|Sami Ghanmi |||Nov 30, 2014 08:24 AM EST|
(Photo : Reuters) Baidu's getting literary.
Chinese search engine giant Baidu, Inc. recently announced it's established a literary website by integrating a number of existing websites under its name.
The literary websites now under Baidu's banner include 91 Panda Reading app, Zongheng and Baidu Shucheng.
Zhang Dongchen, Baidu's vice president, said the company plans to focus on original online novels and take advantage of its platform. It will collaborate with game companies, TV and film production studios to transform its original novels.
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"Backed by its massive traffic and abundant capital, Baidu is staking out a major role in the online literary market in China and will become a key player in the business associated with intellectual property royalties," said Yao Haifeng, an analyst at Analysys International.
According to Shanghai's National Business Daily, Haifeng said Baidu will have a hard time competing against Chinese tech giant Tencent that currently dominates China's online literary market.
Rumors claim Tencent had acquired Shanghai-based company Cloudary Corporation, a leading online literary website, for US$814 million. If the rumor is true, it will be difficult for Baidu to step-up in the market.
Recently, the world's third largest smartphone maker Xiaomi announced it's investing US$300 million in Baidu's online video streaming platform iQiyi to expand its online TV content business.
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