In what the company hopes could become China’s answer to YouTube, China YouTV has signed a definitive agreement with HuaJu NetMedia to set up an internet video sharing joint venture.
HuaJu NetMedia’s video sharing website was established in May 2005 and, since then, has maintained its position as an industry leader in China. The website allows users to create their own profiles, post videos, and comment on each other’s posts. At present, it has over 1.2 million members and over one million pieces of original digital video shorts.
The rapid growth of online video sites in the recent years demonstrates a major shift in online behavior, said China YouTV’s president, Mr Gao. The internet is quickly moving from static web pages to an environment rich with interaction and user generated multimedia content. We want to position ourselves as a leading video viewing and social networking site company in China, just like YouTube in the world.