Asian films and television shows finding success overseas isn’t anything new.
In the past few years, K-dramas Crash Landing on You and Descendants of the Sun, Chinese film Hi, Mom and Japanese title Alice in Borderland have won over fans worldwide, putting Asian programming at the forefront.
Now Chinese app iQiyi, which launched in March, has come to the UAE aiming to be the go-to place for fans solely seeking out Asian content. What differentiates it from other streaming services is that it specifically caters to the Middle East, with all of its content available with Arabic subtitles, alongside nine other languages offered, including English.
The streaming platform, which has its headquarters in Singapore, offers different tiers of subscriptions, starting with its standard package of Dh18 ($5) per month. It currently offers more than 3,000 titles and recently introduced its first all-original Korean series My Roommate is a Gumiho, which aired its final episode on July 15.
With so much varied content out there, how does the team decide which films and shows to add to its platform? Kuek Yu Chuang, vice president of international business at iQiyi, says it's a mixture of user feedback, trends and intuition.
He explains it was actually the younger fanbase that led to the platform's creation once they realised there was demand for Asian programming, but no service to fill that gap.
“This demand came predominantly from the Gen Z demographic, which continues to be our largest target market regionally and internationally. Prior to iQiyi’s launch earlier this year, the market for Asian streaming services was underserved and characterised by low-quality content from unofficial and unregulated sources,” Chuang tells The National.
“Few options were available to viewers and they often had to jump from platform to platform to find the shows they wanted to watch.”
Representing the authenticity and uniqueness of international cultures in our shows is of paramount importance to us
Kuek Yu Chuang,
vice president of international business at iQiyi
But with iQiyi, he says it hopes to be a one-stop shop for those wanting to watch Asian content across the Middle East. As well as films and TV series, there is also an anime section, plus one for variety shows that feature K-pop stars such as Blackpink’s Lisa and former Exo member Kris Wu.
“Currently, iQiyi offers a good mix of own-produced and licensed Chinese and Korean content across dramas, variety and multilingual anime and animation. We aim to introduce more diversity in our content mix in the coming months and we hope our Middle Eastern users will stay tuned for that,” he says.
The regional team constantly analyses viewer behaviour to choose programmes and campaigns that suit audience taste, Chuang explains, but they also make sure it's in keeping with the platform's ethos.
“Great stories that fans love is always the rule of thumb. As a global streamer dedicated to bringing the best entertainment to the world, representing the authenticity and uniqueness of international cultures in our shows is of paramount importance to us.”
He cites My Roommate is a Gumiho as an example. Based off a webtoon, it’s the first Korean series produced by iQiyi and was a joint production between China and South Korea. It’s currently the most-streamed show on the platform and has been well received, with a rating of 9.4 out of 10 by more than 150,000 users.
Chuang says that while there is a wide array of content, the platform also specialises in two niches: Asian romance and NextGen Variety.
“iQiyi has been considered the destination of Asian romance shows in great variety and fresh story topics which include shows like Love is Sweet and Make My Heart Smile. Among all, the period romance drama Story of Yanxi Palace was the most Googled drama globally in 2018,” he says.
New titles set to be released soon include Korean drama series Jirisan, starring Jun Ji-hyun and Ju Ji-hoon in the leads, as well as The Ferryman: Legends of Nanyang, which iQiyi is in partnership to produce as their first Southeast Asian original.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
How Beautiful this world is!
