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WangYou.com Granted China's First Online Video Broadcasting License in SNS Sector

Posted on: Wednesday, 8 April 2009, 07:00 CDT

SHANGHAI, April 8 /PRNewswire-Asia/ -- WangYou Media (http://www.WangYou.com ), a leading youth-oriented SNS (social-networking service) company, announced today that it has received approval for an Online Video Broadcasting License from the State Administration of Radio, Film and Television (SARFT) -- the first such license the Chinese government agency has issued to an SNS website.

The licensing is very important given the skyrocketing expansion in internet use in China. The China Internet Network Information Center (CNNIC) reports that at the end of 2008, China has a reported 298 million internet users, surpassing the United States as having the largest internet population in the world. Also at the end of 2008, China reported a record 130 million SNS online users. The fact that China internet users utilize SNS sites as a predominant way to expand their social network is a major contributing factor to the SNS boom.

"We're very happy to become the first company to be granted this important license in the SNS sector," Buddy Ye, Co-founder & CEO of WangYou Media said. "We constantly strive to provide the best online entertainment service product for our users. Apparently, video is one of the most popular forms of online entertainment today. I honestly believe this Video Broadcasting License will allow us to offer better video-oriented service and strongly contribute to our user growth, eventually building upon our position as the market leader in the SNS industry in China."

About WangYou Media

WangYou Media is a leading youth-oriented SNS site in China with over 11 million subscribers. The company focuses on promoting user-generated content (UGC) -- a process of creating, sharing, organizing and distributing all forms of digital amateur materials, including personal journals, photo albums, radio talk shows, home movies, flash animation, cartoons and more. WangYou Media is funded by Charles River Ventures and Transcosmos. Visit http://www.WangYou.com .

SOURCE WangYou Media

Source: PR Newswire

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