iQIYI(US:IQ) 3 6 Ke·2025-05-20 00:17Group 1 - Starting from May 13, 2025, iQIYI will officially open a revenue-sharing cooperation model for new theatrical films, allowing films to choose this model for online release within 90 days of their theatrical debut [1] - The revenue-sharing model will link exclusive film earnings to the effective viewing time of members, with a tiered pricing structure ranging from 1 yuan to 3 yuan per hour for exclusive films, while non-exclusive films will have a fixed rate of 1 yuan per hour [1][7] - The revenue-sharing period will be 180 days, consistent with the tiered revenue-sharing model for online films implemented since October of the previous year [1][7] Group 2 - The new revenue-sharing model provides an additional revenue channel for theatrical films beyond outright copyright buyouts, while iQIYI can increase its content library and reduce film copyright procurement costs by sharing risks with film producers [7][14] - The current market for theatrical film streaming rights in China typically involves either a flat buyout or a tiered minimum guarantee model, with the flat buyout being straightforward and the tiered model involving a certain level of risk [7][8] - For films with box office earnings below 100 million yuan, the streaming rights procurement cost is generally 10% of the box office, with a lower percentage for earnings above that threshold [7][8] Group 3 - The revenue-sharing model aligns with the existing online film revenue-sharing standards, suggesting that it could be a viable option for film producers, especially for those with lower box office expectations [10][11] - The best-performing films under the current revenue-sharing model have achieved box office earnings of approximately 22.8 million yuan, which could correspond to a theatrical film with a box office of around 500 million yuan [10] - The new model is expected to benefit mid-tier and low-tier films, particularly those with box office earnings below 100 million yuan, as it may provide unexpected revenue opportunities [10][11] Group 4 - The types of films that are likely to perform well in the new revenue-sharing model include crime, comedy, and small IP animation films, which align with current audience preferences [11][12] - The response from the theatrical industry to iQIYI's new model has been relatively muted, indicating that the industry may be more focused on broader market challenges rather than this specific change [16] - The shortening of the theatrical window has become a common practice, with some films transitioning to online platforms within a week of their theatrical release, suggesting a shift in industry norms [16]