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​China's online video industry thrives

Xinhua Financein CFBOND
2018-11-30 11:28

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A report on China's online video industry released on Wednesday by the China Netcasting Services Association said the market value of the industry has a worth of 201.68 billion yuan (29.03 billion U.S. dollars), up by 29 percent year on year.

The proportion of subscribers for online videos accounted for 53 percent, up by 23.8 percent when compared with the figure a year earlier.

Online video users numbered up to 609 million as of June, 2018, accounting for 76 percent of the overall netizens in China.  

However, over 70 percent of users said the contents of the online video currently  lack innovation.

Users are flocking into the top online video platforms like Tencent, iQIYI, and Youku, where over 89.6 percent of their users are watching online videos, the report said.

It said the number of users on short video apps had reached 594 million in 2018. Moreover, the report hailed these short videos for their commercial functions. 

Online video companies usually make a living by adverts, content subscriptions and copyrights. 

The number of online videos, including online plays, online shows, and online movies, had decreased while their page views had increased on the other hand.

The report shows mobile phones have become a priority for Chinese users to watch online videos, with over 83.4 percent of Chinese online video audiences using their smartphones to display videos.
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