According to Enlightent, a big data platform for the entertainment industry, iQIYI has ranked No. 1 in drama viewership share for three consecutive years. In 2023, iQIYI broadcast seven out of the top 10 most-viewed new dramas in the Chinese market. In addition to dramas, the giant also dominated the online movie streaming segment with a total viewership share of 47 percent.

"Our market share leadership is deeply rooted in our unique capacity to produce original, premium content," Gong remarked.

In 2023, more than 65 percent of key dramas released by the platform were its original productions, an annual record in its history.

Unleashing greater IP value

In addition to creating premium original content, Chinese streaming giants are also good at creating blockbuster spin-offs to further amplify their value, bringing exciting experience across online and offline channels.

For example, iQIYI developed the iQIYI Chinese Historic City Universe—an expansive universe of various Chinese ancient cities featured in its hit costume dramas.

Based on Luoyang, a 2021 sensational historical mystery series, the company launched the first installment of the universe and monetized through Luoyang-inspired spin-offs including films, games, merchandise and VR immersive theater.