QingtingFM seeks funds

Shanghai-based QingtingFM yesterday said it seeks to raise 1 billion yuan (US$150 million) in the latest round of financing — the biggest investment in the Internet audio industry.

The investment is led by We Capital and Baidu, with other investors being CMIG, China’s Small and Medium Enterprises Development Fund and Genimous Technology Co.

The investment will be used to develop high-quality contents, brand building and artificial intelligence technology, said Zhong Wenming, QingtingFM’s president.

The AI technology is widely adopted in the digital entertainment industry, according to analysts.

In 2018, around 292 million Chinese consumers will be paying for online content, up from 98 million in 2016, according to research firm iiMedia Data.