iQIYI and G.H.Y Culture & Media Sign MOU for Joint Venture To Form Southeast Asia's Largest Talent Agency

Rhea-AI Summary

iQIYI (NASDAQ: IQ) has partnered with G.H.Y Culture & Media to establish a talent management agency in Singapore, targeting Southeast Asia's entertainment market. This joint venture aims to discover and promote local talent, with a talent search program planned for countries like Singapore, Malaysia, Thailand, Indonesia, and the Philippines. The initiative will stream exclusively on iQIYI's platforms. The move signals iQIYI's intention to expand its footprint and reinforce its commitment to regional media while launching new productions, including 'The Ferryman: Legends of Nanyang.'

Positive

• Strategic joint venture with GHY potentially increases market share in Southeast Asia.
• Exclusive talent search program could enhance content diversity and engagement.
• First production, 'The Ferryman: Legends of Nanyang,' expected to attract viewers and strengthen brand presence.

Negative

• None.

BEIJING, March 17, 2021 /PRNewswire/ -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative, market-leading online entertainment service in China and G.H.Y Culture & Media Holding Co., Limited ("GHY"), today announced a strategic joint venture to boost their presence in the Southeast Asian media and entertainment scene. The two entities signed a Memorandum of Understanding (MOU) to establish a talent management agency to be based in Singapore.

This joint venture entity aims to identify and promote talent across Southeast Asia. A talent search programme that aims to uncover hidden talent across region, particularly in Singapore, Malaysia, Thailand, Indonesia and the Philippines, is also in the pipeline. The talent search programme will be streamed exclusively on the iQIYI International platform and iQ.com. More details will be announced at a later stage.

Tay Ping Hui, who is currently represented by GHY, and is a veteran actor and cast member of iQIYI and GHY's first Southeast Asian original production, The Ferryman: Legends of Nanyang, is primed to be the first talent to be represented by this new talent management agency. Tay, who most recently played the role of Yan Nantian in Chinese period drama, Handsome Siblings, is known for his versatility in acting roles, bilingualism, and is an established name in the regional media and entertainment scene.    

Yang Xianghua, President of Membership and Overseas Business Group, iQIYl, said, "GHY has been a longstanding and valued partner of iQIYI and we are excited to take our working relationship further. With iQIYI's technical abilities and commitment to providing high quality Asia content to global users, and GHY's deep experience and end-to-end production expertise, we look forward to providing Southeast Asian talents a gateway to one of the biggest entertainment markets in the world, turning them into household names."

"The establishment of this new joint venture will be a key milestone in our ongoing partnership with our strategic business partner and shareholder, iQIYI. We have earmarked Southeast Asia to be a growth market and this investment will further expand our footprint. As we diversify our pipeline of multi-genre dramas and films, it is crucial to identify local talent to support our growth ambitions." said Guo Jingyu, Executive Chairman and Group CEO, G.H.Y Culture & Media Holding Co., Limited.

"The success of The Little Nyonya demonstrates a growing appetite for Southeast Asian stories in China and we see the vast potential and opportunity for artistes here to tell these stories together with iQIYI, said Kuek Yu-Chuang, Vice-President, International Business, iQIYI. "The joint announcement with GHY to establish the talent management agency cements our commitment to the region as we scale our business after the launch of our international headquarters in Singapore."

iQIYI is currently working with GHY on its first Southeast Asian original production, The Ferryman: Legends of Nanyang, which will be released later this year. The adaptation of iQIYI's 2014 Chinese cult-classic The Ferry Man stars iQIYI International VIP ambassador Lawrence Wong, Qi Yuwu, Kate Kinney, Tay Ping Hui and Jeanette Aw.

This strategic joint venture established by iQIYI and GHY signals iQIYI's continued global ambitions. iQIYI International has made breakthroughs in Asia in 2020 with the opening of their International Headquarters in Singapore, a three-year partnership with the Singapore Tourism Board (STB), and its first ever Korean original production, My Roommate is a Gumiho. At yesterday's Hong Kong International Film & TV Market (FILMART), iQIYI International also shared the company's investment in bringing best in class mandarin-language originals to the world with their upcoming slate of shows, which includes, The Ferryman: Legends of Nanyang, Wisher, Who is the Murderer, Rainless Love in a Godless Land and Danger Zone — the last of which stars homegrown actor Christopher Lee. 

About iQIYI

iQIYI, Inc. 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 a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

About iQIYI International 

Headquartered in Singapore, iQIYI International is an on-demand video streaming service providing beloved pan-Asian entertainment to international viewers. Offering both ad-supported and VIP subscription services, iQIYI International delivers premium drama series, movies, variety shows, and anime; with local languages and subtitles; powered by cutting-edge technology. iQIYI International also makes its technology available to other entertainment services through SaaS partnerships. iQIYI International can be enjoyed on any device via iQ.com and the app. iQIYI International is owned by iQIYI, Inc. (Nasdaq: IQ).

About G.H.Y Culture & Media 

G.H.Y Culture & Media Holding Co., Limited ("GHY" or the "Group") is an entertainment business that focuses on the production and promotion of dramas, films and concerts in the Asia-Pacific region. GHY has produced several dramas and films in the PRC, Singapore and Malaysia that have been broadcasted and/or distributed on major TV networks and leading video streaming platforms in the PRC. The Group has also undertaken the production of concerts for well-known international artistes in Singapore, with upcoming concerts to be held in Malaysia and Australia.

GHY has strong in-house production teams, with scriptwriters, directors and producers who have been involved in various notable dramas and films. The production teams have consistently produced quality dramas and films and the Group also possesses expertise and capabilities across the business value chain.

Currently headquartered in Singapore and the PRC, with over 120 employees across Singapore, Malaysia, the PRC and Australia, the Group also engages in concert production, talent management services, and costumes, props and make-up services.

For more information, please visit https://ghyculturemedia.com/

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SOURCE iQIYI

FAQ

What is the recent joint venture between iQIYI and G.H.Y Culture & Media about?

iQIYI and G.H.Y Culture & Media have signed an MOU to form a talent management agency in Singapore aimed at promoting talent across Southeast Asia.

When was the joint venture between iQIYI and G.H.Y announced?

The joint venture was announced on March 17, 2021.

How will the new talent management agency affect iQIYI's business?

The agency is expected to enhance iQIYI's presence in the Southeast Asian entertainment market and promote local talent.

What is the stock symbol for iQIYI?

iQIYI trades under the stock symbol 'IQ' on NASDAQ.

What is the first project of the joint venture between iQIYI and G.H.Y?

The first project is 'The Ferryman: Legends of Nanyang,' set to release later this year.