IQiyi Wants In on Short-Video Craze

China’s Netflix equivalent, iQiyi Inc., has finally jumped on the Chinese craze for short-video apps, saying its new app will become the company’s major offering over the next one to three years.

“We think the market has big potential to grow, and we still see it as a good chance for latecomers like iQiyi,” Vice President Geng Danhao said in Beijing on Friday when the company debuted new app Nadou, which allows users to upload their short video clips.

CEO Gong Yu told reporters that the short-video app market is fragmented, with some players focusing on information dissemination, some on entertainment, and others on social networking. IQiyi aims to push Nadou to become a leading entertainment-focused short-video app in three years’ time, he said.

–This article originally appeared on Caixin Global.