Xiaomi said that it has made a US$300 million strategic investment in iQiyi, a China-based video portal owned by the domestic search engine company Baidu, aiming to enrich content services on its devices such as smartphones and smart TVs, reported Tech Crunch on November 19. The investment is part of the company's plan to spend US$1 billion on online video content. According to the report, as of September 2014, 450 million active users spent 2.2 billion hours watching videos on iQiyi's platform. Earlier this month, Xiaomi had announced a plan to invest in Youku Tudou, another leading video platform in China, without disclosing the specific amount.