According to a release, over one million supporters raised 18 million RMB in just 3 minutes on Baifa Youxi, a crowdfunding platform jointly created by iQIYI and Baidu this past September. The project was for a film, “The Golden Era” by Ann Hui.
On October 5, 2014, Li Yansong, the President of iQIYI Motion Pictures, shared the latest results and strategies of Baifa Youxi, with the Korean Film Council (KOFIC) forum during the 19th Busan International Film Festival.
“Anyone who loves film can now be a producer and participate in production and promotion via the Baifa Youxi platform. They may also receive returns from the ticket office,” said Li Yansong. “We can not only learn the demand of consumers in advance, but also solve, to some extent, internet-related problems — including difficulties in funding and marketing — through this new platform. It has created a win-win ecological circle of internet-finance-film, which further unleashes productivity and creates more opportunities in the film market.”
More than 10 films will take part in the crowdfunding program shortly, the funds to be raised are expected to reach RMB 400-500 million.
The innovations of iQIYI in film investment, promotion and distribution was described as a hot topic at the KOFIC forum. iQIYI made the strategy for the film based on the whole industrial chain — joint investment, copyright purchase, online booking, film distribution and game development, which is expected to increase the box office by at least 10%. iQIYI’s success in film production, distribution and derivative industries indicates that the Chinese company has integrated the internet into the film industry.
Li Yansong was quoted saying that iQIYI looks forward to working with Korean and global partners to jointly explore the possibilities of integrating the internet with film, and create greater values for users and the industry.
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