iQIYI said it will purchase and produce 40 new show in 2016 to enhance its paid subscription offering.
The investment is expected to account for approximately 50% of iQIYI's overall budget for the full year 2016.
iQIYI also announced that three famous Chinese stars Yang Yang, Angelababy and Huang Bo will become image ambassadors for the iQIYI subscription business.
"Through our efforts over the years, iQIYI has grown to become China's leading online streaming website with the largest online paid subscriber base and the biggest collection of premium content," said Xianghua Yang, SVP of iQIYI.
"We are confident that subscription revenue will become a major revenue source for iQIYI, and we will continue to invest to provide the best premium content and user experience for our paid subscribers,” said Yang.
With over 500 million users and 5 million paid subscribers, iQIYI has built one of the largest movie libraries in China's online video industry featuring over 6,000 titles, 2,500 of which are major Hollywood studio productions.
iQIYI recently announced an agreement with Paramount Pictures to acquire the Internet broadcast rights for 800 existing and future movies. The company also signed a long-term deal with Lionsgate for a number of high-profile feature films.