The streamer launched a version of its PVOD service last year, but it only started to really take off in 2020 due to the coronavirus. With audiences shut in at home, thirsty for new content, and production firms looking for ways to make money back on indefinitely shelved theatrical titles, a premiere on iQIYI — with its 606 million monthly active users as of February — emerged as an increasingly attractive option while cinemas were shut.
The second film to jump the theatrical ship due to COVID-19 was the Donnie Yen-starring comedy “Enter the Fat Dragon,” which chose to stream with iQIYI from Feb. 1.
American audiences are more accustomed to the act of paying for individual films online — and are able to pay higher prices due to greater purchasing power. Chinese viewers, meanwhile, are used to only paying very low fees for memberships to streaming sites that provide access to entire catalogues. In terms of marketing, it has tested out cheaper pre-sales, discounts on bundles of tickets, nabbing low-priced tickets via game-ified virtual events and livestreams, and other uniquely internet-based methods. These sorts of “very online” methods work well in China, where a large portion of users are watching films on their phones.
Still, getting all partners on board “will take a process of communication and some work to patiently convince” people, Yang admits. But unprecedented circumstances call for unexpected measures.
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