BEIJING, July 10 /Xinhua-PRNewswire/ -- Youku, China's leading Internet video company, announced today that it has obtained an online video license from the State Administration of Radio, Film & Television (SAFRT). Founder and CEO Victor Koo had told Chinese media in mid-June that he anticipated Youku would be granted its license "within a few weeks," and though not surprised, he did express gratitude. The announcement follows on news last week that Youku had raised an additional $40 million dollars in equity funding and venture debt.
In addition to the video license –- officially an "Online Audio Visual Program Broadcasting License" –- Youku also received from Beijing's SARFT offices a "Broadcast Programming Production Operation License," confirming Youku as a legal, legitimate audio-visual media broadcast and distribution platform. With its issuance, Youku becomes the only commercial video sharing site to hold both licenses.
Exciting news –- just as expected
Obtaining the license in the anticipated timeframe was, said Koo, "exciting news –- just as expected." He added, "The critical factor in getting the license was careful content review procedures. With a
well-tuned monitoring system that ensured content would conform with industry self-compliance standards, it was only a matter of time before we were granted these licenses." Koo said, "Given Youku's large-scale platform, developed business practices, our leading position, and our attitude of self-discipline in active conformity with the industry's supervisory principles, we were confident that we would gain the trust of the regulators. This is within the scope of normal business, and it's not a big surprise."
The Rules of the Road
Addressing the rumors and speculation surrounding the issuance of video licenses, Koo suggested that people should remain level-headed: "Getting a license is still only a first step. An online video license is like a driver's license: Even after you have one, you still have to drive by the rules of the road." He added, "Having said that, obtaining the online video license should give advertisers and agencies more comfort that Youku is a safe platform for mainstream video content where brands have nothing to fear."
About Youku.com
Youku.com ( http://www.youku.com ) is the leading video sharing website and premier online video brand in China. It is one of the top destinations for Chinese people to watch and share videos all over the world. In addition to user-generated content, Youku.com also works with more than 150 professional media partners to distribute online videos in China. Youku.com was officially launched in December 2006 and has grown rapidly since. Youku.com delivers more than 150 million daily video views as of June 2008 and total user time spent exceeded 30 billion minutes per month.
For more information, please contact:
Karen Chen
Tel: +86-10-5885-1881 x8206
Email: chenying@youku.com
Alex Stanton
Stanton Crenshaw Communications
Tel: +1-212-780-0701
Email: alex@stantoncrenshaw.com
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