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IQiyi, Chinese Streamer, Loses Subscribers but Records First Annual Profit

Patrick Frater Asia Bureau Chief 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%. The company enjoyed a 10% increase in revenue to RMB31.9 billion ($4.5 billion) in the year to December, it said in a regulatory filing on Wednesday. Net income was RMB1.9 billion ($271 million), compared with a loss of RMB136 ($19 million).

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