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iQIYI

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iQIYI
Logo used since 2022
Screenshot
Screenshot of iQIYI home page
Type of site
OTT streaming platform
Available in5 languages
List of languages
Traded asNasdaq:IQ(ADS)
FoundedJanuary 6, 2010;14 years ago(2010-01-06)
Headquarters
Beijing
,
China
Country of originChina
Area servedWorldwide[a]
Founder(s)Gong Yu
Key peopleHe Junjie
(Chairman)
Gong Yu
(founder & CEO)
Industry
Products
Services
  • Film production
  • Film distribution
  • Television production
  • Television distribution
ParentBaidu
URLwww.iqiyiEdit this at Wikidata
Users101.4 million paid subscribers[1]
LaunchedApril 22, 2010;14 years ago(2010-04-22)
Current statusActive
IQIYI
Traditional ChineseIQiyi
Simplified ChineseIQiyi
Literal meaninglove wonderful art
Transcriptions
Standard Mandarin
Hanyu Pinyinàiqíyì

iQIYI(Chinese:IQiyi,pronounced in English aseye-CHEE-yee), formerlyQiyi(Kỳ nghệ),[2]is a Chinesesubscription video on-demandover-the-topstreamingservice owned byBaidu.Headquartered inBeijing,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 monthlyactive users.[3][4][5][6]On March 29, 2018, the company issued itsinitial public offeringin theUnited Statesand raised $2.25 billion.[7]

History

[edit]

Qiyi was founded on January 6, 2010, byBaiduwith support fromProvidence Equity Partners.[8]It changed its name to iQIYI in November 2011.[2]On November 2, 2012, Baidu bought Providence's stake and took full ownership.[9]On May 7, 2013, Baidu purchased the online video business ofPPStream Inc.for $370 million, which later became asubsidiaryof 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 theVenice Film Festival,streaming the festival's movies online. In August 2014, iQIYI generated over 6.95 billion hours of viewing on its website.[10]In October, iQIYI participated in theBusan Film Festival,signing exclusive rights to nearly 100 South Korean titles.[11]On November 19, 2014,XiaomiandShunwei Capitalinvested $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.[12]

In September 2014, iQIYI had established aChinese Communist Party(CCP) committee inside the company, according to the official newspaper of theCentral Committee of the Chinese Communist Party,thePeople's Daily.[13]In November 2014, following theNational Radio and Television Administration's ban on all live-steaming of American TV shows, iQIYI's vice editor-in-chief defended the ban, stating that such content was against "socialist values."[14]

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.[15]In 2015, iQIYI purchased the streaming rights to eight top entertainment shows in mainland China and several entertainment shows in Taiwan and South Korea, includingRunning Man.[16]In March 2016, it was announced that it would launch inTaiwan.[17]In June 2016, it was reported that it had 20 million subscribers.[18]

In June 2014, iQIYI co-produced and distributed the dramaMysterious Summerwith major Japanese broadcasterFuji 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.[19][20]

In 2017, thePeople Dailyreported that two thirds of high-level staff in iQIYI's content department were CCP members.[13]

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 someNetflix originalproductions would be available on iQIYI day-and-date with their premieres worldwide.[21]

In November 2018, iQIYI announced that it was raising new cash. The video business said that it will issue $500 million in convertible senior notes. Proceeds from the offering will go towards content and technology investments as well as capped call transactions to reduce potential dilution to shareholders upon conversion of the notes.[22]

iQIYI has not been available inTaiwansince October 15, 2020 due to a ban on partnerships withmainland Chinesevideo streaming companies after iQIYI was found to be used by China'sTaiwan Affairs Officefor conductingunited frontactivities on the island.[23][24][25]

In December 2020, iQIYI opened a new office in Singapore atRobinson Roadto serve as the regional headquarters forSoutheast Asia.[26]

In 2020, iQIYI announced the production ofMy Roommate Is a Gumihoas its first Korean Original Series.[27]Due to positive reviews over their first self-produced series, which starredJang Ki-yongandLee Hye-ri(members ofGirl's Day), iQIYI expressed that they gained confidence in releasing more original Korean dramas produced under its name, like their announced upcoming productions of dramas likeBad and Crazy(starringLee Dong-wook,Han Ji-eunandWi Ha-joon) in 2021 andShooting Starsin 2022, with the hope of expanding their potential in the production of original Korean shows.[28][29]

