New initiative provides users with unique combination of China's leading premium online entertainment content and retailing services
BEIJING, April 27, 2018 /PRNewswire/ -- iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced an exclusive strategic partnership with JD.com, China's largest retailer, in which the two companies will link membership programs in order to provide high quality cross-platform services to members and explore high-value opportunities in the online paid service market.
Under the new cooperation, users who purchase one-year memberships for either iQIYI or JD will be able to enjoy the premium service and benefits of both platforms. iQIYI paid members will receive access to the wide range of benefits provided by JD Plus, JD's premium membership program, including an array of special prices for selected products, coupons for free delivery, exclusive customer service and other exclusive benefits. JD Plus members will be able to enjoy the many benefits of iQIYI's VIP paid membership program, including exclusive content, ultra-high quality streaming video, participation in online events and access to selected film and television-related products.
Building upon the companies' previous marketing partnership, the new initiative will bring access to premium online content and retailing services to a wider range of Chinese consumers than ever before. Combining the complimentary offerings of China's leaders in online entertainment and retailing, the cooperation is expected to further advance the trend towards high-quality paid membership services in China.
China's growing number of internet users are increasingly willing to pay extra for premium service and content, as reflected in the strong growth of both JD Plus and iQIYI's paid subscription services. The online paid subscription market is expected to experience continued rapid growth in terms of subscriber base and ARPU over the coming years.
iQIYI's subscription service business has developed rapidly over the last two years with 60.1 million subscribing members as of February 28, 2018. iQIYI provides subscribing members with various privileges, including early access to dramatic series aired exclusively on iQIYI platform, access to over 10,000 films, including the vast majority of films released in theaters in China, internet films exclusively aired on iQIYI, as well as popular foreign films. Membership privileges include substantially ad-free streaming, 1080P/4K high-definition video, Dolby Audio, and accelerated downloads. Subscribers can also enjoy the coupons and discounts on on-demand films, as well as special privileges for offline events, such as exclusive access to live concerts.