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IQIYI
iQIYI (Chinese: 爱奇艺; pinyin: Àiqíyì, pronounced in English as eye-CHEE-yee), formerly Qiyi (奇艺; Qíyì), is a Chinese subscription video on-demand over-the-top streaming service owned by Baidu. Headquartered in Beijing, iQIYI primarily produces and distributes films and television series.
iQIYI is currently one of the largest online video sites in the world, with nearly 6 billion hours spent on its service each month and over 500 million monthly active users. On March 29, 2018, the company issued its initial public offering in the United States and raised $2.25 billion.
Qiyi was founded on January 6, 2010, by Baidu with support from Providence Equity Partners. It changed its name to iQIYI in November 2011. On November 2, 2012, Baidu bought Providence's stake and took full ownership. On May 7, 2013, Baidu purchased the online video business of PPStream Inc. for $370 million, which later became a subsidiary of iQIYI. On July 17, 2014, the site launched its film production division, iQIYI Motion Pictures, to expand existing cooperative projects with overseas peers, including purchasing releases and co-producing movies. On September 4, iQIYI collaborated with the Venice Film Festival, streaming the festival's movies online. In August 2014, iQIYI generated over 6.95 billion hours of viewing on its website. In October, iQIYI participated in the Busan Film Festival, signing exclusive rights to nearly 100 South Korean titles. On November 19, 2014, Xiaomi and Shunwei Capital invested $300 million in iQIYI for about 10 percent to 15 percent of the site, while Baidu invested an additional $100 million and held about 80 percent.
In September 2014, iQIYI had established a Chinese Communist Party (CCP) committee inside the company, according to the official newspaper of the Central Committee of the Chinese Communist Party, the People's Daily. In November 2014, following the National Radio and Television Administration's ban on all live-streaming of American TV shows, iQIYI's vice editor-in-chief defended the ban, stating that such content was against "socialist values."
On December 8, 2014, iQIYI's chief content officer, Ma Dong, said the portal planned to more than double original production in 2015, with at least 30 titles and 500 episodes on the slate compared to 13 in 2014. In 2015, iQIYI purchased the streaming rights to eight top entertainment shows in mainland China and several entertainment shows in Taiwan and South Korea, including Running Man. In March 2016, it was announced that it would launch in Taiwan. In June 2016, it was reported that it had 20 million subscribers.
In June 2014, iQIYI co-produced and distributed the drama Mysterious Summer with major Japanese broadcaster Fuji TV. It was the first drama co-production between China and Japan and has been viewed more than 60 million times as of October 2014.
In 2017, the People Daily reported that two thirds of high-level staff in iQIYI's content department were CCP members.
On April 25, 2017, Netflix (which does not operate at all in China) announced that it had reached a licensing deal with iQIYI, under which some Netflix original productions would be available on iQIYI day-and-date with their premieres worldwide.
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IQIYI
iQIYI (Chinese: 爱奇艺; pinyin: Àiqíyì, pronounced in English as eye-CHEE-yee), formerly Qiyi (奇艺; Qíyì), is a Chinese subscription video on-demand over-the-top streaming service owned by Baidu. Headquartered in Beijing, iQIYI primarily produces and distributes films and television series.
iQIYI is currently one of the largest online video sites in the world, with nearly 6 billion hours spent on its service each month and over 500 million monthly active users. On March 29, 2018, the company issued its initial public offering in the United States and raised $2.25 billion.
Qiyi was founded on January 6, 2010, by Baidu with support from Providence Equity Partners. It changed its name to iQIYI in November 2011. On November 2, 2012, Baidu bought Providence's stake and took full ownership. On May 7, 2013, Baidu purchased the online video business of PPStream Inc. for $370 million, which later became a subsidiary of iQIYI. On July 17, 2014, the site launched its film production division, iQIYI Motion Pictures, to expand existing cooperative projects with overseas peers, including purchasing releases and co-producing movies. On September 4, iQIYI collaborated with the Venice Film Festival, streaming the festival's movies online. In August 2014, iQIYI generated over 6.95 billion hours of viewing on its website. In October, iQIYI participated in the Busan Film Festival, signing exclusive rights to nearly 100 South Korean titles. On November 19, 2014, Xiaomi and Shunwei Capital invested $300 million in iQIYI for about 10 percent to 15 percent of the site, while Baidu invested an additional $100 million and held about 80 percent.
In September 2014, iQIYI had established a Chinese Communist Party (CCP) committee inside the company, according to the official newspaper of the Central Committee of the Chinese Communist Party, the People's Daily. In November 2014, following the National Radio and Television Administration's ban on all live-streaming of American TV shows, iQIYI's vice editor-in-chief defended the ban, stating that such content was against "socialist values."
On December 8, 2014, iQIYI's chief content officer, Ma Dong, said the portal planned to more than double original production in 2015, with at least 30 titles and 500 episodes on the slate compared to 13 in 2014. In 2015, iQIYI purchased the streaming rights to eight top entertainment shows in mainland China and several entertainment shows in Taiwan and South Korea, including Running Man. In March 2016, it was announced that it would launch in Taiwan. In June 2016, it was reported that it had 20 million subscribers.
In June 2014, iQIYI co-produced and distributed the drama Mysterious Summer with major Japanese broadcaster Fuji TV. It was the first drama co-production between China and Japan and has been viewed more than 60 million times as of October 2014.
In 2017, the People Daily reported that two thirds of high-level staff in iQIYI's content department were CCP members.
On April 25, 2017, Netflix (which does not operate at all in China) announced that it had reached a licensing deal with iQIYI, under which some Netflix original productions would be available on iQIYI day-and-date with their premieres worldwide.