iQIYI Introduces Standard VIP Family and Friends Membership to Enhance Subscription Flexibility and Premium Content Access

Rhea-AI Summary

iQIYI has launched a new Standard VIP Family and Friends membership service in mainland China, allowing Standard VIP members to add an additional account at a discounted rate. The main account costs RMB25 (US$3.5) monthly, with the additional account priced at RMB8 (US$1.1), totaling RMB33 (US$4.6) for both. Each account operates independently with separate passwords, watch history, and recommendations, supporting login on up to five devices.

The service includes access to exclusive content like drama series and new formats such as 'Micro-Drama Theater' (1-5 minute vertical dramas) and 'Short-Drama Theater' (5-20 minute horizontal episodes), complementing their traditional long-form content library.

Positive

• Introduction of cost-effective family membership plan potentially increasing subscriber base
• Multiple device support (up to 5 devices per account) enhancing user accessibility
• Expansion of content offerings with new micro and short-drama formats

Negative

• None.

Insights

Streaming Media Analyst

The introduction of a family membership tier at $4.6 monthly for two accounts represents a strategic move to boost subscriber growth and revenue. The pricing is notably competitive, especially in the Chinese market where average streaming service costs are typically higher. The $1.1 add-on price point is particularly aggressive, potentially driving higher adoption rates among existing subscribers.

The separate account functionality addresses a key pain point in shared subscriptions while potentially reducing password sharing, a common issue affecting streaming revenues. The expansion into micro and short-form content formats shows adaptation to evolving consumption patterns, particularly among younger demographics who prefer bite-sized content. This diversification could help defend against competition from short-form platforms like Douyin and Kuaishou.

BEIJING, Nov. 15, 2024 /PRNewswire/ -- On November 12, iQIYI, China's leading online entertainment platform, introduced its Standard VIP Family and Friends membership service in Chinese mainland. This new offering allows Standard VIP members to add a separate account at a discounted price, providing full access to iQIYI's extensive content library and offering an affordable way for families and friends to enjoy premium content together.

Under this new offering, Standard VIP members can add an additional account for just RMB8 (US$1.1) per month, while the main account subscription is available for RMB25 (US$3.5), bringing the total cost for both accounts to RMB33 (US$4.6).

The service ensures that each account operates independently, allowing users to have their own passwords, watch history, and tailored recommendations. This eliminates common frustrations from shared accounts, such as mismatched viewing progress. Each account supports login on up to five devices, ensuring that usage between the main and additional account remains entirely separate and uninterrupted.

As part of their VIP membership, subscribers enjoy exclusive benefits, including early access to highly anticipated drama series like Fangs of Fortune, as well as blockbuster hits like To the Wonder. iQIYI continues to expand its content library to meet the diverse tastes and preferences of its members. Upcoming sequels to beloved IPs, such as the farming-themed variety show Become a Farmer and the period detective drama Strange Tales of Tang Dynasty, are already in the pipeline.

Beyond long-form content, VIP members also gain exclusive access to iQIYI's new 'Micro-Drama Theater' and 'Short-Drama Theater', which cater to the growing demand for concise and compelling storytelling. The 'Micro-Drama Theater' will feature mobile-optimized vertical dramas lasting between 1 and 5 minutes. Meanwhile, the 'Short-Drama Theater' will introduce titles featuring episodes that range from 5 to 20 minutes in length, presented in a horizontal format. These offerings complement iQIYI's catalog of long-form video content, further enriching the entertainment options for members. With a continually expanding catalog, iQIYI remains committed to delivering high-quality content that resonates with its diverse audiences, ensuring a premium viewing experience for all members.

CONTACT: iQIYI Press, press@qiyi.com 

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SOURCE iQIYI

FAQ

How much does iQIYI's (IQ) new Standard VIP Family membership cost?

The total cost is RMB33 (US$4.6) monthly, with the main account at RMB25 (US$3.5) and the additional account at RMB8 (US$1.1).

What features are included in iQIYI's (IQ) new Family membership plan?

The plan includes separate passwords, independent watch history, personalized recommendations, and support for up to five devices per account, along with access to exclusive content and new formats like Micro-Drama and Short-Drama theaters.

What new content formats has iQIYI (IQ) introduced with the VIP membership?

iQIYI has introduced 'Micro-Drama Theater' featuring 1-5 minute vertical dramas and 'Short-Drama Theater' with 5-20 minute horizontal episodes.