In a bid to increase revenues, Chinese video streaming platform iQiyi is aiming to focus on movies over the next two to three years.
Tencent Video and iQiyi have just over 530 million monthly active users each, according to Questmobile data cited by Jefferies analysts Karen Chan and Ken Chong said in a May 10 report.
He said a movie that does well in theaters and online doesn't need costly wide-range shots or special effects, since the value of such features would be less apparent on smaller screens. What is most important for a dual-format movie, according to Gong, is a strong lead actor, who can then make ordinary street and office settings appear more vibrant.
In addition to raising $2.25 billion at its IPO last March, iQiyi has since held two convertible note offerings, for a total raise of about $4 billion. The company is set to report first-quarter results this Thursday.
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