(Yicai Global) July 10 -- Baidu-backed video platform iQiyi is looking to open offline stores with celebrities to monetize its content and set up a fund to incubate new brands amid the rise of e-commerce live-streaming.

The company will form IQBATOR to come up with new consumer brands together with advertisers, the Beijing-based firm said at a press conference held yesterday.

"We do not possess any edge in terms of products over e-commerce live-streamers," said Chief Marketing Officer Wang Xiangjun who is also the president of the company's new consumer business division. "Our core advantage lies in the intellectual property of original content, celebrities participating in our shows, and the online traffic they bring."

iQiyi revealed trailers of 20 variety shows and nearly 40 TV dramas at the event yesterday. The platform will launch The Rap of China 2020 and Youth With You Season 3, as well as cooperate with Tencent Video to kick off a road trip series.

As the world recovers from the pandemic, iQiyi will interact with consumers through reality shows starring popular celebrities to attract brand sponsors and audiences, Wang added.

iQiyi expects its second-quarter revenue to rise up to 8 percent to a point between CNY7.2 billion and CNY7.6 billion (up to USD1.1 billion), according to its first-quarter earnings report released on March 19. During that quarter, its net loss widened to CNY2.9 billion while its revenue climbed 9 percent amid a slump in advertising.

iQiyi's stock price [NASDAQ: IQ] gained 1.1 percent to USD23.10 in New York yesterday.

Editor: Emmi Laine