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Entertainment

China’s Xunlei sells online video streaming platform

One of the nation's largest SVOD services has been sold to Beijing Nesound for US$21 million.
April 2, 2015

Xunlei Limited has announced an agreement with Beijing Nesound International Media Corp to sell its entire video streaming platform, Xunlei Kankan, for RMB130 million (US $21 million.)

In a press release, the Shenzhen-based Xunlei, whose core product – the Xunlei Accelerator – allows users to access, manage and consume digital media content – says it is divesting its interest in video streaming to focus on a transition to mobile internet, said Xunlei chairman and CEO Sean Zou in a statement.

Should the deal fall through, the party responsible will pay an additional RMB52 million (US $8.3 million) penalty.

Kankan is one of China’s more popular SVOD services, though exact viewership is unknown.

Screenshot taken from Kankan website.

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