China's ‘Netflix' iQiyi is set to open a theme park with virtual reality based on its own shows

cnbc.com:

BEIJING — Chinese videostreaming platform iQiyi announced Thursday it plans later this year to open its first full-fledged theme park in China based on characters from its own shows.

The forthcoming «iQiyi Land» is set to open in the city of Yangzhou in Jiangsu province, just over two hours from Shanghai by high-speed train. The company said the theme park will include seven types of attractions — including immersive theater, interactive film sets and experiences that use virtual reality — largely based on characters from iQiyi's films and television dramas.

It's the latest company to bet that local consumers will spend more on experiences, despite tepid retail sales.

Legoland is opening its first China resort in Shanghai this summer, while Warner Bros. Discovery last month announced it is opening a «Harry Potter Studio Tour» in 2027 in the same city. Chinese toy company Pop Mart opened a themed «Pop Land» in Beijing in late 2023, which has become the most popular attraction in the city's business district, according to rankings from Dianping.

IQiyi's planned theme park builds on the company's recent success with VR-specific attractions.

The company has developed technology that combines VR headsets with moving platforms — giving visitors the impression that they are walking, riding on boats or sitting in a flying carriage. That means a theme park-like experience can be compressed into a space as small as a square just 57 feet long.

Since iQiyi's first dedicated VR experience opened in Shanghai two years ago, the company has worked with business partners to open more than 40 locations in at least 20 Chinese cities. One VR experience based on iQiyi's «Strange Tales of the Tang Dynasty: To the West» gained more than