BEIJING, July 15, 2018 /PRNewswire/ -- iQIYI
Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an
innovative market-leading online entertainment service
in China, today announced total shared revenue figures for
online movies shown on its platform during the first half of 2018.
The figures show that as of June 30
this year, the top 10 movies on iQIYI's online platform took in a
total shared revenue of over 180 million
RMB, which would amount to a box office revenue of
540 million RMB if it were in the
offline cinema market.
The figures released by iQIYI show that June 2018 has been a particularly strong month
for online movies on iQIYI's platform. The total shared revenue of
the top ten newly released movies on the iQIYI platform this June
was 71.87 million RMB, representing a
260% increase on the 19.95 million
RMB in online movie shared revenue attained on the iQIYI
platform in June of the preceding year.
One of the online films first shown on iQIYI's platform this
June was "Chen Xiang at Half Past
Six: The Unbeatable Iron Head," a comedy movie which reached
23.58 million RMB in revenue just 20
days after its release. Other high earners this June include
fantasy film "Mysterious Raiders" which achieved a shared revenue
of 12.84 million RMB within 17 days
of release and action film "Raging Flower" which had a total shared
revenue of 9.62 million RMB 30 days
after its release.
2018 is looking to be a milestone year for the Chinese online
movie industry, with the number of high income movies already
greater than was the case over the whole of last year. A report on
the online movie industry showed that in 2017, 10 online movies
attained shared revenue of over 10 million
RMB, led by the mythical epic film "Winning Buddha," with a
shared revenue of 26.55 million. Conversely, in the space of just
half a year, in 2018 there have already been 11 online movies which
have grossed over 10 million RMB in
shared revenue. Historical costume drama "The Ferry Man: Manjusaka"
was released in February 2018 and has
already accumulated 42 million RMB in
shared revenue, with a revenue size and popularity comparable with
films shown at the same time in traditional cinemas.
Over the last few years, online movies have emerged as a new
force within the Chinese film industry and are gradually becoming
the one of the most popular forms of video content for Chinese
internet users. Online movies possess advantages over box office
movies in ways such as access to high user traffic, relative ease
of distribution and publicity, as well as deriving benefit from the
'long tail'. The size of the market has grown from the point where
just 450 online movies were made in 2014 to over 1800 different
online movies being released over the course of 2017.
"iQIYI's innovative shared revenue model ensures that incentives
between producers and platforms are congruous and has been sown to
produce excellent results", said Yang Xianghua, Senior Vice
President of iQIYI. "iQIYI will continue to show our commitment to
the online film industry's development and are excited to work
closely with all those who are contributing to its fantastic
growth, be it through licensing agreements or through sharing
revenue with producers."
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ:IQ)
("iQIYI" or the "Company") 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 diversified monetization models, including membership
services, online advertising services, content distribution, live
broadcasting, online games, IP licensing, online literature and
e-commerce etc. For more information on iQIYI, please
visit http://ir.iqiyi.com.
View original content with
multimedia:http://www.prnewswire.com/news-releases/iqiyi-reveals-online-movie-shared-revenue-figures-in-first-half-of-2018-300681038.html
SOURCE iQIYI, Inc.