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Core Viewpoint - iQIYI is transitioning into e-commerce through "content e-commerce," integrating content consumption with product sales, which has sparked user dissatisfaction and concerns about commercialization [3][6][8] Group 1: Reasons for Transition - The traditional content model is becoming increasingly difficult for iQIYI, with over half of the dramas losing money and production costs rising significantly [11][15] - iQIYI's revenue for the past year was 29.2 billion yuan, down 8% year-on-year, with a 13% decline in membership income and an 8% drop in advertising revenue [11][13] - The overall long video industry is facing challenges, with advertisers becoming more cautious in a tightening economic environment [15] Group 2: E-commerce Strategy - iQIYI's e-commerce initiative is still in a trial phase, with limited product offerings and minimal promotional activities [6][19] - The platform aims to leverage its unique "content + user" advantage, utilizing popular IPs and star collaborations to drive sales [24][34] - The e-commerce model is expected to focus on selling merchandise related to popular shows and stars, but faces challenges in sustaining long-term revenue [30][32] Group 3: Challenges Ahead - Users perceive iQIYI primarily as a content platform, and the introduction of e-commerce may disrupt their viewing experience [35][39] - iQIYI lacks the necessary infrastructure and resources to compete effectively in the crowded e-commerce market dominated by giants like Douyin and Taobao [44][46] - The company must balance its identity as a content provider and an e-commerce platform without alienating its core user base [47]