iQiyi will soon be offering films from Universal Pictures. (Photo : www.engadget.com)
Chinese online video-streaming platform iQiyi and NBC Universal have recently inked a movie licensing deal allowing the former to stream titles from the Universal Pictures that will be released in the country over the next few years.
Under the agreement, iQiyi will also have digital rights to access an undisclosed portion of the back catalog of Universal Pictures.
Financial details about the deal were not yet revealed.
"We are pleased to expand upon our existing deal with iQiyi and partner with them to bring Universal Pictures' diverse catalog of films to their fast-growing subscriber base," NBC Universal International Distribution and Networks President Belinda Menendez shared.
Meawhile, iQiyi has expressed its optimism regarding its deal with NBC Universal.
"We are looking forward to introducing even more great films from Universal Pictures to our members through our expanded collaboration," iQiyi Senior Vice President Xianghua Yang said.
The two will also work hand in hand to increase the online exposure of Universal titles in the world's second largest movie market. In a statement, the firms noted that earlier this year, iQiyi has helped in the promotion of "Fast and Furious 7" and "Jurassic World."
A subsidiary of the Chinese Internet giant Baidu, iQiyi claims that it has 500 million monthly users and around five million paying subscribers.
The firm has more than 6,000 titles in its library, 2,500 of which are from major Hollywood productions.
Earlier this October, the company has also signed a movie licensing agreement with Lionsgate, obtaining rights to the last "Hunger Games" film, the action thriller "Deepwater Horizon," and the latest installment of the "Divergent" franchise.
