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The Chinese internet giant Alibaba has bought the video platform Youku Tudou.
Youku Tudou is the most popular online video platform in China, with around 500 million monthly active users.
Its acquisition is Alibaba’s second foray into the Chinese video market, with the company having launched its own online video streaming service Tmall Box Office earlier this year.
The online video market is hotting up in China at the moment.
Last month, Paramount Pictures entered into a partnership with Youku Tudou, meaning that over 100 Paramount Pictures films, including Star Trek, Mission Impossible and Transformers, became available on the platform.
Also, earlier this year, Baidu-owned iQiyi announced plans to acquire 1,000 Hollywood titles to add to its collection.
The international giant Netflix is also set to enter the Chinese market later this year.