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Douyin, the Chinese version of TikTok known for its 15-second short videos, is snapping up rights to films and television shows through a partnership with iQiyi, China's answer to Netflix.
The deal gives Douyin, which has over 600 million daily active users in China, rights to edit iQiyi's long-form content into short video clips, according to a statement by Douyin on Tuesday.
The move could be seen as a truce in the bitter war between long-form videos, usually professional productions, and shorts, often amateur-generated video clips such as lip-synching performances.
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The unauthorised re-editing of copyrighted productions was once rampant on China's short video platforms, causing huge losses for sites such as iQiyi, which had losses of nearly US$1 billion in 2021.
China's online video platforms, including iQiyi, Tencent Video, and Youku, signed a joint statement in April 2021 condemning individuals and firms producing and profiteering from "best-of" clips, mini reviews, and abridged versions of shows and films without proper authorisation.
Under the new agreement, Douyin will be granted a license to "recreate" shows from iQiyi's signature Light On channel, which includes nine already-released series in the crime and thriller genres. Among them, The Bad Kids and The Long Night, won prizes at the Asia Content Awards in 2020 and 2021, respectively.
Besides Douyin, other platforms under ByteDance, including news aggregator Jinri Toutiao and Xigua Video, a site for live-streaming and video sharing, will have access to the content.
The two sides "will also cooperate in other operational areas", iQiyi said in an earlier statement on Monday, without clarification.
Financial terms of the deal were not disclosed.
"We believe our cooperation will unlock new opportunities that will enrich the online video ecosystem, increase the value of our existing intellectual property, broaden monetisation opportunities, and create a win-win for both platforms, content creators, and our users," said Gong Yu, founder and chief executive of iQiyi.
iQiyi has been struggling with profitability, leading to lay-offs late last year when it trimmed more than 30 per cent of workers in departments such as marketing and distribution. After the cuts, it reported its first ever quarterly profit for the January to March period this year.