Chinese Online Video Platform for Venice Film Festival

Leading Chinese video website iQIYI serves as an online video platform at the Venice Film Market, announced Gong Yu, CEO of iQIYI, at the opening night of the Venice Film Market on Friday.

As a part of the ongoing 71st Venice International Film Festival, the Venice Film Market serves as a platform for production companies, buyers, sellers and insiders.

As this year’s main sponsor, Gong Yu, on behalf of iQIYI, briefed guests on China’s fast development of online video and iQIYI’s leading position in the Chinese market.

He believes the biggest reason for possible future collaborations lies in China’s vast market.

[ Also Read: Digital Video Is the Preferred Medium for Sharing Ideas: Rollo Wenlock ]

“China has around 500 million online video viewers today, the largest number worldwide. 80 percent of Chinese netizens surveyed chose online videos over TV and over 60 percent of online video content they watch are movies. In 2016, the number is expected to rise to 700 million online-video viewers. At the same time, the Chinese online video industry is estimated to grow from a US$2.7 billion to 4.2 billion in revenue,” Gong explained.

Since establishing its own film business, iQIYI continues to make its presence in the film industry.

[ Click here for more news on Film Festivals ]

“With this chance, iQIYI can introduce itself to our global counterparts. And through this platform, we can acquire more global resources in the film industry from investments to possible cooperation opportunities,” he said.

Gong also thinks the online video platform will possibly bring new changes to the film industry. “The rapid development of online video is changing the whole film industry, though this change is only at the initial stage. We think it will last for a long time and we hope iQIYI will be part of it,” he said.

iQIYI will launch the Night of China on September 3 with movie film insiders and various celebrities at the Venice International Film Festival.

In the picture above: Gong Yu, CEO of iQIYI, Alberto Barbera, President of the Venice Film Festival, and others attending the Venice Film Market.