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IQiyi Opens On-demand Movie Theater Yuke

CapitalWatch Staff 2018-11-19 14:54 PM
IQiyi Opens On-demand Movie Theater Yuke

The Chinese media entertainment platform iQiyi Inc. (Nasdaq: IQ) announced today the opening of its first offline on-demand movie theater.

The theater, titled "Yuke" and located in Zhongshan, the Guangdong province of China, allows viewers to watch in a cinema content from iQiyi's online library.

Senior vice president of iQiyi, Xianghua Yang, said in a statement that Yuke responds to a rising consumer demand and is a step toward advancing China&`#`39;s film industry.

"IQiyi will take advantage of our strong brand awareness, massive user base, popular content, and advanced technology to contribute to the growth of this booming market and extend our premium viewing experience to offline consumers," said Yang.

In addition, iQiyi's theater, the company said, would help less-popular Chinese movies be screened in a theater. Last year, out of 970 movies produced in China, 487 could be seen on theater screens.

The launch of the Yuke cinemas also creates opportunities for the integration of retail services and offline consumption, with merchandise related to iQiyi content available for purchase in cinemas.

At the end of last year, iQiyi had 421.3 million average monthly mobile users, and 424.1 million users of the PC platform. Paid subscribers reached 61.3 million in the first quarter.