(China Daily) Total Q3 revenue for iQIYI, a market-leading online entertainment service in China, surpassed $1 billion (7.24 billion yuan), according to an unaudited financial report released by the company.
Premium long content led the Q3 market share, complemented by mini and short dramas. Variety show The King of Stand-up Comedy also delivered an exceptional performance, topping the viewership chart for 10 consecutive weeks. Investment for mini dramas and short dramas were increased to better meet the evolving user preference in viewing, the report said.
iQIYI also optimized membership products and enhanced value-added services to fuel engagement and growth in the third quarter. The new Family Account option for Chinese mainland users allows VIP members to open a separate family account at a discounted price to ensure an uninterrupted and more personalized viewing experience. An ad-supported basic membership plan was also put into play for major iQIYI products. The Express Package service was launched to offer members the option to purchase early access to content, which led to more than 40% growth in cash purchases, reaching a historical high.
Overseas performace for iIQIYI remained solid for the third quarter, also driving the company's growth across key markets. C-drama's influence continued to grow on the international market, with Love's Rebellion topping iQIYI's viewership rankings in multiple countries, including the US and Australia, while blockbuster Strange Tales of Tang Dynasty Season 2 made its international debut in Singapore, marking the first overseas screening for premium C-dramas. Notably, membership revenue from markets such as UK, Brazil and Australia grew by over 40% annually. Average daily memberships purchased overseas also increased, with markets including Brazil, Mexico and Thailand seeing annual growth exceeding 45%.
Advancements in AI applications contributed to the steady annual growth in performance ads for the online entertainment provider, and broader applications of AI in virtual production, content translation and other areas further enhanced user experience and operational efficiency.
"We believe these improvements will better serve our users' evolving entertainment needs," said Gong Yu, founder and CEO of iQIYI. "Our goal is to enhance content appeal by optimizing long-form video offerings and incorporating mini and short dramas into our content portfolio. With disciplined execution, we believe that such initiatives will lead to long-term value creation for our businesses," added Wang Jun, CFO of iQIYI.
Source: chinadaily.com.cn | Updated: 2024-11-22 09:45
