Alipay+ E-Wallet Partnerships Power iQIYI’s Fast Asia Expansion

Rhea-AI Summary

iQIYI, a leading international streaming platform, significantly enhanced its market presence through Alipay+, which aided over 1 million consumers outside Chinese mainland in subscription payments via various e-wallets in 2022. The partnership aims to engage young middle-class consumers in Southeast Asia, with notable increases in subscription payments through GCash, DANA, and Touch ’n Go eWallet, rising by 100%, 90%, and 50% respectively in March 2023 compared to late 2022. Alipay+'s bespoke marketing solutions are set to boost user loyalty and growth for merchant partners. The global OTT market is projected to reach $1,251 billion by 2027, with iQIYI ranking fifth among global OTT platforms. The cooperation with Alipay+ is poised to further expand iQIYI's outreach, especially in the rapidly growing Southeast Asian market.

Positive

• Over 1 million consumers outside Chinese mainland used Alipay+ partner e-wallets for iQIYI subscriptions in 2022.
• Subscription payments via GCash, DANA, and Touch ’n Go eWallet increased by 100%, 90%, and 50% respectively in March 2023.
• Bespoke marketing solutions by Alipay+ aimed at improving user retention and growth for iQIYI's partners.
• The global OTT market is projected to reach $1,251 billion by 2027, indicating strong market potential.

Negative

• None.

• More than 1 million consumers outside the Chinese mainland used Alipay+ partner e-wallets for subscription payments on iQIYI international app in 2022
• Alipay+ in 2023 offers bespoke marketing solutions to help retain loyalty and boost growth for merchant partners

SINGAPORE--(BUSINESS WIRE)-- Popular Asian e-wallets are helping iQIYI, a leading international streaming platform, accelerate its expansion through Alipay+ to help digital and entertainment (D&E) platforms reach young middle-class consumers looking for quality online video content.

More than 1 million consumers outside the Chinese mainland used Alipay+ partner e-wallets for subscription payments on iQIYI international app in 2022 (Photo: Business Wire)

Introduced by Ant Group in 2020, Alipay+ is a suite of cross-border digital payment, marketing and merchant digitalization solutions connecting global brands with mobile-savvy consumers worldwide, aimed at enabling businesses, particularly small and medium-sized enterprises, to process a wide range of mobile payment methods and reach more than 1 billion regional and global consumers.

Starting in 2021, iQIYI utilizes Alipay+ marketing solutions, such as Alipay+ Rewards and cashier-based marketing service, to reach potential consumers and improve transaction conversion rates in key markets. Developed by Alipay+ and partner e-wallets, Alipay+ Rewards is a new digital marketing platform that helps global brands engage better with consumers worldwide by offering incentives and exclusive services.

In 2022, more than 1 million consumers outside the Chinese mainland, mostly in Southeast Asia, used Alipay+ partner e-wallets, including TrueMoney (Thailand), GCash (The Philippines), DANA (Indonesia), Touch ’n Go eWallet (Malaysia) and Kakao Pay (South Korea) to pay for subscriptions or content on iQIYI’s international app.

In addition to these alternative payment methods, since 2023, Alipay+ has started offering customized marketing solutions through Alipay+ Rewards program to enable merchant partners to expand its market outreach efforts. On iQIYI’s international app, the number of new users making subscription payments through GCash, DANA and Touch ’n Go eWallet have increased respectively by 100 percent, 90 percent and 50 percent in March 2023, compared with the end of 2022.

The global over-the-top (OTT) market is expected to reach US$1,251 billion by 2027, representing a CAGR of 30 percent during 2021-2027¹. iQIYI ranks fifth among OTT platforms globally, and was named the top Asian OTT to watch Chinese-language, Thai and Malay dramas across major SEA markets.²

On April 18 in Bangkok, iQIYI kicked off its latest subscriber campaign for Southeast Asia by inviting hundreds of local fans to interact with leading casts of a popular TV series on its platform. The event was co-hosted by Alipay+ as one of its key e-wallet partners, TrueMoney, is popular in Thailand.

In April 2023, AlipayHK, the largest active e-wallet in Hong Kong SAR, China, became the latest Alipay+ partner wallet to support payment on iQIYI International App.

About Alipay+

Alipay+ offers unified global mobile payment and marketing solutions that connect merchants with multiple e-wallets and payment methods from different countries and regions by collaborating with global partners. Consumers can conveniently use their preferred local payment methods while transacting seamlessly in a different market and be able to enjoy marketing solutions offered by the merchants through Alipay+. Alipay+ is developed by Ant Group, the owner and operator of Alipay, one of the world’s leading digital open platforms.

About iQIYI

iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats. 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 daily subscriber base of more than 100 million, and its diversified monetization model includes membership services, online advertising services, content distribution, online games, IP licensing, talent agency, online literature, etc.

¹ https://www.researchandmarkets.com/reports/5633245/over-the-top-ott-market-global-industry
² https://www.screendaily.com/features/unpacking-the-recent-turnaround-success-of-chinese-streamer-iqiyi/5180170.article

View source version on businesswire.com: https://www.businesswire.com/news/home/20230419005470/en/

Media Inquiries

Li Tao

Ant Group

tao.l@antgroup.com

Aggie Yu

iQIYI

aggieyu@qiyi.com

Source: Alipay+

FAQ

How many consumers used Alipay+ partner e-wallets for iQIYI subscriptions in 2022?

More than 1 million consumers outside the Chinese mainland used Alipay+ partner e-wallets for subscription payments on the iQIYI international app in 2022.

What was the growth in subscription payments through GCash in March 2023?

Subscription payments through GCash increased by 100% in March 2023 compared to the end of 2022.

What is the projected size of the global OTT market by 2027?

The global OTT market is projected to reach $1,251 billion by 2027.

What marketing solutions does Alipay+ offer to iQIYI?

Alipay+ offers bespoke marketing solutions designed to help retain user loyalty and boost growth for merchant partners.

What is iQIYI's rank among global OTT platforms?

iQIYI ranks fifth among OTT platforms globally.