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iQIYI Bi-weekly Newsletter (Mar.20-Mar.31, 2023)
BUSINESS
CFO: iQIYI Can Further Grow Its Subscription Base and Enhance its ability to produce Blockbuster Content
On Mar. 20, WANG Jun, CFO of iQIYI, said in an interview that iQIYI still has the potential to strengthen its hit content production capability and attract new subscribing members. It is now a new industry consensus to adopt content strategies that can reduce costs and improve efficiency.
WANG Jun, CFO of iQIYI
"iQIYI still has a long way to go to realize its full potential." WANG said. Considering the number of households, cable TV networks and other economic metrics in China, iQIYI's subscriber number is still far below industry peers in developed countries. Besides, the market is also witnessing an increase in content differentiation between different platforms, with more diverse content options leading to higher membership conversion. iQIYI is committed to global business expansion, bringing entertainment content from China to overseas markets.
The company’s record-breaking drama The Knockout
According to WANG, it has become an industry consensus to produce quality content with lower cost and higher efficiency. "The industry is seeing an overall improvement. We also heard from the media that our peers are either making a profit or making up the deficits very quickly now. A virtuous cycle has been formed, and I don't see any basis to think that ‘cost reduction and efficiency improvement’ strategy is not appropriate for the long-form video industry." WANG added.
In 2022, iQIYI recorded substantial improvement in its financial performance, business operations and market share, achieving operating profit for four consecutive quarters, realizing full-year non-GAAP operating profit for the first time, far exceeding the goal set at the beginning of the year.
iQIYI Super Sketch Show Season 2 Digital Collectibles Available for Purchase from Mar. 24
On Mar. 24, iQIYI launched the second set of its official digital collectibles based on Super Sketch Show Season 2. The set includes seven items and features a limited distribution of 1,500 copies each. Users can purchase through the iQIYI app.
Super Sketch Show Season 2 Digital Collectibles
The collaboration marks the first combination of comedy IP content and digital collections, and another innovation by iQIYI to expand the value of its original IP, and to explore the metaverse industry.
CONTENT
iQIYI-presented Series Miles to Go Debuts Online
Poster of Miles to Go
On Mar. 20, iQIYI-presented series Miles to Go debuts exclusively online. Adapted from LU Yao's novel Life, Miles to Go tells the story of a group of young people who navigated the trials and tribulations visited upon them by time and circumstance in the 1980s.
Dating Variety Show l'm So into You Season 4 Now on iQIYI
Poster of l'm So into You Season 4
On Mar. 29, iQIYI launched the romance-focused reality variety show l'm So into You Season 4. The program invited several non-celebrities who come from different backgrounds and professions to record their dating lives. Six celebrities provided commentary in the studio, and observed the sweet interactions taking place in the reality show.
iQIYI Sports Broadcasts Full Tournament of 2023 French Open
On Mar. 23, iQIYI Sports announced that it has landed exclusive broadcast rights to the 2023 French Open on digital platforms in China. Live streaming of the tournament will be available to audience through iQIYI Sports from May. 28 to Jun. 12.
iQIYI Sports already holds the rights to several tennis competitions. Having broadcasted Australian Open, Wimbledon and US Open in the past several years, the platform is extending its “tennis” offerings with this brand-new partnership.
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