Areas of Co-operation Include Investment, Film Purchasing and Distribution
BEIJING, July 24, 2018 /PRNewswire/ -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced a strategic partnership with the Industry Unit of the 2018 FIRST International Film Festival held in Xining, Qinghai Province, southwest China. The new partnership aims to explore a new model for film distribution, combining distribution through traditional cinema channels, overseas copyright licensing and online copyright licensing.
The FIRST Youth Film Festival, held in Xining, China, was founded in 2006 with the aim of helping young film directors break into the industry by enabling their films to be seen by a wider audience. Chinese filmmakers who got their first break at FIRST include Zhang Dalei, Cai Chengjie and Wen Muye, director of the hit movie "Dying to Survive".
The festival has an impressive track record in discovering filmmakers who go on to greater glory on the international stage. The iQIYI produced film "Mirrors and Feathers" had one of its earliest public showings at FIRST, and later went on to win the Hivos Tiger Award at the International Film Festival in Rotterdam and the "Best Artistic Contribution" award at the Tarkovsky International Film Festival "Zerkalo" in Moscow.
Through the cooperation, iQIYI will dramatically expand market opportunities for films shown at the FIRST Film Festival. The co-operation builds on a history of FIRST debuted movies which have already found success on the iQIYI platform. "What's in the Darkness", which won the "Best Director Award" at the 2015 FIRST Film Festival, was exclusively premiered on the iQIYI online platform, having reached 21 million views since its release. "The Summer Is Gone", originally shown at the 2016 FIRST Film Festival, was produced and invested in by iQIYI's film division iQIYI Pictures, and picked up awards for Best Feature and Best New Actor at Taiwan's prestigious 53rd Golden Horse Awards. Additionally, the comedy movie "Couch Boy", premiered at FIRST last year and covered its costs just 10 days after it premiered on the iQIYI online platform.
iQIYI will help promising young film directors through market analysis and support provided by the innovative revenue sharing model which the company uses for online movies on its platform. The revenue sharing model allows high quality films to reach more audiences and realize the full extent of their commercial potential. In the first half of 2018 alone, 11 online movies have already received over 10 million RMB each in shared revenue from their presence on the iQIYI platform.
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company") is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed diversified monetization models including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce etc. For more information on iQIYI, please visit http://ir.iqiyi.com.
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