iQIYI showcases strategic response to TV drama industry trends: short-form content and technological innovation drive growth

Rhea-AI Summary

iQIYI, China's leading online entertainment platform, has unveiled its strategic initiatives focusing on short-form content and technological innovation. The company has launched two key programs: the 'Thousand Mini-Dramas Initiative' and 'Hundred Short-Dramas Initiative' across two content theaters. The Mini-Drama Theater offers 1-3 minute vertical content, while the Short-Drama Theater features 5-20 minute horizontal format content.

The company's mini-drama portfolio has reached over 10,000 titles, capturing 95% of leading mini-drama content providers. In December 2024, their first mini-drama achieved over RMB 1 million in revenue-sharing income. The iQIYI Lite app now primarily features free, ad-supported mini-dramas, while the main app maintains focus on long-form content.

On the technology front, iQIYI has invested in virtual production, including a new 2,500-square-meter flagship virtual studio. Their IQ Stage platform, featuring over 20 patented technologies, has improved production efficiency by 30% in shows like 'My Journey to You'.

Positive

• Mini-drama portfolio reached 10,000 titles, capturing 95% market share
• First mini-drama generated RMB 1M+ in revenue-sharing (Dec 2024)
• Highest viewership market share in long-form dramas for Q4 and full year 2024
• 30% increase in production efficiency through virtual filming techniques
• Completed 2,500 sq meter flagship virtual studio with 20+ patented technologies

Negative

• None.

BEIJING, Feb. 28, 2025 /PRNewswire/ -- iQIYI, China's leading online entertainment platform, participated in the first China TV Drama Production Industry Conference and the 10th China International TV Drama Program Trade Fair in Shenzhen in last week. iQIYI Founder and CEO Yu GONG delivered a keynote speech at the conference, emphasizing the company's "viewer-centric approach" in response to evolving consumption patterns. "Success in our industry goes beyond content length, cast influence, production budgets, or the latest AI and virtual production technologies," Gong stated. "The most crucial aspect is respecting the creative process, valuing content creators, understanding audience preferences, managing resources efficiently, and leveraging innovation to deliver premium content. Ultimately, putting viewers at the center of everything we do is what matters most."

Strategic Expansion of Mini-Drama Ecosystem

As the content and entertainment industry continues to transform, iQIYI shared content strategies that include serialized long-form dramas, premium short-form content, and industrialized mini-dramas, along with its technological innovations aimed at enhancing production capabilities.

During a keynote speech on emerging content formats, iQIYI Senior Vice President Haitao YANG outlined the company's strategic initiatives in response to growing market demand for concise storytelling. Highlighting the expansion of its mini and short dramas ecosystem, Yang detailed two key programs - the "Thousand Mini-Dramas Initiative" and "Hundred Short-Dramas Initiative," which are being implemented across two distinct content theaters.

The "Mini-Drama Theater" focuses on mobile-optimized vertical content of 1-3 minutes per episode, covering genres from romance to suspense while the "Short-Drama Theater" features horizontal format content of 5-20 minutes per episode, emphasizing premium period dramas and urban storylines.

Leveraging iQIYI's established expertise in long-form video content production, the company has achieved breakthroughs in this segment, with its mini-drama portfolio now surpassing 10,000 titles and capturing 95% of the leading mini-drama content providers in the market. The company reached a significant milestone in December 2024 when the platform's first mini-drama generated over RMB 1 million (US$0.14 million) in revenue-sharing income.

iQIYI has also revamped its Apps to improve users' viewing experience recently. While iQIYI's main app continues to focus on long-form video with membership-based revenue models, iQIYI Lite app has been strategically repositioned to primarily feature free mini-dramas supported by advertising. Recent data indicates the format's growing popularity, with mini-drama viewing time on the main app now rivaling that of animation, kids' content, and variety shows. On iQIYI Lite app, mini-dramas have secured the second position in viewership, surpassed only by traditional long-form dramas.

Virtual Production Technology Elevates Content Production

At the conference, iQIYI Vice President Liang ZHU highlighted the company's cutting-edge advancements in virtual production technology, which have been actively implemented across its robust portfolio of long-form dramas, where iQIYI has secured the highest viewership market share in both Q4 and throughout the full year of 2024, according to data from Enlightent.

For example, the original drama "My Journey to You" achieved a remarkable 30% increase in production efficiency through virtual filming techniques, while "Fangs of Fortune" pioneered large-scale water surface reflection in virtual filming in China. With virtual production elements comprising 16% of its total production, "Fangs of Fortune" stands as one of the most technically sophisticated and extensive virtual productions in China to date.

Zhu explained how these innovations are becoming a mainstream trend in the industry, with leading content platforms and IP owners achieving significant improvements in both efficiency and quality through virtual production and reusable digital assets.

To stay at the forefront, iQIYI has made substantial infrastructure investments, including the recent completion of a 2,500-square-meter flagship virtual studio that meets world-class standards of excellence. Additionally, its self-developed IQ Stage virtual production platform integrates over 20 patented technologies, enabling sophisticated real-and-virtual integration effects that deliver exceptional visual experiences to global audiences.

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SOURCE iQIYI

FAQ

What are the key initiatives in iQIYI's (IQ) short-form content strategy?

iQIYI launched two programs: 'Thousand Mini-Dramas Initiative' for 1-3 minute vertical content and 'Hundred Short-Dramas Initiative' for 5-20 minute horizontal format content.

How successful is iQIYI's (IQ) mini-drama portfolio in 2024?

iQIYI's mini-drama portfolio exceeded 10,000 titles, capturing 95% of leading content providers, with their first mini-drama generating over RMB 1 million in revenue-sharing income in December 2024.

What technological improvements has iQIYI (IQ) made in virtual production?

iQIYI built a 2,500-square-meter virtual studio and developed IQ Stage platform with 20+ patented technologies, achieving 30% production efficiency increase in shows like 'My Journey to You'.

How does iQIYI (IQ) differentiate content between its main app and Lite app?

The main app focuses on long-form video with membership-based revenue, while iQIYI Lite app primarily features free mini-dramas supported by advertising.

What market position did iQIYI (IQ) achieve in long-form dramas during 2024?

iQIYI secured the highest viewership market share in long-form dramas for both Q4 and throughout the full year of 2024, according to Enlightent data.