Netflix and iQiyi reach a content licensing agreement to officially enter China

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Earlier on the 25th, Variety, the authoritative American film and television magazine, reported that Netflix had reached a content licensing agreement with China's local streaming service provider iQiyi. US streaming video service provider Netflix announced on Tuesday that it has reached a content licensing agreement with iQiyi.

US streaming video service provider Netflix announced on Tuesday that it has reached a content licensing agreement with iQiyi. In the future, Netflix will introduce its original content to the China market.

On April 25, Beijing time, US streaming video service provider Netflix announced on Tuesday that it had reached a content licensing agreement with iQiyi. In the future, Netflix will introduce its original content to the China market.

Netflix CEO Reed Hastings said early last year that he planned to launch its streaming video service in the China market, and negotiations with China regulators have made progress. However, due to strict data storage regulations and regulatory censorship of foreign content, Netflix has been unable to enter the China market. Hastings also said in October last year that it was unlikely that it would be possible to provide streaming services directly in China.

Earlier on the 25th, Variety, the authoritative American film and television magazine, reported that Netflix had reached a content licensing agreement with China's local streaming service provider iQiyi. Later, Netflix confirmed it. A spokesperson for Netflix said that content broadcast in the China market will be held simultaneously with other regions.

iQiyi is one of the largest streaming service providers in China, funded by search giant Baidu. In February this year, iQiyi announced the completion of a US$1.53 billion convertible bond subscription. The main subscribers are Baidu, Hillhouse Capital, Boyu Capital, Runliangtai Fund, IDG Capital, Guangji Capital, Sequoia Capital, etc., of which Baidu subscribed US$300 million.

Netflix had forecast earlier this month that it would add 3.2 million new subscribers in the second quarter of this year, well above analysts 'expectations of 2.4 million.

Netflix also announced on the 24th that it will raise 1 billion euros (approximately US$1.08 billion) through the issuance of senior bonds. Financing proceeds will be mainly used for general purposes of the company, including content mergers and acquisitions, capital expenditures, investment, working capital, as well as potential mergers and acquisitions and strategic transactions.

Editor: Nancy