iQIYI Unveils Over 300 New Titles at the 2024 iJOY Conference, Adding Focus on Short Dramas to Accelerate Growth

Rhea-AI Summary

iQIYI, China's leading online entertainment platform, announced the release of over 300 new titles across diverse genres at its 2024 iJOY Conference in Shanghai. The company is strategically expanding into short-form dramas with the launch of 'Micro-Drama Theater' and 'Short-Drama Theater', exclusively for paid subscribers. This initiative addresses the growing demand for concise storytelling while maintaining premium production quality.

iQIYI is also capitalizing on the increasing global popularity of Chinese content, particularly in Southeast Asia. The company plans to enhance existing drama IPs and diversify its content offerings in documentaries, films, animation, kids' content, and sports. Additionally, iQIYI is developing Taodou 2.0, an intelligent assistant integrating advanced language model technology to enhance user experience and content distribution methods.

Positive

• Launch of over 300 new titles across diverse genres
• Strategic expansion into short-form dramas with 'Micro-Drama Theater' and 'Short-Drama Theater'
• Growing global popularity of Chinese content, especially in Southeast Asia
• Development of Taodou 2.0 intelligent assistant to enhance user experience
• Diversification of content offerings in documentaries, films, animation, kids' content, and sports

Negative

• None.

Insights

Media Industry Analyst

iQIYI's strategic shift towards short-form content marks a significant adaptation to changing viewer preferences. The introduction of 'Micro-Drama Theater' and 'Short-Drama Theater' demonstrates a keen understanding of market trends, particularly the growing demand for bite-sized entertainment.

The company's commitment to maintaining high production quality in these shorter formats is crucial. By allocating 70% of revenue back to content producers, iQIYI is positioning itself to attract top talent and maintain a competitive edge in content creation.

The expansion into global markets, particularly Southeast Asia, represents a substantial growth opportunity. With C-dramas becoming the leading choice in this region, iQIYI is well-positioned to capitalize on this trend. However, the challenge lies in consistently producing content that resonates with international audiences while maintaining cultural authenticity.

The integration of AI technology, particularly the development of Taodou 2.0, could be a game-changer in personalizing user experiences and improving content discovery. This innovation has the potential to increase user engagement and retention, which are critical metrics for streaming platforms.

Tech Innovation Expert

iQIYI's foray into AI-driven content interaction through Taodou 2.0 is a forward-thinking move that could set new industry standards. By leveraging advanced language models and integrating features like recommendations and character interactions, iQIYI is not just enhancing user experience but potentially creating a new paradigm for content consumption.

The company's exploration of VR immersive theaters aligns with the growing trend of experiential entertainment. This diversification into physical spaces could open up new revenue streams and strengthen brand loyalty by offering unique, immersive experiences that can't be replicated at home.

The strategic focus on mobile-optimized vertical dramas for the 'Micro-Drama Theater' shows a deep understanding of mobile-first consumption habits, particularly among younger demographics. This format optimization could lead to increased engagement and potentially higher ad revenues due to better viewer attention and completion rates.

However, the success of these technological initiatives will heavily depend on user adoption and the seamless integration of these features into the existing platform ecosystem.

C-Dramas Become Leading Choice in Southeast Asia

BEIJING, Sept. 26, 2024 /PRNewswire/ -- On September 25, iQIYI, China's leading online entertainment platform, announced the upcoming release of over 300 new titles across diverse genres over the next year, at its iJOY Conference held in Shanghai. The company highlighted its strategic expansion into short dramas, introducing content that leverages the growing global popularity of Chinese content while utilizing innovative AI to navigate emerging industry trends.

A New Ecosystem Blending Long and Short Form Content
iQIYI is expanding into short-form dramas with the launch of its brand-new 'Micro-Drama Theater' and 'Short-Drama Theater,' which will be available exclusively to paid subscribers. This strategic initiative addresses the growing demand for concise storytelling and short-form content, building on the success of iQIYI's acclaimed 'Light On Theater' —a collection of tightly written suspense series known for their high production quality.

