China’s most popular Netflix-like streaming service is angling to build a blockbuster short-video app by 2020, hoping to finally make a splash in an arena crowded with viral phenoms from Bytedance Ltd.’s Douyin to Tencent-backed Kuaishou.
IQiyi Inc., controlled by search giant Baidu Inc., intends to cultivate a social media-oriented video sharing platform geared toward entertainment, founder and Chief Executive Officer Gong Yu told Bloomberg Television. That comes after lackluster attempts to crack the genre and could involve fine-tuning an existing app or creating a new one, he added.
