BEIJING, July 18, 2022 /PRNewswire/ — iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), an innovative and market-leading online entertainment service in China, today announced that the company has entered into a definitive agreement with Douyin, pursuant to which the company will license selected content to Douyin for editing and distribution as short videos in formats agreed upon by the two companies. The Company and Douyin will also cooperate in other operational areas.
“The cooperation between iQIYI and Douyin demonstrates recognition of the value of iQIYI’s exceptional content portfolio, as well as the strength and longevity of the company’s long-form premium video content. And more importantly, it’s a milestone that showcases mutual respect and team effort. in the protection of intellectual property,” commented Mr. Yu Gong, Founder, Director and CEO of iQIYI. “We believe that our cooperation will unlock new opportunities that will enrich the online video ecosystem, increase the value of our existing intellectual property, expand monetization opportunities and create benefits for both platforms, content creators and our users.”
About iQIYI, Inc.
iQIYI, Inc. is a market-leading innovative online entertainment service in China. Its corporate DNA combines creative talent and technology, fostering an environment conducive to continuous innovation and successful content production. We produce, aggregate and distribute a wide variety of professionally produced content, or PPC, as well as a wide range of other video content in a variety of formats. The company stands out in the online entertainment industry for its cutting-edge technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with huge user engagement and has developed a diverse monetization model including membership services, online advertising services, content distribution, online games, live streaming , IP licensing, talent agency, online literature, etc.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates”, “confidently”, and similar statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers. , directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further details of which are included in the company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and iQIYI assumes no obligation to update such information except as required by applicable law.
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