China YouTV Corp. and HuaJu NetMedia have signed an agreement to set up a joint venture in China and form a video sharing Web site business. Hoping to capitalize on the success that YouTube has had they want to position themselves as the YouTube of China.
“The rapid growth of online video sites in the recent years demonstrates a major shift in online behaviour,” said Mr. Gao, President of the Company. “The Internet is quickly moving from static web pages to an environment rich with interaction and user generated multimedia content. We want to position ourselves as a leading video viewing and social networking site company in China, just like YouTube in the world.”
HuaJu NetMedia’s video sharing site was started in May 2005. It was one of the first sites of its kind in China and remains popular. The Web site allows users to create their own profiles, post videos and comment on posts. In 2006, it was called one of the top 100 Internet companies to invest in. Currently it has more than 1.2 million members and over a million clips of original digital video shorts.
One fact that is unusual about China YouTV and I am not fabricating this is that they used to be called Admax Resources and are involved in the mining of minerals in British Columbia, Canada.
China YouTV explains,” The Company has changed its name to China YouTV to reflect its new business operations: the fast growing video sharing web site market in China, and at the same time, to continue its exploration of mineral properties in British Columbia, Canada.”
I am at a loss to make sense of this companies mining for mineral business and its venture into the video sharing market.
