BEIJING, April 18, 2019 /PRNewswire/ -- iQIYI, Inc.
(NASDAQ: IQ) ("iQIYI" or the
"Company"), an innovative market-leading online entertainment
company in China, today released
the performance results of two acclaimed films distributed under
its revenue sharing model (the "Model"): joint-Thai, Chinese and
U.S. production Triple Threat and Indian film The Man Who Feels No
Pain. Under iQIYI's revenue sharing model, part of the proceeds
generated from paid subscribers are shared directly with production
houses. Both films were released quasi-simultaneously on iQIYI's
online video-streaming platform and in movies theaters
internationally. This allowed the company to shorten the
conventional distribution window, providing Chinese audiences with
access to quality content within days of the films' premiere. As of
April 14 2019, the accumulated
viewership for the two films have exceeded one million views and
the online sharing revenue of Triple Threat has exceeded
RMB 10 million, which is six times
greater than the revenue generated by the Chinese box office.
Functioning on its paid-membership system, the exclusive
distribution of foreign and sino-foreign movies through the model
demonstrates how the company is using diverse business models to
widen its influence on the global film industry.
![iQIYI Announces Strong Performance of Foreign and Sino-foreign Films Released Through Revenue Sharing Model iQIYI Announces Strong Performance of Foreign and Sino-foreign Films Released Through Revenue Sharing Model](https://mma.prnewswire.com/media/873997/IQIYI_The_Man_Who_Feels_No_Pain.jpg)
Triple Threat, an action thriller about a team of mercenaries
who help a billionaire's daughter bring down a major crime
syndicate, premiered on iQIYI on March
29. This was followed by the exclusive premiere of The Man
Who Feels No Pain in the China
market through iQIYI's streaming platform on April 4. The film, which tells the story of a
young man who has a rare condition called congenital insensitivity
to pain and his quest to vanquish his foes, had won the People's
Choice Award for Midnight Madness at the 2018 Toronto International
Film Festival ("TIFF"), which was India's first-ever entry into the this
segment. Given that TIFF awards are selected by audience votes
instead of a judging panel, winning the award is a great testimony
of the market's approval and favorability of the movie and are
often considered as the harbinger for other awards, such as the
Academy Awards, that would ensue.
The release of both films represents iQIYI's continuous efforts
to bring to its subscribers the best quality content from around
the world by shortening the distribution windows. It also shows
international production houses' recognition of iQIYI's strong
position in China's online film
industry. In addition to licensed online series and self-produced
productions, iQIYI initiated its innovative model for revenue
sharing in 2014, which has been of great success for both iQIYI and
its partners, partially due to wide acceptance of the model by
different parties within the industry. In 2018, each of the 25
online movies which were released on iQIYI's platform under the
model achieved shared revenues of over RMB
10 million, representing a year-on-year increase of 34% on
the total online shared revenue. Notably, the 2018 Chinese movie
The Ferry Man: Manjusaka released under the model achieved a shared
revenue RMB 45 million. In addition,
iQIYI released 116 online dramas under the model in 2018, of which
costume drama Buried City to Shut All Lights exceeded RMB 30 million in shared revenue.
"I'm pleased to see the strong results of the two films", said
Yang Xianghua, President of iQIYI's Membership and Overseas
Business Group, "Under this unique incentivization model, iQIYI is
able to introduce even more premium quality content to our users.
We will continue to promote this audience-oriented business model
and I look forward to working with more content partners both from
China and overseas."
"As China's leading online entertainment platform, iQIYI's
incredibly large subscriber base has led us to see remarkable
results with this partnership under its revenue sharing model. The
online release also allows us to receive consumer feedback in a
more efficient manner, allowing us to incorporate the most relevant
market trends into future productions at once", said Elliot Tong, Managing Director of Autumn Sun
Company Ltd, international distributor of The Man Who Feels No
Pain. "This is a prime example of innovative integration between
the traditional film industry and the paid-membership business
model."
About iQIYI, Inc.
iQIYI, Inc. 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 a diversified
monetization model including membership services, online
advertising services, content distribution, live broadcasting,
online games, IP licensing, online literature and e-commerce. For
more information on iQIYI, please visit http://ir.iqiyi.com.
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