Baidu invests RMB2 billion in new film fund

Chinese internet giant Baidu has set up a RMB2 billion (US$307.7 million) fund that it will invest in more than 30 films over the next two years.The announcement was made during the Shanghai International Film Festival.Yongming Xu, general manager of Baidu Nuomi, said the company will invest in at least 30 movies including animated films, live action films and several targeting Chinese youth, hoping to earn billions at the box office.Meanwhile, the company will use scientific and professional methods to drive quality film projects, talent development, and marketing and distribution.Baidu Muomi Pictures said it has already established partnerships with nearly one hundred movie projects, with accumulated box office revenue of RMB30 billion.Xu said: “In the future, the fund will focus on several areas including IP, theaters, derivatives, content, advertising and technology and equity investment.”