Netflix Enters Chinese Market Through Baidu

(RTTNews) - Netflix Inc. (NFLX) has finally gained an entry into China's lucrative entertainment market, one of the few markets in the world the online-video streaming service does not have a presence in.

Los Gatos, California-based Netflix said it has signed a licensing deal with video streaming platform iQiyi, owned by China's biggest search engine Baidu.com Inc. (BIDU).

iQiyi said in a statement that "Black Mirror," "Stranger Things" and "Mindhunter" will be available to paying subscribers in China.

iQiyi already has licensing deals with Paramount Pictures, Lionsgate and BBC, among others. The company reported 481 monthly active users in December 2016.

Last year, Netflix decided to temporarily bow out of the Chinese market after it was blocked by regulators from operating there. The company later said it would license content to local companies instead of launching its own service.

Foreign content providers and tech companies like Netflix, Amazon, Google and Facebook have been barred in China, where content is heavily censored by regulators.

Netflix currently has nearly 100 million subscribers. The company is currently focusing on international expansion as it faces strong competition in the U.S. Currently, over 47 percent of its total members are now outside of the U.S.