As competition between the BAT intensifies, iQiyi’s vice-president of international business tells The Drum about the company’s plans to compete in South East Asia.
As competition between China’s platform giants becomes more intense, a new growth market beyond China is necessary for major streaming platforms like Baidu’s iQiyi, Tencent Video, and Alibaba’s Youku, which occupies over 80% of market share in mainland China, to maintain growth.
This means South East Asia (SEA) has become the battleground for these platforms. IQiyi hired former Netflix executive and former Singapore diplomat Kuek Yu-Chuang as its vice president for international business for its SEA expansion, and picked out agency partners to build brand awareness in SEA markets.
“At its core, iQiyi’s international’s strategy is to be the home for beloved Asian content. Our first focus is on building a great slate of content – both original as well as licensed. At iQiyi, we have already been quite successful establishing several niches, including period costume dramas like Story of Yanxi Palace; crime thrillers like The Bad Kids; as well as our massively popular variety shows like Youth With You,” Kuek says.
“We are also expanding into more international content with high quality Korean shows like A&E’s Backstreet Rookie and Kakao M’s Love Revolution, as well as great local shows such as 7 Hari Mencintaiku from Malaysia and The Little Nonya from Singapore.”
Kuek’s immediate priority is building strong partnerships, starting with SEA, with a view to expand even farther globally.
He says given iQiyi’s technology background and