Welcome to iQIYI’s bi-weekly news round-up! Here you’ll find the latest news and stories from the company, from entertainment, tech to business and from local to regional. If you are interested in learning more about iQIYI, please do not hesitate to reach out to press@qiyi.com .
(Aug.22, 2022-Sep.9, 2022)
CONTENT
iQIYI Releases See You Again, the Third Instalment of Sweet On Theater in 2022
On Sep. 5, See You Again, the third instalment of iQIYI's Sweet On Theater in 2022 premiered exclusively on iQIYI.
A romantic fantasy featuring time travels, the show has so far attracted more than three million subscribers to indicate an interest to watch the show.
iQIYI-Presented Films Shortlisted for Top Industry Awards in Recognition of Quality Content
Fading Shadow, an iQIYI-presented film, was recently shortlisted for the 2022 Amsterdam International Film Festival, a gathering that showcases outstanding films and filmmakers from around the world. Nominated for the Best Feature Film, Best Director, Best Screenplay, and Best Original Score, Fading Shadow won the Best Original Score Award. The film tells the story of an unsolved murder that took place in a small town in central China in the 1990s and was released exclusively on iQIYI in June this year.
Following its nomination for the Tiantan Award at Beijing International Film Festival, the iQIYI-presented film Kong and Jigme was shortlisted for the 2022 CCTV6 China Movie Night on Aug 26. It will compete with 14 other films for the Most Media-Focused Award this year. Based on true events, the film tells the story of Kong who travelled to work in Tibet for the first time. He met Jigme by chance, who had studied in the Chinese Mainland and asked Jigme to be his translator. They cultivated a life-long friendship, which was born out of conflicts but turned into deep mutual understanding.
BUSINESS
iQIYI Showcases Global Footprint at China International Fair for Trade in Services
iQIYI participated in the 2022 China International Fair for Trade in Services (CIFTIS), which took place from Aug. 31 to Sep. 5 in Beijing. During the CIFTIS, the company presented its strategies and progress around becoming a global streaming platform that contributes to the cultural industries in China. iQIYI also shared some new projects involving China-UK IP cooperation.
On Sep. 2, WANG Zhaonan, Vice President and Editor-in-Chief of iQIYI, spoke at the 2022 Forum on China Television Theater. Wang said, as one of the first online video platforms to expand its global footprint, iQIYI is focused on bringing its extensive content to global audience and dedicated to building and promoting a global streaming platform. In 2019, the company launched the iQIYI International app and now is currently available and accessible in 191 countries and regions on any internet-connected device.
On Sep. 1, the UK-China Culture IP Forum was held, featuring a special session on the iQIYI-presented drama Checkmate; the event shed light on the creative process that enabled the Chinese adaptation of the Hercule Poirot novel series by British detective novelist Agatha Christie. Jia Zhiqi, producer of the drama and head of iQIYI Three Cats Studio pointed out that Checkmate, an adaptation of Christie’s classic novel series, represents an exciting example of a literary work’s “crossing of national borders,” and it serves as a prime example of UK-China IP cooperation in the film and TV industry, as well as an innovative exploration of iQIYI.
Director Zhang Weike and director of photography Wang Zhe highlighted the Chinese aesthetic elements Checkmate features. The production crew even constructed a physical set to recreate the historical Harbin city, which rooted the Hercule Poirot mysteries in a Chinese local context.
The show has been a massive hit since its airing. James Prichard, Chairman and CEO of Agatha Christie Limited, remarked that the series “…is an extraordinary production whose scale and ambition definitely makes it a landmark in the history of Christie adaptations.”
iQIYI Further Upgrades Online Film Distribution Model to Increase Revenue for Film Producers, Driving Industry Growth
iQIYI announced recently that it has further upgraded the revenue sharing system of its Cloud Cinema Premiere model where producers now share most of the revenues earned. With the upgrade, producers can now share 90%--compared with the 60%--of the revenue generated for films released via Premium Video on Demand (PVOD), which is one of the two streaming types under iQIYI's Cloud Cinema Premiere model. The developments mark the latest step iQIYI takes to create market incentives and provide transparent disclosure that drives the growth of the online film market.
According to SONG Jia, Vice President of iQIYI and General Manager of iQIYI Film Center: "For the past two years, iQIYI has endeavored to working with industry talents, building a cloud cinema platform to grow China's online film market, and bringing more premium films to viewers through online releases. The latest increase in the revenue shared by producers iQIYI announced promises to further iQIYI's long-standing effort in building a fairer and more robust media ecosystem."
