ping along with directors Ning Hao and Xu Zheng, and has been behind movies including Lost in Hong Kong.

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