Chinese authorities are aghast at the growing influence of the e-commerce company in the media, despite Chinese regulators imposing a heavy fine of $ 280 million (about Rs 21,000 crore) on Alibaba Group. According to Nikkei Asia, Alibaba is best known for its online shopping platforms Taobao and Tmall. But the Hangzhou-based company has also built its own media empire.
Chinese regulators say the Alibaba Group has violated anti-monopoly rules. Along with this, they have also misused their credibility in the market. Therefore, a penalty of $ 2.75 billion has been imposed against the company. This amount of the fine is equal to about 4 percent of the revenue earned by Alibaba in 2019. Let me tell you that Jack Ma had criticized the policies of the government last year, since then he has come under the target of the Chinese government.
These include newspapers, digital and broadcast media, Internet networking platforms, video streaming sites, film production companies, and advertising agencies. It is impressive work for Alibaba to provide the platform to consumers through these media platforms, among other businesses. In December last year, Alibaba Group's business news site Huxiu warned that action against Internet companies would hurt competition in China's economy. However, this article was removed shortly after. Recently China has asked big tech companies to follow the law of the industry.
Under Alibaba, Hong Kong's local newspaper South China Morning Post, video streaming platform Youku and Twitter such as social media sites Weibo have 30 percent share. With this, Alibaba has also invested in China's YouTube-like video platform Bilibili, newsgroup Yikai Media Group, digital news sites 36Kr and Huxiu.com in addition to China's largest offline advertising company.