iQIYI and Ctrip Expand Strategic Cooperation in Shared Membership
Initiative brings premium entertainment and travel services to greater number of subscribing members
Jan 24, 2019, 03:29 ET
SHANGHAI, Jan. 24, 2019 /PRNewswire/ -- iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced a deepening of its partnership in joint premium membership benefits with Ctrip (NASDAQ: CTRP), Asia's largest online travel agency and the third largest in the world.
Under the agreement, members who purchase iQIYI Diamond VIP or QIYIGUO year card benefits on the iQIYI platform will be able to claim the benefits of Ctrip Prime members, including the use of Ctrip's VIP airport lounges, priority access for purchasing train tickets, discounts on hotel bookings, vehicle reservation, entry to sightseeing attractions and more. Similarly, customers who become Ctrip Prime members can activate an iQIYI 8-month VIP membership and enjoy access to VIP exclusive content, members-only audio-visual experiences, attendance at exclusive offline events and more.
The strengthened partnership between iQIYI and Ctrip, which are respectively the leading online entertainment platform and leading online travel platform in China, builds on an agreement in membership benefits announced by both companies last August. The previous agreement granted iQIYI V7 VIP members with all the perks available to Ctrip Prime members at no extra cost, and was received to great popularity, with statistics showing that over 98% of eligible subscribing iQIYI members claimed their benefits on the Ctrip platform. Both iQIYI and Ctrip attract a similar user profile of affluent, young customers who are willing to pay for high quality services, increasing potential synergy between the two platforms.
"Expanding co-operation with our network of partners is essential to maximizing the value we provide for our subscribing members," said Yang Xianghua, President of iQIYI's Membership and Oversea Business Group. "Following the success of our initiative with Ctrip last August, the deepening of this new partnership will allow a greater number of iQIYI subscribing members to enjoy Ctrip's premium travel services. We look forward to seeing this powerful combination produce even more impressive results."
"Ctrip is delighted to work together with iQIYI to offer the best of both entertainment and travel services to our members across China," said Sun Bo, CMO at Ctrip. "iQIYI has led China's entertainment market in the development of outstanding original content, member-specific benefits and sophisticated AI technology, making them the ideal partner to help add to the experience of our Ctrip Prime members."
As part of its efforts to strengthen partnerships with leading players in China's tech industry, in April of last year iQIYI launched a joint membership program with JD.com, China's largest online retailer. The partnership was also a resounding success, attracting more than one million new joint members within the first week after the launch.
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.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.
SOURCE iQIYI, Inc.
