Chinese Film Companies Concerned at BIFF, Focuses on iQIYI's New Mode

BUSAN, South Korea, Oct. 7, 2014 /PRNewswire/ -- On October 5, the Asian Film Market (AFM) was officially kicked off during the 19th Busan International Film Festival (BIFF), with the presence of Lee Yong-kwan, BIFF chairman, Jeon Yang-Jun, AFM chairman, Yang Xianghua, iQIYI's senior vice president, and Li Yansong, iQIYI Motion Pictures president, along with global film investors, producers and dealers. iQIYI's senior vice president Yang Xianghua was invited to share with global practitioners in the industry the new development trend of China's film industry and iQIYI's layout in the film industry. iQIYI brings the latest trend of China's film market to the international film festivals for another time after the Venice International Film Festival and draws the attentions of the film practioners across the world.

"At present, China has around 500 million online video viewers today; that is the largest number of online video viewers worldwide. 80% of Chinese Netizens surveyed chooses online videos over TV and over 60% of online video content they watch are Movies. In 2016, the numbers 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 2.7 to 4.2 billion US$ business in revenue." Yang Xianghua said, "iQIYI has successfully established long term and close relationships in Asia pacific, America and Europe and today we are here hope to deepen our collaboration with all of you in the coming future. We invite you to join us on our journey of film. Together we can promote and enhance the unique and marvelous films of tomorrow."

The status quo of China's film industry provided by Yang Xianghua was reported by many Korean media and the huge potentials of China's film market have been realized by the whole film industries across the world. iQIYI's film mode of crowd-funding that introduced by Li Yansong, president of iQIYI motion pictures, also draws the attentions of media and guests at the BIFF for its advanced business operations better than those in Japanese, Korean, European and the US markets. Many film and TV drama production companies have conducted the follow-up negotiations with the hope of participating in the iQIYI's new film production mode that integrates the internet gene with the traditional film production.

"The 19th Busan Film Festival is the first international film event after China and Korea signed the joint statement when president Xi Jinping visited Korea in July." BIFF chairman Lee Yong-Kwan said. "At this festival, we have a very successful cooperation with iQIYI. I hope iQIYI can not only develop rapidly in the network in the future, but also promote mutual development with Busan International Film Festival in the offline manner in the aspect of international exchanges."

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SOURCE iQIYI