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IQiyi, Chinese Streamer, Loses Subscribers but Records First Annual Profit
IQiyi, the Chinese video streamer, lost subscribers in 2023, but recorded its first full-year profit.
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%. Key financial metrics, including total revenues, operating and net income, and cash flows, all hit historical highs. In addition, [APRU] grew for five consecutive quarters, which reflected the high attractiveness of our content and the growing value of our membership service,” said Gong Yu, founder, director and CEO.
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