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iQiyi.com Raises New Funds in Battle for Market Share

2017/03/01

iQiyi.com Inc, the Netflix-like video streaming arm of Chinese online search engine giant Baidu Inc, has raised $1.53 billion of new funds to compete with its domestic rivals in the ongoing battle for market shares.
In October, 2016, iQiyi said in an annual marketing conference in Shanghai it planned to invest at least 10 billion yuan ($1.45 billion), almost equivalent to the raised money, on content in 2017, covering self-produced dramas, virtual reality shows and other programs.
The video streaming sector has become hotly contested in China. Three major internet giants－Baidu Inc, Alibaba Group Holding Ltd and Tencent Holdings Ltd, the so-called BAT, has invested a lot in their entertainment arms, betting big on China' booming market.
According to App Annie, in the period from November 2015 to October 2016, iQiyi ranked the top video-streaming app by revenue in Chinese market. While its two major competitors Tencent Video and Alibaba-backed Youku Tudou Inc ranked in the third place and fifth separately.

Source: China Daily
　　




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