Initiatives to create innovative content consumption scenarios and present new opportunities for the growth of brands
iQIYI, Inc., an innovative market-leading online entertainment service in China, recently announced upcoming releases of 60 major drama series and variety shows at its iJOY Conference (the “Conference”) held in Shanghai. At the conference, themed ‘New Content, New Consumption and New Growth’, iQIYI also shared developing trends in online entertainment content and marketing, illustrating the future trajectory of entertainment industry.
At the Conference, Vivian Wang, CMO and President of New Consumer Business Group of iQIYI, shared her views on the Company’s content marketing strategy. “Content will be the starting point of new business models for the next decade,” she remarked. “Content is now shaping consumption trends. Businesses will only be able to gain traction by creating content-based consumption scenarios and expanding their content-driven business, using content as their entry point and making their brands popular.”
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Redefining content creation and vertical content through users’ needs, creating core IP assets
Rapid changes in content viewing behavior and content consumption needs are driving the creation of redefined content. Chen Xiao, Senior Vice President of iQIYI, said that based on users’ requirements for content that is of high quality and trendy and emphasizes social networking, iQIYI has innovated the ways it selects subject matter and stories, and has spearheaded the latest trends, for example by nurturing new idols. iQIYI is also deploying its technological advantages to improve the efficiency of content creation and users’ watching experience. Backed by in-house studios and external partners, iQIYI boasts a high-yielding content production capacity and an extensive set of IP reserves.
In order to meet the increasingly varied entertainment needs of users, iQIYI is committed to producing a diversified portfolio of content based on its strong content creation capacity. In terms of variety shows, iQIYI will focus on five areas including youth idols, popular youth culture, innovative vertical content and lifestyle. The Company will produce more blockbuster and hit variety shows and present new subjects to win more users from different demographics, creating multi-dimensional content scenarios. When it comes to drama series, iQIYI’s Mist Theater has proven popular and been recognized for its high-quality content. The company will build on this momentum to launch more themed content selections such as romance or new year celebration theaters.
Heavyweight dramas and variety shows to create rich consumption scenarios
Based on comprehensive research and insight into users’ needs, iQIYI will continue to innovate its content offerings. At the Conference, iQIYI announced 20 upcoming variety shows and 40 major new drama series, providing a diverse selection of entertainment content for audiences, and various fresh consumption scenarios for advertisers.
Upcoming variety show releases include Let’s Party, iQIYI Scream Night at Chimelong, Youth With You Season 3 in the youth idol category, and The Rap of China 2020 and FOURTRY Season 2 in the popular youth culture category. Novel reality shows include HAHAHAHAHA, featuring popular celebrities in China and a virtual idol competition variety show Dimension Nova. Meanwhile, two highly watched variety shows, I Can I BB and The Big Band, will return with new seasons. For drama series, iQIYI intends to stream suspense drama series Luoyang based on Ma Boyong’s novel, realism series Love in Shanghai, romance series Go Go Squid 2: Dt, Appledog’s Time, Vacation of Love, My Best Friend’s Story, etc.
Partnering with brands to capitalize on consumption upgrade driven by new content consumption scenarios
With the upgrading of consumption scenarios in China, new business models and brands are emerging. Having already helped brands capture consumer demand through innovative content, iQIYI is now working on new content-driven consumption models and opportunities. Whether through The Rap of China, which spawned a market for rap performance and related consumption, or the reality show FOURTRY that led to creation of the FOURTRY brand, iQIYI’s production IPs have demonstrated its power to influence users’ consumption habits and set new trends.
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“In the future, we will build consumption scenarios around high-quality content. We will integrate online and offline models and create consumption opportunities with brands by leveraging the influence of celebrities and KOLs, leading the upgrading of consumption through the next decade,” said Vivian Wang.
Going forward, iQIYI will build on its IPs to expand its range of content and build online and offline models, and establish a new business model of “celebrity/KOL + settings + brand incubator” by connecting brands, artists, technology and other resources. iQIYI will also help brands to engage with consumers and create new trends in terms of content, celebrities/KOLs and the offline space.
At the conference, iQIYI announced the offline space FOURTRY SPACE and culture brand BKStore, which target pop-culture consumers. FOURTRY SPACE, a pop-culture trend space modeled after FOURTRY Season 2, will join hands with more than 15 brands to create consumption scenarios and trends around pop culture. Meanwhile, the independent culture brand BKStore will bring together artists in various fields such as graffiti, graphic design and music. In the future, content, artists, derivatives and offline landmarks under this new business model will open up more cooperation opportunities for brands.
Thanks to its diversified content IP library and massive young user base, iQIYI can lock in young consumers for brands. The Company will continue to focus on producing high-quality content, while working with industry partners and brands to tap into the increasingly diverse areas of content, marketing and consumption, and explore innovative ideas.
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