Research On Network Video Competitive Strategy Of IQIYI Company

In recent years,with the rapid development of China’s network information technology,the scale of China’s Internet users is on a rapid growth trend,and by the end of June 2021 the scale of China’s Internet users broke one billion,having reached 1.011 billion people.The huge scale of Internet users provides the basis for promoting the development of China’s online video industry.Since its inception in 2010,iQIYI has relied on Baidu’s traffic base to attract many users.Even as the Internet industry’s dividends faded,growth momentum was insufficient and regulations became increasingly stringent,iQIYI went public on NASDAQ in 2018,bringing a new round of development opportunities for the company.In the first quarter of 2022,the company reported that it had turned a loss into a profit,achieving a quarterly profit for the first time.Even so,the company is still suffering from a decline in the number of varieties shows and their popularity,membership numbers are still recovering,advertising revenue is showing a decline and the number of effective broadcasts is declining,due to the tightening of content supply,rising membership prices,the macro environment,and the impact of short-form video,as well as tightening regulation.In the strategic analysis session,iQIYI online video was used as the research object to conduct an in-depth study of the company’s competitive strategy.The PEST model was used to analyze the external environment of iQIYI online video industry competition,concluding that the industry is increasingly regulated,there are more uncertainties in the market,but the platform’s profit model is clearer,audience entertainment demand is rising,the cultural industry is gradually emerging,and science and technology are gradually leading the development of the online video industry;in the analysis of iQIYI online video internal environment,the analysis concluded that In the analysis of the internal environment of iQIYI online video,it is concluded that iQIYI has certain advantages in terms of internal resources,human resources and cooperation resources,and it is also found that iQIYI online video has certain capabilities in high-quality content IP mining,efficient marketing,brand advertising innovation and content coverage,which leads to the analysis that the core competitiveness of iQIYI online video is "content-based " The Five Forces Model is the basis for this analysis.Based on the Five Forces Model,the current competitive landscape of China’s online video industry was analyzed in conjunction with stakeholder theory,leading to the conclusion that consumers,suppliers and industry competitors have strong bargaining power;combined with the above analysis,the SWOT analysis tool was used to analyze the strengths,weaknesses,development opportunities and external threats of iQIYI,leading to the conclusion that iQIYI should implement the SO strategy.According to the current development status of iQIYI online video and the identified SO growth strategy,iQIYI should seize the development opportunities in the future,focus on developing self-produced content,give full play to its core competitiveness advantage of "content is king",and implement a differentiation strategy at the content level.Around the strategic goal of competition,it is proposed that five major implementation measures should be taken to improve the quality of member services,build a content ecology by "one fish,many eats",brand operation of theatre model,innovation in variety categories to broaden advertising investment and industrial development of film and television creation,etc.,around "content is king " In addition,in order to ensure the implementation of the competitive strategy,the company should guarantee four aspects: capital,talent,system and technology,so that iQIYI can ultimately lead the industry in both commercial and spiritual development and be in the best position in the long-term competition in the industry.