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Xiaomi invests US$1BN for online video content expansion

China’s Xiaomi Technology, the world’s third largest smartphone manufacturer, is to invest US$1 billion to develop its Internet TV content archive.

Xiaomi TV uses an Android-based set-top box called Mi Box, running Xiaomi-developed software, and broadcasts the company’s own video content via the Internet, Rapid TV News reports.

The company has recently appointed Chen Tong, a former executive at Chinese Internet firm Sina Corp, as vice president in charge of content investment. His remit is to make Xiamoi TV more “diverse and exciting”, according to the company’s Weibo microblog.

“We want to repeat the success of Xiaomi’s hardware integration model in the television industry,” Chen was referenced as saying in the blog.

Xiaomi’s Mi2, Mi3 and Redmi 1S smartphones have sold in their millions across Asia.