LeTV.com, China's answer to netflix.com, is anticipating a boom for the Internet TV industry this year, and intends to promote its self-developed high-definition Internet TV terminals, the company told a shareholder meeting Monday.
"LeTV has already bought 50 to 60 percent of the Internet broadcasting rights for the hit shows for this year, and 40 to 50 percent of the rights for 2013," said Liu Hong, the company's chief operating officer.
The company expects to benefit from the regulation issued by the State Administration of Radio, Film and Television in October forbidding advertising before, during and after the broadcasting of a TV drama. Internet video content providers are expected to see a rise in advertisement sales, as they are not restricted by such a rule.
Domestic video websites, such as youku.com and tudou.com, are trying hard to rack up TV drama and film resources, and diversified Internet players such as Tencent and Sohu have also expanded into the online video business.
Tencent spent a record 70 million yuan ($11 million) to buy the exclusive online broadcasting rights for a 32-episode hit TV drama, The Palace, last year.
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