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April 26, 2017

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Netflix reaches licensing deal with iQiyi

US-BASED Netflix, the developer of House of Cards drama, has sealed its first licensing deal in China and will cooperate with Chinese online stream service provider iQiyi.

The deal has been confirmed and more details will be revealed later, an industry official, who declined to be named but was familiar with the deal, told Shanghai Daily yesterday.

Both companies declined to comment.

IQiyi is rare among Chinese online video giants by being the first to adopt Netflix’s business model, which relies on high-quality content and unique titles to attract paid subscribers, unlike other players which focus on advertising only or e-commerce.

In 2016, iQiyi generated revenue of about 10 billion yuan (US$1.5 billion), half of which came from advertising and half from paid users and other business.

The deal marks an increasing cross-border partnership between China and overseas firms in digital entertainment and culture.

China Media Capital, an investment fund in media and entertainment, said last week that it would buy a minority stake in Creative Artists Agency, the world’s leading entertainment and sports agency.



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