Jiaflix Enterprises and M1905 have announced a new joint venture to stream both Chinese and Hollywood films in China. The currently unnamed service will feature a Netflix-style subscription model for most films, while some international features will only be available on an on-demand basis. Paramount has already signed a multi-year deal to provide films for the service and Jiaflix's Marc Ganis says that other major studios will be joining as well. "Every single one has said they want to present us with content," he told the Wall Street Journal.

"It's a business deal that hopefully will become lucrative."

M1905 is a subsidiary of the state-owned China Movie Channel, and already boasts a relatively large film viewership on its website — currently it averages more than 16 million page views a day with over three million registered users. While piracy is a major concern in the country, the companies say — without getting into specifics — that they are developing "a program to combat Internet piracy in China." Neither Netflix nor iTunes currently have a presence in China, though Apple did recently expand its media service into a dozen new Asian countries. The streaming service is expected to launch sometime this fall.