Cloudary to invest in mobile Internet
By Zhu Shenshen |
May 15, 2013, Wednesday
|
Print Edition
Print Edition
CLOUDARY Corp, the online literature unit of Shanda Group, will invest over 100 million yuan (US$15.9 million) in the next several years to develop its mobile Internet business and lure more influential writers, the Shanghai-based company said yesterday.
Hou Xiaoqiang, chief executive of Cloudary, said that income from the mobile Internet business may grow by fourfold this year because more people are reading novels on smartphones or tablet computers.
Cloudary will invest to develop mobile services and improve income for writers, even offering them medical coverage, Hou added.
In April, the number of new novels on Cloudary website jumped about 70 percent month on month.
Its revenue grew rapidly from the wireless business, copyright income and traditional online reading, Hou said but he declined to reveal the financial details,
But Shanda's statement filed to the US Securities and Exchange Commission revealed that Cloudary's revenue was 701 million yuan in 2011, up from 53 million yuan in 2008.
It started to make profit from the first quarter of 2012.
Meanwhile Cloudary still plans an initial public offering in the US.
"Everything is on track," said Hou at his Shanghai office yesterday. "We strongly believe it's a good business."
Hou Xiaoqiang, chief executive of Cloudary, said that income from the mobile Internet business may grow by fourfold this year because more people are reading novels on smartphones or tablet computers.
Cloudary will invest to develop mobile services and improve income for writers, even offering them medical coverage, Hou added.
In April, the number of new novels on Cloudary website jumped about 70 percent month on month.
Its revenue grew rapidly from the wireless business, copyright income and traditional online reading, Hou said but he declined to reveal the financial details,
But Shanda's statement filed to the US Securities and Exchange Commission revealed that Cloudary's revenue was 701 million yuan in 2011, up from 53 million yuan in 2008.
It started to make profit from the first quarter of 2012.
Meanwhile Cloudary still plans an initial public offering in the US.
"Everything is on track," said Hou at his Shanghai office yesterday. "We strongly believe it's a good business."
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