BEIJING, June 15,
2022 /PRNewswire/ -- On Jun. 15, 2022,
iQIYI Inc. (NASDAQ: IQ), an innovative market-leading online
entertainment service in China,
released a virtual reality (VR) painting video in honor
of World Ocean Day, further cementing its commitment to building a
premium VR ecosystem. iQIYI strongly believes in the potential of
VR and augmented reality (AR) technologies and has, over the years,
made substantial investments in building a VR ecosystem. Showcasing
virtual painting, the latest VR video demonstrated that by making
cutting-edge VR technologies more accessible to the general public,
iQIYI's helps create new career options for young
artists.
VR Painting Spawns A "New Profession" in the
Metaverse
VR painting is one of the latest ways users create fully immerse
experiences using the VR hardware and software iQIYI makes
assessable. Many art hobbyists who have picked up their "brushes"
in the VR world are excited by the challenge of painting virtually.
Artists remarked that in comparison to traditional, two-dimensional
painting, VR painting requires even stronger spatial thinking as
the "canvas" is now three-dimensional. However, the process creates
artworks that immersive and realistic.
Featuring artists virtually rebuilding the once-damaged ocean
ecosystem, the video released on the World Ocean Day exemplifies a
compelling story told through VR painting. The video inspires
viewers to join force in marine protection as it shows the rebirth
of coral reefs and seaweeds in an absorbing fashion.
Painting using VR also offers a new level of creative freedom
for long-time artists. Newer artists revel in the challenge of
painting virtually, noting that the interactive nature of VR
painting makes it an exciting creative and social experience. Early
this year, QIYU VR launched a VR painting game "Elephant World",
which inspired many users to share their creations in the QIYU VR
community. In March 2022, iQIYI Smart
also hosted a Metaverse Artist Competition for children, and the
event was well received among young artists.
For many, the potential unlocked by VR painting may even lead to
new future career directions. While most VR artists now paint for
fun, VR painting can potentially be adopted to do clothing and
architectural design. For young people, VR painting stands as a
promising career possibility.
Growing a Robust VR Ecosystem with Hardware and
Content
iQIYI entered the VR market in 2016, with its investment over
the years spanning content production, platform building, and
hardware development. In 2017, iQIYI launched iQIYI QIYU
(Adventure) VR, the first all-in-one VR product on the market
in China equipped with a
4K screen. In 2021, the company
introduced two flagship VR products in the span of three months.
With 30 built-in free games, QIYU 3 entered the market in September
and made an instant splash with its many revolutionary features,
including a specially designed dual-screen solution and the iQUT
future cinema. In December 2021, the
company launched QIYU Dream, which, despite its cutting-edge
features, was at a more affordable price point compared to market
alternatives. The first batch of QIYU Dream sold out two days after
the device's official release on e-commerce channels.
Among the first long-form video companies in China to invest in the VR software and
hardware ecology, iQIYI is now an established VR manufacturer in
China. According to International
Data Corporation (IDC), a premier global provider of market
intelligence, in Q4 2021, QIYU's omnichannel sales in China increased by 475.9% year-on-year,
consolidating a 22.5% overall market share. In 2021, iQIYI QIYU
accounted for 27.4% of the overall VR products sold via digital
channels in China.
A Future of Possibilities
Statista, an online statistics database, estimated that the size
of the global VR / AR market may exceed $12.1 billion in 2024, with the compound growth
rate from 2021 to 2024 potentially going beyond 36%. Looking
ahead, iQIYI is committed to further cementing its leadership
position in the market through making VR hardware even more
accessible, while growing an innovative VR content
ecology featuring arts, dramas, films, variety shows, and
games.
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SOURCE iQIYI