iQIYI's RiCH BOOM Makes Global Debut as the First Chinese Virtual Idol to Appear on MTV Video Music Awards Japan

BEIJING,Nov. 30,2020 -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"),an innovative,market-leading online entertainment service in China,is pleased to announce that the Company's RiCH BOOM made its global debut on November 29,becoming the first Chinese virtual idol group to appear on MTV Video Music Awards Japan (VMAJ).

iQIYI’s RiCH BOOM Makes Global Debut as the First Chinese Virtual Idol to Appear on MTV Video Music Awards Japan

RiCH BOOM performed the new English-language version music video (MV) of its hit song "Highlight" at MTV VMAJ2020,making another virtual idol (group or individual) to appear on this stage after Japan's Hatsune Miku. RiCH BOOM used tech elements and refreshing visuals as part of its appearance. VMAJ is one of Asia's largest music events. This year it focuses upon digitalized platforms and innovative music trends.

RiCH BOOM's first step onto the international stage

RiCH BOOM,developed by iQIYI,is China's first virtual idol group featuring trendy culture and pop music. It has appeared as a host,contestant and guest performer on multiple top iQIYI variety shows such as Youth With You,I'm CZR,The Rap of China and FOURTRY. The band's apprentice Jasmine and band member K-ONE,recently appeared on Dimension Nova,iQIYI's first variety show for virtual idols,while band members RAINBOW and PAPA are due to appear on the show.

In the early stages of creating the virtual idol group,iQIYI positioned RiCH BOOM as a concept that should have widespread appeal and the potential for global expansion. Powered by iQIYI's platform and technology,RiCH BOOM conveys youthfulness and positive energy,winning it hearts from day one.

Since its debut in China,RiCH BOOM's popular music videos have generated millions of online views. "Dare" and "Highlight," for example,have generated 96 million related posts on Weibo and over 60 million views on video streaming services.

RiCH BOOM's music has been recognized by MTV for its unique style and first-class,Hollywood-level production values. The VMAJ debut represents RiCH BOOM's first step in going global. The band will further collaborate with MTV to showcase the music charm of Chinese trendy virtual idols to the world.

Commercializing hot IP

As an idol group focused on pop music,RiCH BOOM has made solid forays into fashion and merchandising,such as K-ONE's PLOG-themed street snaps. This is the first virtual street snap series in China that adopts digital human simulation technology. The snapshots have achieved high precision,garnering wide-spread acclaim. Following the launch of street snaps,several major fashion brands have expressed their interest in cooperating with RiCH BOOM on further tech-powered fashion initiatives.

RiCH BOOM's influence and commercial value are constantly expanding. The band has landed deals with Tsingtao Brewery,Nongfu Spring,Sprite and other big brands in China. Its first batch of spin-off merchandise were sold out within three hours of release. Another batch of derivative products co-designed by Australian artist Ashley Wood will be launched soon.

Amid the explosive popularity of ACG culture,and the rise of related industries,the way young people consume entertainment is constantly changing thanks to the rapid development of technology.

These changing consumption patterns require the market to create entertainment that is more refreshing,and more interactive. Virtual idols are a perfect combination of entertainment and technology that seamlessly encapsulates this trend while inspiring people's imaginations. In the future,iQIYI will continue to promote the development of the RiCH BOOM IP across the business chain,exploring new business models for virtual idols by diversifying content development and strengthening interaction modes via cutting edge marketing and merchandising initiatives.

About iQIYI,Inc.

iQIYI,Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology,fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content,as well as a comprehensive library of other professionally-produced content,partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI,big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement,and has developed a diversified monetization model including membership services,online advertising services,content distribution,live broadcasting,online games,IP licensing,online literature and e-commerce.