Video streaming platform iQIYI has appointed We! Interactive as its digital agency. We! Interactive will be tasked to build awareness on the various titles iQIYI is launching. The agency will also aid in increasing viewership and adoption of iQIYI’s app. iQIYI was on the lookout for a local agency, and chose to appoint We! Interactive for its understanding and ability to run campaigns in Southeast Asia. The agency will work with the streaming platform for campaigns planned to be launched this year.
Independent media agency The Media Shop will be assisting We! Interactive with media duties. The remit will be regional and covers the Singapore, Malaysia, Indonesia, the Philippines and Thailand markets. According to Matthew Lim, managing director of We! Interactive, the agency aims to help iQIYI build its business in Southeast Asia.
Chinese multinational technology and internet provider Baidu currently owns a 56.2% stake in Beijing-based iQIYI. Just last week, news articles reported that Tencent showed interest in acquiring iQIYI in its route to dominate the market. iQIYI has built on its presence in Malaysia through a partnership with Astro. Astro will exclusively deliver iQIYI content on TV, on-demand and OTT in Malaysia.
It is also no doubt that streaming services are flocking to Southeast Asia. Netflix has since been growing its local content in Singapore, Malaysia and Indonesia to resonate with audiences and propel its subscriber growth here. However, in Asia, these streaming platforms will have to compete with local OTT players Viu, iflix and more.
During the pandemic, the economy was in a fix and ad budgets was one of the first areas to be impacted. Industry players Marketing spoke to said OTT platforms across Asia should not be reliant on subscription revenue alone, and should consider adopting an AVOD (Advertising Video On Demand) model as consumers are overwhelmed with subscriptions. In addition, content was another factor that will greatly make or break the business, the players added.
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