Leading Netflix-Style App in China is Finally Exploring the Social Video
The biggest Netflix-like online streaming site & app in China finally has come up with a proper plan towards getting into the rapidly expanding zone of social & user-generated short-form videos online. However, the company iQiyi Inc. claims that it might take as long as 3 years to reach the top.
The spin-off by Baidu Inc had previously recognized the given potential, but had aimed at focusing on its core business, as told by the Chief Executive Officer of iQiyi Inc. Gong Yu.
Currently, the company is aimed at targeting the market that has already been surging. High-end apps from Douyin to Kuaishou have already taken the country by storm. These apps are helping the users shoot & share millions of video clips that feature everything –right from dancing videos to noodle-slurping villagers of the country. Thousands of millions of users end up spending several hours each day glued to their smartphones –attracting advertisers & reaching sky-high valuations. This tends to be the major problem for iQiyi & WeChat operator Tancent Holdings Ltd –as these companies are trying towards sustaining effective user engagement and paying ever-rising costs to make or buy professional shows.
In an official statement, it was claimed that over the period of last 8 years, the overall speed of development of long-form videos & clips has been too fast. The overall resources that were required were also too high and the competition was specifically fierce. Therefore, there was no scope of any distraction. The given format has been rapidly becoming a common phenomenon across the globe. The international version of the Douyin’s app –Tik Tok –has been considered to be the most downloaded non-gaming app on the Apple Store during the 1st quarter of the current year.