BEIJING, April 17, 2018 — iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced that it has joined the Alliance for Open Media (AOMedia) as a Promoter member. AOMedia is a non-profit organization formed by the world's best-known leaders in video industry with the aim to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. AOMedia's Founding Members include Amazon, Apple, Arm, Cisco, Facebook, Google, IBM, Intel, Microsoft, Mozilla, Netflix, and NVIDIA.
As the first Chinese member of AOMedia, iQIYI will collaborate with Alliance members to augment and promote cutting-edge, open source and royalty-free video technologies, including AOMedia Video Codec 1.0 (AV1) specification.
"iQIYI is leading the Chinese entertainment industry by committing itself to smart technologies and their application in content production, innovation in marketing and business model development," said Yu Gong, the founder and CEO of iQIYI. "We are delighted to join AOMedia and look forward to engaging with other innovative companies to help promote fast ultra high-quality video technology."
As an AOMedia member, iQIYI will contribute its deep industry expertise in advanced online video content creation and delivery, while further enhancing its strength in technology innovation as China's largest internet video streaming service.
"We're pleased to welcome iQIYI to the Alliance for Open Media, reflecting the importance of video and entertainment service providers' engagement to achieve broad industry adoption," said Gabe Frost, executive director, AOMedia. "We look forward to iQIYI's contributions to our initiatives and are excited at the prospect of introducing AV1 to hundreds of millions of iQIYI's customers in China."
iQIYI, Inc. (NASDAQ: IQ) is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally produced content, partner-generated content and user-generated content. The company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce, etc. More information on iQIYI can be found at http://www.iqiyi.com/.
About the Alliance for Open Media
Launched in 2015, the Alliance for Open Media (AOMedia) formed to define and develop media technologies to address marketplace demand for an open standard for video compression and delivery over the web. Founding Members include Amazon, Apple, Arm, Cisco, Facebook, Google, IBM, Intel, Microsoft, Mozilla, Netflix, and NVIDIA. AOMedia is a Joint Development Foundation Projects, LLC series. The Joint Development Foundation is an independent nonprofit organization that provides the corporate and legal infrastructure to enable groups to establish and operate standards and source code development collaborations. Visit www.aomedia.org or follow AOMedia on Twitter at @a4omedia.