Chinese Video Website iQiyi Plans to Enter Virtual Reality Market
Yicai Global
/SOURCE : Yicai
Chinese Video Website iQiyi Plans to Enter Virtual Reality Market

(CBN - Global) May 6 -- iQiyi, China's largest video platform by paying users, plans to attract more than 10 million virtual reality users over the next 12 months through the creation of movies and games platform on an open gaming platform, Senior Vice-President Mr. Duan Youqiao said yesterday.

iQiyi will build an open-ended platform with 300 partners to turn ten copyrighted films and dramas and 100 copyrighted games into VR productions, Mr. Duan said.

Last year iQiyi had 150 million unique daily visitors, 180 million logging devices and 1.6 billion daily views. Instead of making hardware, iQiyi is cooperating with all hardware terminals, allowing more terminals to connect with the iQiyi platform, said CEO Gong Yu.

iQiyi launched several software tools at the press conference, including iVR Panorama Cinema, iVR Panorama Game Room and a new VR feature in the iQiyi app, designed to be compatible with more than 90 percent of VR hardware available on the market by companies such as BaoFeng, Xiaomi, HTC, Huawei and ZTE.

Over the past two years, China's tech giants such as Tencent [HKG:0700] and Alibaba [BABA: NYSE] have also been investing in VR. Technology companies including Huawei, Xiaomi and BaoFeng Tech have launched VR products. Youku and Tudou will announce VR strategies in the next week.

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