The company which is a subsidiary of search engine giant Baidu is either the first or second biggest video platform in China, according to different measurements.
IQiyi Pictures will work with other companies to produce seven local movies and one Hollywood title within the next year, iQiyi said in a statement. It is already involved in the production of some 30 TV drama series.
The company’s CEO Gong Yu (pictured) said that iQiyi will work with traditional film-making companies to raise production finance; provide audience data; deliver marketing and promotional support and be involved in cinema ticketing.
The moves put iQiyi ever more in direct competition with NYSE-listed Youku Tudou and e-commerce giant Alibaba, which is making a huge push into entertainment.
The announcement comes at a time when Chinese regulators are tightening controls on the booming online video sector, and recently warned seven companies about use of technology that can allow users to access uncensored content.