iQIYI's Ultimate Online Cinema Section to Premiere its Second CNY Film "Dreams of Getting Rich" Through PVOD Mode

Rhea-AI Summary

iQIYI Inc. (NASDAQ: IQ) announced the premiere of the comedy Dreams of Getting Rich on February 12, 2021, in its Ultimate Online Cinema section via premium video-on-demand (PVOD). This film follows the journey of childhood friends in Shenzhen during the 1990s and is directed by Song Xiaobao. Featuring a star-studded cast, the film is supported by an experienced production team. iQIYI aims to enhance its content offerings, building on its successful PVOD model launched in 2020, which has already seen significant revenue generation for online movies.

Positive

• Launch of Dreams of Getting Rich enhances iQIYI's content portfolio during key holiday period.
• Successful PVOD model has generated substantial revenue, with 42 online movies exceeding RMB 10 million in shared revenue by end of 2020.
• Star-studded cast and experienced production team enhance film's appeal and quality.

Negative

• None.

BEIJING, Feb. 8, 2021 /PRNewswire/ -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, recently announced that the comedy Dreams of Getting Rich will premiere on its Ultimate Online Cinema section through the Company's premium video-on-demand (PVOD) mode on February 12, the first day of the Chinese New Year holiday.

iQIYI's Ultimate Online Cinema section streams high-quality films via PVOD mode, allowing users to view latest releases online at a moderate price. A dozen films launched on the section last year have attracted a growing legion of avid supporters.

Directed by and starring Song Xiaobao, the film also features Sha Yi, Ma Li and Zhang Yishan, with guest appearances from Xiao Yang, Allen, Wong Cho-lam and Wei Xiang. It is the second new release scheduled for the 2021 Spring Festival on iQIYI's Ultimate Online Cinema section following Shaolin Master.

Dreams of Getting Rich is set in the reform and opening up period of the1990s and tells the story about childhood friends accidentally becoming new fathers after moving to Shenzhen from northeastern China, meanwhile an entrepreneur kicks off the bittersweet rags-to-riches journey while starting her own business.

In addition to its star-studded cast, the film also boasts a veteran production team. The film's executive producer and director of photography Zhao Xiaoding, art director Chen Minzheng, and editor Li Dongquan are all experienced professionals that have been recognized by leading awards in the industry including the Academy Awards, Hong Kong Film Awards and Golden Horse Awards among others.

This film is the first work directed by Song Xiaobao, a famous actor in China. iQIYI is proud to support talents by providing a platform to distribute their works and supporting the development of the ecosystem within the film industry.

In 2014, iQIYI officially launched an online movie model and pioneered a content revenue sharing model based on VIP member views, rapidly stimulating the creative capacity of the film market. By the end of 2020, the number of online movies with shared revenue exceeding RMB 10 million reached 42.

In regard to the online distribution of cinema-quality films, in February 2020 iQIYI became the first streaming platform to adopt the PVOD mode for new releases, catering to users' needs to watch newly released cinema movies at home. In July 2020, iQIYI launched the Ultimate Online Cinema brand as an effort to build a new release partnership with filmmakers based on the PVOD mode. At the beginning of 2021, the Company extended the PVOD mode to the field of online movies, further generating new potential for outstanding films to generate revenue.

"Whether it's in cinemas offline or on the Internet, viewers want to watch good movies that are well-made, touching, and positive," said Song Jia, Vice President of iQIYI and General Manager of iQIYI Film Center. "We hope to build Ultimate Online Cinema into a brand that will be noticed by more filmmakers and loved by users, helping creators realize their dreams and providing our subscribers with more high-quality new films."

On top of the two new films scheduled for the Chinese New Year on the Ultimate Online Cinema, iQIYI will launch the "Spring Festival Film Fairground", a section that includes classic box-office hits and overseas blockbusters. Meanwhile, various paid movies will be provided for free for a limited time, giving the audience a wider range of choices during the Chinese New Year period.

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SOURCE iQIYI

FAQ

When will <i>Dreams of Getting Rich</i> be released on iQIYI?

The film will premiere on February 12, 2021.

What is the significance of the PVOD model for iQIYI?

The PVOD model allows iQIYI to offer newly released cinema-quality films online, meeting user demand for at-home viewing.

Who directed <i>Dreams of Getting Rich</i>?

The film is directed by Song Xiaobao, who also stars in it.

How has iQIYI's Ultimate Online Cinema performed?

The section has attracted a growing audience, with numerous films launched successfully since its inception.

What revenue milestones has iQIYI achieved with its online movies?

By the end of 2020, 42 online movies exceeded RMB 10 million in shared revenue.