Tencent, Baidu invest in state media-backed Pear Video amid content crackdown

April 18, 2018
Industry News
Content Provided By:


------------
Iris Deng
iris.deng@scmp.com

Pear Video, which counts People’s Daily publicly traded unit as an early investor, raised 617 million yuan (US$98.2 million) in its Series A funding round, led by Tencent and Baidu.

Chinese tech giants Tencent and Baidu have invested in Pear Video, an online short video platform that counts the listed unit of People’s Daily as a shareholder, amid a crackdown on internet content. 

Pear Video raised 617 million yuan (US$98.2 million) in its Series A financing round, led by Tencent and Baidu, and will use the funds to build its content production network and improve its business model, according to the Shanghai-based company. Tencent and Baidu confirmed the investment, but deferred requests for comment to Pear Video. 

People.cn, whose largest shareholders are the People’s Daily and Global Times, is an early investor in Pear Video, which was founded in 2016 by media veteran Qiu Bing, formerly the CEO of Chinese online media outlet, The Paper. 

The investment comes amid China’s ongoing crackdown on lowbrow online content. Kuaishou, one of China’s most popular live-streaming apps, was ordered by the Chinese media regulator to remove content that was “vulgar, violent, gory, pornographic and harmful” from its sites last week. Continue Reading

 

About South China Morning Post 

The South China Morning Post is a leading news media company that has reported on China and Asia for more than a century with global impact. Founded in 1903, SCMP’s headquarters are in Hong Kong, where it is the city’s newspaper of record. Our teams span Asia and the United States, working together to connect with news consumers around the world. We are committed to informing and inspiring through journalism of the highest standards. 

Against the backdrop of shifting discovery and consumption behaviour, SCMP reaches users across distributed media platforms such as SCMP.com, smartphone and tablet apps, social media and messaging platforms, as well as our flagship newspaper. ​In addition to the South China Morning Post broadsheet, we also publish the Sunday Morning PostPost MagazineSTYLE and This Week In AsiaSCMP.com, attracts millions of readers and generates tens of millions of page views per month, providing a perfect channel for our advertisers to reach a worldwide audience.

For further information, please contact us