IQIYI explained

iQIYI
Screenshot Size:250px
Collapsible:yes
Collapsetext:Screenshot
Website Type:OTT streaming platform
Language:
Language Count:5
Traded As:NASDAQ: (ADS)
Location City:Beijing
Country Of Origin:China
Area Served:Worldwide
Founder:Gong Yu
Key People:He Junjie

Gong Yu
Parent:Baidu
Reg:-->
Num Users:101.4 million paid subscribers[1]
Current Status:Active
S:爱奇艺
T:愛奇藝
P:àiqíyì
L:love wonderful art

iQIYI (pronounced in English as), formerly Qiyi,[2] is a Chinese subscription video on-demand over-the-top streaming service owned by Baidu. Headquartered in Beijing, iQIYI primarily produces and distributes films and television series.

iQIYI is currently one of the largest online video sites in the world, with nearly 6 billion hours spent on its service each month and over 500 million monthly active users.[3] [4] [5] [6] On March 29, 2018, the company issued its initial public offering in the United States and raised $2.25 billion.[7] iQIYI has not been available in Taiwan since October 15, 2020 due to a ban on partnerships with mainland Chinese video streaming companies after iQIYI was found to be used by China's Taiwan Affairs Office for conducting united front activities on the island.[8]

History

Qiyi was founded on January 6, 2010, by Baidu with support from Providence Equity Partners.[9] It changed its name to iQIYI in November 2011.[2] On November 2, 2012, Baidu bought Providence's stake and took 100% ownership of the site.[10] On May 7, 2013, Baidu purchased the online video business of PPStream Inc. for $370 million, which became a subsidiary of iQIYI much later. On July 17, 2014, the site launched its film production division, iQIYI Motion Pictures, to expand existing cooperative projects with overseas peers, including purchasing releases and co-producing movies. On September 4, iQIYI collaborated with the Venice Film Festival, streaming the festival's movies online. In August 2014, iQIYI generated over 6.95 billion hours of viewing on its website.[11] In October, iQIYI participated in the Busan Film Festival, signing exclusive rights to nearly 100 South Korean titles.[12] On November 19, 2014, Xiaomi and Shunwei Capital invested $300 million in iQIYI for about 10 percent to 15 percent of the site, while Baidu invested an additional $100 million and held about 80 percent.[13]

In September 2014, iQIYI had established a Chinese Communist Party (CCP) committee inside the company, according to the official newspaper of the Central Committee of the Chinese Communist Party, the People's Daily.[14] In November 2014, following the National Radio and Television Administration's ban on all live-steaming of American TV shows, iQIYI's vice editor-in-chief defended the ban, stating that such content was against "socialist values."[15]

On December 8, 2014, iQIYI's chief content officer, Ma Dong, said the portal planned to more than double original production in 2015, with at least 30 titles and 500 episodes on the slate compared to 13 in 2014.[16] In 2015, iQIYI purchased the streaming rights to eight top entertainment shows in mainland China and several entertainment shows in Taiwan and South Korea, including Running Man.[17] In March 2016, it was announced that it would launch in Taiwan.[18] In June 2016, it was reported that it had 20 million subscribers.[19]

In June 2014, iQIYI co-produced and distributed the drama Mysterious Summer with major Japanese broadcaster Fuji TV. It was the first drama co-production between China and Japan and has been viewed more than 60 million times as of October 2014.[20] [21]

In 2017, the People Daily reported that two thirds of high-level staff in iQIYI's content department were CCP members.

On April 25, 2017, Netflix (which does not operate at all in China) announced that it had reached a licensing deal with iQIYI, under which some Netflix original productions would be available on iQIYI day-and-date with their premieres worldwide.[22]

In November 2018, iQIYI announced that it was raising new cash. The video business said that it will issue $500 million in convertible senior notes. Proceeds from the offering will go towards content and technology investments as well as capped call transactions to reduce potential dilution to shareholders upon conversion of the notes.[23]

In December 2020, iQIYI opened a new office in Singapore at Robinson Road to serve as the regional headquarters for Southeast Asia.[24]

In 2020, iQIYI announced the production of My Roommate Is a Gumiho as its first Korean Original Series.[25] Due to positive reviews over their first self-produced series, which starred Jang Ki-yong and Lee Hye-ri (members of Girl's Day), iQIYI expressed that they gained confidence in releasing more original Korean dramas produced under its name, like their announced upcoming productions of dramas like Bad and Crazy (starring Lee Dong-wook, Han Ji-eun and Wi Ha-joon) in 2021 and Shooting Stars in 2022, with the hope of expanding their potential in the production of original Korean shows.[26] [27]

