On Tuesday, in the course of current trade, shares of Baidu, Inc. (NASDAQ:BIDU) climbed 2.43% or 3.54 points, as iQIYI members to enjoy widely anticipated TV Series months before Broadcast Premier.
After the declaration of this news, the firm opened its current trade at $151.34. The stock is now trading at $149.49, floating in a range of $149.33- $152.86. The total volume traded for the day is 1,459,241 shares, as of now, lower than its average daily volume of 4,456,610 shares. The stock’s 52-week range remained $100.00 $251.99.
According to the detailed report, iQIYI, an independently operated partner of Baidu and one of the largest Internet and mobile video service providers in China, today declared that it will launch a highly anticipated TV series before its broadcast premier, highlighting its efforts to offer more diversified services to its paid users.
iQIYI paid users will enjoy access to the series called Shu Shan Zhan Ji, for which iQIYI has attained the exclusive online rights, several months before its TV premier.
The ability to view premium content before it airs on broadcast TV has proven highly popular among iQIYI subscribers, said Xianghua Yang, iQIYI senior vice president. Our recent trial with Notes of Tomb Raiders demonstrated that Chinese viewers are willing to pay to watch high-quality content as soon as possible. We will continue to explore new ways to offer our members an even better online viewing experience.
This is the first time in China that a highly anticipated, star-driven TV series will be aired online before its TV premier. In the past, TV series have been either broadcast first on television, or simultaneously on both television and online platforms. With Notes of Tomb Raiders, iQIYI began testing a new distribution model, highlighting its growing cooperation with cable TV networks for the distribution of premium content in China.
Building on the success of Tomb Raiders, Shu Shan Zhan Ji will adopt a new distribution model enabling subscription users to access premium content earlier, representing a step forward in the evolution away from advertising to a subscription based revenue model for premium content.
iQIYIs self-produced TV series Notes of Tomb Raiders, released in June 2015, was produced exclusively for online viewers and will not be shown in television. It has enjoyed enormous popularity in China and has assisted to drive the strong popularity of iQIYIs subscription service.
iQIYI has built one of the largest movie libraries in Chinas online video industry and recently declared a contract with Paramount Pictures to acquire the Internet broadcast rights for 800 existing and future movies.
According to a recently released App Annie report, in July 2015 the Companys iQIYI Video HD app ranked as the 6th most downloaded app worldwide and 9th by revenue. The app also ranked among the top five iOS Entertainment apps in China by monthly active users.
Founded in April 2010, iQIYI is one of the largest Internet and mobile video service providers in China. An independently operated partner of Baidu, the worlds largest Chinese search engine, iQIYI is focused on providing Chinese users with the best possible online video experience, and has become an industry leader in developing innovative products and technologies.
In addition to major news, short-term price target update for Baidu, Inc. (BIDU) is available.
The mean estimate for the short-term price target for the firm stands at $1,377.27, according to 27 brokers. The higher price target for BIDU is $1,576.02, while the lower price target is $1,112.11. In the past 52-weeks, the company shares have declined -33.51% and marked new low $100.00 on Aug 24, 2015.
Analysts mean recommendation for the stock is 2.10. This number is based on a 1 to 5 scale where 1 indicates a Strong Buy recommendation while 5 represents a Strong Sell.
Baidu, Inc. provides Internet search services in China and internationally. It offers Chinese language search platform on its Baidu.com Website that enables users to find relevant information online, counting Web pages, news, images, documents, and multimedia files through links offered on its Website; and international products and services to users in other countries.