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"Baidu, China's own internet giant had announced its own Video channel website just two months back.Keeping all the censorship rules in mind, they planned to stream ad-supported video content, tapping the 162 million yuan ($23.73 million) worth of China's online video market.\r\n\r\nThe site is called Qiyi. The direct competition for Qiyi would be China's most famous video sites  like Youku, Tudou, Sohu Video and 56.com.\r\n\r\nProvidence Equity Partners will invest $50 million into Baidu\u2019s video company called Qiyi. Baidu will continue to maintain majority ownership in the company. And    has appointed Yu Gong as the head of this    company.\r\n\r\nProvidence has a history of financing media and entertainment projects  and has earlier invested in companies including Hulu, Yankees  Entertainment &amp;amp;amp; Sports Network,and Warner Music Group.\u00A0 Along with investing it has great experience in managing businesses that distribute licensed content online. \r\n\r\nJonathan Nelson, Chief Executive Officer of Providence\u00A0 says .&amp;quot;We are very pleased to partner with Baidu and are confident that this  new venture will become an industry leader, As the world's largest Chinese language internet search company and also the dominant video search engine in China, Baidu has unmatched competitive advantages in its user base and traffic.The new venture will provide users with a first-class viewing experience, and will work with regulators to ensure the lawful distribution of professionally produced media and entertainment content on the internet.&amp;quot;\r\n\r\nQiyi will be following Hulu\u2019s model and will not support user-Generated Content (UGC) and will solely concentrate on High-Definition, Copyrighted video content with the revenue  flowing in from the video-advertisements. It's expected Qiyi would\u00A0 host +1,000 licensed movies, +1,000 TV series along  with thousands-hours long cartoon, documentary, TV programs etc and  some of the content will be exclusive."^^<http://www.w3.org/2001/XMLSchema#string>
<http://thenextweb.com/asia/2010/03/02/baidus-qiyi-receives-50-million/>