Also, iQIYI began to expand its horizons by producing Southeast Asian shows to stream as iQIYI originals for more viewership. In August 2021, iQIYI streamed a Singaporean drama series titledThe Ferryman: Legends of Nanyang,which will be its first Southeast Asian original series starring local actors from Singapore likeLawrence WongandQi Yuwuand Taiwanese actress Kate Kinney. The drama is also a remake of the 2014 Chinese drama series, but in a Southeast Asian setting.[30][31]

In October 2021, iQIYI and THEMA went into a partnership to launch their services on Netgem TV in theUnited KingdomandIreland,with iQIYI hoping to distribute Asian content on European media to create a larger global audience.[32]

During the26th Busan International Film Festival,iQIYI partnered with Philippine broadcasterABS-CBNto produceSaying GoodbyeandHello, Heartas the first two Philippine original series, which will release later this year.[33][34]

In May 2022, iQIYI Sports announced a streaming rights request for the Italian football competition Serie A. This marks the fifth acquisition since the expansion into the sports market after acquiring streaming rights to other sporting events such as UEFA, AFC, the English Premier League and Spanish La liga.[35]The same month, iQIYI removed all movies ofKeanu Reevesafter he appeared at a virtual event hosted byTibet House USdue to its linkages with the14th Dalai Lama.[36]

Reception

[edit]

In 2019, Taiwan'sInstitute for National Defense and Security Researchreported that iQIYI is used by China'sTaiwan Affairs Officeto furtherunited frontefforts on the island.[24]In response, Taiwan banned the company.[37][25]

In April 2020, activist investors, includingMuddy Waters Research,accused iQIYI of overstating its revenue and subscribers.[38]Short-seller Wolfpack Research also accused the company of inflating revenue numbers.[39]In August 2020, it was announced that theU.S. Securities and Exchange Commissionsubsequently launched an investigation into iQIYI.[40]Later in early October 2020, iQIYI made a statement that an internal review into the allegations of fraud made by the American short seller Wolfpack Research, “did not uncover any evidence that would substantiate the allegations.” The internal review had been conducted by an independent audit committee, which included "a Big 4 accounting firm that is not the Company's auditor."[41][42]

In June 2020, the Beijing Internet Court sided with a customer who sued the company for breaching the terms and conditions of the 'VIP' subscription. iQIYI had charged additional fees for pre-screens of dramas, although paying customers were promised access at no extra charge.[43]

See also

[edit]

Notes

[edit]
  1. ^As of 2019, iQIYI directly operates in Mainland China, Hong Kong (in English and Cantonese only), Macau (in Portuguese and Cantonese only), Taiwan (until 2020), Malaysia, Singapore, Myanmar, Thailand, Cambodia, Philippines, Vietnam and Indonesia

