China's BAT companies ramp up competition in streaming sports content
Aug 08, 2018 Picture: Aug 07, 2018 (China Knowledge) - Baidu, Alibaba and Tencent are recognized as China's top three tech giants—the so-called "BAT". Baidu-backed online video portal Iqiyi announced on Monday that it had inked a deal with Super Sports Media Inc. to set up a joint venture specialized in sports streaming, kicking off even fiercer competition among BATs for dominant market shares in sports businesses. Iqiyi is expected to grab streaming rights for 2018/2019 English Premier League soccer with the founding of new joint venture. Increasing costs for purchasing copyrights of series and entertainment TV shows, and attempt to absorb new subscribers are two dominant drivers for Iqiyi to shift focus to sports streaming business. According to a recent report by Iqiyi, it has spent nearly RMB 4.7 billion (USD 690 million) on content in Q2, up 47% YoY, accounting for 77% of total costs. Against the...
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