YY Inc. has launched a new education platform named 100.com, marking its formal entry into busy the Chinese online education sector.
According to Li Xueling, chief executive officer of YY, 100.com will mainly focus on free-of-charge educational services.
At the same time, YY will establish an independent education business unit, which will be led by the company's vice president Liu Yujun. Liu said that this new platform will provide permanent free TOEFL and IELTS training courses and those who complete the courses will receive CNY100 rewards.
Starting as a communication social platform that engages users in real-time online group activities through voice, text and video, YY says it will find new ideas in the education sector. Li said YY does not know much about the education sector, which may become its differential advantage. He explained that if they knew the traditional education industry well, it may become a shackle for their development of a great Internet product. Li revealed that in traditional education sector, teachers only gain 30% to 35% profit and the remaining money becomes costs and the profit for the schools. With the Internet education platform, teachers will be able to gain better income.
Lei Jun, chairman of YY, said that the company will invest over CNY1 billion in 100.com in the future. At the same time, they will set up an independent team to enhance operations and maintenance management.