IQiyi, one of China's biggest online video firms, said yesterday that it will invest at least 10 billion yuan ($1.5 billion) annually from 2017 on content.
The content will cover self-produced dramas, virtual reality shows and other programs, the firm said.
"We will invest at least 10 billion yuan on content in 2017, probably more in each of the following years," Gong Yu, iQiyi's chief executive, said yesterday in Shanghai.
There are plans to produce more than 30 programs and over 20 self-invested dramas in 2017, including three VR dramas, said Baidu-invested iQiyi.
Its paid online video user base will hit 70 million in 2017, creating a market of up to 20 billion yuan next year as the firm taps mobile Internet traffic and value-added services like e-commerce.
