New Culture joins hands with iQiyi to develop a market target of 1 billion yuan in the field of film and television IP

New Culture (300336) announced on the evening of September 1 that it had signed a five-year strategic cooperation agreement with Beijing Aiqiyi Technology Co., Ltd.(hereinafter referred to as "iQiyi"), and the two parties will cooperate in the field of film, television and drama.

The company stated that during the cooperation period, the two parties have proposed a total market size target of RMB 1 billion for the TV dramas, online dramas, movies, games and their derivative products and other project products to cooperate every year.

It is proposed to cooperate on no less than 2 TV dramas and no less than 1 movie through various methods every year; no less than 2 cooperation projects through customized online dramas and customized online columns; in addition, no less than 1 film and television drama developed based on the company's existing mature and well-known IP cooperation is prioritized every year through various methods.

The cooperation methods between the two parties include but are not limited to joint development, investment, production, investment promotion, distribution, etc. Focusing on film and television IP, the content and level of cooperation between the two parties will be gradually expanded.

In terms of film cooperation, the two parties agreed that there will be no less than one film cooperation project every year, and will jointly develop, invest and produce film projects with strong network attributes. At the same time, the two parties will use their respective superior resources to jointly develop large-scale film projects and promote full-product development of film IP.

The company stated that the signing and performance of the contract will not have a significant impact on the company's financial status and operating results for the year. According to the production progress of the project, it is expected to have a positive impact on the company's operating results in 2016 and beyond, helping the company integrate resource advantages, gradually promote the layout of large entertainment industries such as film and television, animation, and games with IP as the core, and create a full film and television cultural ecological chain to strengthen the company's sustainable development capabilities and core competitiveness.

[Original Announcement]

New Culture: Announcement on signing a strategic cooperation agreement with Beijing Aiqiyi Technology Co., Ltd.

Editor: vian