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Just three years ago, most Chinese startups were unheard of in the West, aside from search engine Baidu and online trading marketplace Alibaba, which were among the earlier wave of Internet startups to make a splash with successful public trading debuts.
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Baidu is the leading online search provider in China and it derives around 60% of its revenues from search advertising.
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With these new offerings, Baidu is looking diversify its revenue streams beyond online advertising, which currently accounts for almost all of its revenues.
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"Online video is a key strategic vertical for Baidu as user numbers and time-spend continue to increase exponentially, underscoring the tremendous potential in the sector, " said Robin Li, chairman and CEO of Baidu.
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Besides mobile search, traffic growth is increasing in other areas that may be harder for Baidu to make much money from in the near term, such as online video player iQiyi and travel site Qunar.
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Going forward, we see users spending more and more time on online video and we will integrate iQiyi's content more seamlessly into Baidu's overall search and mobile services.
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If Baidu does not react effectively, we believe it could be displaced from its incumbent leadership in the online advertising sector.
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"By focusing on continuously improving our online marketing system and customer engagement while building awareness of search engine marketing, we are successfully enhancing Baidu's position as a key enabler of China's Internet industry, " said RobinLiRobin Li, chairman of CEO and Baidu.
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