iQIYI President of Membership and Overseas Business Group at APOS Summit: Chinese Users are Willing to Pay for High-quality Online Content
28 Apr, 2019, 03:20 ET
BEIJING, April 28, 2019 /PRNewswire/ -- Yang Xianghua, President of Membership and Overseas Business Group of iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), delivered a keynote speech at the APOS Summit in Bali, Indonesia about iQIYI's continuous innovation in monetization, technology and content ecosystem development against the backdrop of China's ever-changing technological and social environment. Mr. Yang highlighted iQIYI's original content, overseas purchases of high-quality content and development of AI technologies as key strategies to meet the large demand for premium content in the China market. Amazon, YouTube, Facebook, HBO, BBC Studios and Discovery Networks were among the other Summit attendees.
Over the past nine years since the company's establishment, iQIYI not only provides online videos, but also monetizes the platform's content and IPs through other channels such as online games, e-commerce, comics, literature, and ticket sales. iQIYI also pioneered the paid membership business model to meet Chinese users' diversified entertainment demands. As of Q4 2018, iQIYI had 87.4 million paying subscribers whose memberships grant certain privileges such as early access to iQIYI-produced series.
iQIYI has leveraged its deep understanding of users, industry and AI technology to grow its business and user base. The company has found that Chinese users are willing to pay for high-quality content as well as premium services and privileges. iQIYI has applied AI to all aspects of its operations from content production to tagging, distribution to movie playback. The technology has further contributed to iQIYI's understanding of its users, improved the efficiency of original content production and enabled improved user experience.
At the Summit, Mr. Yang also gave deeper context to the China market, which now sees significantly less content pirating than in the past and wide adoption of mobile payments. These trends have created a favorable environment for paid content produced both locally and internationally.
iQIYI's platform features content not only from China, but also from the United States, Korea and India. He added that half of iQIYI's film library consists of US content, with a nearly 50-50 split between users who favor US content and local Chinese films. However, when it comes to TV series, 90% of viewers watch local Chinese-language content while only 10% prefer US TV series.
iQIYI has continuously introduced high-quality content to global audiences, including The Story of Yanxi Palace, The Legend of White Snake, The Golden Eyes, and other popular variety shows such as The Rap of China and Hot Blood Dance Crew.
APOS Summit is Asia's leading annual event for the media, telecoms and entertainment industry. The summit focuses on the video sector and the ecosystem for creating, distributing and monetizing content.
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company") is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce. For more information on iQIYI, please visit http://ir.iqiyi.com.
SOURCE iQIYI, Inc.
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