IQiyi, Chinese Streamer, Loses Subscribers but Records First Annual Profit
variety.comPatrick Frater Asia Bureau Chief IQiyi, the Chinese streaming platform that is part of Baidu, revealed its first full year net profits, in 2023, even as its subscriber total dropped by more than 10%.
The company enjoyed a 10% increase in revenue to RMB31.9 billion ($4.5 billion) in the year to December, it said in a regulatory filing on Wednesday.
Net income was RMB1.9 billion ($271 million), compared with a loss of RMB136 ($19 million). Key to the turnaround was subscriber revenue, which grew despite the reduced number of paying members. “Membership services revenue was RMB20.3 billion (US$2.9 billion), representing a 15% increase from 2022.
The increase was driven by the growth in [average revenue per user], the average daily number of total subscribing members of the year, and our continuous efforts in refining operations to improve user experience and monetization capabilities,” the company said.
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