Lionsgate signs output deal with iQiyi
Lionsgate has signed a long-term output deal for a package of its own and third-party titles with Chinese online video platform iQiyi.
The deal gives iQiyi exclusive SVOD and TVOD rights to the titles, which include The Hunger Games: Mockingjay – Part 2; the next film in the Divergent franchise, Allegiant; Now You See Me 2; and action thriller Deepwater Horizon, starring Mark Wahlberg and Kurt Russell.
The package also includes revenge thriller Sicario, starring Benicio del Toro and Emily Blunt; teen thriller Nerve; The Shack, starring Sam Worthington and Octavia Spencer; and LaLa Land, with Ryan Gosling and Emma Stone.
“We’re thrilled to partner with iQiyi, a major game-changer and one of the largest and fastest-growing digital platforms in China,” said Lionsgate executive vice president of international sales Wendy Reeds.
“They will provide a quality showcase for our slate of high-profile event movies, and our agreement underscores our commitment to innovation and leadership in delivering premium content to online audiences around the world.”
iQiyi is acquiring premium content in an attempt to convert users to a pay model. In June, the company reported that its paid streaming subscribers had reached five million, an increase of 765% over the past year.
Yang Xianghua, senior vice president of iQiyi, said: “In China, more and more people are paying to watch movies online. iQiyi has the largest online movie library in China and we have been actively purchasing premium movie content and building in-depth partnerships with industry players.
“We have enjoyed a positive long-term relationship with Lionsgate and with this agreement we are delighted to extend and deepen our cooperation to areas including broadcast, promotion and distribution.”