In a proposal to increase proceeds, iQiyi—Chinese video streaming platform—is intending to focus on movies in the next 2 to 3 Years. Mostly compared with Netflix, iQiyi has become the largest Chinese company from Alibaba’s public offering to register in New York in the past year. The video streaming firm offers paid and free content, which is preceded by commercials that can last almost a minute or far longer. The $15.2 Billion firm has expanded from being an admired platform for streaming video to a brand recognized for its own variety shows, drama series, and other content. But that advancement came at a cost.
On a yearly basis, iQiyi stated it almost quadrupled functioning losses to $483.5 Million (3.3 Billion yuan) in the fourth quarter of the past year. It stated its margin of loss for that particular period climbed from 19% to 47% for the same period in 2017. In an interview last week, CEO Gong Yu told to CNBC that the firm’s near-term priorities are creating original content and integrating AI (artificial intelligence). And in that thrust for original material, iQiyi is aiming at movies, he said. “We intend to spend the coming 2 to 3 Years to observe whether we can pioneer in this industry. In other words, in the prospect, the major top movies on iQiyi would be original creations by iQiyi,” Gong added.
Recently, iQiyi was in news for partnering with LinkedIn to provide career development content. Reportedly, LinkedIn has publicized that it had collaborated with iQiyi to offer Chinese users entry to video content regarding career development. By flaunting a system of 630 million members, LinkedIn possesses LinkedIn Learning, which is a universally active workplace learning platform that provides over 13,000 courses on technology, business, and creative development, reported Lu Jian, LinkedIn China’s President.