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iQIYI Aiming To Create World’s Largest Chinese-language VR Platform

Announced yesterday by one of China’s largest internet and mobile video service providers, iQIYI is the launch of a new virtual reality (VR) platform. Aiming to establish the world’s largest Chinese-language VR platform, the company revealed its during the first day of the 2016 iQIYI World Conference, taking place in Beijing.

iQIYI has launched the iVR+ set, consisting of two apps, iVR Panorama Cinema and iVR Game Room for all-in-one VR devices, as well as a new VR feature in the iQIYI app.

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To help encourage Chinese VR content iQIYI also revealed a VR Partner Incentive Program, working with developers to create 10 copyrighted online films and dramas and 100 copyrighted games into VR productions. iQIYI will also provide marketing, production and operation assistance to more than 300 of its partners in VR content and device manufacturing sectors.

“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 us 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 VR market,” said iQIYI senior vice president 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.”

According to iResearch, as of March 2016, 350 million PC users access to iQIYI and 275 million people use iQIYI’s mobile app, making it the largest video streaming player in China in terms of user numbers.

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