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IDG backs spin-out of Phoenix New Media's apps division

  • Mirzaan Jamwal
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IDG Capital Partners has agreed to support the spin-out of Hong Kong broadcaster Phoenix New Media's apps business as it looks to accelerate development in China.

Phoenix New Media said the IDG-Accel China Growth Fund III and IDG-Accel China III Investors will invest "millions of US dollars" in Phoenix FM Apps once it is restructured as a separate entity from its parent.

The business will develop audio apps for smartphones which offer listeners content such as news, radio programs, audiobooks and educational courses.

Phoenix New Media provides content on an integrated platform across internet, mobile and TV channels in Greater China.

It includes the ifeng.com channel, consisting of its ifeng.com website and web-based game platform, a video channel providing a dedicated video vertical as well as mobile video services, and a mobile channel comprising a mobile internet website and mobile applications and value-added services.

The Phoenix FM App is one of the most popular non-music audio apps in China.

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