iQiyi tight-lipped over Baidu movie ticketing partnership
Report says Baidu sold its nuomi.com ticketing sector to IQiyi for US$200 million and made competition concessions
One of China’s major mainstream online video platforms, iQiyi, said it will work vigorously develop the movie ticketing business and work with Baidu’s film ticketing sector in web traffic and technology, The Paper reported.
However, it is noticeable that IQiyi did not directly respond to rumors over whether it had completed the acquisition of Baidu’s film ticketing business on its local life service platform, nuomi.com.
It was also reported that Baidu sold its movie ticketing sector on nuomi.com to iQiyi for US$200 million, with a valuation of 6 billion yuan during its peak period.
According to the prospectus of iQiyi disclosed in March, it plans to issue 36.86 million B-shares of common stock to Baidu.
Baidu also promises to fulfill its responsibility of not competing with iQiyi in the field of online movie ticket booking, and help to direct user traffic to iQiyi’s ticketing site, to provide technical support and to authorize part of the intellectual property rights.
Thus, it seems reasonable that iQiyi will cooperate, or even integrate its ticketing team with Baidu’s, the report said.