Monday, the Chinese video streaming platform iQiyi announced the launch of its immersive virtual reality experience in Shanghai.
The concept combines immersive theater, virtual reality, and physical equipment to create the illusion that players are walking — or riding in boats and other vehicles — through a fantasy world with waterfalls, strong winds, and explosions. Also, players can target “enemies” with simulated arrows.
The company says that the virtual reality experience, which resembles a theme park ride, requires only 300 square meters of floor area. This approximates a 56.82-foot-long (17.32-meter-long) square lot.
What is iQiyi?
iQiyi is sometimes referred to as China’s Netflix due to the fact that it sells TV series and movies to its users. Tencent Video, Alibaba-owned Youku, and Bilibili operate the remaining three major video streaming sites in China.
IQiyi advertises its latest offering as “a 50-minute VR-powered adventure.” The experience is inspired by the 2021 television drama “Luoyang” on iQiyi, which is situated in the same-named historical Chinese capital city.
According to a Yelp-like entry on China’s DianPing app, ticket prices range from 198 to 398 yuan ($29 to $98). The website indicates that time slots are sold by the hour and are available daily from 10:30 a.m. to 11:30 p.m.
The experience, according to DianPing, is located in downtown Shanghai and will be accessible until May 18.
IQiyi’s VR to make $1 million annually
Zhang Hang, vice president of iQiyi and head of the company’s Dreamverse studio, which is responsible for the VR project, previously told reporters that the VR experience might attract approximately 40,000 visits per store per year.
At suggested ticket prices, iQiyi’s VR product might generate more than $1 million annually. Nonetheless, it is still unclear to what extent the experience will be accessible for the remainder of this year.
Zhang envisioned the VR experience as a cinema as opposed to an interactive game. His group was engaging with the company’s content creation team to verify that VR requirements were met.
IQiyi has stated that it utilizes artificial intelligence to assist with content creation. Wednesday, the company will release its quarterly results report.
Third-quarter sales for iQiyi decreased 2% year-over-year to $1.1 billion on September 30. According to the corporation, the average monthly revenue per member for the quarter was 13,90 yuan, up from 13,65 yuan a year earlier.
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