iQIYI Reveals Global Expansion Strategy at APOS 2020 Virtual Summit
BEIJING, July 29, 2020 /PRNewswire/ -- Yang Xianghua, President of Membership and Oversea Business Group of iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, recently attended APOS 2020 Virtual Series, Asia's leading media event hosted by Media Partners Asia (MPA), where he shared iQIYI's overseas business development and strategic plans.
Speaking at the event, Yang said that iQIYI had designated its Beijing headquarters and Singapore overseas headquarters as two middle platforms, under which it has assembled teams covering content, R&D, product, membership, advertising and marketing. Meanwhile, iQIYI is in the process of setting up local offices in Thailand, Malaysia, the Philippines, and Indonesia, and has made plans to establish localized teams in South Korea, Japan, and the Middle East. The middle platforms in Beijing and Singapore will provide strategic support to those local teams, which will acquire and produce more content tailored to the local needs, driving the Company's overseas expansion.
The Company's two major considerations whilst expanding abroad are the available opportunity set and accessibility, said Yang, adding that the Company had prioritized its initial overseas push in regions with cultural and geographical similarities proximities to China. iQIYI has so far filled roles of general managers in Malasia, Singapore, the Philippines, Thailand and Indonesia, ramping up its overseas market operations and expansion.
Partnering with local media brands and operators and leveraging their networks and infrastructure is one of iQIYI's avenues for user acquisition. In the era of 5G and smart technologies, partnerships with smart TV and mobile phone manufacturers are a priority, said Yang. So far, iQIYI has worked with Malaysia's leading media brand Astro, and smart TV and smartphone makers TCL, Samsung, Huawei, Xiaomi, OPPO, vivo and others.
iQIYI officially launched its overseas expansion in June 2019 when it released the international version of the iQIYI App. The Company's overseas business teams have so far made solid progress in building local teams, developing overseas content and diversifying channel partnerships.
APOS Summit is the premier global platform and event for the Asia Pacific media, telecoms, sports and entertainment industry. In its 11th year, APOS is shifting online in 2020 with two virtual editions on July 21-23 and September 1-3, 2020 because of the Covid-19 pandemic.
During the event, Yang participated in an online conversation with Vivek Couto, Executive Director & Co-Founder of MPA, the curator of the APOS event.
Representatives from leading media and telecom companies including iQIYI, Viacom, YouTube, Facebook, Singapore Telecommunications Limited (Singtel) and AIS attended the summit where they discussed emerging opportunities and challenges in the industry.
About iQIYI, Inc.
iQIYI, Inc. 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.
SOURCE iQIYI, Inc.