iQIYI to Release Action-Adventure Fantasy Film "Double World" on July 24

Rhea-AI Summary

iQIYI Inc. (NASDAQ: IQ) announced the release of the action-adventure fantasy film Double World, premiering on July 24 on its platform in Mainland China. The film, with a budget of approximately RMB 300 million, is adapted from the popular online game and features extensive special effects. Ticket presales for the film's PVOD mode begin on July 17. iQIYI aims to enhance home viewing with Dolby Vision and Dolby Atmos. This release marks an important event, coinciding with the 15th anniversary of the game franchise, as audiences seek new cinematic experiences during theater closures.

Positive

• The film has a substantial budget of RMB 300 million, indicating a high production quality.
• The release aligns with the 15th anniversary of the popular online game, potentially increasing viewer interest.
• iQIYI's PVOD model is gaining traction among young consumers, with over 60% considering paying for new releases.

Negative

• None.

BEIJING, July 15, 2020 /PRNewswire/ -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, jointly announced with GIANT PICTURES and Filmko Film that Double World (the "Film"), an action-adventure fantasy film, which is adapted from the popular online game of the same name, will premier on iQIYI's platform on July 24 for its China's Mainland release. 

Double World, a fantasy epic featuring astounding visual effects, will be the fifth with the largest budget new movie iQIYI has made available through its premium video on demand (PVOD) mode. iQIYI users in China's Mainland can view the film via the iQIYI app before its formal theatrical release. Online ticket presales for the PVOD mode of the film will start on July 17.

Double World was directed by Teddy Chan, renowned Hong Kong director of classic action films such as Bodyguards and Assassins, and produced by Soi Cheang and stars Henry Lau, Peter Ho, Chenhan Lin, Luxia Jiang, Chung Him Law and Ming Hu.

With a production budget of approximately RMB 300 million yuan, the Film's script was refined over the course of four years and special effects comprise 80% of the runtime. The Zhengtu game franchise has a history of 15 years, and is embedded in the memories of a generation of players. The production crew teamed up with More VFX, the team behind the special effects for The Wandering Earth, and spent two years on the whole special effects process, from character creation to final production.

Familiar to many gamers, the film's major settings, including Phoenix City, Qingyuan Village and the Valley of the King of the Beasts, were meticulously modeled and rendered by the team, who also redesigned all mannerism and appearances of monsters in the film, down to behavioral ticks and hair texture.

To make the home-viewing experience closer to that of movie theaters, iQIYI cooperated with multiple TV manufacturers to build a home version of the Dolby Vision and Dolby Atmos specifically for Double World. The film's trailer is produced in 4K at 60 frames per second, as part of the efforts to transport viewers into an authentic Zhengtu world.

Though movie theatres remain shut, audiences are still clamoring to watch blockbusters. "This is a timely release as 2020 celebrates the 15th anniversary of the Zhengtu game. The Internet provides a fantastic avenue for Double World, an adaption of an online game, to reach audiences during this special period." said Zhang Amu of GIANT PICTURES. "iQIYI's partnership model provides us with a way to reach users and recoup our investment and the platform has drawn on its wealth of technical, co-marketing and streaming experience to make it a reality. We hope viewers enjoy this sincere work." 

In the past six months, iQIYI's cooperation model with film producers to stream movies through the PVOD service has progressed consistently. "We intend to introduce more excellent films through this win-win model for producers, audiences and our platform," Song Jia, General Manager of iQIYI Film Center said. "Since the COVID-19 outbreak, viewers haven't seen any newly released films featuring powerful and stunning visual effects. Double World fills this void, providing a new movie-viewing experience to our users."

According to the latest data from Hub Entertainment Research, PVOD mode is growing in popularity among young consumers, with over 60% of respondents (ages 18-34) saying they would consider paying for new releases. iQIYI officially launched in January its PVOD mode for new films coming to movie theaters. On February 1, action-comedy film Enter the Fat Dragon premiered through this mode, followed by Knockout, Spring Tide and the Oscar-winning Marriage Story.

About iQIYI, Inc.

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.

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SOURCE iQIYI, Inc.

FAQ

What is the premiere date of the film Double World on iQIYI?

The film Double World will premiere on July 24 on iQIYI's platform.

How much was the budget for iQIYI's film Double World?

The production budget for Double World was approximately RMB 300 million.

When do presales for the film Double World start?

Online ticket presales for Double World begin on July 17.

What technology enhancements are included for the film Double World on iQIYI?

iQIYI has collaborated with TV manufacturers to provide Dolby Vision and Dolby Atmos for an enhanced viewing experience.

What is the significance of the release of Double World for iQIYI?

The release of Double World coincides with the 15th anniversary of the Zhengtu game, offering a timely entertainment option during theater closures.