iQiyi, A YouTube like video streaming service giant in China, has announced that it has successfully secured $1.53 billion in a new funds in order to compete with it’s opponents in the online entertainment market in the country.

In an statement issued by Baidu states that “The deal was assumed in the form of convertible bonds which was issued by iQiyi to it’s investors including Baidu, Boyu Capital, Hillhouse Capital, Everbright-IDG Industrial Fund, IDG Capital and Sequoia Capital. Baidu itself invested $300 billion in the iQiyi video streaming service too.

In an statement, Baidu’s CEO Robin Li says “iQiyi has been a big assets and essential part of Baidu’s ecosystem.”

In an press release issued by iQiyi, It says that “The money will be spent on upgrading its IP ecosystems to tackle with the illegal video contents.

“In China there has been a big push towards the subscription based video services, so that it will make a sense that iQiyi is developing a war chest so it can acquire an overseas and international programming to stand out from with well-funded opponents”. It added.

Currently iQiyi provides free and subscription based video service. On December 2016, iQiyi marked 471 million active monthly users and 5,579 billion avg hours of time spent every month.

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