iQiyi unveils over 300 new titles, with focus on short dramas to accelerate growth
The Chinese Netflix-like streaming platform iQiyi has announced the upcoming release of over 300 new titles as part of its ongoing efforts to better cater to people's changing demands with high-quality content and emerging technologies such as artificial intelligence.
To further enrich viewers' entertainment experiences, the company said it 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.
The strategic initiative marks iQiyi's push for addressing 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 its high production quality.
Gong Yu, founder and CEO of iQiyi, noted that the offerings are not just low-budget online series, reflecting the company's dedication to premium production and creativity.
"We also plan to collaborate with industry partners to drive further innovation," he said during the company's 2024 iJOY conference held in Shanghai on Wednesday. "While many companies allocate over 90 percent of their revenue to promoting the content, iQiyi directs more than 70 percent back to content producers."
Gong said 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.
Wang Xiaohui, iQiyi's chief content officer, highlighted the importance of strategic integration of long- and short-video formats, saying that it leveraged the company's established strengths in long-form video content.
According to iQiyi, 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-format dramas lasting between 1 and 5 minutes.
Meanwhile, the "Short-Drama Theater" will introduce one new title every week across various genres, featuring episodes that range from 5 to 20 minutes in a horizontal format.
The company's short-form drama strategy also unlocks new commercial opportunities for brand marketing.
Wu Gang, iQiyi's senior vice-president, said 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, Wu added.
According to the latest first-quarter data from AMPD, the digital measurement platform owned and operated by Media Partners Asia, 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.
Gong said: "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 the content on iQIYI International consists of Chinese mainland productions, supplemented by dramas from Thailand, Japan, and South Korea, along with local productions for markets including Malaysia.
During the event, iQiyi unveiled a 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.
The company said it is committed to diversifying its content offerings in documentaries, films, animation, children's content, and sports, further strengthening its comprehensive content matrix.
