BEIJING, April 5,
2023 /PRNewswire/ -- GONG Yu, Founder and CEO of
iQIYI, shared that original content, technological innovation and
global expansion are key to iQIYI's quality growth, in a keynote
speech at the 10th China Internet Audio and Video Convention
(CIAVC) held on Mar. 30.
Gong marked once again the company's strategic commitment to
original content: "Online audio and video platform has transformed
from a content distribution platform into a major provider for both
content creation and distribution. Self-produced, original content
is taking an increasingly larger proportion and has become a major
content pillar of audio and video platforms," he said.
According to the company's letter to investors in February,
iQIYI initiated its original content strategy back in 2014,
and made substantial breakthroughs in 2022. In the past two years,
its investment in original content reached nearly RMB20
billion. Besides, original content accounted for over 60% of the
blockbuster dramas streamed in 2022 and generated more than 60% of
the revenue during new release window. In 2022Q4 alone, the
subscribing members' viewing hours of original content doubled on a
year-on-year basis.
Gong also believes that the internet audio and video industry is
becoming a new frontier for technological application. "Taking
iQIYI as an example, by leveraging internet-based artificial
intelligence, big data, and cloud computing technologies, we
developed three supporting systems to predict and analyze business
indicators, standardize the process management of film and TV
production and improve the working efficiency for industry
practitioners, further facilitating the industrialization of the
film and TV industry.
He added that, as the algorithm-based technological advancements
such as AI-Generated Content (AIGC) have now been applied to an
increasing number of scenarios, content creators can now leverage
AIGC to generate script, image, and audio content based on massive
data harvested, which in turn translates to more possibilities
empowered by smart production for the industry.
With regard to overseas business development, Gong shared that
to date, users from over 190 countries and regions worldwide can
watch the content on iQIYI International with an internet
connection. The company has distributed over 7,000 episodes of TV
series, variety shows, animated series, and documentaries, as well
as over 300 films to more than 200 overseas markets. Moreover,
iQIYI International App supports user interface and subtitles in 12
languages and delivers over 1,700 drama series, variety shows,
animations, and more than 3,500 films.
According to the latest report released by China Internet
Network Information Center(CNNIC) at 10th CIAVC, online
video has overtaken instant messaging to become the most popular
internet application in China,
with the user size exceeding 1 billion and utilization ratio up to
97.4%. The market value of the pan-Internet video entertainment
industry has now grown to RMB 700
billion. Five major platforms, namely iQIYI, Tencent Video, Youku, Mango TV and Bilibili, now
account for 89.5% of the market share.
CONTACT: iQIYI Press, press@qiyi.com
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SOURCE iQIYI