iQIYI CEO Gong Yu Delivers Keynote Speech at Mipcom
AI and original content the key to iQIYI's leadership in China's online streaming market
BEIJING, Oct. 19, 2018 /PRNewswire/ -- Dr. Gong Yu, founder and CEO of iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, recently made a keynote speech about innovation and entertainment at Mipcom, the world's largest annual trade show for entertainment content in Cannes, France.
Dr. Gong described the root of iQIYI's success in China's competitive online streaming market, highlighting the company's unique hybrid AVOD (Advertising Video-on-Demand) / SVOD (Subscription Video-on-Demand) business model, its drive to leverage advanced technology including artificial intelligence and a strong focus on producing top quality original content.
"The rapid development of China's entertainment industry is largely due to improvements in technological innovation," said Dr. Gong. "Improvements in technology in recent years have made watching online video the most popular use of mobile internet for Chinese users aside from online messaging. The application of these new technologies enriches content, while increasing the value and quality of user interaction and providing plentiful opportunities for increased monetization."
Key differentiators in China's online video market
Dr. Gong continued: "iQIYI is the top ranked online video platform in China, and together with the second and third largest platforms comprises 80% of the total market. Typically, income in China's online video industry is derived from advertising and membership. However, the most important factor is the quality and depth of a platform's premium content. Over the past ten years, most content was acquired through purchasing IP, but in future the proportion of content produced by platforms themselves will increase dramatically. This is because self-produced content is a differentiating factor between platforms, providing a greater capacity to control cost, attract views and enhance monetization."
"There are three main reasons why iQIYI is a leader in this competitive market. First, iQIYI uses a mixed AVOD and SVOD model, allowing us to make the most of market opportunities. Second, iQIYI has a deep understanding of the Chinese entertainment market and a culture which engenders originality, allowing us to export high volumes of premium quality content and gain healthy returns on our investments in content. Thirdly, efficient distribution allows us to attract more users and gain a larger market share, cementing our place as industry leader." He added.
Dr. Gong Yu described in detail how he sees iQIYI's business model as "Netflix+", a model which combines AVOD and SVOD. The company provides the best content to both standard and subscribing users with a wealth of additional features and services, at the same time working to develop an IP eco-system and maximizing revenue streams through comprehensive monetization.
"iQIYI has created its own business model and we deeply understand the entertainment industry, content, users and partners. We have worked hard at perfecting this model over the past eight years, and we have never stopped exploring ways to improve our services and operations."
The role of AI in China's entertainment industry
"iQIYI has always been an industry leader in leveraging technology to improve the user experience. We aim to use AI technology in all areas of our business, including content production, predicting the needs of users, and content distribution. The use of AI to provide personalized services and recommendations will be a key trend in the industry going forward and will reshape the entertainment industry over the next ten to twenty years, much more so than the Internet did over the past three decades. iQIYI will continue to explore and innovate, making the most of advanced technology such as AI to guarantee our online video experience is the best it can possibly be."
Mipcom, held annually in Cannes is a world-leading trade show for creating, co-producing, buying, selling, financing and distributing entertainment across all platforms. This year's event was attended by nearly 14,000 people from over 110 countries and regions, including leaders from across the television and entertainment industries.
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company") 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 etc. For more information on iQIYI, please visit http://ir.iqiyi.com.
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