iQIYI has already signed agreements with five hotel brands across China as part of the VR Experience Hotel Room initiative, and talks for potential co-operation with a further six hotel brands are underway.
BEIJING, China -- iQIYI Inc. (NASDAQ: IQ), an innovative market-leading online entertainment service in China, announced the launch of a new cross-industry initiative to install virtual reality (VR) experience rooms in selected hotels across China. iQIYI has signed partnerships with some of biggest hotel brands across China's hospitality industry, as part of a drive to find further offline monetization opportunities for its advanced VR tech.
iQIYI has already signed agreements with five hotel brands across China as part of the VR Experience Hotel Room initiative, and talks for potential co-operation with a further six hotel brands are underway. The number of iQIYI VR Experience hotel rooms is estimated to reach 100,000 by the end of 2019.
"The increasing sophistication of technology like VR is already changing how people live their lives, having deep implications for all industries, including hospitality," said Xiong Wen, CEO of Chongqing iQIYI Intelligent Technology Co., Ltd. "iQIYI is delighted at the opportunity to work with some of the world's most respected hotel brands, using our experience in entertainment technology to ensure the comfort of their stay is matched with the very best immersive entertainment experience available."
With more than 560 million monthly active users on the company's mobile app, iQIYI's user base reflects a significant portion of Chinese society, particularly young and technologically sophisticated urbanites. This has greatly positive implications for hotel industry partners hoping to attract new customers to their hotels. Going forward, iQIYI will continue to leverage the strength of its user base, unrivalled selection of IP and advanced AI and VR technology to open up more channels for cross-industry collaboration, both online and offline.