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iQiyi to set up joint venture with Huace China
http://www.ecns.cn/business/2014/08-28/132054.shtml
Aug 28th 2014, 07:43
2014-08-28 16:43 Shanghai Daily Web Editor: Si Huan
Baidu's online video arm iQiyi.com said yesterday it is to form a joint venture with domestic TV production firm Huace China as more Internet companies are seeking to play their parts in content production.
Former associate director Du Fang at Zhejiang Satellite TV Station will become chief executive officer of the joint venture.
The joint venture, called Huace iQiyi Film and Television Co, will provide iQiyi with TV episodes and variety shows and will also seek business initiatives in terms of developing derivatives products for these new TV series or movies.
"IQiyi is seeking to diversify our offerings to online viewers and the joint venture with Huace will give us more advantages over our competitors in terms of content offering with a growing number of online video viewers," said iQiyi founder and chief executive officer Gong Yu.
Domestic video streaming websites are no longer satisfied with just being a distribution channel for TV series and movies and they're seeking to play a bigger role in video production.
Tencent and LeTV are among companies that have produced their own self-made sitcoms or reality shows to draw viewers. E-commerce giant Alibaba is also seeking opportunities that bridge its data mining capabilities with digital content providers.
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