iQYI pledges to “help develop the online video industry” | VOD | News | Rapid TV News
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China’s digital streaming service iQIYI will become “a great entertainment company powered by technology innovation,” its founder and CEO has stated.

iQIYI logo 9 June 2017Speaking at the iQIYI Technology and Entertainment World Conference in Beijing, Gong Yu, group president of iQIYI’s parent company Baidu, said the streaming service has grown into an entertainment platform empowered by its strength in content distribution and ability to monetise content.

“iQIYI has committed itself to business and technology innovation to help develop the online video industry along the way,” said Gong Yu. “We’ll continue to share with our partners our core strength and work with them to build an even more splendid and richer world of entertainment.”

The video-on-demand (VOD) operator is now seeking to become an even more open platform and make the best of capacity in data analytics, artificial intelligence technology and monetisation to help partners maximise their revenues, it says.

iQIYI claims an average 310 million active users on its platform every day. The iQIYI app ranks second after WeChat as the most popular mobile app in China in terms of time spent on it by users, according to a report by consultant iResearch, published in May.

More than 510 million laptops or mobile devices are used by viewers to access iQIYI every month, with users spending a combined six billion hours on shows streamed via iQIYI, iResearch found.

iQIYI is adopting a business model to maximise profits for content producers via advertising, paid membership, franchising, copyright sales, gaming and e-commerce.

The online platform is also exploring the potential of in-feed ads and expansion of paid membership to access more premium content.

“As the online service industry increasingly relies on paid subscriptions, premium contents are believed to be the key for winning in the market. iQIYI, which has tasted the success in paid subscriptions for online films, dramas and variety shows, is now moving more contents behind the paywall,” the company said in a statement.

During the industry event, iQIYI is unveiling its Dolphin Plan to bolster super drama production under a new business model combining competitive tender, revenue-share and minimum guarantee agreements.

Two other initiatives – Tiger Cub Plan and White Swan Plan – are also being launched to nurture up-and-coming producers, directors, screenwriters and actors in its efforts to tackle a shortfall in talent, and bolster the fledgling online entertainment industry in China.