iQiyi, China's largest video streaming platform, has entered the experiential entertainment sector with the launch of iQiyi Land, a themed attraction park that sold out on its opening day in Yangzhou. The move represents a strategic pivot for the company as it contends with seven consecutive quarters of declining revenue and navigates leadership transitions, including the recent departure of its chief financial officer.
The company currently operates one completed park in Yangzhou with two additional locations under development in Beijing and Kaifeng. Unlike traditional large-scale theme parks, iQiyi's facilities operate at a significantly smaller scale and lower price point, positioning them as accessible entertainment venues that leverage the company's existing intellectual property portfolio. This approach mirrors strategies employed by competing platforms and entertainment companies including Pop Mart and Miniso, which have similarly expanded beyond their core business models into physical consumer experiences.
The theme park expansion forms part of iQiyi's broader diversification strategy as the streaming industry faces sustained profitability challenges in China's competitive market. By capitalizing on its extensive library of original content and established fan base, the company aims to create multiple revenue channels while strengthening brand engagement through immersive, physical touchpoints with consumers.