Ex-CCTV Producer Heads New Online TV Site Umiwi
Sina Tech, 3/17/10
Former CCTV producer Wang Lifen has confirmed that she has resigned her position with CCTV to establish Umiwi.com, an online video platform. Umiwi will primarily host content produced by Umiwi itself. According to Wang, Umiwi will not allow user uploads of video content, and instead, during this initial period of development, rely on self-produced or live broadcast content, and will consider purchasing high-quality video content in the future. Wang said that while Umiwi had invested in content production, the site's operating costs are currently quite low.
Umiwi primarily earns income via advertising revenue. Wang said that Umiwi has received significant support during its launch, and that its first round of funding is progressing smoothly and is near completion, but Wang declined to reveal the investment amount or the investors involved. Wang also said that Umiwi currently does not have any IPO plans.
Umiwi is planning to create a series of programming modeled off of Warren Buffett's lunch auctions. The first auction is for 3 hours with Giant Interactive (NYSE: GA) CEO Shi Yuzhu.
Keywords: Umiwi online video Wang Lifen business model funding content Internet CCTV first-round
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