BUSAN, South Korea, Oct. 7, 2014 /PRNewswire/ — Over one million users took part in iQIYI’s crowd-funding program for The Golden Era, a film by Ann Hui in 2014, and RMB 18 million was raised within 3 minutes. On October 5, 2014, Li Yansong, the President of iQIYI Motion Pictures ("iQIYI"), shared the latest results and strategies of Baifa Youxi, a crowd-funding platform jointly launched by iQIYI and Baidu in 2014, with the Korean Film Council (KOFIC) forum during the 19th Busan International Film Festival. iQIYI is highly acclaimed and recognized internationally by the industry for platform values in the aspects of film production, promotion, distribution and funding.
"Anyone who loves film can now be a producer and participate in production and promotion via the Baifa Youxi platform. They may also receive returns from the ticket office," said Li Yansong. "We can not only learn the demand of consumers in advance, but also solve, to some extent, internet-related problems — including difficulties in funding and marketing — through this new platform. It has created a win-win ecological circle of internet-finance-film, which further unleashes productivity and creates more opportunities in the film market." More than 10 films will take part in the crowd-funding program shortly, the funds to be raised are expected to reach RMB 400-500 million.
The innovations of iQIYI in film investment, promotion and distribution have been a hot topic on the KOFIC forum. Meanwhile, Gone with the Bullets, a film by Jiang Wen, which is also the first one iQIYI produces, will be available globally at the end of the year. iQIYI made the strategy for the film based on the whole industrial chain — joint investment, copyright purchase, online booking, film distribution and game development, which is expected to increase the box office by at least 10%. iQIYI’s success in film production, distribution and derivative industries shows that the Chinese company has integrated the internet into the film industry.
Moon Suk, a renowned media professional in South Korea, suggests that iQIYI’s platform has huge potential for cooperation. He expects more and more Korean companies to take part in the future.
Li Yansong added that iQIYI looks forward to working with Korean and global partners to jointly explore the possibilities of integrating the internet with film, and create greater values for users and the industry.