iQIYI, Inc.(Nasdaq: IQ), an innovative market-leading online entertainment service inChina, today announced that the Company has entered into a definitive agreement with Douyin, pursuant to which the Company will license select content to Douyin for editing and distribution as short form videos in the formats agreed by the two companies. The Company and Douyin will also cooperate in other operational areas.
"The cooperation between iQIYI and Douyin demonstrates the value recognition of iQIYI's exceptional content portfolio, as well as the strength and longevity of the Company's premium long-form video content. And more importantly, this is a milestone that showcases the mutual respect and collective efforts in protecting intellectual property." commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. "We believe our cooperation will unlock new opportunities that will enrich the online video ecosystem, increase the value of our existing intellectual property, broaden monetization opportunities, and create win-wins for both platforms, content creators, and our users."
iQIYI shares jumped more than 3% in premarket trading.
