iQIYI cradles ambition to own Chinese VR space


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Rebecca Hawkes

| 06 May 2016




Video streaming platform iQIYI has launched a virtual reality (VR) set and partner incentive scheme with the stated aim of it becoming the world’s largest Chinese language VR platform.



The Baidu-owned company unveiled the iVR+ set, comprising two apps iVR Panorama Cinema and iVR Game Room designed for all-in-one VR devices, as well as a new VR feature in the iQIYI app. The iVR+ set is able to cover all the head-mounted VR devices currently available.

“In recent years, the investment in VR hardware development has made significant gains, but this cutting-edge technology still remains a futuristic concept to ordinary people in the absence of a VR content platform,” said Gong Yu, founder and CEO, iQIYI.

“iQIYI's expertise in online video and games will serve us as a springboard to build up an open and complete industry chain that covers VR production, distribution and interaction.”

In addition, iQIYI has announced its VR Partner Incentive Programme, to help nurture the market for Chinese made VR productions. The Beijing-based video streaming company says it will work with VR video and game developers to make 10 copyrighted online films and dramas and 100 copyrighted games into VR productions. iQIYI, which claims to be the largest open-ended VR platform in China, has also offered to provide marketing, production and operation assistance to more than 300 of its partners in VR content and device manufacturing sectors.

The company has already reached an agreement with 3D production company Wuxi Soulpower Culture Media Company, to produce a VR fantasy film called Iron Fists of the Despicable. iQIYI also plans to put online concerts, travelogues, sports events, sitcoms and live broadcasts in VR form in the “near future”. Partnerships have already been formed with business publication Caijing Magazine, Conde Nest Traveler, panoramic content provider 720YUN, and Damai.cn online entertainment ticketing service.

“Over the past six years, iQIYI has built itself into the number one player in China's video streaming industry, which gives us a solid foundation when venturing into VR market,” said iQIYI senior vice president Duan Youqiao.

As of March this year, 350 million PC users accessed iQIYI and 275 million people use iQIYI's mobile app, according to iResearch.

“China has the full potential to grow into the world's biggest VR content supply and consumption market. And we believe that day will come soon with our joined efforts,” added Duan Youqiao.