iQIYI to release 282 new titles

The Chinese Netflix-like streaming platform iQiyi has announced the upcoming release of 282 new titles as part of its larger drive to deliver better entertainment experiences with high-quality content while using cutting-edge technologies like artificial intelligence. 

"The film and television industry is poised for revolutionary changes in production methods, cost structure and personnel composition over the next three to five years due to AI-generated content," said Gong Yu, founder and CEO of iQiyi.

Gong recently shared at its iJOY Conference, held both online and offline in Lijiang, Yunnan province, that the company is actively embracing AIGC to empower creativity across the content production, promotion and consumption process, as AIGC has proven to be highly effective in applications such as text, image, sound, video and 3D models, revolutionizing the content industry.

Gong believed the widespread adoption of AIGC technology would unlock new possibilities for content creation and reshape the entertainment landscape.

To create more innovative content and better cater to people's rising demand for high-quality products, iQiyi announced during the conference the upcoming release of 282 new films, drama series and variety shows.

Wang Xiaohui, chief content officer and president of Professional Content Business Group (PCG) at iQiyi, said that the company will continue to create content that reflects the lives of ordinary people and addresses societal issues, offering diverse and high-quality choices for viewers and brands.

The company has reported second-quarter results with a total revenue growing 17 percent year-on-year to 7.8 billion yuan ($1 billion), among which membership services revenue increased 15 percent year-on-year to 4.9 billion yuan. Also, its online advertising revenue increased 25 percent year-on-year to 1.5 billion yuan.

According to the report, the daily average number of its total subscribing members was 111 million, up 13 percent compared to the same period last year. 

Looking into the third quarter, Thomas Chong, an equity analyst at Jefferies Hong Kong Ltd, said his team now estimates the company's total revenue to grow 8 percent year-on-year to 8.1 billion yuan.

By segment, he estimated membership revenue to grow 2 percent quarter-on-quarter to 5 billion yuan, mainly driven by average revenue per membership. Online advertising is expected to grow at 35 percent year-on-year, thanks to the fast growth momentum of performance-based ads, he added.