iQIYI leads agile, IP-and tech-powered offline experience with plan for second theme park in China

Core Insights - iQIYI has announced the groundbreaking of its second comprehensive theme park, iQIYI LAND, in Kaifeng, Henan Province, following plans for its first park in Yangzhou, Jiangsu Province, as part of its strategy to extend premium IP into offline experiences [1][2] - The new park will feature seven core entertainment sectors, including immersive theater and mixed reality experiences, aimed at enhancing audience engagement and interaction [2][3] - iQIYI is adopting a technology-driven model that reduces the need for heavy upfront investments and long return cycles, utilizing proprietary game engines, VR, and AI for frequent content updates [3][4] Industry Context - The theme park sector in China reached RMB 60 billion (USD 8.2 billion) in 2023 and is projected to exceed RMB 110 billion (USD 15 billion) by 2028, indicating strong growth potential [5] - iQIYI is focusing on culturally rich cities with strong market potential, with Kaifeng being strategically chosen for its historical significance and excellent transportation connectivity [6] - The immersive theater experiences have been successfully rolled out in over 20 cities and 40 locations nationwide, positioning them as a core attraction for iQIYI LAND [5]