Qutoutiao’s Q3 Revenue Reaches $151.47 Million, DAU of Midu Hits10 Million

On Tuesday, Chinese mobile content platform operator Qutoutiao announced its third quarter performance report ending September 30, 2021. According to the report, in the third quarter of 2021, the revenue of Qutoutiao reached 965 million yuan ($151.47 million). The daily active users (DAU) of Midu, a free online literature platform owned by Qutoutiao, continued to grow after breaking 10 million, showing steady development.

In the third quarter, the average monthly active users (MAU) of Qutoutiao were 118.5 million, down 1.7% from 120.5 million in the same period last year and a decrease of 10.4% from 132.3 million in the previous quarter. The average number of DAU was 26.5 million, down 33.2% from 39.7 million in the same period last year and a decrease of 8.9% from 29.1 million in the previous quarter.

Qutoutiao‘s Midu performed well. In terms of content, Midu continue to offer its content selection and adding new authors to its catalog. As of September, 2021, the number of authors listed on Midu increased by 172.75% year-on-year, and many novels with themes such as chronological texts, have emerged and have proved popular with readers.

The performance of Midu’s short-form show business reached a new high. Up to now, nearly 50 short-form shows have been produced on Midu and have accumulated nearly 5.5 billion views. The highest views of a single short show reached 550 million. Midu’s short-form show business is constantly innovating and upgrading. For example, the platform has begun producing videos about martial arts, a genre that has found favor with male viewers. In addition, Midu has reached agreements with Mango TV, Bilibili, Youku and other platforms, and will jointly explore diversified short drama types.

SEE ALSO: Qutoutiao Q1 Revenue Grows, Ads Contributes the Most Thanks to COVID-19

Midu has also cooperated with China’s leading podcasting platforms Ximalaya and Kuwo to explore the adaptation of audio books, and reached animation adaptation agreements with Bilibili and iQiyi. Up until now, Midu has promoted the authorization of audio books, animation, film and television adaptation of hundreds of original novels.