iQiyi, 20th Century Fox Sign Output Deal
New multi-year deal grants iQiyi new release digital TVOD and exclusive first-Run SVOD rights to 20th Century Fox’s movies in China.
BEIJING – iQIYI, an independently operated subsidiary of Baidu (NASDAQ:BIDU) and one of the largest online video service in China, announced that it has signed a multi-year film output agreement with 20th Century Fox that grants iQIYI new release digital TVOD and exclusive first-run SVOD rights in China to the studio’s theatrical releases.
Through this deal, iQIYI will become the first online platform in China for subscribers to watch 20th Century Fox’s blockbuster movies on TVOD and SVOD including recent Golden Globe® winning films “The Martian” and “The Revenant”, as well as “Snoopy and Charlie Brown: A Peanuts Movie” and “Maze Runner: The Scorch Trials.” In addition, iQIYI customers will have access to upcoming major releases from 20th Century Fox.
Earlier last year, the two partners enhanced their existing library licensing deal by significantly increasing the films available on iQIYI’s online video streaming service.
“We are thrilled to cooperate with 20th Century Fox. Over the last several years, online video platforms have become a major destination for subscribers to enjoy films. This close collaboration between 20th Century Fox and iQIYI will significantly expand the content options for Chinese audiences. We look forward to continuing our strong partnership with 20th Century Fox to satisfy the growing demand of Chinese users with diverse and premium content,” said Dr. GONG Yu, founder and CEO of iQIYI.
"We are extremely pleased to expand our partnership with iQIYI for this innovative deal to bring their subscribers first access to 20th Century Fox’s films in China," said Jim Gianopulos, Chairman and CEO of 20th Century Fox. "This is another example of the continuing growth of our important relationships in this rapidly expanding marketplace.”
iQIYI has built one of the largest online movie libraries in China with premium domestic and international titles. By focusing on providing users with the best content and online viewing experience, iQIYI has witnessed rapid growth in its paid subscriber base which reached ten million as of December 1st, 2015. According to a recent report published by App Annie, in October 2015, iQIYI’s mobile app was the 7th top iOS app by revenue globally, moving up 2 spots from ranking in July.