iQiyi, an online video platform in China, announced its unaudited financial results for the third quarter on Wednesday. The financial report shows that the total revenue of iQiyi in the third quarter was 7.6 billion yuan ($1.2 billion), representing a 6% increase from the same period in 2020. The net loss attributable to iQiyi was 1.7 billion yuan, compared to net loss attributable to the company of 1.2 billion yuan in the same period in 2020.
As of September 30, 2021, the total number of paid subscribers of iQiyi was 103.6 million while the total number of subscribed members was 103 million. Trial members were excluded from the numbers.
Wang Xiaodong, Chief Financial Officer of iQiyi, commented: “As we experienced subscriber volatility during the third quarter, our membership services revenue increased by 8% year-over-year. This was driven by our refined membership strategy and innovative operational initiatives that focused on elevating user experience.” The increase was due to the company’s membership services revenue, which totalled 4.3 billion yuan.
Revenue of online advertising services reached 1.7 billion yuan while content distribution generated 627.1 million yuan, representing a 60% increase from the same period in 2020. The growth was primarily driven by more content distributed to other platforms during the quarter. Other revenues were 1 billion yuan, an increase of 3% over the same period in 2020.
For the fourth quarter of 2021, iQiyi expects total net revenues to be between 7.08 billion yuan and 7.53 billion yuan, representing a 5% decrease to 1% increase year-over-year.