Tudou launches fund to grow Chinese video content

Chinese video-sharing Web site will invest 10 million yuan (US$1.6 million) to support development of original videos and online content.

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.