BEIJING, May 20, 2011 /PRNewswire-Asia/ -- Phoenix New Media Limited ("PNM" or the "Company") (NYSE:FENG), a leading new media company in China, held its first video strategy press conference in Beijing on May 18th, 2011. During the press conference, PNM launched its "Project Fengming", in which it will implement a differentiated video business strategy by establishing an online viewing, aggregation and distribution platform for news and information videos.
Currently positioned as a comprehensive online video portal, the video channel of PNM features short-form news video clips. "News and information video clips comprise the majority of Chinese netizens' demand for online video consumption. According to a newly released report by CNNIC, 74.5% of online video users watched news videos online in 2010. We believe the CPM value of news and information videos is higher than that of movie and other entertainment video content. We also believe our video media strategy will further enhance PNM's advantages in content resources, organizational structure and high-end target user base, and create new monetization opportunities," said Mr. Liu Shuang, CEO of PNM.
As part of Project Fengming, PNM will cooperate with approximately 400 TV stations and streaming media production organizations to purchase professionally generated programs, and work with approximately 2,000 part-time video reporters to compile first-hand video news. At the same time, through strategic cooperation with other media, PNM will feed content to TV stations and distribute content on SNS websites.
Previously, the Company's video content was mainly from its parent company, Phoenix TV. As part of Project Fengming initiatives, PNM will source video content from more diversified sources. For example, the Company has been working together with partners such as BBC and Liangyou to build a documentary database, which will contain approximately20,000 hours of documentaries by the end of 2011. In addition, PNM will self produce premium video programs under the brand name of "Phoenix Original".
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