iQIYI Introduces Chinese-Language VR Platform

BEIJING: iQIYI has unveiled a VR partner-incentive scheme, with an aim to establish the world’s largest Chinese-language virtual-reality platform.

iQIYI has launched the iVR+ set, which consists of two apps designed for all-in-one VR devices, namely iVR Panorama Cinema and iVR Game Room, 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. To help nurture the market for Chinese-made VR productions, iQIYI also announced a VR Partner Incentive Program, in which the company will work with VR video and game developers to make ten copyrighted online films and dramas and 100 copyrighted games into VR productions. iQIYI will provide marketing, production and operation assistance to more than 300 of its partners in VR content and device manufacturing sectors.

iQIYI expects that the VR services, jointly developed by iQIYI and its partners, will reach more than 10 million users in China over the next 12 months.

The company already reached an agreement with Wuxi Soulpower Culture Media to produce a VR fantasy film, Iron Fists of the Despicable. Wuxi Soulpower is behind the 2015 blockbuster film Mojin: The Lost Legend. iQIYI also plans to put online concerts, travelogues, sports events, sitcoms and live broadcast programs in VR form in the near future.

“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 of iQIYI.

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

“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 the VR market,” added iQIYI’s senior VP, Duan Youqiao.

“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.”