Chinese tech giant Baidu has announced that it is be shifting its focus towards the development of its artificial intelligence platform and other related technologies. The company said that the decision to pursue this market is to forge a new revenue stream following the fallout of the medical ad scandal that mired the company's online advertising business.

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In a statement, Baidu chief executive officer Robin Li said, "For Baidu, a major source of revenue comes from advertising. Each day Baidu receives hundreds of millions of advertising applications, and we're working to filter out fake and misleading content."

In the wake of the medical ad scandal that took the life of one user, Baidu reported that its quarterly revenue dropped by as much as $300 million. The company's reputation is also recovering after several government firms subjected Baidu to strict regulations.

But Baidu is optimistic about its artificial intelligence arm, a business which the company started five years ago. Li believes that artificial intelligence is the future of the tech industry, especially with the current push and expansion of mobile internet. After the big mobile boom, the artificial intelligence revolution would follow, he said.

On the other hand, the recent rise of robotics and artificial intelligence caused more than 197.1 million job losses in 2015 alone, according to the International Labor Organization. The organization predicts that global job losses will grow by 2.3 million in 2016, and 1.1 million in 2017.

TagsBaidu, Baidu AI, Artificial Intelligence, AI news, Baidu AI news