From CNBC: 2025-03-13 23:44:04

Chinese videostreaming platform iQiyi announced it will open a theme park, “iQiyi Land,” in Yangzhou, Jiangsu province, featuring attractions based on its shows. The park aims to capitalize on the growing trend of Chinese consumers spending more on experiences, joining other theme parks like Legoland and Warner Bros. Discovery in Shanghai.

Mainland China’s theme park revenue is projected to surpass 480 billion yuan with over 500 million visitors this year, a significant increase from 2023 post-pandemic figures. Parks are incorporating virtual reality and AI to enhance guest experience and manage crowds. Disney and Comcast have reported positive international park performance.

Tourism is a bright spot in China’s subdued consumer market, with the CPI rising only 0.2% in 2024. The government’s push to boost consumption highlights the importance of the experience economy. However, intense competition in content poses challenges, as seen in iQiyi’s 8% revenue drop in 2024. Legoland projects may also face delays.

Read more: China’s ‘Netflix’ iQiyi to open theme park with VR based on its shows