Xiaomi to invest $1 bn in TV content

China's Xiaomi Technology Co Ltd, the world's third-largest smartphone manufacturer, plans to invest $1 billion in television content building, the company said on its official Weibo microblog on today, Reuters reported.

The investment is expected to enrich the company's content and help it become a 'leading bellwether for the industry', Xiaomi said.

The Chinese smartphone maker has a fledgling smart TV and set-top box unit, both of which use the company's software and content.

Xiaomi has also brought in Chen Tong, the former chief editor of web portal Sina, as VP in charge of content and investments to overhaul the TV business, according to Reuters.

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

''Xiaomi TV's content must become even more rich and colourful and become the weathervane leading the industry.''