Video-sharing site Tudou is launching a 10 million yuan (US$1.6 million) fund to support the development of local content.
Gu Yongqiang, chairman and CEO of Youku-Tudou Group, said that the company would continue to encourage the original spirit of Tudou.com, according to a news report on Tuesday by China Tech News.
He was speaking at the opening of the company's annual video festival--the first since the merger between China's top two video streaming sites, Tudou.com and Youku.com.
According to Yu Zhou, chief strategy officer of Tudou, the new fund will focus on micro-movies, Internet dramas, and animation. It will also provide comprehensive support, covering capital, promotion, technology, consulting, and production equipment to selected projects, he added in the article.