SINA: The Yahoo of China?
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Code : BSM0019
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Region : China
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Is SINA the Yahoo of China? The beginning of SINA could be traced back to December 1993 whenWang Zhidong established Stone Rich Sight Information Technology Company (SRS). In 1994, SRS introduced a software for translatingWindows into Chinese called Richwin. This software became extremely popular as it could read and display Chinese characters. By 1997 about 90%of China's PCs had Richwin software running on them.Wang Zhidong decided to diversify the company's interests after the rampant software piracy inChina came to light.SRS started offering Internet services like a search engine, discussion forum, chat room, news and cultural offerings and very soon became themost popular portal in China... SINA's Growth Challenges According to a study released by PricewaterhouseCooper, the global media and entertainment industry, which was adversely affected by the global economic slowdown and 9/11 terrorist attacks,would growat an annual rate of 6.3% during 2004-08. This report also stated that China and Indiawould lead the economic recovery with an annual growth increase of 9.8% during the same period. In 2004, there was a 120% year-on-year increase in China's online ads market, which reached a size of $130 million out of a global online ads spending of $11.5 billion. The nascent Chinese online adsmarket constituted only 1.13% of the globalmarket, thus offering tremendous growth opportunities. Thismarket was projected to reach a size of $481 million by 2006. Earnings from SMS services were also projected to generate $16 billion in revenue by 2007. "By 2008, China will have between 200 million and 300 million Internet devices and millions more users" said Edward Tian. Another publication claimed that China would replaceUS as the largest Internetmarket of the world with 374 million users by the end of 2005... |
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