(Yicai Global) Dec. 13 -- Chinese internet startup Bytedance and news website The Paper have joined hands to set up an audiovisual joint venture engaged in blockchain technology and artificial intelligence software services.

The pair founded Paper Audio & Video Technology Jinan on Dec. 10 with CNY10 million (USD1.4 million) in registered capital, according to corporate data platform Tianyacha. The Paper owns a 51 percent majority in the unit, whose business scope is a rarity among that of a media company.

Beijing-based Bytedance and is best known for its news aggregator Jinri Toutiao, which boasts over 700 million users, and short video application Douyin, known as TikTok overseas. The Paper is Shanghai headquartered and has several affiliate sites and other news distributing channels.

The Paper linked up with Jinri Toutiao back in July 2017 to distribute its original video content to targeted users with Toutiao's artificial intelligence and algorithms.

Editor: James Boynton