The company also disclosed data on the top-earning films that have been released under its Cloud Cinema Premiere model. According to the company, Dreams of Getting Rich, Northeastern Bro, and Blind War recorded the highest earnings for producers across all films released under the Cloud Cinema Premiere model from 2021 to date. In addition to popular Chinese films, the list of films released under iQIYI's Cloud Cinema also included global hits such as Zack Snyder's Justice League, which premiered in China online on iQIYI on May 3, 2021 and has since won critical acclaim in the Chinese market.
iQIYI Announces 2022 Q2 Financial Results, Achieving non-GAAP Operating Profit for two consecutive quarters
On Aug 30, iQIYI reported its 2022 Q2 earnings results. In the second quarter, iQIYI recorded RMB6.7 billion (US$993.8 million) of total revenues and thereby achieved non-GAAP operating profit for two consecutive quarters.
Operating income was RMB125.8 million (US$18.8 million) and operating income margin was 2%, compared to operating loss of RMB1.1 billion and operating loss margin of 15% in the same period in 2021. Non-GAAP operating income was RMB343.8 million (US$51.3 million) and non-GAAP operating income margin was 5%, compared to non-GAAP operating loss of RMB779.4 million and non-GAAP operating loss margin of 10% in the same period in 2021. Non-GAAP net income attributable to iQIYI was RMB78.3 million (US$11.7 million), compared to non-GAAP net loss attributable to iQIYI of RMB1.1 billion in the same period in 2021.
"We fought against the gravity of macro downturn throughout the second quarter of 2022 and booked operating profit growth. The process was extremely challenging, but the result was absolutely remarkable." commented GONG Yu, Founder and CEO of iQIYI. "In the third quarter, we built important partnership with Douyin and PAG. This together with the positive momentum of a series of blockbuster new releases makes us more confident than ever that we will be able to deliver greater profit growth in the future."
TECHNOLOGY
iQIYI Unveils Augmented Reality App, Joining Hands with Nreal to Bring New Entertainment Experience to Users
Recently, iQIYI announced the launch of an Augmented Reality (AR) app，and AR glasses brand Nreal will be iQIYI’s first partner on the app, with which iQIYI will bring users a new immersive interactive entertainment experience through the deep integration of self-developed holographic content and AR terminals.
When a user puts on the Nreal Air glasses, an array of iQIYI movies and dramas, variety shows and anime are instantaneously erected on an immersive virtual screen that is available for viewing. Short introductions to the programs and information about cast members are also at users’ fingertips.
3D video content is also accessible with just one click, and users can enjoy a stunning visual experience anytime, anywhere without the hassle of additional equipment. Currently, several iQIYI movies with 3D visual effects are ready to be viewed via the glasses through the iQIYI APP.
GONG Yu, Founder and CEO of iQIYI, said that while the iQIYI AR app allows users to enjoy cinema-grade viewing experience with a giant virtual screen anytime, anywhere, the capabilities of AR are far more than that. The unbounded display space allows for unlimited imagination in terms of content creation, display and interactive design. By leveraging their respective advantages, iQIYI and Nreal will push for the deep integration of hardware, software, and content ecology and leverage technological innovations to jointly explore even more possibilities in the realm virtual reality.
iQIYI Introduces China’s First Extended Reality Virtual Production Series, Further Integrating Technology and Entertainment
iQIYI announced recently that parts of its drama series Fox Spirit Matchmaker (Yuehong Chapter) will involve Extended Reality (XR) Virtual Production, making the show China’s first drama series that adopts the kind of technology in its production. The move marks a further step iQIYI takes in its strategic vision and leverages virtual production to enhance content quality, improve efficiency, and create an immersive viewing experience.
Fox Fairy Little Matchmaker is a drama series adaptation of the eponymous Chinese anime, and its XR virtual production involves a number of LED panels being installed in the series’ shooting location in Hengdian, Zhejiang province, where iQIYI constructed a 2,400-square-meter virtual production studio. While shot virtually, the final output conveys a high degree of realism and is almost indistinguishable from those shot in a physical set. The set-up also enables the production team to move around seamlessly and reuse and adapt to various virtual sets efficiently.
"iQIYI has been building its digital asset library and exploring the integration of film and television production with advanced technology. XR virtual production is a crucial move to further propel the industrialization of Chinese film and television into a new stage,” said ZHU Liang, Vice President of iQIYI and Head of Intelligent Production.
@
