BEIJING, May 17, 2021 /PRNewswire/ — iQIYI, Inc. (NASDAQ:IQ) («iQIYI» or ‘the Company’), an innovative market-leading online entertainment service in China, announced the upcoming releases of a number of new series at its annual iQIYI World Conference (‘the Conference’) held in Shanghai on May 13 and 14. At the Event, the Company presented on its innovative approach to content creation and the reshaping industrial production ecosystem. The Company also shared its views on how quality content along with the application 5G, AI, VR and other new technology are going to cater to audiences’ entertainment needs.
«iQIYI is committed to providing today’s youngsters with the best entertainment experience by focusing on delivering quality entertainment and an integrated online-offline experience through its content and technology powered approach,» said Vivian Wang, CMO and President of New Consumer Business Group of iQIYI.
At the Conference, iQIYI outlined how it will continue to provide high-quality content to its subscribers, advertisers, and partners. The Company also shared how it will create sustainably effective marketing solutions for sponsors based on insights into content production and youth consumption. More than 200 upcoming titles were announced at the Conference including drama series such as The Ideal City, Age Troops, and FENGQILUOYANG; short-running dramas from iQIYI’s signature «Light On Theater (Mist Theater)» including Who is The Murderer, Golden Planning, Wisher, The Pavilion; and reality shows such as Zeenage POP, Born to Dance, Generation Z-Hiphop Project and Action.
In addition to delivering more premium content, iQIYI also seeks to further enhance the user experience that its platform delivers. To achieve this, iQIYI announced at the Conference the launch of its open membership platform in aim provide its users with a more tailored and engagement membership service system by deepening its partnerships with content, product, technology and service providers.
iQIYI Unveils Plans for Development of Content Verticals
«Going forward, the film and TV industry should be more focused, and aim to continue to produce respectable works and work with partners to achieve a respectable industry environment,» said Wang Xiaohui, Chief Content Officer of iQIYI.
iQIYI pledged to further accelerate innovation, tapping into new verticals and deepening the development of platform content.
For variety shows, iQIYI will focus on producing content based on the unique needs of younger audiences, who tend to put greater value on content that emphasizes the social, trend-setting and personalized aspects. «iQIYI seeks to utilize more innovative content formats in its variety shows to increase the content’s level of engagement with users, creating an even more immersive online-offline entertainment experience,» said iQIYI Senior Vice President Chen Wei at the Conference.
For drama series, iQIYI has taken the lead in the industry by attaching greater importance to creators, giving them the support and freedom they require to produce world-class content. As a result, the Company has been able to produce multi-season long-running drama series and short-running drama series adapted from engaging and intriguing stories. Thanks to its emphasis on content, iQIYI has built a premium and cohesive brand that facilitates deep interactions between subscribers and the Company’s platform.
As for short-running dramas, iQIYI’s «Light On Theater», a content library comprised of suspense and crime series, was a huge hit last year. «Light On» includes popular shows such as Kidnapping Game, The Bad Kids and Sisyphus, delivering value to the platform, producers, and advertisers. Following the success of the «Light On Theater», iQIYI plans to build additional theater brands and invest more in «Light On» as well as the romantic «Sweet On» and comedic «Laughter On» theaters.
For films, since early 2020, iQIYI launched its own cloud cinema, which entails three screening models — cinematic films released through the PVOD (Premium Video on Demand) model; high-quality online film releases; and iQIYI original films. The success that iQIYI has achieved so far with the PVOD model has proved that filmmakers and audiences need a bridge to directly connect creativity with market demand.
Cloud Cinema strives to create a fair and transparent distribution mechanism and a multi-dimensional business model for film works and filmmakers. Thus the Company have decided to increase the shared revenue ratio of PVOD films from the original 35% to the current 42%, and continue to support and encourage films to premiere online, in the hope that more high-quality films can reach their target users directly and more filmmakers can realize their dreams with the support of iQIYI.
iQIYI sees the commercial production of film and television content as the key lever that will push the industry forward. In light of this, iQIYI will continue to innovate its content, building a specialized commercial system for film and TV and promoting the large-scale and high-quality content production. At the same time, iQIYI will work together with its partners to explore the possibilities of developing a next-generation entertainment platform that seamlessly integrates content with cutting-edge technologies.
Achieving harmony across technical standards is an important part of reshaping industrial rules. For this purpose, iQIYI has built a unified technical standard system that pioneers the use of a series of standardization means in China, such as IMF encapsulation. Based on this, the Company expects to realize closer cooperation with upstream production partners and drive the standardization process more efficiently.
At the Conference, iQIYI launched the «Project Leap», an ambitious plan to join hands with 27 partners spanning the equipment, post-production, special effects, and insurance (production safety) fields. The aim of the program is to promote the efficient implementation of technical standards and ensure the quality of content filming and post-production, ultimately ensuring a high-quality audio-visual experience for users.
«The standardization of equipment, post-production, and special effects is the cornerstone of the industrialization of the film and television industry. iQIYI hopes to work with its partners to refine industrial standards and make an important step towards industrialization,» said Liu Yuning, Vice President of iQIYI and General Manager of Production Administration Center.
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SOURCE iQIYI, Inc.