Baidu looking to sell the ‘Chinese Netflix’ iQiyi

Chinese tech giant Baidu is reportedly in talks to sell off its controlling stake in the country’s second-largest streaming service iQiyi. According to Reuters, Baidu is looking to sell its 53% stake in the ‘Chinese Netflix’, with the company setting a target value at around US$7 billion. Baidu currently holds more than 90% of iQiyi’s […]

US$3.6 billion Baidu-YY Live deal unlikely to be approved by Chinese government

The Chinese government is reportedly likely to thwart tech company Baidu’s US$3.6 billion acquisition of YY Live, the live streaming business of JOYY. According to sources cited by Reuters, the Chinese antitrust regulator – the State Administration for Market Regulation (SAMR) – will not approve the deal as Beijing moves to rein in corporate expansion […]

iQiyi on course for profitability in five years

Chinese streaming giant iQiyi may reach profitability in five years time, according to its CEO. In comments made to Reuters, Baidu founder and CEO Gong Yu said that the streamer –  which effectively serves as the Chinese equivalent of Netflix – will turn to ‘intelligent production’ to cut costs and reach profitability.  The process of […]

Smart displays seeing increased demand as users convert from speakers

Users of smart speakers, like Amazon’s Echo or Google’s Nest ranges, are increasingly switching to smart displays. According to Strategy Analytics, the share of all smart speaker sales incorporating a display was 26% in Q3 2020, compared to 22% a year earlier. Smart displays sales in Q3 rose year-on-year by 21% to 9.5 million units, […]

MTG’s Zoomin.TV partners with Baidu

MTG-owned online video network, Zoomin.TV, has signed a deal with Baidu to produce a 144-episode original series for the Chinese company’s short-form platform, Haokan. Amazing China Stories will target ‘Gen Z’ viewers in the country and will consist of 12 episodes per-month for a year. The episodes will showcase “Generation Z stories of Chinese living […]

‘Chinese Netflix’ iQiyi plans IPO in the US

Chinese internet search giant Baidu is planning a possible IPO for its video streaming unit iQiyi in the US. iQiyi, sometimes referred to as the ‘Chinese Netflix’, has submitted a filing with the US Securities and Exchange Commission for a proposed listing on a US stock exchange. Baidu said the listing would “commence as capital […]

Baidu receives Qiyi bid at US$2.8bn valuation

Chinese search giant Baidu has received a buyout offer for its video site Qiyi, which values the service at US$2.8 billion. In a statement, Baidu said it had received a non-binding proposal from Baidu chairman and CEO Robin Yanhong Li and Qiyi CEO Yu Gong for the 80.5% share in Qiyi that is owned by […]