BEIJING, April 24, 2019 /PRNewswire/ -- Dr. Gong Yu,
Founder and CEO of iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the
"Company"), an innovative market-leading online entertainment
company in China, recently
attended the Beijing International
Film Festival and delivered remarks highlighting the company's take
on challenges and opportunities of the Chinese movie industry in
the internet era.
In his speech, Dr. Gong Yu declared an innovative and disruptive
age of the Chinese movie industry will soon arrive and will be
driven by win-win business models. He noted that since the birth of
China's internet video industry,
the movie industry has experienced major changes including bringing
the box office online - with 90% of movie tickets now being sold online - and creating the
concept of the internet movie. These factors have helped
significantly increase the revenue of the online video market,
reaching RMB 201.68 billion in 2018.
RMB 53.65 billion of that was
contributed by content consumption.
![Gong Yu, Founder and CEO of iQIYI Gong Yu, Founder and CEO of iQIYI](https://mma.prnewswire.com/media/876443/iQIYI_Gong_Yu.jpg)
"We've seen slowing growth in China's traditional movie industry. Meanwhile,
the Chinese internet movie industry is still in early stages and
internet users still prefer to watch overseas movies or newly
released Chinese movies. All of these factors require continued
innovation of the Chinese movie industry," said Dr. Gong. "As the
online entertainment industry is largely based on and benefits from
its full online ecosystem and value chain, the traditional movie
industry needs to diversify its monetization methods and embrace
the combination of online and offline business by adopting win-win
business models. The industry must shift away from focusing solely on ticket sales to
maximizing revenue from the combined "ticket office plus internet"
model. For instance, leveraging additional monetization channels
such as the on-demand play on online video platforms as an
extension of the traditional movie theatre.
Mr. Yang Xianghua, President of iQIYI's Membership and Overseas
Business Group, echoed Dr. Gong's remarks. He pointed out that
iQIYI's IP-based ecosystem comprising of advertising, subscription,
publishing, distribution, licensing, gaming and e-commerce helps to
expand monetization channels, optimize content structure and
further improve the company's capability in content production.
"The market volume of online platform and other channels could
reach 1.8 times that of the box office. This will create a
significant opportunity to intersect internet, movies and TV shows,
which will necessitate more quality content and services to meet
users' needs," said Mr. Yang.
![Yang Xianghua, President of Membership & Overseas Business Group of iQIYI Yang Xianghua, President of Membership & Overseas Business Group of iQIYI](https://mma.prnewswire.com/media/876442/iQIYI_Yang_Xianghua.jpg)
Founded in 2011, the Beijing
International Film Festival has become one of the world's most
prominent film festivals. The festival aims to provide a
high-profile forum for the interaction between the Chinese and the
international film industries. The event is heavily attended by
executives, directors, producers and studio heads, as well as
filmmakers and actors from all over the world.
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ: IQ)
("iQIYI" or the "Company") 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. For more information on iQIYI, please
visit http://ir.iqiyi.com.
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