iQIYI President of PCG & CCO Wang Xiaohui Speaks at Harvard College China Forum 2019: Technological Innovation is Key to Helping Chinese Entertainment Build International Presence
BEIJING, April 17, 2019 /PRNewswire/ -- Wang Xiaohui, President of Professional Content Business Group (PCG) and Chief Content Officer of iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), recently delivered a keynote speech on "China's New Entertainment Model" at the Harvard College China Forum 2019, in which he shared insights and outlook on the application of technological innovation in online video streaming platforms in China.
"Storytelling through films and dramas is perhaps the most popular form of cultural entertainment for Chinese people, and it must be simple yet emotional at the same time," said Mr. Wang. "Content with oriental characteristics have a natural advantage in the Asian market, however we believe that by broadening our content selection and further raising the production quality, these content will also be well received internationally."
Founded in 1997, Harvard College China Forum is North America's leading and longest-running student-run conference on China. Dedicated to a constructive dialogue on the challenges, trends, and issues affecting China, the forum aims to engage leaders in business, academic, and politics in a discourse that offers insights and generates ideas. The topics of Harvard College China Forum 2019 include finance and economics, technology and entrepreneurship, entertainment, arts and cultures, international development and relations, philanthropy, as well as consumer and retails.
In recent years, China's entertainment industry has undergone significant growth at a consistently high speed. According to App Annie's The State of Mobile 2019 report, in 2018, an average of 3.5 hours a day was spent on mobile Apps for all electronic devices in China. This makes China the country with the longest using hours out of all mature markets. On the outlook of China's video streaming market, Mr. Wang commented, "Video streaming Apps are and will always be an important channel of entertainment for the public. There remains huge growth potential for China's video entertainment market and these will mainly be based on dividends from a demographic, time and Apps perspective."
iQIYI is also dedicated to exploring the growth potential of the Chinese entertainment industry through its focus on the integration of AI technology and diversified business models. As a technology-driven entertainment company, iQIYI constantly pushes the boundaries of what defines an entertainment provider by applying AI technology to all aspects of its operations and building a business model which covers operations including advertisement, membership subscription, publishing, distribution and other business derivatives.
iQIYI has always been a driver of innovation for the Chinese entertainment industry, being one of the first platforms in China to introduce licensed content and the paid-membership system, setting a standard for what Chinese consumers have come to expect of streaming platforms. iQIYI has maintained this spirit of innovation by focusing on the production of quality original content, operation of various monetization models and the application of AI, in order to continue to lead the innovative development of the Chinese entertainment industry.
About iQIYI, Inc.
iQIYI, Inc. 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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