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October 23, 2020

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iQiyi’s US$1.5b to brands

iQiyi plans to offer resources valued at 10 billion yuan (US$1.47 billion), including cash and online traffic, to support branding partners, the country’s biggest video streaming site said yesterday in Shanghai.

The move will help the website attract more brands to take part in digital marketing, which may help them emerge from the economic damage caused by the COVID-19 pandemic.

The resources cover a new consumption fund, business connections in content, and stars and traffic support, said Nasdaq-listed iQiyi.

Amid the pandemic, people are spending more time and money on digital entertainment, which gives brands and products new ways to get in touch with consumers.

Technology and platforms can meet consumer demand and create new opportunities, such as ordering food directly in the links in gourmet programs, said Gong Yu, iQiyi’s chief executive.

The company also plans to increase investment to expand into overseas markets, mainly in southeast Asia.




 

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