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, press@qiyi.com
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SOURCE iQIYI