Enlight Media recently announced an agreement with Qihoo 360 Technology Corporation based in Zhongguancun Science Park.

Both sides will launch a new corporation dedicated to domestic online streaming business. Enlight Media will invest 48 million yuan ($7.7 million), 40 percent of the corporation's total registration capital.

Enlight Media says it has premium entertainment resources including quality video content. Further, the corporation has a broad partnership base and rich experience in entertainment. Such advantages will help Qihoo 360 establish a large scale video and entertainment resource data base.

On the other hand, as one of the major domestic Internet platforms, Qihoo 360 has online user resources, Internet streams, and outstanding online video technology.

The joint venture will implement each side's advantages and provide a better watching experience for Internet users. The new corporation will further develop both companies in the Internet and mobile Internet industries.

Since the beginning of the year, Baidu, Alibaba, and Tencent have gradually entered the online streaming industry. Alibaba invested in Youku-Tudou and Wasu Media Company. Tencent became the third largest shareholder of H.Brothers Entertainment Company. Baidu and Huace Entertainment Corporation reached a strategic cooperation agreement. It is inevitable that the entertainment and video industry will go on-line.

Founded in 1998, Enlight Media is the largest multimedia video content provider and operator. As a private business, the corporation is a pioneer and leader in Chinese private media.