Youku, MySpace China team in market


SHANGHAI -- Video-sharing Web site, which is trying to position itself as China's YouTube, has tied up with social networking site MySpace China, in which News Corp. is an investor, to target the local market.

The partnership is aimed at driving Internet traffic to both Web sites and sharing online products, Youku chief executive Victor Koo said Friday.

Social networks such as MySpace and Facebook let users share images, music, videos and blogs. But as of November, Youku had completed three rounds of venture financing totaling $40 million, including from Brookside Capital, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures.

Launched in December 2006, Youku has more than 100 million daily video views, according to research firm Nielsen//NetRatings.

MySpace China is a locally owned, operated and managed company that has secured investment from Rupert Murdoch's MySpace Inc., publisher IDG and China Broadband Capital Partners LP, a fund operated by Edward Tian, former chief of China Netcom Group.

China, which had 210 million Web users at the end of last year, has since overtaken the U.S. as the world's largest Internet market by number of users, Beijing-based research firm BDA said Thursday.