BUSINESS

Netflix finds a way into China through Baidu streaming service iQiyi

2017-04-26 22:04 GMT+8
Editor Yan Qiong
Netflix has finally found a route into China's entertainment market, six months after pulling back on efforts to launch its services in the country.
The company has sealed a deal to license its original shows to streaming platform iQiyi, a subsidiary of China's biggest search engine Baidu, Jessica Lee, Netflix spokeswoman, said on Wednesday.
After previous efforts by Netflix to tap into China's vast market were blocked due to regulatory reasons, the company has finally gained a foothold in China through the seven-year-old iQiyi platform.
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The Beijing-based company already has licensing deals with studios such as the BBC, Paramount Pictures, Lionsgate and Warner Bros.
By teaming up with iQiyi, Netflix is expected to capitalize on the growing number of Chinese consumers who are willing to pay for online foreign content.
"China is an important market for obvious reasons; it's also a challenging market for obvious reasons," Robert Roy, Netflix's vice president of content acquisition, was reported as saying by the Hollywood Reporter, "Right now what we will do is look to license content into China. We closed a deal with iQiyi, which is exciting."
Some Chinese audiences became aware of Netflix through its popular original series "House of Cards", which was streamed in China through another streaming site Sohu in 2014.
The latest seasons of original Netflix series such as "Black Mirror," "Stranger Things" and "Mindhunter" will be made available to paying subscribers, iQiyi said in a statement.
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