QIYI and Paramount Pictures Enter Into Online Distribution Agreement for Transformers: Dark of the Moon in China
BEIJING, Nov. 1, 2011 /PRNewswire/ -- QIYI Inc., a leading Chinese internet video company, and Paramount Pictures announced today that they have entered into a groundbreaking online distribution agreement for rights to Transformers: Dark of the Moon in Mainland China. The film will be available for transactional video-on-demand beginning November 21 on QIYI.COM. As part of the agreement, QIYI will also have the right to distribute the film to other companies within the Mainland China market for transactional, subscription, and free video-on-demand services. QIYI is extending its special procurement model to Hollywood productions so that international films will be shown to Chinese audiences from QIYI.COM.
Transformers: Dark of the Moon is the highest earning film in the Transformers franchise, and has grossed over $1 billion in worldwide box office. In China, Transformers: Dark of the Moon earned more than $10 million on its opening day, and went on to become one of the highest grossing films in Chinese theatrical history. "QIYI's acquisition of Transformers: Dark of the Moon allows us to tap into the popularity of the movie following its huge theatrical success in China. This deal demonstrates an example of successful cooperation between a local Chinese video website and a major Hollywood studio," said Yu Gong, Founder and CEO of QIYI.
"QIYI is in a leading position to provide legitimate content to online audiences in China. We are truly pleased to have Transformers: Dark of the Moon available on QIYI.COM," said Hal Richardson, President of Paramount Home Media Distribution.
QIYI will also utilize all resources provided by Paramount Pictures via its high quality media platform, interactive community, and professional technical support. Additionally, the two companies will cooperate on marketing and joint promotion.
About QIYI.COM, INC.
QIYI.COM, INC. (QIYI.COM) is a leading independent online video company founded by Baidu, Inc. (NASDAQ: BIDU), the world's largest Chinese search engine and Providence Equity Partners in January 2010. Launched in April 2010, QIYI.COM is China's first online video platform that focuses on fully licensed, high-definition, professionally produced contents.
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NYSE: VIA, VIA.B), a leading content company with prominent and respected film, television and digital entertainment brands. Paramount controls a collection of some of the most powerful brands in filmed entertainment, including Paramount Pictures, Paramount Animation, Paramount Vantage, Paramount Classics, Insurge Pictures, MTV Films, and Nickelodeon Movies. PPC operations also include Paramount Famous Productions, Paramount Home Media Distribution, Paramount Pictures International, Paramount Licensing Inc., and Paramount Studio Group.
SOURCE Paramount Pictures