China’s ‘Netflix’ Iqiyi is set to open a theme park with virtual reality based on its shows

Beijing – Chinese VideoTreaming Platform Iqiyi Announced Thursday It Plans Later This Year to Open Its Full-Fledged Theme Park in China Based on Characters from from its shows.

The forthcoming “Iqiyi land” is set to open in the city of yangzhou in jiangsu province, just over two two hours from Shanghai by High-Speed ​​Train. The company said the theme park will include seven types of attractions – Including immersive theater, interactive film sets and experiences that use virtual reality for Iqiyi’s films and television dramaas.

It’s the latest company to bet that local consumers will spend more on experiences, Despite Tepid Retail Sales.

Legoland is opening its First China Resort In Shanghai this summer, while warner bros. Discovery last month announced it is opening a “harry potter studio tour” in 2027 in the same city. Chinese toy company Pop mart Opened a themed “Pop land” in beijing in late 2023, which has become the most popular attraction in the city’s business district, according to rankings from dianping.

Iqiyi’s planned theme park builds on the company’s recent success with vr-specific attractions.

The company has developed technology that combines vr headsets with moving platforms – giving visitors the impression that they are walking, riding on boats or sitting in a frying carriege. That means a theme park-like experience can be Compressed into a space As small as a square just 57 feet long.

Since Iqiyi’s first dedicated vr experience opened in Shanghai Two Years ago, The company has worked with business partners to open more than more than 40 locations in at Lecations 20 Chinese Cities. One VR Experience Based on Iqiyi’s “Strange Tales of the Tang Dynasty: Journey to the West” Gained More than 100,000 Visitors in its first year of opening, according to the company.

VR, Gaming and Artificial Intelligence have enabled the emergence of “distributed” theme parks that are more compact, interactive and alive to itarerate to itarete content more Quickly, Hang Zhang, Hang Zhang, SENIR VICE present at Iqiyi, said in a chinese statement translated by CNBC.

He said some of the vr-based experiences will first be released in iqiyi land before they’re launched in other venues.

Iqiyi Shares Closed Nearly 3% Higher in Us Trading Chiursday and Are Up 14% for the year so far.

Mainland China’s Theme Park Revenue is Forecast to Excast 480 Billion Yuan ($ 67 Billion) This year, with more than 500 million visitors, according to data shared by the internal association of amustery Attractions. That would be up exponentially from 30.39 billion yuan recorded Across 86 Major Theme Parks in Mainland China in 2023, Just after covid-19 pandemic contracts ended, the data showed.

Parks are Increasingly Using a Mix of Virtual Reality to Engage Guests, While Using Ai Tools to Manage Crowds, The Association Said. It added that parks are also also combining global intellectual property franchisees with domestic narratives in china.

The Association Announced Wednsday that Head of Disney Parks International Bold Speak At Its Asia expo this summer in Shanghai.

Disneywhose disneyland in Shanghai Opened in 2016, Reported A 28% Year-On-Year Increase in International Parks and Experiences Operating Income in the Quarter Ended Dec. 28, in contrast with a 5% decline in the US

ComcastWhose Universal Studios Beijing Opened in 2021, said highher revenue At Its International Theme Parks Offset Lower Guest Attendance at Its Us Parks in the fourth Quarter.

Tourism has been a rare bright spot in China’s other lacluster consumer market. The consumer price index, an indicator of domestic demand, rose by just 0.2% last year while the tourism component increases by 3.5%,

China’s plan to boost consumption this year Called Specifically for developing the experience economyIqiyi has previously worked with a Local Tourism Board to Produce a Television Drama set in a remote part of chinaDrawing visitors.

However, Competition in Content Remains Fiers. Iqiyi reported an 8% Drop in 2024 Revenue to 29.23 Billion Yuan, Reversing a 10% Increase the Prior Year.

Theme park projects can also face delays.

A legland in Western China’s Sichuan Province was Originally scheduled to open by 2023When CNBC Contacted Operator Merlin Entertainments About The Project, The Company Only Emphasized The Summer Opening of Legland in Shanghai this summer.

Disclosure: comcast is the owner of nbcuniversal, parent company of CNBC.