Chinese internet company Baidu's (Nasdaq: BIDU) joint-venture online video site iQiyi announced its new content strategy today. The site will offer a video broadcasting platform for individuals or organizations involved in professional film and television production, and will offer content creators revenue-sharing arrangements for advertising revenues.

A source inside iQiyi explained the process: iQiyi will sign an agreement with individuals or organizations involved in professional film and television content production under which the content creators will upload their original content to iQiyi's platform. If the content is licensed to iQiyi under an exclusive agreement, then "nearly all" of advertising revenues realized through the content will be given to the content creator; otherwise, revenues will be split according to a revenue sharing agreement.