Chinese Internet video provider Iqiyi announced the launch of its virtual reality product set named iVR+.

The company also launched a VR ecosystem incentive plan, covering ten major IP video production plans; 100 major IP game cooperation plans; and a ten-million VR user plan.

Iqiyi's iVR+ product set, which includes a panoramic cinema app, a panoramic game center app, and a VR dual-screen mode and panoramic zone of Iqiyi app, is tailored for all-in-one VR devices. So far, iVR+ product set has apparently been adapted for over 90% of the VR hardware in the Chinese market.

Gong Yu, founder and chief executive officer of Iqiyi, said that openness is the future strategy of Iqiyi. For its terminal sector, the company will continue to seek partners and expand the player terminals for its content without making hardware on its own. For content openness, Iqiyi will adopt an investment-oriented model and launch more products using verified content.

He said that Iqiyi will enter the VR market from TV, movie, and game sectors. The company hopes to form an open and complete industrial chain layout, covering content production, network distribution, content playing, and social interaction.