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.
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SOURCE iQIYI, Inc.