IQiyi, typically dubbed the “Netflix” of China, swung to a revenue in 2023 for the primary time because it listed within the U.S. in 2018.
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BEIJING — Chinese language video streaming platform iQiyi is popping its consideration to the nation’s growing old inhabitants, whereas utilizing synthetic intelligence instruments to bolster content material manufacturing.
Considered one of iQiyi’s near-term objectives is to enhance the product providing for older customers, CEO and founder Gong Yu stated Tuesday on the firm’s annual convention.
“It appears easy nevertheless it’s not, as a result of previously 10, 20 years the motto has been to serve younger individuals, and never be conventional,” he stated in Mandarin, translated by CNBC.
He famous how customers of their 40s or older are dropping off as a result of elevated display screen time is accelerating eyesight deterioration, and it is tougher for them to learn small textual content. Gong additionally pointed to estimates that predict about one-fourth of China’s inhabitants will likely be thought-about aged in 2033, rising to one-third in 2053.
China is quickly growing old as fewer individuals have kids and lifespans enhance. Births have fallen regardless of Beijing’s efforts within the final decade to unwind restrictions on households for one baby every.
Fewer kids, Gong stated, means every baby turns into extra essential. He stated iQiyi would enhance the standard of its content material for kids.
IQiyi can be tapping synthetic intelligence instruments for making content material manufacturing extra environment friendly.
Liu Wenfeng, iQiyi’s chief know-how officer, gave a speech on the Tuesday convention about “embracing AI.” He confirmed off the corporate’s instruments for rapidly imitating a multi-camera shot in a digital surroundings, and described how the nearly created parts from garments to buildings might be re-used or commercialized in a future metaverse.
Liu additionally stated iQiyi’s AI instruments can considerably cut back the time spent analyzing novels for production-worthy tales, in addition to detect which elements of present dramas bore or curiosity viewers.
Tuesday morning’s shows included a clip from OpenAI’s Sora text-to-video promotional video, however iQiyi executives didn’t share whether or not they had comparable know-how at scale.
As an alternative, Liu emphasised how generative AI permits extra individuals to be creators, and that the scarcest attribute would then be glorious creativity and superior aesthetics.
IQiyi can’t publicly share extra particulars about its AI capabilities as a result of confidentiality, however creators who companion with the corporate can be taught extra, founder Gong stated.
Trying forward, he stated the corporate would additionally look to faucet alternatives in abroad markets as development in China moderates.
IQiyi in late February reported it swung to a revenue in 2023 for the primary time because it listed within the U.S. in 2018. For almost yearly since, the corporate posted annual losses of $1 billion or extra.
The corporate is subsequent as a result of launch quarterly outcomes on Might 16.
In late February, iQiyi CFO Wang Jun informed CNBC in an unique interview he’s “excited” about potential new enterprise alternatives with the emergence of OpenAI’s text-to-video device Sora.
He stated such instruments might help iQiyi inform tales extra creatively, and that internally, it’s exploring the text-to-video area although it isn’t working with Sora.
For 2023, iQiyi stated its authentic content material accounted for a report 65% of main dramas it launched.
The corporate claims it now has greater than 50 in-house studios that produce greater than 200 exhibits a 12 months.
The expansion of in-house manufacturing displays a much bigger change in China’s movie trade over the past 5 years, Wang stated, noting that beforehand nearly all of content material was made by third events, leading to bidding wars for exhibits which raised prices.
Different main Chinese language video platforms with longer-form content material embody Tencent Video, Alibaba-owned Youku and Bilibili.
