Popluar Chinese Social Network Buys Video Site

RenRen, the top Chinese social network, has purchased China-based video and photo sharing site 56.com. Reports state that the deal exchanged around $80 million.

56.com was launched in 2005 and is a Chinese photo and video sharing site where users can upload, view and share videos — just like on YouTube. The almost all of the videos on the site are user-generated. The videos consist of mingling content from performing artists, amateur groups and video aficionados.

Renren has more or less 30 million active monthly visitors and roughly 100 million registered users in total. The popular platform is similar to Facebook or the closest social platform China has to Facebook. Renren has been growing steadily and even went public this year. The social network was introduced on the New York Stock Exchange under the symbol “RENN.”

56.com’s image sharing features will increase RenRen draw. Joseph Chen, Chairman and Chief Executive Officer of Renren, says that 56.com capabilities are complimentary to RenRen users’ social media behavior. In a release he said, “We expect that the synergies and cross marketing opportunities between 56.com and Renren.com communities will further drive growth in user engagement, traffic, and advertising solutions to clients.”

56.com doesn’t arrive at RenRen empty handed. The company has raised $30 million in funding from Sequoia, Steamboat Ventures, Adobe and others.

Blending 56.com’s ability to share photos and videos is sure to give users more creativity to express what they are doing and to impart moments with their family and friends. It will be interesting to see how many more visitors and subscribers come on board after RenRen implements 56.com features.