(Yicai) June 25 -- IQiyi, Youku, and Tencent Video, the three biggest video streaming platforms in China, have launched the Online Film Young Creators Project to encourage innovation and diversity and boost filmmakers' creative enthusiasm.

The project, which began yesterday and will run through the end of this year, will be divided into collecting, selecting, and roadshow stages, with both individuals and companies allowed to sign up, Yicai learned during a launch ceremony at the Shanghai TV Festival. Priority will be given to original works, while films can be in the development stage or lack investment but must be at least 60 minutes long.

Judges will pick 12 films based on social value, playwriting ability, artistic style, commercial potential, and other aspects for an initial review before selecting half for roadshows, awarding them at least CNY300,000 (USD41,340) bonus each and covering at least 30 percent of production costs. In addition, iQiyi, Youku, and Tencent Video will assist the filmmakers with development, content creation, filming, and production.

"Online films have been in a bad period and have faced some difficulties recently," said Gao Changli, director of the National Radio and Television Administration's TV drama department. The number of such films approved for release is still low this year as of last month, with a gap between supply and demand, so relevant support must continue, Gao noted.

The number of major online films approved for release in China was 688 in 2021, 426 in 2022, and 329 last year. Only 29 such movies had a box office of more than CNY10 million (USD1.4 million) last year, compared with 49 a year earlier, according to ticketing platform Maoyan.

The judges in the project include producers from iQiyi, Youku, and Tencent Video, online film producers and directors, film researchers, and other experts.

Editor: Martin Kadiev