References

[edit]
  1. ^"iQIYI Announces Third Quarter 2022 Financial Results".November 22, 2022.Archivedfrom the original on February 9, 2023.RetrievedFebruary 15,2023.
  2. ^ab"Kỳ nghệ khởi động tân vực danh sau lưng: Giải quyết nghe nhìn cho phép chứng di lưu vấn đề"(in Chinese).Sina.November 28, 2011.Archivedfrom the original on August 4, 2017.RetrievedAugust 4,2017.
  3. ^Russell, Jon."Baidu's iQiyi video service raises $1.53 billion".TechCrunch.Archivedfrom the original on June 4, 2020.RetrievedOctober 17,2017.
  4. ^Ng, Yi Shu."Netflix takes its first steps into China, the world's hungriest streaming market".Mashable.Archivedfrom the original on December 29, 2019.RetrievedOctober 17,2017.
  5. ^Jeff Sneider (July 8, 2015)."Paramount Signs Licensing Deal With China's Largest Online Video Platform iQIYI".The Wrap.Archivedfrom the original on July 11, 2015.RetrievedJuly 14,2015.Paramount Pictures has signed a licensing agreement with iQIYI, the largest online video platform in China, that will give the company rights to offer 800 films from the studio's library to subscribers of its SVOD service, Paramount announced Wednesday.
  6. ^Kevin Cassidy (October 9, 2015)."Lionsgate Pacts With Chinese Online Giant IQIYI".The Hollywood Reporter.Archivedfrom the original on March 18, 2016.RetrievedMarch 29,2016.Lionsgate has signed a long-term output deal for a number of high-profile Lionsgate and third-party feature films with China's largest comprehensive online video platform iQIYI.
  7. ^"Baidu's iQiyi Drops in Debut After IPO Raising $2.3 Billion".Bloomberg.March 29, 2018.Archivedfrom the original on June 7, 2020.RetrievedApril 3,2018.
  8. ^"Baidu | Press Releases".ir.baidu.Archivedfrom the original on June 27, 2015.RetrievedDecember 29,2015.
  9. ^"iQIYI and Venice Film Festival Begin a Brand New Cooperation from 2014".prnewswire(Press release).Archivedfrom the original on March 4, 2016.RetrievedDecember 29,2015.
  10. ^"8 nguyệt PC video: IQiyi PPS tám liền quan, mỗi người ngày đều quan khán siêu 50 phút _ võng dễ chữ số".digi.163.Archived fromthe originalon March 4, 2016.RetrievedDecember 29,2015.
  11. ^"Busan: China's iQiyi Signs Exclusive Rights to 90 South Korean Films".The Hollywood Reporter.Archivedfrom the original on January 3, 2020.RetrievedNovember 4,2014.
  12. ^"Xiaomi Stake Said to Value IQiyi at Up to $3 Billion".Bloomberg.November 19, 2014.Archivedfrom the original on January 12, 2015.RetrievedMarch 7,2017.
  13. ^ab"Thủ vững hướng phát triển iQiyi dẫn dắt video trang web khỏe mạnh sinh thái -- truyền thông -- nhân dân võng".People's Daily(in Chinese).Archivedfrom the original on March 2, 2023.RetrievedApril 22,2023.
  14. ^"IQiyi cao quản vì Quảng Điện tổng cục thẩm tra chính sách biện hộ".Radio France Internationale(in Simplified Chinese). December 18, 2014.Archivedfrom the original on April 22, 2023.RetrievedApril 22,2023.
  15. ^Stein, Janine (December 9, 2014)."ATF: China's iQIYI to Double Production Slate in 2015".Variety.Archivedfrom the original on June 4, 2020.RetrievedDecember 9,2017.
  16. ^"Niên độ trọng bàng tổng nghệ 《 tạo mộng giả 》 ngày 9 tháng 1 độc nhất vô nhị đổ bộ iQiyi - tân hoa võng".Xinhua.Archived fromthe originalon January 5, 2015.RetrievedDecember 29,2015.
  17. ^Frater, Patrick (March 30, 2016)."China's iQIYI Expands Streaming to Taiwan".Variety.Archivedfrom the original on March 30, 2016.RetrievedMarch 30,2016.
  18. ^Xiang, Tracey (December 12, 2016)."China's Online Video Market in the Middle of Transition to Paid Subscribers, Self-Produced Content".TechNode.Archivedfrom the original on January 2, 2017.RetrievedJanuary 2,2017.
  19. ^"Fuji TV to commence internet-based distribution for" Mysterious Summer "| OnScreenAsia".onscreenasia.Archived fromthe originalon May 9, 2015.RetrievedDecember 29,2015.
  20. ^"International Business Themes Dominate Tokyo Market Seminars".yahoo.October 21, 2014.Archivedfrom the original on February 11, 2015.RetrievedDecember 29,2015.
  21. ^"Netflix Signs Licensing Deal With China's iQiyi".The Hollywood Reporter.April 24, 2017.Archivedfrom the original on April 26, 2017.RetrievedApril 26,2017.