Yu GONG, Founder and CEO of iQIYI, stated, "These offerings are not just low-budget online series; they continue to reflect our dedication to premium production and creativity. We also plan to collaborate with industry partners to drive further innovation. While many companies allocate over 90% of their revenue to promoting the content, iQIYI directs more than 70% back to content producers."

Xiaohui WANG, iQIYI's Chief Content Officer, elaborated on the strategic integration of long and short video formats, which leveraged the company's established strengths in long-form video content. The 'Micro-Drama Theater' will debut two new titles each week, targeting a diverse audience that includes both younger and older demographics, with mobile-optimized vertical dramas lasting between 1 and 5 minutes. Meanwhile, the 'Short-Drama Theater' will introduce one new title weekly across various genres, featuring episodes that range from 5 to 20 minutes in a horizontal format.

This short-form drama strategy also unlocks new commercial opportunities for brand marketing. Senior Vice President Gang WU highlighted that short-drama marketing is specifically crafted to effectively engage targeted audiences. By providing tailored content that resonates with viewers, iQIYI ensures impactful brand messaging and delivers comprehensive marketing solutions for its partners.

Expanding Global Appeal of C-Dramas and IP Growth
The global appetite for Chinese drama is surging, with C-dramas gaining substantial popularity in Southeast Asia and becoming the top choice for local viewers, according to the latest Q1 2024 data from AMPD, the digital measurement platform owned and operated by Media Partners Asia (MPA).

Gong noted, "The marketing value of C-drama content in overseas markets has increased significantly. Content creators should prioritize developing offerings tailored for global audiences." Currently, half of content on iQIYI International consists of Chinese mainland productions, supplemented by dramas from Thailand, Japan, and Korea, along with local productions for markets including Malaysia.

During the event, iQIYI unveiled an exciting slate of upcoming dramas spanning various genres and committed to enhancing its existing drama IPs to further increase the impact of its premium content, including a sequel to Tales of the Tang Dynasty, which is currently in development. Similarly, popular variety show IPs, such as Become a Farmer, are set to return alongside new original content, bringing together top industry professionals for production. Furthermore, iQIYI is committed to diversifying its content offerings in documentaries, films, animation, kids' content, and sports, further strengthening its comprehensive content matrix.

Wang also highlighted iQIYI's efforts to explore the vast opportunities in integrating content with cultural tourism, as exemplified by the positive market response to iQIYI's VR immersive theaters that meet the evolving demand for diverse content experiences.

Additionally, iQIYI's signature annual Scream Night is set to return on December 7 at the Galaxy Macau, celebrating major milestones in the film and television industry while honoring outstanding creators and their works. Numerous stars and industry leaders are expected to attend, marking a significant moment on the entertainment calendar.

Harnessing AI Technology for Enhanced User Experience
Gong shared that iQIYI is currently developing its intelligent assistant, Taodou 2.0, which integrates advanced language model technology along with features such as recommendations, search, and customer support. Currently, users can engage in conversations with fictional characters via Taodou 1.0 within the iQIYI app.

These initiatives exemplify how the company is leveraging the evolving landscape of AI technology to transform traditional content distribution methods and enhance interactions between users and machines, creating a more emotionally resonant experience.

 

 

CONTACT: iQIYI Press, press@qiyi.com 

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SOURCE iQIYI

FAQ

What new content strategy did iQIYI (IQ) announce at the 2024 iJOY Conference?

iQIYI announced the release of over 300 new titles and a strategic expansion into short-form dramas with the launch of 'Micro-Drama Theater' and 'Short-Drama Theater', exclusively for paid subscribers.

How is iQIYI (IQ) leveraging the popularity of Chinese content globally?

iQIYI is capitalizing on the increasing global popularity of Chinese content, particularly in Southeast Asia, where C-dramas have become the top choice for local viewers according to Q1 2024 data from AMPD.

What new AI technology is iQIYI (IQ) developing to enhance user experience?

iQIYI is developing Taodou 2.0, an intelligent assistant that integrates advanced language model technology along with features such as recommendations, search, and customer support to enhance user experience and content distribution methods.

When and where will iQIYI's (IQ) annual Scream Night event take place in 2024?

iQIYI's annual Scream Night is set to return on December 7, 2024, at the Galaxy Macau, celebrating major milestones in the film and television industry.