IQiyi.com, China's major streaming site, plans to achieve a strategic comprehensive upgrade for its professional generated content (PGC) partnership plan in 2017, said Wang Xiaohui, chief content officer of iqiyi.com.
As of December 2016, iQiyi has more than 8,700 PGC partners providing all forms of video contents, including online TV series, movies, reality programs and live steaming shows. Wang said the site hosts more than 40,000 programs.
The company described its 'IP entire-chain open cooperation relationship' as an open cooperation model that allows all PGC partners to participate in the process of every new IP production, so as to fully utilize the current resources. To build the IP entire-chain open cooperation relationship, which is the core concept of iQiyi's comprehensive upgrade, requires joint efforts from investors, advertisers and content incubators to protect and develop original contents with iQiyi together, Wang said.
Internet video industry has changed the way viewers watch videos, with streaming sites becoming the dominant entertainment option for Chinese, said Geng Danhao, senior vice-president of iQiyi.com, "Based on our powerful operating ability and large user group, we will ensure maximized resource advantage for PGC partners, to ultimately build a healthy and virtuous industry ecosystem."
IQiyi will also cooperate with investment institutions including IDG Capital Partners, China Culture Industrial Investment Fund and Matrix Partners with 1 billion yuan venture capital to incubate content startups.
Moreover, the company also announced it content values as youth, quality and positive. "Content should fit brand, target group should match consumers and innovation should suit platform are not only crucial elements for original content production, but also the secret to a win-win business partnership," said Deng Liang, marketing center director of iQiyi channel.