iQiyi Inc.'s stock soared 5.07% during intraday trading on Friday, as investor sentiment turned positive following news about the company's expansion into the immersive theme park business.

The Chinese streaming giant, often referred to as "China's Netflix," is launching a new revenue stream with its iQiyi Land theme parks. The first location in Yangzhou reportedly sold out tickets for its opening day, showcasing strong initial consumer interest. The company plans to open two additional parks in Kaifeng and Beijing by the end of the year, targeting different demographics with immersive experiences based on its popular film and TV intellectual property.

This strategic move comes at a critical time for iQiyi, which has been experiencing steady revenue declines and reported losses in recent quarters. The theme park initiative represents a diversification effort away from its core membership and advertising services, tapping into the growing market for experiential consumption in China despite the broader economic slowdown.