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BUSINESS & TECH

Video Streamer iQiyi Sees Big Bucks in Premium Sports

Video-streaming platform iQiyi Inc. hopes to use sports-related content to increase its audience base. Photo: IC
Video-streaming platform iQiyi Inc. hopes to use sports-related content to increase its audience base. Photo: IC

A joint venture between iQiyi Inc. and a sports broadcasting company has received its first funding of 500 million yuan ($73.1 million), about two weeks after its founding.

Beijing Xin’ai Sport Media Technology Co. Ltd. has drawn in two investors — IDG Capital and an investment firm related to DDMC Group — whose total capital values it at more than 3 billion yuan, the company said in a statement (link in Chinese) on its official WeChat account on Tuesday.

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