Silicon Valley creates Chinese start-ups
New YouTube music service
BEIJING’S unslakeable thirst for the latest technology has spurred a proliferation of “accelerators” in Silicon Valley that aim to identify promising start-ups and bring them to China.
The surge GOOGLE’S YouTube said on Wednesday that it would launch a new music streaming service, YouTube Music, next week and soon unveil a premium service that will charge more for its original shows. YouTube Music, which will be launched on May 22, comes with extra features, such as personalised playlists based on an individual’s YouTube history and other usage patterns, YouTube, owned by Alphabet’s Google, said. The video streaming company said it would also launch YouTube Premium, the revamped YouTube Red subscription service. – Reuters of China-focused accelerators – which support, mentor and invest in early-stage start-ups – is part of a larger wave of Chinese investment in Silicon Valley.
At least 11 such programmes have been created in the San Francisco Bay area since 2013, according to the tech-sector data firm Crunchbase. Some work directly with Chinese governments, which provide funding. Interviews with the incubators showed that many were focused on bringing US start-ups to China.
For US officials wary of China’s growing high-tech clout, the accelerator boom reaffirms fears that US technological know-how is being transferred to China mainly through investments. – Reuters