Netflix enters China via licensing deal with top video streaming service iQiyi

Video streaming is among the most fiercely contested areas of the Chinese entertainment landscape. iQiyi is believed to have the strongest subscriber base and content portfolio in the market, but its deep-pocked rivals include Tencent Video and Youku Tudou, owned by e-commerce giant Alibaba.

Netflix has signed a licensing deal with iQiyi in China.

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The streaming giant revealed it has reached a content agreement with the Chinese video service, a spin-off of Baidu, at an industry conference in Bali.

Netflix's path to world domination got a little bit easier on Tuesday after the company announced a deal with a Chinese company to stream original Netflix content in China.

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China has long eluded Netflix. Netflix has been blocked by Chinese regulators from offering its service direct to consumers in that nation. It is deemed to be the largest online video site in China with more than 480 million users.

Netflix has been expanding rapidly to other countries in the recent years. It also is not available in Crimea, North Korea, or Syria due to US government restrictions.

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This month Netflix forecast a global increase of 3.2 million subscribers in the second quarter, far outpacing analysts' estimates of almost 2.4 million. Netflix has 49.4 million paid streaming customers in the USA and 94 million worldwide. Year-to-date, NFLX has gained 16.18%, versus a 6.56% rise in the benchmark S&P 500 index during the same period.

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