(Yicai Global) Jan. 21 -- Chinese internet giant NetEase entered the short video field today with the launch of NetEase Knowledge Highway.

The Guangzhou-based company also set aside CNY1 billion (USD150 million) in cash to support content development, NetEase News reported. It plans to work with 1,000 high-quality multi-channel networks, create 2,000 content developers with millions of fans and help a million creators earn income in the NetEase domain.

“Content video is an important future direction for NetEase,” Chief Executive Ding Lei said. “We greatly value content and content creators.

“We’ll provide them with a series of support plans to ensure that creators take root, become popular and make money through NetEase,” Ding added.

NetEase was one of the first internet firms set up in China. It offers a variety of services, including portal websites, news apps, online games, e-mail, online education, e-commerce, and online music. The company also owns a number of popular games, including Onmyoji. 

It had revenue of CNY18.7 billion (USD2.89 billion) in the third quarter of last year, an almost 28 percent increase from a year earlier. Net income from online games reached CNY13.86 billion, a 20 percent gain.

Shares of NetEase [NASDAQ: NTES] closed up 2.6 percent in New York yesterday at USD112.95 each.

Editor: Peter Thomas