IQiyi, Baidu's online video subsidiary, plans to produce 500 Internet dramas in 2015, up 67 percent from this year's level, as it aims to gain an advantage and a share of the booming Chinese online video market.
China's Internet video market sees fierce competition from Youku Tudou, IQiyi and Sohu Video. All of them aim to produce unique online dramas and programs to win audiences and market share, industry insiders said.
IQiyi aims to use the huge investment and latest technologies like 4K and 3D to produce the Chinese version of House of Cards, IQiyi's chief executive Gong Yu said yesterday in Shanghai.
"The average budget of Internet drama (for each minute) has surpassed investment of traditional TV series," said Gong.
In 2015, the company will produce 500 online dramas, or 15,000 hours, compared with 300 dramas, or 6,800 hours, this year. For example, the Lost Tomb is expected to cost 5 million yuan (US$820,000) for each episode.
As IQiyi increases investment in dramas and cooperate with Huace Film & TV to win more users and grab a bigger share of the market, an initial public offering overseas is possible, analysts said.
IQiyi also plans to integrate video services with games and e-commerce, Gong added.
In the second quarter, Chinese online video sites raked in advertising income of 4.1 billion yuan, up 42.6 percent year on year. IQiyi was No. 2 with 19 percent market share behind Youku Tudou's 24 percent, said Analysys International.