BEIJING, July 21,
2022 /PRNewswire/ -- iQIYI, an innovative
market-leading online entertainment service in China, announced on Jul. 19 that it has reached a strategic agreement
in Beijing with Poly Culture Group
Corporation Limited. As the corporation touches on many aspects of
the entertainment content ecology and integrates both companies' online and offline
resources, it helps accelerate innovation and growth across
different products and operational paradigms, which will further
contribute to the sustainable and healthy development of the
cultural and entertainment content ecology in China.
![iQIYI and Poly Culture Reach Strategic Partnership to Drive Growth with Online and Offline Integration iQIYI and Poly Culture Reach Strategic Partnership to Drive Growth with Online and Offline Integration](https://mma.prnewswire.com/media/1864362/iQIYI_Poly_Culture_Reach_Strategic_Partnership_Drive_Growth_Online_Offline.jpg)
According to the agreement, the corporation between iQIYI and
Poly Culture will focus on various areas, including the investment
and production of films and television contents, live theatre
production, arts and children's education, membership sharing and
ticketing, location-based entertainment, cultural real estate, and
joint development of virtual idols and other Intellectual Property
(IP) derivatives.
"Committed to content and technological innovation, iQIYI has
laid a solid foundation that can now be leveraged by both companies
to deliver additional value and carve out more opportunities," said
GONG Yu, Founder and CEO of iQIYI, "I look forward to seeing the
synergy that will be created as iQIYI and Poly Culture bring out
their best through the corporation, which will build a strong basis
for future partnerships where the two companies can continue to
explore collaborations."
WANG Bo, Poly Culture's General Manager, also highlighted the
shared development goals and the opportunities between the two
companies' visions, noting that the both sides will jointly
integrate resources across the supply chain and fully leverage each
other's advantages and unleash new growth potentials together.
Poly Culture is rich in its offline resources. The company has a
strong presence in theatres, film production, auction, art
education and art museums, and it leads the industry in many of the
segments it operates in. It currently directly runs 68 cinemas and
runs 248 franchised cinemas as well as over 70 theatres.
Over the years, iQIYI has built up a large reserve of digital
assets and IPs. With its diverse
ecology of entertainment content as the foundation, iQIYI leverages
its IPs to build different kinds of content, and the development of
diversified IP franchises further enhance the viewing experience as
it increases the variety of content options. For instance,
Luoyang demonstrated the strength of iQIYI's IP franchise
development capability, with the iQIYI Chinese Historic City
Universe (iCHCU) finding expression in films, dramas, animations,
comics, variety shows, documentaries, theatre productions, Virtual
Reality (VR) content and role-playing games.
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SOURCE iQIYI