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Move over, Youku: The site that has long been called China’s YouTube just got dethroned by its competitor Iqiyi as the country’s most popular video service. Iqiyi, which is owned by the Chinese internet giant Baidu, attracted 94 million monthly active users in January, compared to Youku’s(S YOKU) 83.5 million, according to new numbers from iResearch.
The race for the top spot comes at a time of overall consolidation in the Chinese video market, which is largely driven by rising licensing costs for professional content. Late last year, China’s retail giant Suning and the Hony investment group acquired PPTV for $420 million.