Baidu Wants to IPO the Netflix of China
Baidu, Inc. (NASDAQ: BIDU) is primarily known as the leader in online search in China, but the company has also made big bets in the areas of artificial intelligence (AI) and self-driving cars. Another massive investment it makes that grabs far fewer headlines is in streaming video on demand (SVOD) through its iQiyi service, similar to what Netflix, Inc. (NASDAQ: NFLX) offers U.S. consumers.
Streaming video is hugely popular in China, with an estimated 144 million subscribers tuning in this year, up 80% over last year. That number is projected to grow to 234 million by 2020. Analysts at JPMorgan (via eMarketer) forecast that iQiyi will continue its market leadership with 99 million subscribers this year, up 120% over 2016.
Baidu is seeking to capitalize on consumer's insatiable appetite for new content by spinning off iQiyi, with an initial public offering (IPO) that would value the company between $8 billion and $10 billion, and debut on U.S. markets as early as 2018, according to a report from Bloomberg. Baidu still plans to hold a controlling interest after the IPO by issuing dual-class shares.
Source: Fool.com
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