iQIYI(US:IQ) Sou Hu Cai Jing·2025-10-22 21:47Core Insights - iQIYI's theme park marks its entry into the offline entertainment market, transitioning from an online content producer to a scene operator, driven by industry evolution and internal needs [1][3] - The theme park project is a strategic move to monetize its IPs and tap into the growing offline entertainment consumption market, which is projected to exceed 80 billion yuan by 2025 [6][9] Group 1: IP Value and Market Dynamics - The urgent need to exploit IP value is a primary driver for iQIYI's theme park initiative, as it seeks to transform its popular IPs into tangible consumer experiences, creating a value loop from content creation to offline experiences and merchandise sales [4][6] - The long video industry is now in a phase of stock competition, with stagnant member growth, prompting iQIYI to explore offline avenues for user engagement and revenue generation [6][9] Group 2: Development Strategy - iQIYI adopts a gradual approach to theme park development, starting with smaller immersive experiences before scaling up to larger parks, thereby minimizing risks associated with cross-industry ventures [6][9] - The first large-scale theme park is set to open in Yangzhou, featuring a blend of IP and digital technology across seven thematic areas, including immersive theaters and interactive experiences [9][12] Group 3: Competitive Landscape - iQIYI's development model differs from established players like Huasheng Fantawild and Chimelong, focusing on a city leisure model rather than destination-based parks, and leveraging digital technology for immersive experiences [12][14] - The reliance on film IPs presents both opportunities and challenges, as the lifecycle of a film's popularity is typically short, which may impact the park's long-term viability [12][13] Group 4: Operational Challenges - iQIYI faces significant challenges in offline operations, lacking the necessary expertise in venue management, equipment maintenance, and customer service, which are critical for theme park success [16][17] - The current theme park offerings are criticized for insufficient integration of IP elements into the visitor experience, highlighting the need for deeper engagement and innovation [16][18] Group 5: Strategic Recommendations - To enhance operational capabilities, iQIYI should consider partnerships with third-party experts and eventually build an in-house team to manage various aspects of theme park operations [17] - Focusing on long-lifecycle IPs and creating immersive experiences that resonate with visitors can help sustain interest and foot traffic [18] - Leveraging digital technologies to create unique experiences and integrating local cultural elements can differentiate iQIYI's offerings in a competitive market [19]