BEIJING, July 4 /Xinhua-PRNewswire/ -- Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, and Rock Music Group (RMG), the world’s leading independent Chinese language record label, today announced that they have established a partnership to provide an advertising-supported online music streaming service.
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According to the related agreement, a selection of Chinese language music from RMG’s repertoire will be made legally available for streaming at no charge to all users of Baidu. Internet advertising will be displayed while users listen to music licensed under the agreement. The two companies will share revenue generated from the advertising and will continue to work together to explore new opportunities in advertising-supported online music distribution.
"This partnership with RMG, the world’s leading Chinese language record label, reflects growing industry recognition of the advertising-supported free music streaming model," said Robin Li, Baidu’s Chairman and CEO. "Advertising-supported music provides more listening options for Internet users and gives online advertisers a powerful marketing platform."
Sam Duann, RMG’s founder said, "RMG has long been a leader in original music production as well as a pioneer in innovative music distribution. By leveraging Baidu’s leading position in the Chinese language search market and its premier digital music platform, this partnership will bring value to music lovers, record companies and advertisers alike."
About Rock Music Group
Rock Music Group (RMG), a leading Chinese music label, was established in 1981 by Sam Duann. RMG’s businesses currently cover six major areas including music, entertainment, publishing, Internet, mobile and media. Over the years, RMG has made superstars out of a large number of Chinese artists and helped to produce many of the most popular songs to hit the Chinese language market. Now with offices in Taipei, Hong Kong, Beijing, Singapore, Kuala Lumpur, Tokyo and Seoul, RMG aims to be a leading company not only in music and entertainment, but also in digital music applications.
About Baidu
Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu’s ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ Global Market under the symbol "BIDU."
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, quotations from management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statements. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. All information provided in this press release is as of July 4, 2007, and Baidu undertakes no duty to update such information, except as required under applicable law.
