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China's Largest Streaming Site Is Coming After TikTok

  • IQiyi wants to start an entertainment-oriented service by 2020
  • Founder foresees content costs rising more in the long run
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iQiyi CEO Yu Gong detailed his plans to launch a new short video app by the end of 2020.(Source: Bloomberg)

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.