NewsWrap brings you the latest today in Tech News from China and the world at large. Today we look at the iTunes Match release, Google’s clandestine lab, Lashou putting their IPO on hold, the CPU-Baidu piracy lawsuit, and Tudou’s impressive third quarter profits.
iTunes Match Released
The new iTunes cloud service has arrived. For $25 a year users can store up to 25,000 songs in iCloud. And this covers all types of songs from songs purchased on iTunes to songs you downloaded from peer to peer sites. iTunes Match is not just a step toward moving everyone into the cloud but a way to monetize pirated music. Users can essentially legalize their pirated tunes by paying $25 a year for the iCloud service.
At Google X
New York Times wrote an interesting article about one of the lesser-known facets of Google. Google X, a clandestine lab where Google works on “100 shoot-for-the-stars ideas.” These include space elevators, all kinds of different robots and connecting your coffee pot and light bulbs to the Internet so you can manage them remotely. While shareholders and analysts are not big fans of this these projects they tolerate it because Google’s search business is moving along fine.
Lashou puts IPO on Hold
Lashou generally considered to be the next big Chinese IPO to hit Nasdaq has run into serious accounting issues. Despite lofty goals Lashou lost USD $10m and had a revenue of $1.62m in December 2010. And during the first half of 2011 they pulled in $8.9 million in revenue but lost a whopping $60.6 million.
Chinese Game Developers Sue Baidu
The Chinese movie game developers’ industry association Content Provider Union filed suit against Baidu for over RMB 30m in damages. The claim is that pirated copies of 300+ titles are available through Baidu. Baidu responded saying that they do not have any IPR infringing copies on its site. They instead give users fast and stable connections to third-party developer sites and that is where these pirated copies exist.
Tudou Boasts $8m Profit
Tudou was expected to not be able to report a profit until 2013. However, as of now the company is reporting a USD $8.2 million net profit. Penn Olson makes a good point highlighting how last quarter they reported a net loss of around $12m begging the question how they’ve experienced this impressive turnaround.