About iQiyi
It is a Chinese online video platform working under the parent organization Baidu since its launch in 2010.
The website shares over 500 million monthly active users and is recorded as the largest online video sites in the world.
The website is headquartered in Beijing, China receiving the Alexa ranking of 145th position among the world’s most visited websites.
Recently, it made a headline for issuing its IPO in the United States and raising $2.25 billion in March 2018.
When it was started?
The website was founded by Gong Yu and was launched on 22nd April 2010 in China by Baidu which is considered as the largest online search engine under the traded name of Qiyi.
The name was later changed to iQiyi in 2011 with purchase of an online license for Transformers: Dark of the Moon from Paramount.
The company also owns a subsidiary PPStream Inc. and has a film production division, iQiyi Motion Pictures on their list since 2014.
The company expanded in mainland China by going for the purchase of various online copyrights of eight top entertainment shows in 2015.
They also made their entry in various countries like Taiwan in 2016 with over 20 million subscribers. In 2017, Netflix went to sign a deal with iQiyi making its original productions available on the website.
Why are they so popular?
This entertainment platform has worked very well to innovate all areas of business, including content, technology, marketing, and product development.
They are popular because they have that ecosystem which includes services like e-commerce, anime, short videos, gaming, movie ticket bookings, and literature.
They mostly operate in China with 845 million customers accessing the platform each month. It is a high quality, fashionable and appealing brand to young people with abundant licensed movies, TV series, variety shows, cartoons, etc.
In 2014, they have created “video brain” based on searching and video data to understand human behavior through content creation.
They have also attracted youth with their customer service value and methodology called “iJOYMarketing” helping clients in their business.
What’s new?
Its revenue has grown by 226% in the last two years but the company is not returning positive free cash flow at the moment.
Recently, this Chinese streaming giant iQiyi Inc. was spun off from China’s search leader Baidu Inc. raising an estimated $2.25 billion in the process.
References
https://en.wikipedia.org/wiki/IQiyihttps://www.iqiyi.com/