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Chinese Firm Iqiyi Scoops Big Hollywood Deal - Yahoo News

View photo Chinese director Ann Hui was at the 2014 Busan International Film Festival in Korea to present "The Baidu's TV and online movie streaming arm, iQIYI, has swooped to gather up distribution rights for over 1,000 US movies in 2015. With its parent company enjoying the status of a Chinese-equivalent Google, iQiyi is looking to make good on current trends in its homeland. "American movies are hugely popular in China," said CEO Gong Yu in a statement (via The Hollywood Reporter ). "This summer U.S. films overtook Chinese and other international titles http://alvarezgbcw.wallinside.com to become the kim kardashian hair extensions most popular titles for paying viewers on iQIYI's platform." "Through events like [the American Film Market] we hope to expand our international partnerships, particularly for American motion pictures." The firm was also involved in organizing an online crowdfunding campaign that contributed to the budget of Ann Hui's foreign film Oscar contender "The Golden Era." "If American movies can appear online in a timely manner then Chinese users would prefer a good quality online version to a pirated DVD," said senior VP Yang Xianghua, reasoning that iQIYI's 5 yuan ($0.82) fee for a movie streamed online was equivalent in cost to that of a black market DVD. Arts & Entertainment
Source: http://news.yahoo.com/chinese-firm-iqiyi-scoops-big-hollywood-deal-163408128.html

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