Chinese internet search giant Baidu said it would pay US$370 million (RMB2.2 billion) to acquire streaming television service PPStream, The Wall Street Journal reported. Baidu said Tuesday it would integrate the PPStream’s library into its iQiyi online-video service. Growth of mobile video services in China has boomed in recent years, as trends show many Chinese consume TV content on their mobile devices. In a similar pattern to their North American counterparts, Chinese internet companies have invested heavily in acquiring original video content to boost their offerings. While this has been an expensive play, analysts believe it will be highly profitable over time due to strong demand from advertisers for video ads that target specific demographics.
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