Yu Gong on corporate strategy
From MEDIA MASTERMIND KEYNOTE - DR. GONG YU, FOUNDER & CEO, IQIYI - MIPCOM 2018 · · mipmarkets
“We want iQIYI to become a technology-based entertainment giant that brings fun and joy to people and their families.”
On , Yu Gong, Founder, Chief Executive Officer & Director at iQIYI, spoke about corporate strategy during MEDIA MASTERMIND KEYNOTE - DR. GONG YU, FOUNDER & CEO, IQIYI - MIPCOM 2018 on mipmarkets.
About Yu Gong
In a 2018 keynote at MIPCOM, Yu Gong, founder and CEO of iQIYI, described the company's evolution from a streaming service into a technology-based entertainment platform. He stated that iQIYI's mission is to become "a technology-based entertainment giant that brings fun and joy to people and their families." Gong noted that the online video streaming industry in China resembles an oligopoly, with the leading three players holding over 80% of the market share, and said that revenues for online video providers are primarily generated from advertising and membership services, both reliant on premium content. Gong discussed iQIYI's use of artificial intelligence, which he referred to as "IGE AI," to evaluate screenplays, assist with casting, predict viewership and box office performance, and aid in marketing and content acquisition. He also outlined the company's diversified monetization model, which includes membership services, advertising, and IP-related revenue streams such as talent agencies, content distribution, licensing, e-commerce, and online gaming. Gong emphasized that original content has long-term value, generating revenue through multiple windows over its lifetime.