Also, iQIYI began to expand its horizons by producing Southeast Asian shows to stream as iQIYI originals for more viewership. In August 2021, iQIYI streamed a Singaporean drama series titled The Ferryman: Legends of Nanyang, which will be its first Southeast Asian original series starring local actors from Singapore like Lawrence Wong and Qi Yuwu and Taiwanese actress Kate Kinney. The drama is also a remake of the 2014 Chinese drama series, but in a Southeast Asian setting.[28] [29]

In October 2021, iQIYI and THEMA went into a partnership to launch their services on Netgem TV in the United Kingdom and Ireland, with iQIYI hoping to distribute Asian content on European media to create a larger global audience.[30]

During the 26th Busan International Film Festival, iQIYI partnered with Philippine broadcaster ABS-CBN to produce Saying Goodbye and Hello, Heart as the first two Philippine original series, which will release later this year.[31] [32]

In May 2022, iQIYI Sports announced a streaming rights request for the Italian football competition Serie A. This marks the fifth acquisition since the expansion into the sports market after acquiring streaming rights to other sporting events such as UEFA, AFC, the English Premier League and Spanish La liga.[33] The same month, iQIYI removed all movies of Keanu Reeves after he appeared at a virtual event hosted by Tibet House US due to its linkages with the 14th Dalai Lama.[34]

Reception

In 2019, Taiwan's Institute for National Defense and Security Research reported that iQIYI is used by China's Taiwan Affairs Office to further united front efforts on the island.[35] In response, Taiwan banned the company.[36] [37]

In April 2020, activist investors, including Muddy Waters Research, accused iQIYI of overstating its revenue and subscribers.[38] Short-seller Wolfpack Research also accused the company of inflating revenue numbers.[39] In August 2020, it was announced that the U.S. Securities and Exchange Commission subsequently launched an investigation into iQIYI.[40] Later in early October 2020, iQIYI made a statement that an internal review into the allegations of fraud made by the American short seller Wolfpack Research, “did not uncover any evidence that would substantiate the allegations.” The internal review had been conducted by an independent audit committee, which included "a Big 4 accounting firm that is not the Company's auditor."[41] [42]

In June 2020, the Beijing Internet Court sided with a customer who sued the company for breaching the terms and conditions of the 'VIP' subscription. iQIYI had charged additional fees for pre-screens of dramas, although paying customers were promised access at no extra charge.[43]

