Baidu unveils "Qiyi" as name for independent online video arm

09:12, February 25, 2010      

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Baidu's independent online video website subsidiary officially unveiled its brand name "Qiyi" February 24 and is schedule to have the website launched in March.

The subsidiary will use the domain name when the website is officially launched. The website's logo contains its brand name in Chinese and the domain name in English. The subsidiary's CEO Gong Yu said the "Qiyi" video platform will focus on hours-long video content such as films and TV series and follow the development mode of broadcasting licensed and HD programs. The subsidiary will also consider going public on the stock market in the future.

Qiyi has recruited some technical, sales and marketing personnel from other online video companies. Meanwhile, it has also negotiated purchasing agreements with some video copyright owners and is preparing to sign the agreements with them. Previously, Qiyi workers had disclosed that the number of employees in the company would reach 350 by the end of 2010.

Qiyi was invested in by Baidu and the U.S. investor Providence. Baidu will be the holding stockholder of the company, and Qiyi's new CEO Gong Yu is also a shareholder.

By People's Daily Online
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