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article imageChina to launch its own Hulu

By Wang Fangqing     Jan 6, 2010 in Entertainment
The popularity of the U.S. video site Hulu.com has inspired China to launch its own video portal. Providence Equity Partners will team up with China's leading search engine Baidu to create a joint venture to develop a similar site in Chinese.
Just like Hulu, the website plans to offer licensed content, although specific details of what content will be available has not been disclosed. It will be launched by the end of March, reports Reuters.
The project has so far received about $60 million USD in private funding and another $10 million USD will come from Baidu, reported Chinese media.
China's online video market is too lucrative to be ignored; according to Shanghai-based online media research firm iResearch, the market size soared 124.6 percent since 2007 to 1.3 billion yuan ($190 million USD) in 2008, with online marketing and advertising contributing to the most revenue.
White-hot competition has already started among local companies. A recent report by Beijing-based research firm Analysys International shows in the third quarter of 2009, Youku, a Chinese version of YouTube, enjoyed the largest market share (12.6 percent, followed by PPStream with 11.5 percent and Ku6 at 10.7 percent).
The video market is getting even more segmented. Last November, Koolanoo Group, a foreign media investment group run in Beijing, partnered with Paris-based Fashion TV to launch a video site called shimao.tv to target Chinese fashionistas.
iResearch predicts the market size of online video sites will continue to expand at an annual rate of 50 percent in the next four years.
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