China’s IQIYI Revealed Latest Metaverse Offering

• Chinese video streaming platform IQIYI, Inc’s (NASDAQ: IQ) extended reality (XR) business showcased the first headset of a new product line, incorporating elements of augmented, virtual, and mixed reality technology.

• Qiyu, formerly named iQiyi Smart, launched the Qiyu Mix on Monday, Caixin Global reports.

• The headset is a first for the subsidiary, which previously focused on just VR products.

• XR is a catch-all for AR, VR, and MR likely to be integral parts of the metaverse, one form of the following internet generation.

• Revenue from IQIYI decreased 2% Y/Y to $1.1 billion in Q3, beating the consensus of $1.03 billion. It marked an improvement as the revenue declined 13% Y/Y to $993.8 million in Q2.

• In Q3, iQIYI subscribers reached 101 million versus 104.7 million a year ago.

• Peer Alibaba Group Holding Limited’s (NYSE: BABA) e-commerce platform Taobao conducted final tests before making its first metaverse live-streaming product debut.

• Alibaba’s metaverse project will likely launch online around the upcoming New Year’s shopping extravaganza.

• Price Action: IQ shares traded higher by 11.40% at $4.95 on the last check Thursday.

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