Andre Yoskowitz
26 Feb 2010 21:44
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.