Baofeng founder and chief executive Feng Xin has said the internet entertainment and technology provider will launch one or two new platforms within the next three months following the formation of its Baofeng Sports International subsidiary.
Baofeng formed the sports subsidiary following its investment in the MP & Silva agency last month. Andrea Radrizzani, co-founder of MP & Silva, will be president of Baofeng Sports International.
Radrizzani will lead global digital distribution, seeking new partnerships for China and overseas markets including mass-market virtual reality and an extension of the live fan experience, areas for which Baofeng Group is known as a leading player in China.
Speaking to the Yutang Sports website, Feng said: “The core of Baofeng Sports is its internet platform. Besides the (Baofeng Sports) app, we will also launch another one or two (mobile) apps within three months. Apps, OTT and VR products are the top three things for us. We’ll process content production around our IP properties and develop our business model based on this.”
Under the deal struck last month, Shanghai Jin Xin, an investment fund created by Chinese financial services company Everbright and Baofeng, will acquire a 65-per-cent stake in MP & Silva. Shanghai Jin Xin is a company that Baofeng and Everbright established for the strategic partnership. The deal is said to value MP & Silva at around $1.1bn (€972.5m).
Commenting on the rationale behind the deal, Feng said: “IP (Intellectual Property) is the basis of Baofeng in content production. Without IP, there would be little we could do. So we regard MP & Silva as a VIP pass to the sports industry. We are now guaranteed more media rights to sports events with this partnership.”