Chinese web firms bet big on original, foreign content

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Chinese internet companies are taking a cue from services like Netflix betting big on original video content.

The Wall Street Journal reported that web firms in China have spent over four billion yuan, or about $650 million, last year to license both foreign and domestic video content to host on streaming services based in the country.

Likewise, advertising revenue from China's online video sites last year hit just under 10 billion yuan, or $1.6 billion. That figure is expected to triple in three years.

Chinese video giant Youku Tudou's original content production manager, Yuan Yumei, told the Journal that more of the country's youth are turning to online shows in droves due to traditional media's lack of content, which resonates with the new generation.

Yuan also produces Youku Todou's original show, "Surprise," which has been viewed more than a billion times online.