iQiyi sets up 1 Billion Yuan Fund to Support High-Quality, Homegrown Content

(Beijing) — China's major video streaming site, iQiyi, has set up a 1 billion yuan ($144 million) fund with media and tech heavyweights to invest in creators of professionally made original content, as it moves away from pricey procured programs.

The subsidiary of search giant Baidu Inc. has partnered with IDG Capital, China Media Capital, and Matrix Partners China to incubate professional generated content (PGC), funding homegrown materials.