iQIYI has announced that its first offline entertainment park, iQIYI LAND, will open in Yangzhou, Jiangsu Province on February 8, 2026. The park is described as a highly interactive, next‑generation indoor theme park that will bring beloved Chinese stories to life through advanced technology, creating an immersive entertainment space that blends innovation with iconic Chinese intellectual property.
The move marks a strategic pivot for iQIYI, which has faced declining streaming revenue in recent quarters. Revenue fell 9% in Q1 2025, 11% in Q2 2025, and 14% in Q4 2024, driven by a lighter content slate and weaker membership and advertising streams. The company’s primary revenue sources remain membership services and online advertising, with CFO Jun Wang reporting Q3 2025 revenue of RMB 6.7 billion, up 1% sequentially, and membership services revenue of RMB 4.2 billion, up 3% sequentially.
CEO Yu Gong emphasized that the offline experience business will become “one of iQIYI’s core businesses in the future, focusing on intellectual property derivatives and theme parks.” He added that the company is “reimagining Chinese storytelling through technology and offering a new cultural landmark.” CFO Jun Wang noted that the park’s development is part of a broader strategy to leverage iQIYI’s IP portfolio and to diversify revenue streams beyond the core streaming platform.
China’s theme‑park market reached RMB 60 billion (≈$8.6 billion) in 2023 and is projected to exceed RMB 110 billion (≈$15 billion) by 2028. The Jiangsu‑Zhejiang region already hosts several large theme‑park projects, and iQIYI’s entry adds a new competitor to domestic players such as Chimelong and Fantawild, as well as global brands like Disney and Universal Studios.
The park’s design will integrate artificial intelligence, virtual reality, and augmented reality to create immersive experiences while keeping capital investment lower than traditional theme parks. By converting its digital IP into physical attractions, iQIYI aims to deepen brand engagement, generate new revenue streams, and offset the headwinds in its streaming business. The expansion also signals the company’s confidence in its IP portfolio and its willingness to invest in long‑term, high‑capability assets that can drive future growth.
The announcement underscores iQIYI’s broader strategy to diversify its business model, capitalize on its strong IP library, and leverage technology to create new customer touchpoints. While the park represents a significant capital commitment, it also offers the potential to generate recurring revenue and strengthen the company’s competitive position in China’s rapidly growing entertainment market.
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