Chinese language video streaming group iQiyi incurred setbacks in subscriptions and promoting, however was capable of enhance its content material gross sales, resulting in a July to September quarter that was down in income and revenue phrases.
Whole revenues had been RMB7.2 billion ($1.0 billion), a lower of 10% yr over yr within the third quarter of iQiyi’s present monetary yr. Internet earnings attributable to iQiyi was RMB229 million ($32.7 million), in comparison with RMB476 million in the identical interval in 2023.
The corporate now not discloses subscriber numbers, solely subscriber revenues. It mentioned that membership providers income was RMB4.4 billion ($622 million), reducing 13% yr over yr, primarily on account of a lighter content material slate.
Internet marketing providers income was RMB1.3 billion ($191 million), reducing 20% yr over yr, primarily as a result of lower in model promoting enterprise, partially offset by the expansion of performance-based promoting enterprise.
Content material distribution income was RMB814 million ($116 million), growing 52% yr over yr, primarily pushed by the rise within the barter transactions. Different revenues had been RMB729 million ($104 million), reducing 8% yr over yr.
Content material prices as a element of value of revenues had been RMB4.0 billion ($569 million), reducing 5% yr over yr. “The lower in content material value was primarily on account of lighter film choices within the quarter,” the corporate mentioned.
“Within the third quarter of 2024, we topped the business within the drama sequence market share, in response to Enlightent knowledge,” mentioned Gong Yu, CEO of iQiyi. “We now have lately elevated our leisure choices and providers with strategic enhancements, integrating sought-after mini and quick dramas to enhance our in depth long-form content material portfolio. We now have additionally launched a household account possibility inside our membership applications. We consider these enhancements will higher serve customers’ evolving leisure wants.”
“Our purpose is to reinforce content material enchantment by optimizing long-form video choices and incorporating mini and quick dramas into our content material portfolio. With disciplined execution, we consider that such initiatives will result in long-term worth creation for our companies,” mentioned Wang Jun, chief monetary officer.
The corporate has shares traded in ADR kind on the NASDAQ within the U.S. These reached $5.79 apiece in July, however in latest months the value has hovered near all-time lows. At $2.02 per ADR, the corporate has a market capitalization of $1.06 billion.
