iQIYI Shows Bright Future of Chinese Online Videos at Venice Film Market

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VENICE, Italy, Sept. 1, 2014 /PRNewswire/ -- Chinese leading video website iQIYI has become the first online video platform to be part of the Venice Film Market, announced Gong Yu, CEO of iQIYI, at the opening night of the Venice Film Market on August 29.

As a part of the ongoing 71st Venice International Film Festival, the Venice Film Market serves as a platform for production companies, buyers, sellers and insiders.

As this year's main sponsor, Gong Yu, on behalf of iQIYI, briefed guests on China's fast development of online video and iQIYI's leading position in the Chinese market. "Today, iQIYI is China's No.1 video platform in subscribers and viewers. Our multi-screen strategy has set industry standards and we have also effectively promoted monthly subscriptions plans. Today Chinese netizens seek and value our premium services," said Gong.

He believes the biggest reason for possible future collaborations lies in China's vast market. "China has around 500 million online video viewers today, the largest number worldwide. 80 percent of Chinese netizens surveyed chose online videos over TV and over 60 percent of online video content they watch are movies. In 2016, the number is expected to rise to 700 million online-video viewers. At the same time, the Chinese online video industry is estimated to grow from a US$2.7 billion to 4.2 billion in revenue," Gong introduced.

It is the first time a Chinese video site cooperated with the Venice International Film Festival. Since establishing its own film business, iQIYI continues to make its presence in the film industry. "With this chance, iQIYI can introduce itself to our global counterparts. And through this platform, we can acquire more global resources in the film industry from investments to possible cooperation opportunities," he said.

Gong also thinks the online video platform will possibly bring new changes to the film industry. "The rapid development of online video is changing the whole film industry, though this change is only at the initial stage. We think it will last for a long time and we hope iQIYI will be part of it," he said.

iQIYI will launch the Night of China on September 3 with movie film insiders and various celebrities, which is also the first time a Chinese Internet company is organizing an event on the official calendar of the Venice International Festival.

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