Youku Tudou, the Chinese video streaming business, revealed revenues up by more than half in the second quarter of the year, but losses that doubled.
Net revenues between April and June were RMB1.61 billion (US$259.6 million), up 57%. Net loss was RMB342 million (US$55.2 million), compared to RMB142 million (US$23.0 million) in the corresponding period in 2014.
“Once more we delivered accelerated and increasingly diversified top line growth in the second quarter, driven by robust consumer business development and supported by healthy advertising revenues,” said chairman and CEO Victor Koo.
For the six months from January to June revenues showed a gain from RMB1.80 billion to RMB2.74 billion. Net losses totalled RMB859 million, compared with RMB318 million.
Content costs represented a little changed 46% of revenues and the company said that acquisition of licensed copyright for the second quarter of 2015 was RMB366 million (US$59.1 million).
“We continued to significantly increase web-native content, which is one of the key growth pillars driving our business development this year,” Dele Liu, President of Youku Tudou.
The company is 16.5% owned by e-commerce giant Alibaba.