HC 360, 5/20/11
Shao Yiding, CEO and chairman of the board of Chinese video-on-demand website Voole, recently divulged the company plans to achieve annual profit of RMB 100 mln within three years, and IPO in China by 2013. Shao said that Voole and Southern Media Corporation (SMC) have established Guangdong-based Nanguang Film & TV Interactive Technology Co., Ltd., a joint venture focused on the internet TV market.
Voole's revenue exceeded RMB 60 mln in 2010, with net profits over RMB 10 mln. Voole recently partnered with consumer electronics manufacturer Skyworth Digital Holdings (0751.HK) to release 5 mln TV sets pre-installed with Voole Internet TV services.
Editor's Note: For the joint venture, SMC will build a programming integration and operations platform, while Voole will be responsible for VOD services.