The Silver Lining: Catering to Aging Viewers
iQiyi, the streaming giant often dubbed the “Netflix of China,” is shifting its focus to serving the country’s rapidly aging population.
CEO Gong Yu revealed that improving offerings for older users is a priority. As more people reach their 40s and beyond, the company aims to address challenges like declining eyesight and the dwindling use of mobile devices due to health concerns.
Artificial Intelligence: An Efficiency Booster
Alongside its senior-focused strategy, iQiyi is harnessing AI to enhance its content production capabilities.
iQiyi’s Chief Technology Officer Liu Wenfeng highlighted the company’s use of AI tools to streamline processes and reduce costs. These tools can quickly recreate multi-camera shots in virtual environments, analyze scripts for potential production, and identify viewer preferences in existing content.
Generative AI: Empowering Creativity
Liu also emphasized the transformative role of generative AI in empowering more users to become creators. AI tools have the potential to assist in storyboarding, dialogue writing, and even character design.
iQiyi is exploring partnerships with creators to foster innovation and utilize the latest AI capabilities. However, due to confidentiality concerns, the company refrained from publicly disclosing specific details regarding its AI advancements.
Looking Ahead: Expansion and Growth
Despite facing a moderating growth in China’s market, iQiyi anticipates pursuing opportunities overseas.
In late February, the company reported a significant turnaround, posting its first annual profit since its U.S. listing in 2018. Quarterly results are expected to be released on May 16th.
Original Content: A Key Differentiator
In 2023, iQiyi significantly increased the proportion of original content in its major dramas, with in-house productions accounting for a record 65%. The company boasts over 50 studios producing an impressive 200 shows annually.
CFO Wang Jun credits this strategic shift towards in-house production with reducing bidding wars and minimizing costs.
The Streaming Landscape: A Competitive Field
iQiyi faces competition from other major Chinese video platforms such as Tencent Video, Ali Baba-owned Youku, and Bilibili. To maintain its edge, iQiyi continues to invest in innovation, original content, and the latest technologies.
As the Chinese streaming market evolves, iQiyi’s responsive approach to emerging demographics and AI advancements positions it as a leading player in the entertainment industry.
Data sourced from: cnbc.com
