Chinese video site iQiyi gets new funding

Beijing Xiaomi Technology has invested US$63 million into Chinese streaming and on-demand site iQiyi as has one of its other existing backers, Baidu, according o Chinese reports.

Beijing Xiaomi is one of China’s largest smartphone makers. The consumer electronics firm will also invest in Chinese video sites Youku Toudu and the pair will codevelop new content for the sites and cooperate on new technology.

Xiaomi has recently said it plans to invest U$1 billion in content and hired an exec to oversee content investments.

iQiyi, meanwhile, said this week it plans to buy 1,000 US movies, positioning itself as a major international buyer.

The chief content officer of iQiyi, Ma Dong, has been announced as a keynote speaker at the ATF market next month. He will deliver a speech entitled ‘Digital China: The New Storyteller – IQIYI’ on December 9.