See also

Notes and References

  1. Web site: November 22, 2022 . iQIYI Announces Third Quarter 2022 Financial Results . en . February 15, 2023 . February 9, 2023 . https://web.archive.org/web/20230209070153/https://iqiyiinc.gcs-web.com/static-files/7de39021-9355-4aca-96ca-f3ac0ceac924 . live .
  2. Web site: 奇艺启动新域名背后：解决视听许可证遗留问题. Sina.com. 28 November 2011. 4 August 2017. zh. 4 August 2017. https://web.archive.org/web/20170804214352/http://tech.sina.com.cn/i/2011-11-28/17256394603.shtml. live.
  3. News: Russell. Jon. Baidu's iQiyi video service raises $1.53 billion. TechCrunch. en. 2017-10-17. 2020-06-04. https://web.archive.org/web/20200604042844/https://techcrunch.com/2017/02/21/baidus-iqiyi-video-service-raises-1-53-billion/. live.
  4. News: Ng. Yi Shu. Netflix takes its first steps into China, the world's hungriest streaming market. Mashable. en. 2017-10-17. 2019-12-29. https://web.archive.org/web/20191229204451/https://mashable.com/2017/04/26/netflix-china-iqiyi/#G8YL20JxXZqb. live.
  5. News: Paramount Signs Licensing Deal With China's Largest Online Video Platform iQIYI. Jeff Sneider. July 8, 2015. July 14, 2015. The Wrap. Paramount Pictures has signed a licensing agreement with iQIYI, the largest online video platform in China, that will give the company rights to offer 800 films from the studio’s library to subscribers of its SVOD service, Paramount announced Wednesday.. July 11, 2015. https://web.archive.org/web/20150711232946/http://www.thewrap.com/paramount-signs-licensing-deal-with-chinas-largest-online-video-platform-iqiyi/. live.
  6. News: Lionsgate Pacts With Chinese Online Giant IQIYI. Kevin Cassidy. The Hollywood Reporter. 9 October 2015 . Lionsgate has signed a long-term output deal for a number of high-profile Lionsgate and third-party feature films with China's largest comprehensive online video platform iQIYI.. 2016-03-29. 2016-03-18. https://web.archive.org/web/20160318232703/http://www.hollywoodreporter.com/news/lionsgate-pacts-chinese-online-giant-831031. live.
  7. News: Baidu's iQiyi Drops in Debut After IPO Raising $2.3 Billion. 2018-03-29. Bloomberg.com. 2018-04-03. en. 2020-06-07. https://web.archive.org/web/20200607202605/https://www.bloomberg.com/news/articles/2018-03-29/baidu-s-iqiyi-drops-in-trading-debut-after-raising-2-3-billion. live.
  8. News: Xue . Yujie . 2020-09-22 . iQiyi's Taiwan agent to cease serving local users from October 15 after ban on Chinese streaming platforms . . 2020-01-19 . March 26, 2023 . https://web.archive.org/web/20230326021632/https://www.scmp.com/tech/policy/article/3102504/iqiyis-taiwan-agent-cease-serving-local-users-october-15-after-ban . live .
  9. Web site: Baidu Press Releases. ir.baidu.com. 2015-12-29. 2015-06-27. https://web.archive.org/web/20150627042106/http://ir.baidu.com/phoenix.zhtml?c=188488&p=irol-newsArticle&ID=1816090. live.
  10. iQIYI and Venice Film Festival Begin a Brand New Cooperation from 2014. www.prnewswire.com. 2015-12-29. 2016-03-04. https://web.archive.org/web/20160304041843/http://www.prnewswire.com/news-releases/iqiyi-and-venice-film-festival-begin-a-brand-new-cooperation-from-2014-273411591.html. live.
  11. Web site: 8月PC视频：爱奇艺PPS八连冠，每人日均观看超50分钟_网易数码. digi.163.com. 2015-12-29. https://web.archive.org/web/20160304040136/http://digi.163.com/14/0926/17/A73AHNMG001618JV.html. 2016-03-04. dead.
  12. News: Busan: China's iQiyi Signs Exclusive Rights to 90 South Korean Films . The Hollywood Reporter . 2014-11-04 . 2020-01-03 . https://web.archive.org/web/20200103120444/https://www.hollywoodreporter.com/news/busan-chinas-iqiyi-signs-rights-739457 . live .
  13. News: Xiaomi Stake Said to Value IQiyi at Up to $3 Billion . Bloomberg . November 19, 2014 . 2017-03-07 . 2015-01-12 . https://web.archive.org/web/20150112051925/http://www.bloomberg.com/news/2014-11-19/xiaomi-shunwei-to-invest-300-million-in-iqiyi-for-video.html . live .
  14. News: 坚守导向 爱奇艺引领视频网站健康生态--传媒--人民网 . 2023-04-22 . . zh . March 2, 2023 . https://web.archive.org/web/20230302164818/http://media.people.com.cn/n1/2017/1020/c40606-29597654.html . live .
