Baidu Raises $1.53 Billion for Its Video Site Iqiyi
[Global Scientific Reporter Li Zongze] According to the US "Wall Street Journal" reported on February 22, China's largest Internet search company, Baidu, said on the 21st that it has raised 1.53 billion U.S. dollars from a group of private equity investors. Supports the development of iQiyi, a video site owned by the company.
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Baidu said that the institutions that invest in this batch of convertible bonds issued by IGI include Gaochun Capital Group, Boyu Capital and Sequoia Capital China Fund.
Iqiyi said that as of December 2016, the company’s monthly active users were 481 million. The company’s global partners include Paramount Pictures, Fox Entertainment Group, and Lionsgate USA, which provide content for iQIYI. Iqiyi was founded in 2010.
At a conference held in Shanghai in October last year, iQiyi stated that it plans to invest up to 10 billion yuan (US$1.45 billion) in the next year for the purchase and production of content.
At present, competition for video content from Tencent Holdings Co., Ltd. and Alibaba Group’s Heyi Group is becoming increasingly fierce.
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