Bilibili vs. Tencent Video & iQIYI: Who Will Dominate China’s Streaming Market?

 

Bilibili vs. Tencent Video & iQIYI: Who Will Dominate China’s Streaming Market?

Market Overview

China's streaming market is one of the largest and most competitive globally, with several platforms vying for user attention and market share.

As of 2024, the leading platforms include Tencent Video, iQIYI, and Bilibili, each offering unique content and targeting different user demographics.

Understanding their strengths and strategies provides insight into who might dominate this dynamic market in the coming years.

Tencent Video: The Industry Leader

Tencent Video, also known as WeTV, has established itself as a dominant force in China's streaming industry.

As of June 2024, it was the most used subscription video-on-demand (SVOD) platform, with 65% of survey respondents reporting usage.

The platform boasts over 430 million monthly active users, offering a vast library of licensed content, including popular TV series, movies, and variety shows.

Its integration with Tencent's other services, such as WeChat, enhances user engagement and provides a seamless viewing experience.

iQIYI: The Rising Star

iQIYI, backed by tech giant Baidu, is another major player in China's streaming market.

As of June 2024, 62% of survey respondents reported using iQIYI, making it the second most popular SVOD platform in China.

The platform has over 115 million daily active users and is known for its extensive library of licensed and original content, including dramas, movies, and variety shows.

iQIYI's strategy of producing high-quality original content has helped it attract and retain subscribers, contributing to its rapid growth in recent years.

Bilibili: The Gen Z Favorite

Bilibili has carved out a niche by targeting younger audiences, particularly those interested in anime, comics, and gaming (ACG) content.

As of the first quarter of 2024, Bilibili's average monthly active users rebounded to 341.5 million, reflecting its growing popularity among Gen Z users.

The platform's unique features, such as bullet chats and virtual gifting, foster a strong sense of community and real-time interaction among users.

While Bilibili's user base is substantial, its focus on user-generated content differentiates it from competitors like Tencent Video and iQIYI, which offer more licensed and professionally produced content.

Challenges and Opportunities

The competition among China's streaming platforms is fierce, with each facing unique challenges and opportunities.

Tencent Video's extensive user base and integration with other Tencent services provide a competitive edge, but it must continue to innovate to retain users in a rapidly changing market.

iQIYI's focus on original content has driven growth, but it faces challenges in monetization and profitability, as content production costs remain high.

Bilibili's strong community engagement and appeal to younger audiences are strengths, but it needs to balance user-generated content with professionally produced offerings to attract a broader audience.

All three platforms must also navigate the rise of short-video apps, which have gained significant popularity in China, attracting over 1 billion users in 2022 alone.

Conclusion

In the battle for dominance in China's streaming market, Tencent Video currently leads in terms of user base and brand strength.

However, iQIYI's commitment to original content and Bilibili's strong connection with Gen Z users position them well for future growth.

The dynamic nature of the market means that all three platforms must continuously adapt their strategies to changing consumer preferences and technological advancements to maintain and grow their market positions.

For more detailed information on China's streaming market, you can visit the following resources:

Most Popular SVOD Platforms in China 2024

To learn more about Bilibili's user demographics and growth, check out this article:

Bilibili's Hold on the Hearts of Gen Z in China

For insights into how Chinese video streaming platforms are reacting to the rise of short video, read this analysis:

Chinese Video Streaming Platforms React to the Rise of Short Video

Keywords: China streaming market, Tencent Video, iQIYI, Bilibili, SVOD platforms