  15. News: 2014-12-18 . 爱奇艺高管为广电总局审查政策辩护 . 2023-04-22 . . zh-Hans . April 22, 2023 . https://web.archive.org/web/20230422185223/https://www.rfi.fr/cn/%E4%B8%AD%E5%9B%BD/20141218-%E7%88%B1%E5%A5%87%E8%89%BA%E9%AB%98%E7%AE%A1%E4%B8%BA%E5%B9%BF%E7%94%B5%E6%80%BB%E5%B1%80%E5%AE%A1%E6%9F%A5%E6%94%BF%E7%AD%96%E8%BE%A9%E6%8A%A4%E2%80%8D . live .
  16. News: ATF: China's iQIYI to Double Production Slate in 2015 . Variety . Janine . Stein . December 9, 2014 . December 9, 2017 . June 4, 2020 . https://web.archive.org/web/20200604053822/https://variety.com/2014/digital/news/atf-chinas-iqiyi-to-double-production-slate-in-2015-1201374591/ . live .
  17. News: 年度重磅综艺《造梦者》 1月9日独家登陆爱奇艺-新华网. Xinhua. December 29, 2015. January 5, 2015. https://web.archive.org/web/20150105191849/http://news.xinhuanet.com/ent/2015-01/04/c_127357331.htm. dead.
  18. News: China's iQIYI Expands Streaming to Taiwan. Patrick. Frater. March 30, 2016. March 30, 2016. Variety. March 30, 2016. https://web.archive.org/web/20160330181029/http://variety.com/2016/digital/asia/chinas-iqiyi-launches-streaming-taiwan-1201741705/. live.
  19. News: China's Online Video Market in the Middle of Transition to Paid Subscribers, Self-Produced Content. Tracey. Xiang. December 12, 2016. January 2, 2017. TechNode. January 2, 2017. https://web.archive.org/web/20170102174619/http://technode.com/2016/12/12/chinas-online-video-market-in-the-middle-of-transition-to-paid-subscribers-self-produced-content/. live.
  20. Web site: Fuji TV to commence internet-based distribution for "Mysterious Summer" OnScreenAsia.com. dead. https://web.archive.org/web/20150509174542/http://onscreenasia.com/article/fuji-tv-to-commence-internet-based-distribution-for-mysterious-summer/15426. 2015-05-09. 2015-12-29. www.onscreenasia.com.
  21. Web site: International Business Themes Dominate Tokyo Market Seminars. live. https://web.archive.org/web/20150211120012/https://www.yahoo.com/music/s/international-business-themes-dominate-tokyo-market-seminars-040046712.html. 2015-02-11. 2015-12-29. www.yahoo.com. October 21, 2014 .
  22. News: Netflix Signs Licensing Deal With China's iQiyi. The Hollywood Reporter. 24 April 2017 . 26 April 2017. 26 April 2017. https://web.archive.org/web/20170426002956/http://www.hollywoodreporter.com/news/netflix-signs-licensing-deal-chinas-iqiyi-997071. live.
  23. News: China's iQiyi to offer $500M convertible note as content costs balloon. TechCrunch. 2018-11-29. en-US. 2019-06-03. https://web.archive.org/web/20190603084332/https://techcrunch.com/2018/11/28/iqiyi-500-million-convertible-notes/. live.
  24. News: 2020-12-15. iQiyi to hire over 200 staff in its Singapore international HQ in next few years. 2020-12-17. The Business Times. en. December 15, 2020. https://web.archive.org/web/20201215125029/https://www.businesstimes.com.sg/garage/iqiyi-to-hire-over-200-staff-in-its-singapore-international-hq-in-next-few-years. live.
  25. News: Frater. Patrick. 2020-12-03. China's iQIYI to Produce 'Roommate' as its First Korean Original Series. 2021-02-16. Variety. en-US. February 17, 2021. https://web.archive.org/web/20210217121406/https://variety.com/2020/streaming/asia/china-iqiyi-to-produce-roommate-first-korean-series-1234845020/. live.
  26. News: iQiyi announces original Korean Drama 'Shooting Stars' starring Lee Sung-kyoung, Kim Young-dae. MSN Entertainment. 30 August 2021. 3 September 2021. September 3, 2021. https://web.archive.org/web/20210903150900/https://www.msn.com/en-ph/entertainment/other/iqiyi-announces-original-korean-drama-shooting-stars-starring-lee-sung-kyoung-kim-young-dae/ar-AANRCsX?li=BBr8HnD. live.
  27. News: Lee Dong-wook is a superhero cop in iQiyi drama Bad And Crazy. Yahoo News. 7 September 2021. 8 September 2021. October 24, 2021. https://web.archive.org/web/20211024185942/https://sg.news.yahoo.com/lee-dong-wook-superhero-cop-iqiyi-drama-bad-and-crazy-140036164.html. live.
  28. News: Lawrence Wong, Qi Yuwu's supernatural drama coming to iQiyi in August. CNA. 27 July 2021. 21 August 2021. August 21, 2021. https://web.archive.org/web/20210821152139/https://cnalifestyle.channelnewsasia.com/entertainment/lawrence-wong-qi-yuwu-ferryman-legends-nanyang-iqiyi-august-272766. live.
  29. News: China's iQIYI to develop regional stars for Southeast Asia push. CNA. 17 March 2021. 21 August 2021. 21 August 2021. https://web.archive.org/web/20210821152126/https://www.channelnewsasia.com/singapore/chinas-iqiyi-develop-regional-stars-southeast-asia-push-261436. dead.
