Online video is becoming big business, especially in the US and other markets are looking to duplicate the success. Baidu, the company behind China’s biggest search engine, is announcing it will get behind a new company to create an online video site aimed at the Chinese market. The company will partner with venture capital investors, though the names are just rumored at this point. The site will offer licensed professional content like TV shows, sporting events and so on. The new company will be led by Mr. Yu Gong, formerly president and COO of China Mobile’s 12580 business.
“As China’s Internet industry evolves, we have seen increasing demand for high-quality video content on our search platform. By establishing this new company, we will be able to better serve our users and customers with superior content and focused resources,” Xuyang Ren, Baidu’s vice president of marketing and business development, said.
“I am very excited to work with Mr. Gong, who has strong experience in the Internet industry in China, to grow our new company into a leader in the field through product innovation and a robust network of partnerships with leading content providers in China and globally,” he added.
The independent company is of yet unnamed and will partner with content providers and possibly take on other i… (read more)