Sina Tech, 8/08/11
William Ding, CEO of Chinese internet company Netease (Nasdaq: NTES), has decided Netease will invest RMB 200 mln on its online video business, according to an industry insider. The funds will primarily be used to secure broadcasting rights to video content.
Netease editor-in-chief Tang Yan's instant messaging profile signature states the company is currently carrying out a "major recruitment drive for online video staff." Tang said last month that in addition to Netease's Open Classroom educational video platform (v.163.com/open), its film shorts channel (ent.163.com/wdy), and its self-produced TV dramas, Netease would next invest heavily in its online video platform.
Netease planned to make a large push into online video three years ago, according to a source close to Ding, but decided that it was not the appropriate time.
Netease has yet to comment on the rumors.