  30. News: IQiyi, THEMA Partner to Launch on Netgem TV in the UK and Ireland. The Fast Mode. 12 October 2021. 13 October 2021. October 12, 2021. https://web.archive.org/web/20211012035329/https://www.thefastmode.com/technology-solutions/21032-iqiyi-thema-partner-to-launch-on-netgem-tv-in-the-uk-and-ireland. live.
  31. News: Frater. Patrick. 2021-10-11. iQiyi International Unveils First Philippines Series, More Korean Originals. 2021-10-11. Variety. en-US. October 11, 2021. https://web.archive.org/web/20211011114419/https://variety.com/2021/global/asia/iqiyi-first-philippines-series-korean-originals-busan-1235085536/. live.
  32. News: 2021-11-23. 'Hello Heart,' 'Saying Goodbye' to air on iQiyi in Dec.. 2021-11-23. ABS-CBN News. en. November 23, 2021. https://web.archive.org/web/20211123090750/https://news.abs-cbn.com/entertainment/11/23/21/hello-heart-saying-goodbye-to-air-on-iqiyi-in-dec. live.
  33. News: 19 May 2022. iQiyi Sports acquires Serie A rights. Pan Daily. 24 May 2022. May 19, 2022. https://web.archive.org/web/20220519092528/https://pandaily.com/iqiyi-sports-lands-streaming-rights-for-italian-serie-a/. live.
  34. News: 基努·里维斯因支持西藏被封杀 倡导者吁各界观看《勿忘西藏》纪录片 . 2023-04-22 . . zh-cn . April 22, 2023 . https://web.archive.org/web/20230422185810/https://www.rfa.org/mandarin/yataibaodao/shaoshuminzu/lf-03262022165723.html . live .
  35. News: Wang Yi-hung and William Hetherington . Liu Li-jen . Bilibili found to be renting server space in Taiwan . 4 September 2019 . . September 14, 2019 . https://web.archive.org/web/20190914120700/http://www.taipeitimes.com/News/front/archives/2019/09/05/2003721740 . live .
  36. News: Szu-yun . Su . August 19, 2020 . Taiwan to bar local agents from representing Chinese OTT services . . August 19, 2020 . August 20, 2020 . https://web.archive.org/web/20200820052435/https://focustaiwan.tw/cross-strait/202008190009 . live .
  37. News: August 19, 2020 . Mudie . Luisetta . Taiwan to Ban Chinese Media Apps Over Security Concerns . https://web.archive.org/web/20200821002606/https://www.rfa.org/english/news/china/apps-08192020151002.html . August 21, 2020 . 2020-08-21 . . en . live .
  38. Web site: Jaeger. Jaclyn. April 9, 2020. Luckin Coffee, iQIYI fraud allegations point to wider China problem. live. https://web.archive.org/web/20200721004909/https://www.complianceweek.com/accounting-and-auditing/luckin-coffee-iqiyi-fraud-allegations-point-to-wider-china-problem/28735.article. 2020-07-21. 2020-07-21. Compliance Week. en.
  39. News: Kharpal . Arjun . 2020-04-08 . Chinese video streaming giant iQiyi accused of fraud, company says report contains 'misleading conclusions' . 2020-11-25 . . en . December 19, 2020 . https://web.archive.org/web/20201219053642/https://www.cnbc.com/2020/04/08/iqiyi-accused-of-fraud-by-wolfpack-muddy-waters.html . live .
  40. News: Ping . Chong Koh . 2020-08-14 . A Chinese Netflix Faces SEC Probe After Short-Seller Report . en-US . . live . subscription . 2020-08-14 . https://web.archive.org/web/20200814094243/https://www.wsj.com/articles/a-chinese-netflix-faces-sec-probe-after-short-seller-report-11597394249 . 2020-08-14 . 0099-9660.
  41. News: Bary . Emily . IQiyi says internal review found no evidence to substantiate short seller's fraud allegations . 2022-05-27 . MarketWatch . EN-US . May 27, 2022 . https://web.archive.org/web/20220527234110/https://www.marketwatch.com/story/iqiyi-says-internal-review-found-no-evidence-to-substantiate-short-sellers-fraud-allegations-2020-10-05 . live .
  42. News: Chinese Video Streamer Says Internal Review Debunks Fraud Claims . 2022-05-27 . . en . September 28, 2022 . https://web.archive.org/web/20220928102705/https://www.caixinglobal.com/2020-10-07/chinese-video-streamer-says-internal-review-debunks-fraud-claims-101612574.html . live .
  43. News: 3 June 2020 . Court Rules Against iQiyi for Charging Premium Subscribers Extra . 2020-11-25 . . en . August 20, 2020 . https://web.archive.org/web/20200820083223/http://www.sixthtone.com/news/1005754/court-rules-against-iqiyi-for-charging-premium-subscribers-extra . live .

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