On March 14, Chinese streaming giant iQiyi announced plans to build its first theme park in Yangzhou, Jiangsu Province, set to open by the end of 2025.
China’s theme park market is fiercely competitive, with global players like Disney and Universal Studios vying against domestic brands such as Chimelong and Fantawild.
Even outside first-tier cities, the Jiangsu-Zhejiang region already hosts numerous projects like Nanjing’s Jinling Town, Huaian’s Journey to the West-themed park, and Sunac’s Wuxi Ice & Snow World—most developed through public-private partnerships.
"This isn’t a sudden move，we have been preparing for eight years," revealed Hang Zhang, Senior Vice President and General Manager of iQiyi’s Experiential Business Division.
This is not iQiyi’s first foray into offline entertainment. In 2023, it debuted Qibabu Land, a family-oriented park in Beijing’s Yanqing District, featuring its original animated IP Qibabu. The project was developed in partnership with operator Qliday Production and Beijing World Garden Co.
iQiyi isn’t alone in exploring theme parks. In 2023, snack giant Want Want Group unveiled plans for a theme park in Changsha, while blind box brand Pop Mart built one in Beijing’s Chaoyang Park.
For iQiyi, offline expansion enhances IP monetization. By integrating digital content with tourism and entertainment, the company can amplify brand influence, boost user engagement, and create a closed-loop ecosystem that strengthens both loyalty and revenue streams.
Beyond IP growth, diversification is a strategic necessity. China’s long-form video streaming sector faces rising content costs, slowing membership growth, and increasing pressure on advertising revenue.
In 2024, iQiyi reported annual revenue of RMB 29.23 billion（about USD 4.04 billion) with operating profit reaching RMB 2.36 billion (about USD 327 million） and an 8% operating margin—marking its third consecutive year of profitability.
However, with fierce competition in the advertising sector, the platform must explore new monetization avenues.
In face of market saturation, iQiyi remains cautious about rapid expansion. Hang Zhang stated that additional park locations will be announced in due course, but the company will prioritize refining its initial park model over scaling too quickly.
By applying an agile, internet-driven iteration strategy and focusing on delivering exceptional experiences, iQiyi aims to perfect its first park before expanding globally when conditions align.
