IQIYI, Douyin reach agreement on content licensing

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Chinese video streaming platform IQIYI, Inc has reached an agreement with Douyin, Chinese domestic version of TikTok, in which iQiyi will license select content to Douyin for editing and distribution, according to iQiy’s statement on Tuesday, adding that the two companies will also have cooperation in other operational areas.

“The cooperation between iQIYI and Douyin demonstrates the value recognition of iQIYI’s exceptional content portfolio, as well as the strength and longevity of the Company’s premium long-form video content. And more importantly, this is a milestone that showcases the mutual respect and collective efforts in protecting intellectual property.” said Yu Gong, Founder and Chief Executive Officer of iQIYI.

“We believe our cooperation will unlock new opportunities that will enrich the online video ecosystem, increase the value of our existing intellectual property, broaden monetization opportunities, and create win-wins for both platforms, content creators, and our users.”