Becoming an online entertainment platform that focuses on promoting Asian cultures
BEIJING, July 7, 2020 /PRNewswire/ -- On July 2, Yang Xianghua, President of Membership and Oversea Business Group of iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, attended the OTT Virtual Summit hosted by Asia Video Industry Association (AVIA) and joined an online fireside chat session with Louis Boswell, CEO of AVIA. Echoing the summit's theme "The Future of Video Streaming", Yang talked about iQIYI's business model, development status, overseas business, and his views on the outlook of Asian and global entertainment markets.
"iQIYI has been focusing on the development and presentation of Asian content. We want to attract more international users by providing a differentiated entertainment service through our continuous investment in content production and technology," said Yang at the summit.
At the event, Yang mentioned that the key to attracting viewers was to provide exclusive and high-quality content. "By housing excellent original production teams, we have been able to produce numerous high-quality drama series, variety shows, movies and animations," said Yang. "At present, the iQIYI App (international version) mainly offers Chinese content, but we are actively weighing the option of providing more content from other countries in Asia including South Korea, Japan, Thailand. We are currently building original production teams in South Korea, Japan and Thailand."
"The core competitiveness of streaming platforms is embodied in two aspects - content production and technology. Our investment in both areas has been huge in order to build a platform with a large user scale. Streaming platforms cover almost all the latest cutting-edge technologies and heavily rely on technology and internet bandwidth to support their vast numbers of users. Furthermore, technological innovation helps improve content production by allowing the process to be smarter and more efficient," Yang noted. "Over the last decade, iQIYI has devoted millions of dollars to leverage the latest technologies such as AI, 5G, cloud computing and big data for our platform. In the future, iQIYI will also have the opportunity to collaborate and share its technical capabilities with local companies in foreign markets."
In June 2019, iQIYI officially launched the iQIYI App (international version), providing an abundant and diversified selection of HD entertainment to international viewers. iQIYI's original productions such as Youth With You Season 2, Sword Dynasty and The Great Ruler sparked fervent widespread discussion amongst global users. iQIYI has also attracted talents from well-known global entertainment and streaming giants to join the Company. Yang believes local capability and insight are key to iQIYI's success in expanding internationally. "Film and television content are cultural products. How to provide cultural products favoured by local audiences is an obstacle we need to tackle while also understanding and adapting to the local market. It all boils down to the need to hire excellent talents who understand both."
AVIA has moved this year's OTT summit online in response to the Covid-19 crisis. The OTT Virtual Summit this year featured a line-up of speakers and thought leaders from across the video, advertising, and technology industry. For more information on AVIA, visit www.avia.org.
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.
About the Asia Video Industry Association
The Asia Video Industry Association (AVIA) is the trade association for the video industry and ecosystem in Asia Pacific. It serves to make the video industry stronger and healthier through promoting the common interests of its members. AVIA is the interlocutor for the industry with governments across the region, leads the fight against video piracy and provides insight into the video industry through reports and conferences aimed to support a vibrant video industry.
SOURCE iQIYI, Inc.