BEIJING, Oct. 23, 2019 /PRNewswire/ -- iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, recently announced a partnership with KFC, the global fast food restaurant, in which the two companies will collaborate to launch the "iQIYI VIP Products Day". Under the collaboration, over 100 million iQIYI VIP members will be able to enjoy a wide selection of coffee, afternoon tea products for a discounted price at 6,000 KFC stores around 1,300 cities across China.
iQIYI and KFC Collaborate for “VIP Products Day” to Expand Membership Offerings
Notably, iQIYI VIP members will be able to enjoy KFC "K-coffee" drinks for the price of 5 RMB, a fraction of original prices that range from 14 RMB to 17 RMB, as well as enjoy KFC's afternoon tea selection at half price. As users under the age of 24 represent the largest demographic of iQIYI VIP members by number, this collaboration fulfills the high demand iQIYI's young users have for leisurely refreshments such as coffees and snacks while also serving as an innovative marketing opportunity for KFC and its products. Through the collaboration with iQIYI, KFC is able to reach a wide-ranging cohort of young consumers with high purchasing power and achieve cross-platform consumption transformation amongst them.
"Along with our IP-based entertainment ecosystem, we are committed to expanding the scope of our membership services by collaborating in such mutually-beneficial partnerships," said Yang Xianghua, President of Membership and Overseas Business Group of iQIYI.
iQIYI and KFC previously collaborated in 2017 to release set meals that were based on the iQIYI IP-based drama series Legend of Zu Mountain 2. The 2017 collaboration was met with great acclaim by both iQIYI users and KFC WOW members, and successfully set off a trend around IP-based product marketing. iQIYI cross-platform partnerships with companies include online retailer JD.com, health and beauty care chain store Watsons, travel services provider Ctrip and music streaming service KuGou. More than 50,000 items are currently available at the iQIYI Mall for iQIYI users to purchase. Furthermore, as part of an upcoming partnership with China's leading electrical appliances chain store GOME, iQIYI VIP members will be able to enjoy membership discounts at GOME's online and 2,400 offline stores from October 25th to 28th.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.
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