iQiyi offers 10 billion yuan in resources

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 on Thursday in Shanghai. 

The investment and support will help the website attract more brands to take part in digital marketing, which may help them emerge from the economic trauma left 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. 

During the pandemic, people spend more time on digital entertainment and online spending, which gives brands and products new ways to get in touch with consumers, industry officials said.

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

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