BEIJING, June 26, 2018 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service in China, today announced that it has been recognized by Forbes China in its annual “50 Most Innovative Companies” list.
The list, which is jointly compiled by Forbes and renowned Chinese data analysis firm Analysis International, features 50 Chinese companies which are leaders of innovation in the fields of retail, logistics, entertainment, online education, cloud computing, consumer robotics, smart homes, artificial intelligence, fin-tech, blockchain, healthcare and the automotive industry. iQIYI was the only online entertainment platform to appear on the list.
iQIYI’s recognition in this influential list is strong evidence that the company is continuing to push forward the development of the Chinese entertainment industry. iQIYI’s innovative business model gives it an unmatched ability to monetize content via its membership program and advertising, while the platform’s selection of original content, combined with its innovative marketing methods and industry leading AI technology have enabled it to become Chinese users’ top choice for their comprehensive entertainment needs.
According to Forbes China, the Chinese entertainment market is facing challenges including fierce competition, a lack of premium content, difficulty of making profits and lack of platform loyalty. Forbes stated that iQIYI’s innovation is evident in the company’s careful curation of content and particularly its capacity for self-produced content and marketing, with the company having transitioned from a platform focused solely on online streaming to a holistic and technologically advanced entertainment ecosystem. The list judges companies in the entertainment sector on the basis of their ability to create content, manage users and profitability.
iQIYi’s innovative business model and focus on technology has allowed it to take a leading position in the competitive environment of China’s entertainment industry. iQIYI was the first company in the Chinese online entertainment sphere to explore a paid membership initiative and in 2017 the platform’s number of paid users skyrocketed. iQIYI’s wide range of original content and marketing efforts means it is also able retain users’ loyalty, with a report from Analysis International indicating that iQIYI’s number of monthly active users is the highest in the industry.
iQIYI was founded in 2010 with the vision of becoming a technology-based entertainment giant that brings fun and joy to people and their families. The company seeks to lead the industry in the innovation of content, products, marketing and technology, with its advantages in the field of AI and big data sealing its place as the most diversified choice of online entertainment platform for its users.
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”) is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce etc. For more information on iQIYI, please visit http://ir.iqiyi.com.
SOURCE iQIYI, Inc.
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