iQIYI Further Upgrades Online Film Distribution Model to Increase Revenue for Film Producers, Driving Industry Growth
BEIJING, Sept. 6, 2022
BEIJING, Sept. 6, 2022 /PRNewswire/ -- iQIYI, an innovative market-leading online entertainment service in China, announced recently that it has further upgraded the revenue sharing system of its Cloud Cinema Premiere model where producers now share most of the revenues earned. The company also disclosed data on the top-earning films that have been released under its Cloud Cinema Premiere model. The developments mark the latest step iQIYI takes to create market incentives and provide transparent disclosure that drive the growth of the online film market.
With the upgrade, producers can now share 90%--compared with the 60%--of the revenue generated for films released via Premium Video on Demand (PVOD), which is one of the two models of streaming under iQIYI's Cloud Cinema Premiere model.
Data on the top-earning films released through Cloud Cinema Premiere attests to the efficacy of iQIYI's strategy. According to the company, Dreams of Getting Rich, Northeastern Bro, and Blind War recorded the highest earnings for producers across all films released under the Cloud Cinema Premiere model from 2021 to date.
In addition to popular Chinese films, the list of films released under iQIYI's Cloud Cinema also included global hits such as Zack Snyder's Justice League. Directed by Zack Snyder and starring Ben Affleck, Henry Cavill, Gal Gadot, Jason Momoa, and others, Zack Snyder's Justice League premiered in China online on iQIYI on May 3, 2021, and has since been a huge success in the Chinese market.
According to SONG Jia, Vice President of iQIYI and General Manager of iQIYI Film Center: "For the past two years, iQIYI has endeavored to working with industry talents, building a cloud cinema platform to grow China's online film market, and bringing more premium films to viewers through online releases. The latest increase in the revenue shared by producers iQIYI announced promises to further iQIYI's long-standing effort in building a fairer and more robust media ecosystem."
iQIYI last revamped its collaboration model for online film distribution in April 2022. Major upgrades included allowing films released under the Cloud Cinema Premiere model to generate revenues from both the Premium Video on Demand (PVOD) and Subscription Video on Demand (SVOD) models of streaming, as well as for the revenue shared with film producers for films released under the Subscription Premiere model to be determined by users' viewing time alone. With the April upgrade, iQIYI deepened the alignment of interest and risk between the producers and video platforms, encouraging the two parties to work more closely together to create quality content and boost revenue.
CONTACT: iQIYI Press, firstname.lastname@example.org
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