Future of moviemaking

His company has made similar attempts successfully before.

Last summer, Old Boys: The Way of the Dragon, a low-budget comedy adapted from a short film released on the website, gained more than 200 million yuan ($32 million) from the country's box office. Its song, Little Apple, went viral on cyberspace and has become a Chinese counterpart of Korean Gangnam Style.

Gu hinted on Tuesday that Youku will possibly begin cooperation with domestic leading smartphone manufacturer Xiaomi, developing more spinoffs for its online videos. Lei Jun, CEO of Xiaomi, was among the onlookers at the film's promotional event.

Last year, Youku established its own film company, Heyi Pictures. Now, it has already drafted a long waiting list after this first feature-length film. For example, Yes Boss!, another series of online short films on Youku in 2013, will soon be adapted into a feature-length film.

Zhu Huilong, CEO of Heyi Pictures, says he believes the future of moviemaking will require creators to target more than just cinemas.

In April, Youku released its ambitious plan to bring nine films of regular length each year tailor-made for out-of-cinema audiences, including the movie channel of China Central Television as well as TV and video systems on planes, trains and subways.

"If any of them is particularly well-received, we will further invest to upgrade it into a feature film to be shown in cinemas as well," Zhu said earlier.