  22. ^"China's iQiyi to offer $500M convertible note as content costs balloon".TechCrunch.Archivedfrom the original on June 3, 2019.RetrievedNovember 29,2018.
  23. ^Xue, Yujie (September 22, 2020)."iQiyi's Taiwan agent to cease serving local users from October 15 after ban on Chinese streaming platforms".South China Morning Post.Archivedfrom the original on March 26, 2023.RetrievedJanuary 19,2020.
  24. ^abWang Yi-hung and William Hetherington, Liu Li-jen."Bilibili found to be renting server space in Taiwan".Taipei Times.Archivedfrom the original on September 14, 2019.RetrievedSeptember 4,2019.
  25. ^abMudie, Luisetta, ed. (August 19, 2020)."Taiwan to Ban Chinese Media Apps Over Security Concerns".Radio Free Asia.Archivedfrom the original on August 21, 2020.RetrievedAugust 21,2020.
  26. ^"iQiyi to hire over 200 staff in its Singapore international HQ in next few years".The Business Times.December 15, 2020.Archivedfrom the original on December 15, 2020.RetrievedDecember 17,2020.
  27. ^Frater, Patrick (December 3, 2020)."China's iQIYI to Produce 'Roommate' as its First Korean Original Series".Variety.Archivedfrom the original on February 17, 2021.RetrievedFebruary 16,2021.
  28. ^"iQiyi announces original Korean Drama 'Shooting Stars' starring Lee Sung-kyoung, Kim Young-dae".MSN Entertainment.August 30, 2021.Archivedfrom the original on September 3, 2021.RetrievedSeptember 3,2021.
  29. ^"Lee Dong-wook is a superhero cop in iQiyi drama Bad And Crazy".Yahoo News.September 7, 2021.Archivedfrom the original on October 24, 2021.RetrievedSeptember 8,2021.
  30. ^"Lawrence Wong, Qi Yuwu's supernatural drama coming to iQiyi in August".CNA.July 27, 2021.Archivedfrom the original on August 21, 2021.RetrievedAugust 21,2021.
  31. ^"China's iQIYI to develop regional stars for Southeast Asia push".CNA.March 17, 2021. Archived fromthe originalon August 21, 2021.RetrievedAugust 21,2021.
  32. ^"IQiyi, THEMA Partner to Launch on Netgem TV in the UK and Ireland".The Fast Mode.October 12, 2021.Archivedfrom the original on October 12, 2021.RetrievedOctober 13,2021.
  33. ^Frater, Patrick (October 11, 2021)."iQiyi International Unveils First Philippines Series, More Korean Originals".Variety.Archivedfrom the original on October 11, 2021.RetrievedOctober 11,2021.
  34. ^"'Hello Heart,' 'Saying Goodbye' to air on iQiyi in Dec ".ABS-CBN News.November 23, 2021.Archivedfrom the original on November 23, 2021.RetrievedNovember 23,2021.
  35. ^"iQiyi Sports acquires Serie A rights".Pan Daily.May 19, 2022.Archivedfrom the original on May 19, 2022.RetrievedMay 24,2022.
  36. ^"Cơ nỗ · Reeves nhân duy trì Tây Tạng bị phong sát khởi xướng giả hu các giới quan khán 《 chớ quên Tây Tạng 》 phim phóng sự".Radio Free Asia(in Chinese (China)).Archivedfrom the original on April 22, 2023.RetrievedApril 22,2023.
  37. ^Szu-yun, Su (August 19, 2020)."Taiwan to bar local agents from representing Chinese OTT services".Central News Agency.Archivedfrom the original on August 20, 2020.RetrievedAugust 19,2020.
  38. ^Jaeger, Jaclyn (April 9, 2020)."Luckin Coffee, iQIYI fraud allegations point to wider China problem".Compliance Week.Archivedfrom the original on July 21, 2020.RetrievedJuly 21,2020.
  39. ^Kharpal, Arjun (April 8, 2020)."Chinese video streaming giant iQiyi accused of fraud, company says report contains 'misleading conclusions'".CNBC.Archivedfrom the original on December 19, 2020.RetrievedNovember 25,2020.
  40. ^Ping, Chong Koh (August 14, 2020)."A Chinese Netflix Faces SEC Probe After Short-Seller Report".The Wall Street Journal.ISSN0099-9660.Archivedfrom the original on August 14, 2020.RetrievedAugust 14,2020.
  41. ^Bary, Emily."IQiyi says internal review found no evidence to substantiate short seller's fraud allegations".MarketWatch.Archivedfrom the original on May 27, 2022.RetrievedMay 27,2022.
  42. ^"Chinese Video Streamer Says Internal Review Debunks Fraud Claims".Caixin.Archivedfrom the original on September 28, 2022.RetrievedMay 27,2022.
  43. ^"Court Rules Against iQiyi for Charging Premium Subscribers Extra".Sixth Tone.June 3, 2020.Archivedfrom the original on August 20, 2020.RetrievedNovember 25,2020.
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