iQiYi, China's Netflix-like service provider, announced on Tuesday that it had secured an exclusive streaming rights to Academy Award-winning films Moonlight and La La Land, and best foreign language film The Salesman.

iQiyi said that the acquisitions aim to "strengthen its edge" as the video platform with the "largest online library of licensed films in China." It is also after one of the biggest buyers of Hollywood and international content in China. In fact, last year, it struck some exclusive licensing deals not only with premium films but also with Lionsgate, 20th Century Fox, and British Film Institute.

The Baidu video subsidiary also raised $1.54 billion last January in a series of financing to compete in a fierce battle with local players such as Alibaba-backed Youku Tudou and Tencent. Beijing's strict protectionism prevented foreign service providers rivals like Netflix and Amazon from entering the massive market.

Currently, all three companies are on their way to shifting into a paid subscription model similar to Netflix, with each firm heavily investing on snapping exclusive content and originals.

Meanwhile, award-wining film The Summer is Gone, produced by iQiyi Motion Picture, has been selected for the New Directors/New Films Festival in New York on March 15. The first feature-length movie financed by iQiyi is the only Chinese contingent that is set to compete with 30 other films.

iQiyi's first theatrical film also won prizes from the 53rd Golden Horse Award in Taiwan. It is also the favorite pick on other international film festivals like the ongoing Miami Film Festival in the US. The Summer is Gone is scheduled to get a theatrical release in China on March 24.

iQiyi is founded in April 2010 and is an independently operated unit of Baidu, the biggest search engine provider in China.