Magazine article Screen International

China's iQiyi Announces 5 Million Paid Subs

Magazine article Screen International

China's iQiyi Announces 5 Million Paid Subs

Article excerpt

"The success of iQiyi's paid subscription model demonstrates the strong demand of Chinese audience for online video platforms with high-quality content," said iQiyi founder and CEO Gong Yu.

"Users' willingness to pay for content reflects the huge opportunity and potential for iQiyi and the online video market in China.

"As iQiyi continues to enrich its content and to improve services for our members, we are confident that iQiyi's subscription business will continue to experience rapid development."

China's booming online video business is driven by advertising, but is not profitable as streaming companies are faced with high bandwidth, operations and content acquisition costs.

Most of the major streaming players are now seeking ways to carve out a pay model to supplement advertising revenues. …

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