Marketing iQIYI to the World

Jony Deng has a mission—to market Chinese video platform iQIYI to the world. One of the first employees at iQIYI, he is now the Head of Marketing at its International Business Department. Work brought him to Singapore. Relocated to the sunny island, Jony has been developing the firm’s overseas business since 2020.

It is here where he embarks on the next journey in his life—enrolling in The NUS Executive MBA (Chinese) programme. “I desire to stay abreast of the ever-changing commercial world, and hone my skills in business development,” said Jony, Intake 31 student and recipient of the programme’s Overseas Entrepreneur Scholarship 2022.

Established in 2010, iQIYI is one of the largest online video platforms in China, with over 100 million subscribers. A growing mobile user base in China and rapid development of the entertainment industry over the past decade propelled iQIYI’s growth. Listed on NASDAQ in 2018, prospects for the firm looked bright.

Then challenges came. In 2019, iQIYI experienced a slowdown in its revenue growth. Users began to demand higher quality content, yet copyright and content production costs rose.

Jony knew he needed to help iQIYI break into overseas markets. In the initial stage, the firm relied largely on the Chinese domestic market. In contrast, competitor Netflix sees more overseas subscribers than domestic ones.

While iQIYI’s content is mainly in Mandarin, Jony noted that cross-language content is increasingly being consumed by global viewers. He shared that one of iQIYI’s core strategies is to leverage the increasing popularity of Chinese video productions in other countries. Since 2020, iQIYI has established regional offices in Southeast Asia, North Asia and North America.

Overcoming cultural differences

Winning the hearts of overseas audiences is hard. Jony believes entrepreneurs need grit and persistence if they want to set up a business overseas. “Overseas markets are more complex. For instance, when a business ventures into overseas markets, it is essential for the company to have a deep understanding of the local cultures, social norms, and local business practices. A company needs to adopt a long-term view should it choose to develop its presence in the Southeast Asian markets,” said Jony.

“Companies committed to overseas ventures should develop a heightened sense of social responsibilities. For example, iQIYI aims to produce entertaining and positive content that benefit local families and the younger generation,” he added.

NUS EMBA (Chinese): Learning about business and the world

Going back to school was a move after more than two decades in the industry. Jony had his industry accolades, but felt that self-improvement is more rewarding. At first, he was uncertain about his ability to absorb new knowledge. However, this changed when he was exposed to his professors’ insights about the business world.

It was a weave of interdisciplinary fields. The class learnt about business and much more—current affairs, politics, economy…and it’s not all theory. “I am impressed by the school’s interactive teaching pedagogy, where professors tie in theories to reality,” said Jony. “We spend more time discussing, debating and expressing our opinions on key business topics. It’s similar to content production—the professors are the directors and the students are the actors. The ideas generated form a trove of knowledge and students get to be curious about the world and everything around them.

“The NUS EMBA (Chinese) experience is fascinating.”