iQIYI, one of the largest internet and mobile video service providers in China, has launched a virtual reality set and introduced a VR partner incentive scheme with an aim to establish the world's largest Chinese-language VR platform.
"In recent years, the investment in VR hardware development has made significant gains, but this cutting-edge technology still remains a futuristic concept to ordinary people in the absence of a VR content platform," said Gong Yu, founder and CEO of iQIYI.
"iQIYI's expertise in online video and games will serve us as a springboard to build up an open and complete industry chain that covers VR production, distribution and interaction."
At the recent 2016 iQIYI World Conference, iQIYI launched the iVR+ set, which consists of two apps designed for all-in-one VR devices, namely iVR Panorama Cinema and iVR Game Room, as well as a new VR feature in the iQIYI app. The iVR+ set is able to cover all the head-mounted VR devices currently available.
To help nurture the market for Chinese made VR productions, iQIYI also announced a VR Partner Incentive Program, in which the company will work with VR video and game developers to make 10 copyrighted online films and dramas and 100 copyrighted games into VR productions.
As part of the scheme, iQIYI, the largest open-ended VR platform in China, will provide marketing, production and operation assistance to more than 300 of its partners in VR content and device manufacturing sectors.
iQIYI expects that the VR services jointly developed by iQIYI and its partners will reach more than 10 million users in China over the next 12 months.
At the event, iQIYI said it has reached an agreement with Wuxi Soulpower Culture Media Co., Ltd., one of the finest 3D production companies in China, to produce a VR fantasy film, Iron fists of the Despicable. Wuxi Soulpower is behind the 2015 blockbuster film Mojin: The Lost Legend.
iQIYI also plans to put online concerts, travelogues, sports events, sit-coms and live broadcast programs in VR form in near future.
iQIYI's has secured partnerships with Caijing Magazine, one of China's most influential business publications; Conde Nest Traveler, a top travel and lifestyle publication; 720YUN, China's largest panoramic content provider and Damai.cn, an online entertainment ticketing service provider.
China Speed, a VR documentary produced by Caijing Magazine was showed during the conference.
"Over the past six years, iQIYI has built itself into the number one player in China's video streaming industry, which gives us a solid foundation when venturing into VR market," said iQIYI senior vice president Duan Youqiao.
"China has the full potential to grow into the world's biggest VR content supply and consumption market. And we believe that day will come soon with our joined efforts."
In recent years, iQIYI has built itself from a leading video streaming company in China into a comprehensive portal for online entertainment services. Its businesses have extended from online films, drama, and variety shows to mobile games, e-commerce, literature social media services and so on.
Currently, iQIYI is the largest video streaming player in China in terms of the number of users. As of March this year, 350 million PC users access to iQIYI and 275 million people use iQIYI's mobile app, according to iResearch.
The App Annie 2015 Retrospective Report showed that iQIYI's app was the top app in iOS revenue and fifth in iOS downloads in China last year.