Netflix, Inc. (Nasdaq:NFLX) has been trying for years to bring its namesake streaming media service to China, but has faced stiff opposition from regulators at every turn so now, the company is taking a new approach that could fall under the old cliche “If you can’t beat ’em, join ’em.”

Written by StockNews.com

That’s because NFLX just signed a major licensing agreement to bring its in-house content to millions of Chinese people via Beijing-based video service iQiyi. The Hollywood Reporter has some commentary below from Netflix on the move, which was announced amid the kickoff ceremony for APOS, an annual industry conference Bali:

Said Robert Roy, Netflix’s vice president of content acquisition:

“China is an important market for obvious reasons; it’s also a challenging market for obvious reasons. Right now what we will do is look to license content into China. We closed a deal with iQiyi, which is exciting.

For us, it does a couple of things: it gets our content distribution into the territory and builds awareness of the Netflix brand and Netflix content.”

iQiyi is known in some circles as the “Netflix of China,” due to its online-only streaming media business model and its pervasive presence in the world’s largest country. In the middle of 2016, the company said it had around 20 million subscribers, but that number has likely grown substantially since then.

So while Netflix’s service hasn’t officially entered the Chinese market, its highly-popular content has. It’s a foot in the door for the streaming giant, and a sign that it probably isn’t too much further away from an official launch in what could prove to be the most lucrative media market on earth.

…Year-to-date, NFLX has gained 16.18%, versus a 6.56% rise in the benchmark S&P 500 index during the same period.

NFLX currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #6 of 44 stocks in the Internet category.