The China Internet Audio & Visual Convention, known as the "weathercock" of the industry, is now in its 11th year. Since 2013, it has documented the reform, innovation, and rapid development of China's internet audiovisual sector.

On the morning of March 28, the 11th China Internet Audio & Visual Convention was unveiled in Chengdu. 

According to "The Research Report on the Development of Chinese Online Audiovisual (2024)", the number of China's internet audiovisual users has surpassed 1.07 billion, with an internet usage rate of 98.3%, firmly securing its position as the top application on the internet. The market size of the internet audiovisual industry has exceeded one trillion yuan for the first time, with short video and live-streaming platforms playing a prominent role in empowering e-commerce and cultural tourism development.

NBD learned at the scene that heads of online video companies like Youku, iQiyi, Tencent Video, Kuaishou, Bilibili, and Migu Video gathered again. They emphasized the application of AI technology, highlighted the trend of short-form content, and recognized the importance of young audiences. Rapid growth is no longer the primary goal of this industry. Instead, premium content is what platforms and users always expect.

Bilibili CEO Chen Rui: High-Quality Contents Matter in Age of "Everyone Can Create Videos"

Chen Rui [Photo/Zhang Jian (NBD)]

In the era where everyone can create videos, is there still a demand for high-quality content? The answer is a resounding yes.

"We've found that high-quality content is always what users needed," said Chen Rui, Chairman and CEO of Bilibili. According to Chen, exceptional creative abilities are abundant and creators yearn to be seen. The platform's role is to connect those who desire quality content with those who aspire to create it.

Chen also pointed out that an increasing number of young individuals see videos as a way to document their creativity as well as a channel to learn. Notably, technology-related content, especially AI-related topics, has experienced rapid growth on Bilibili. 

iQIYI founder and CEO Gong Yu：Diversified Needs of Audiences Offer Great Opportunities

Gong Yu [Photo/Zhang Jian (NBD)]

Looking back on the past year, iQIYI founder and CEO Gong Yu observed that the online audiovisual industry is developing with three major trends. First, quality matters. Second, technological innovation, AI empowerment and the industrialization of film and television promote the quality and efficiency of the industry. Third, art fusion, and cross-disciplinary collaboration offer new entertainment experiences.

In Gong Yu's view, the diversified needs of audiences will offer the biggest opportunity.

Faced with the disruptive impact of generative AI on the film and television industry, Gong stated that we should see its huge transformative power to the technology industry but not worry too much. In content creation, human creativity, wisdom and personality are always irreplaceable.

CEO of Alibaba Digital Media & Entertainment Group Fan Luyuan: From "Believing in Potential" to "Making It Happen"

Fan Luyuan [Photo/Zhang Jian (NBD)]

During this year's Spring Festival Gala, with the help of AI, the performance of "The Longest Day In Chang'an" featured a mesmerizing interaction between the historical figure Li Bai and the enchanting city of Xi'an.

Throughout the transformation, Youku has maintained a sense of urgency.

In the age of AI, we must shift from merely "believing in its potential" to "actively making it happen". We must explore new technologies and chart new paths forward. 

Tencent Vice President Sun Zhonghuai: We are Ascending Gradually Instead of Riding Roller Coster 

Sun Zhong Huai [Photo/Zhang Jian (NBD)]

Amidst fierce competition in content creation and the surge of AI, Sun Zhonghuai, Vice President of Tencent and CEO of Tencent's Online Video Business Group, emphasized the need to transform growth strategies. 

Currently, the online audiovisual industry is transitioning from extensive growth to a more stable and robust trajectory, akin to a steady accumulation of snow on a long slope. "Roller coaster" is no good for the industry, so we have to provide the industry with greater certainty.  

Kuaishou Co-founder Yang Yuanxi: Explore New Quality Productive Forces

Yang Yuanxi [Photo/Zhang Jian (NBD)]

Kuaishou's co-founder Yang Yuanxi announced that the firm's R&D expenditure in 2023 reached a total of 12.3 billion yuan. In the field of artificial intelligence, Kuaishou's AI team has independently developed the large language model "Kuaiyi" and the text-to-image large model "Ke Tu". It is reported that the latest 175B version of the "Kuaiyi" large model has reached the level of ChatGPT-3.5 and is catching up with GPT-4.

Kuaishou is actively expanding its new content production capabilities. With the popularity of short dramas, Kuaishou is also actively exploring innovative content forms. According to Yang Yuanxi, as of the end of 2023, there were 326 "Xing Mang" short dramas with over 100 million views on Kuaishou, the number of short drama creators exceeded 100,000, the number of daily active users of short dramas reached 270 million, and the number of paid users of short dramas increased by 3 times year-on-year.