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Baidu's Qiyi gets $50 million in investments

Written by Andre Yoskowitz (Google+) @ 26 Feb 2010 21:44

Baidu's Qiyi gets $50 million in investments Current Hulu investor Providence Equity Partners has invested $50 million into the new Qiyi online video service started by search giant Baidu.
The service, as promised, should be a Hulu-esque ad-supported streaming service for China, including censorship.

Providence is the biggest investor by far, with Reuters reporting that the service has $60 million in backing, with the other $10 million coming from Baidu itself.

According to TC, China has over 500 million Internet users, but the online video market only brings in about $25 million in revenue per quarter. Analysts expect that number to at least triple by 2012.

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