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To Download a PDF of an Interview with Victor Koo, Founder and Chief Executive INTERVIEW VIEW InterviewINTER The User Experience An Interview with Victor Koo, Founder and Chief Executive Offi cer, Youku.com Inc. market share in the u.s., our model is consider- We are also trying to build the most com- ably different. The majority of our traffi c comes prehensive content library. In terms of our pri- from traditional media syndication and that is mary content, the media syndication component only possible because the media value chain in is the core business. We also have Web-based China is signifi cantly different than in the u.s. In content where users upload the content as well the u.s., a small number of media conglomer- as made-for-Internet Tv series and movies – ates in Hollywood and burbank constitute the what we call Youku original – which helps to majority of the video content and distribution. solidify our brand and gives our platform a per- In China, there are some nationwide platforms, sonality based on the content. but the majority of the channels are provincial- How will the technology change how or city-based. We started working early on with you’re delivering in the future? television stations to syndicate their content, as The whole idea of convergence has been well as with serial drama and movie production around for a long time, but technology devel- companies, and started buying more movies, opment hadn’t caught up to the concept until a variety shows, sports, and music videos over the few years ago. The holding company of Youku past two years. is called 1verge, which is built around the idea How do you differentiate from your of converging into one. competition? With broadband penetration increasing as the leading video platform, we help us- and widening over time – fi rst through fi xed Victor Koo ers, through a variety of product tools, deter- line and then through mobile – it’s about mov- mine what video they want to watch. ing in sync with the technology, because our EDITORS’ NOTE Victor Koo is the former President on a text/picture Web site, you can read 10 mission is to be the primary source of video of Chinese Internet portal Sohu. headlines at once. but you can’t have 10 videos content across any Internet-enabled device. opened on one page. since users have to spend How has your recent listing on NYSE COMPANY BRIEF Youku.com Inc. is China’s lead- so much more time and attention on video, they Euronext added value? ing Internet television company that enables users to want to make sure they’re watching something From a listings standpoint, for a Chinese search, view, and share high-quality video content worthwhile. company, the strategic objective is often quite dif- quickly and easily across multiple devices. Formally With 200 million monthly unique visitors ferent from others. Generally, companies go pub- launched in December 2006, Youku, which stands coming to Youku from home and offi ce, and lic because they want to raise fi nancing. before for “what’s best and what’s cool” in Chinese, has over 60 million coming from Internet cafes, the we listed, we had about 60 million u.s. dollars in partnered with over 1,500 license holders, includ- social behavior and consumption patterns relat- the bank. We have been blessed with great inves- ing television stations, distributors, and fi lm and TV ing to video content over time is useful data to tors who believe in the vision of the company. production companies. Initial funding for the site guide other users. Going public is strategic for us, especially came from 1Verge, a fund raised by Youku founder users come to our site to look at the com- from a branding perspective, because the list- Victor Koo. Major investors include Brookside (Bain) ments and reviews from other users about ing helped elevate our brand, and solidify and Capital, Sutter Hill Ventures, Maverick Capital, and the content before they decide to spend their extend the leadership we have in market share. Chengwei Ventures. Youku recorded gross revenues time watching it. They can make their selec- With all the constituencies we work with as a of RMB 191 million in 2009. tion based on directories or top 10 lists, or in public company in the u.s., there is also that cachet terms of most viewed, most subscribed, most that helps the daily operations of the business. What did you see in the market that made commented, or most searched. We have a very Looking two to three years out, what you feel the timing was right for this venture thorough content management system where are your key priorities to make sure the and that it would develop successfully? all of this information is peer rated so it’s easy growth continues? Youku is my third early-stage media related to fi nd. To actualize or execute the business plan company in China. In terms of differentiation, product, com- clearly, to keep focusing on the product and the The idea of video over the Internet requires munity, and technology are all important. user experience, and to invest in content and broadband, and the broadband penetration was We have built our video content delivery technology will all help us continue to grow at a sweet spot around 2005 and 2006 in China. network, which is the largest in China now, market share. at that point, short-form videos were available, and developed our content monitoring plat- In terms of the advertising and subscrip- but it wasn’t until 2008 that long-form videos form. The other basic tenet of watching video tion business model, we’ve been able to grow could be viewed with good user experience in is it has to be fast. speed is king, whether it is our advertising business well and hope to scale China. now we’re watching hi-def dvd movies viewing speed, upload speed, or search speed, this over the next couple of years. We recently online. so the technology is moving quickly. and our proprietary technology helps us en- launched our subscription model, so we want to While our market share, at 40 percent in sure that users come to Youku and have a make sure we refi ne it, offi cially launch it, and terms of user time spent, is similar to YouTube’s user experience that is differentiated. build a sustainable business from that.• voLume 34, number 2 Leaders 27.
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