The integration of China's film streaming industry is worth looking forward
The Chinese film streaming market should have been integrated. Now it seems that this day may finally come.
According to a Reuters report on Tuesday, Tencent Holdings Ltd. intends to become the largest shareholder of its video streaming competitor iQiyi Inc., IQ. Tencent owns WeChat, China's most popular social networking platform, and search giant Baidu holds 56% of iQiyi. According to reports, Tencent has approached Baidu on its investment in iQiyi, but the negotiations are still at an early stage. Tencent declined to comment, but the report was enough to excite investors: iQiyi shares jumped 26% on Tuesday and Baidu shares rose 5%. Baidu's public relations director said that iQiyi is an important part of Baidu's content ecological strategy, and Baidu will continue to support iQiyi's development.