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Nasdaq-listed Qutoutiao’s Midu raises $110m in Series C round
March 6, 2021
China’s Midu Novels, a subsidiary of Nasdaq-listed entertainment content platform Qutoutiao, has secured as much as $110 million in its Series C round, per an announcement.
The names of the investors were not disclosed.
Midu closed its Series B round in October 2019 at $100 million from CMC Capital and investment bank Lighthouse Capital.
The fresh round of funding comes in at a time when the demand for online entertainment content is picking up with consumers increasingly accepting the digital wave. The market size of China’s net literature is expected to reach 45 billion yuan ($7 billion) by the end of 2022, according to China’s internet data research company iResearch.
Short video platforms looking to upgrade, further monetize content By FAN FEIFEI | China Daily | Updated: 2021-01-12 09:15 Share CLOSE Performers sing at Kuaishou s booth during an agricultural fair in Chongqing in November. [Photo provided to China Daily]
Chinese short video platforms are banking on the fast-growing mini drama series segment as tech-savvy youth spend more time watching online short videos during the COVID-19 pandemic and exhibit heightened demand for high-quality original content, industry experts said.
They said competition among major video-streaming websites will focus on improving the production quality of content and better monetizing long-term content operations.
Short video app Tencent Weishi announced it will invest 1 billion yuan ($150 million) to support the development of new mini drama series this year, with each episode lasting from one to three minutes.
Company Overview
Qutoutiao Inc is a mobile content platform company in China. Its flagship mobile application is Qutoutiao aggregates articles and short videos from professional media and freelancers and presents customized feeds to users. It has also launched mobile literature application, Midu Novels, which offers users free literature supported by advertising. The mobile literature application, Midu Novels, primarily sources content from traditional PC-based online literature platforms which provide license to publish their literature content on Midu Novels for a fee and offers approximately 40,000 pieces of literature on Midu Novels. The company generates revenue primarily by providing advertising and marketing services.