By Staff reporters
Chinese video streaming platform iQiyi's revenue in Q4 last year grew three percent year on year to 7.6 billion yuan (US$1.1 billion). Non-GAAP net income in Q4 was 856 million yuan, compared to 1-billion-yuan loss in the same period in 2021.
The total revenue of Baidu-backed iQiyi — “China’s answer to Netflix” — in 2022 was 29 billion yuan, down 5 percent year on year. It recorded a 136-million-yuan loss in 2022, narrowing from 6.2 billion yuan in 2021.
CEO GONG Yu spoke of a “remarkable year of a turnaround with outstanding performance in the fourth quarter.
"The success of the quarter was driven by our original blockbusters. Looking forward, we will continue to focus on our original content," Gong said in an open letter, adding that the company will explore more AIGC (AI generated content) with Baidu in the future.
Gong also addressed the debt issue which has long been bothering the company a thing of the past after it raised over US$1.2 billion last year.
iQiyi has a daily subscriber base of more than 100 million. The company recently caved in on a proposal to stop subscribers from evading fees when streaming high-definition content after a consumer backlash and legal threats.
In January, iQiyi had restricted its gold members to a mirroring resolution of only 480p, a move met by anger from consumers claiming breach of the contract.
iQiyi restored HD mirroring rights for its members on Monday.
