(Yicai Global) Nov. 29 -- China has 609 million video streamers, which means that over 40 percent of its population watches videos online, according to a new survey done by a government-organized think tank.
Almost 98 percent of the users turned to the platforms to find short videos, state-backed Xinhua News Agency reported, citing a survey done by the China Netcasting Services Association.
Several Chinese tech giants have tapped the lucrative market with their applications, including Tencent Video, Baidu's iQiyi, and Beijing Bytedance Technology's TikTok while keeping monthly subscriptions as affordable as around CNY20 (USD3). Some historical TV dramas have gotten a massive online following, with shows such as the Story of Yanxi Palace receiving 18 billion views. Channels for professional sports are also popular.
The online video market is expected to increase over 39 percent this year from the year before, the CNSA said. The volume of short videos is anticipated to double to CNY11.8 billion (USD1.7 billion).
Major companies in the sector have increased their investments in new technologies, including big data to warn about low retention rates and virtual reality channels to provide new experiences to users, said Zhou Jie, the deputy secretary of the CNSA.
Editor: Emmi Laine