Baidu-owned video streaming platform iQiyi is taking the massively popular short video format and targetting a previously untapped segment of the market: the elderly. The company launched Jinshi (锦视) this week (September 11), which hosts videos more appropriate to its target audience, according to New Business Intelligence.
Jinshi, the third short video offering from iQiyi, hopes to entice the older generation by focussing on topics including current events and politics, health, and the military. The app also differs from others in that users can switch between video and audio streams, and it features horizontal videos.
Video services in China have seen a marked uptick in usage, which is primarily being driven by short-form videos. In 2013, the country spent 60% of its daily entertainment time on social media and 13% on video platforms. As of March 2018, video services have seen a dramatic increase in time spent on their platforms, up nearly 70%. Users of popular short video platforms Douyin and Kuaishou spend an average of 52 minutes a day using these services, according to Mary Meeker’s 2018 Internet Trends Report.
As such, China’s “silver economy” is gaining more and more attention. With increasing levels of technology literacy, individuals over 50 are making use of these tools not only for entertainment but also keeping in contact—unsurprisingly, given the app’s widespread use, Chinese over-50s are most comfortable using WeChat, according to a study by Tencent and the Chinese Academy of Social Sciences (CASS).
However, they are also using their smartphones to consume content. According to the same study, 67% of respondents read about current affairs and 66.9% about health. Additionally, of the 21,000 people aged 50 to 80 registered on Ximalaya FM, 32.3% listen to audio books.
This consumption of online content is obviously what iQiyi hopes to take advantage of. However, this year has been a difficult one for short video platforms with the increasing intensity of crackdowns on “inappropriate” content by regulators.