Beijing-based iQiyi banks on virtual reality sector

iQiyi, one of the largest video-streaming sites in China, announced a major push on Thursday in virtual reality with an ambitious goal to build the world's largest Chinese-language platform for the new technology with partners.

Beijing-based iQiyi said it will launch two new apps, iVR Panorama Cinema and iVR Game Room, as well as a new feature in its existing app to allow users to enjoy their VR viewing experience.

More importantly, it will establish an incentive scheme to support VR content producers and VR gear producers to jointly build an "ecosystem" that is expected to boost the overall development of the sector.