Intellectual Property (IP) films are increasingly important for entertainment consumption in the era of multiple-media convergence. However, previous studies have not empirically examined consumers’ willingness to watch these films. Using structural equation modeling and hierarchical regression, this study conducted an empirical analysis with a sample of 428 survey respondents to test the influencing factors of consumers’ intention to watch IP films. The results show that the perceived quality and perceived popularity of the IP source and the perceived fit between the IP source and IP films positively influence perceived value. Moreover, perceived value mediates the relationship between these independent variables and consumers’ intention to watch IP films, while perceived advertising spending has neither a direct nor indirect effect on their intention to watch such films. Furthermore, the relationship between perceived value and consumers’ intention to watch IP films is moderated by consumer innovativeness. This study makes an initial attempt to explore the influencing factors of consumers’ intention to watch IP films, providing a deeper understanding of the underlying process of their responses toward watching such films.