iQIYI's revenue in 2023 is 31.9 billion with a net profit of 2.8 billion; plans to develop AIGC and overseas expansion as new businesses.

In 2023, the overseas expansion market scale of online literature exceeded 4 billion yuan, with around 230 million overseas users covering over 200 countries and regions worldwide. China's online literature market size increased by 3.8% year-on-year, and the online literature IP market size reached 260.5 billion yuan, up 3.4% year-on-year. The driving forces behind the growth of online literature IP include the gradual maturity of the IP pre-development model, significant incremental contributions from sectors such as film, animation, and short dramas, as well as AI technology facilitating the online literature IP ecosystem. The growth rate of the domestic online literature market is slowing down.

HeyGen's parent AI startup, Shiyun Technology, is seeking to dissolve its domestic entity through a resolution process. Recently, HeyGen secured $5.6 million in new financing led by Conviction Partners. Industry insiders analyze the motivations for such an overseas AI entity to de-China-ize as: better access to foreign customers, avoiding repression from foreign governments, etc. The founders of HeyGen graduated from prestigious American universities, and the product was originally aimed at the overseas market. HeyGen recently introduced new features that allow users to create videos within five minutes using their mobile phones.