Xiaomi Reducing Prices of Mi 4, Mi Pad in China: Flagships Expected to be Launched in India with Ultra Low-Cost Price Tags
Xiaomi is the fourth-biggest smartphone maker in the world.Reuters

Chinese smartphone major Xiaomi is looking to invest in entertainment content, following the path of a number of internet firms in the country.

The fourth-largest smartphone maker in the world will invest $1bn (£625m, €799m) in internet TV and video content, and the company has hired internet expert Chen Tong, who has been Sina.com's editor-in-chief.

"Chen is familiar with social media and content," Lei Jun, Xiaomi's co-founder, said.

"His joining will help diversify Xiaomi's engineering and designer talent structure and culture."

He will oversee Xiaomi's TV and video content business in collaboration with another Xiaomi co-founder, Wang Chuan.

The move is in line with the Chinese tech giants' recent interest in the entertainment industry. China's internet majors Baidu, Alibaba and Tencent are all planning to set up entertainment units.

Xiaomi has already been selling hardware such as Xiaomi TV, Mi TV, and a set-top box, Mi Box, in the entertainment sector.

"We want to repeat the success of Xiaomi's hardware integration model in the television industry," Chen said at a press conference, according to Xiaomi's microblog.

"Xiaomi TV's content must become even more rich and colourful, and become the weather vane leading the industry."