Benzinga | Aug 26, 2021 04:10PM EDT

iQIYI Ends Celebrity Worship Shows On State Interference: Reuters

* Reuters reports that China's Netflix Inc (NASDAQ:NFLX) equivalent iQIYI Inc (NASDAQ:IQ) has decided to stop streaming idol competition programs amid a regulatory crackdown.

* iQIYI had garnered multiple successes with programs allowing viewers to vote for boy band contestants by purchasing products with voting codes. Recently Beijing strongly condemned such shows after multiple celebrities invited scandals.

* iQIYI stated that it would cancel idol talent shows and off-site online voting, be responsible as a platform and resist bad influences.

* iQiyi dropped the third season of "Youth with You" before its finale earlier this year after a controversy.

* Recently, China's Twitter Inc (NYSE:TWTR) equivalent Weibo Corp (NASDAQ:WB) pulled down an online celebrity ranking after state media emphasized social media platforms' responsibility to protect children.

* Price Action: IQ shares closed lower by 2.12% at $9.22 on Thursday.

* Photo by Tumisu from Pixabay