Paramount Signs Licensing Deal With China's Youku Tudou15 Sep, 2015 By: Erik Gruenwedel
Paramount Pictures Sept. 15 announced it entered into a license agreement with Youku Tudou, a multi-screen entertainment and media company in China.
Under the deal, Youku’s subscription streaming service will have access to catalog titles from Paramount franchises “Transformers,” “Shrek,” “Star Trek,” “Mission: Impossible” and “Forrest Gump,” among others. Future Paramount releases will be available through Youku’s transactional video-on-demand platforms.
Paramount joins a growing list of Hollywood studios and media interests keen on tapping into China’s burgeoning market for theatrical and home entertainment content. China, which boasts the second-largest box office behind the United States, would like to jumpstart a home entertainment market long undermined by entrenched piracy.
In fact, the communist country has long ranked as a global hot spot for intellectual copyright theft, according to the Motion Picture Association of America. The transition to digital distribution is seen as a more secure channel than packaged media.
Youku's SVOD service currently offers a wide selection of content from both foreign and domestic studios. More licensed content as well as Web-native content will be added on an ongoing basis.
With this agreement, Youku Tudou holds a library of over 4,000 movie titles that encompass domestic, foreign and original productions.
"The consumer-driven demand for premium online services in China is growing rapidly. Our commitment to enhancing our subscription services to create a premium experience and drive consumer-based revenue continues in earnest,” Victor Koo, CEO of Youku Tudou, said in a statement.