Tencent Video battles iQiyi in China’s streaming wars
But the two big Chinese streaming platforms may one day settle into a cosy duopoly
LAUNCHED IN 2010, iQiyi has grown used to the foreign press calling it “the Netflix of China”. Not the worst nickname, given the videostreaming pioneer’s success. But Gong Yu, iQiyi’s founder and boss, insists that his firm is more accurately described as “Netflix plus”. A bold claim for a loss-making business worth one-fifteenth as much as America’s (cash-generating) entertainment powerhouse with a market value of $214bn. Still, Mr Gong has a point.
This article appeared in the Business section of the print edition under the headline “A big-sum game”
Business August 22nd 2020
- Initial public offerings are back in Silicon Valley
- Epic Games takes on Apple
- Rimac is making a big name for itself in battery-powered transport
- Tencent Video battles iQiyi in China’s streaming wars
- IG Metall is pushing for a four-day week
- America closes the last loophole in its hounding of Huawei
- Forced labour in China presents dilemmas for fashion brands
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