Paramount, China's Youku Tudou Strike Movie Licensing Deal
The deal will bring more than 100 titles from Paramount's film library to the Chinese streaming video giant's service, including the 'Transformers' and 'Mission: Impossible' franchises.
Chinese online video giant Youku Tudou announced Tuesday that it has entered into a content licensing agreement with Paramount Pictures.
The deal will bring more than 100 titles from Paramount Pictures' film library to the Chinese online powerhouse's subscription VOD service, including the Transformers, Shrek, Star Trek and Mission: Impossible franchises, and contemporary classics, such as Forrest Gump.
Select future titles were also included in the agreement and will be offered on a transactional VOD basis.
Financial terms were not disclosed.
"The consumer-driven demand for premium online services in China is growing rapidly. With top branded content such as Paramount Pictures' array of films, our commitment to enhancing our subscription services to create a premium experience and drive consumer-based revenue continues in earnest,” said Victor Koo, chairman and CEO of Youku Tudou.
The agreement adds to Youku Tudou's library of over 4,000 movie titles, spanning domestic, foreign and original productions. The company says its video services attract over 580 million unique visitors every month. It is considered the number one online video platform in China, the world's second biggest movie market.