(Yicai Global) July 19 -- ByteDance’s short-video platform Douyin, the Chinese version of TikTok, has added Netflix-like streaming platform iQiyi as another long-form video partner after China began to clamp down on video copyright infringement.
The two platforms will work together on creating short clips of iQiyi's long content, Douyin said in a press release posted on WeChat today. Douyin penned a similar agreement in March with the video platform of internet company Sohu. But it failed to reach a deal with Alibaba's video platform Youku, The Paper reported today, citing a person familiar with the matter.
Short-video platforms are not allowed to create unauthorized video snippets from movies or television programs, according to a rule issued by the China Netcasting Services Association in December.
The tie-up also benefits iQiyi by allowing viewers who watch the clips on Douyin to jump to iQiyi’s APP to watch the full original content. That should help Beijing-based iQiyi attract new users, thereby boosting revenue, the company told Yicai Global.
IQiyi is striving to commercialize itself, and reported its first profit since going public in 2018 in the first quarter of this year. Net income tallied CNY169 million (USD25 million) on revenue of CNY7.3 billion (USD1.1 billion).
Editor: Emmi Laine, Xiao Yi