Chinese Streamer iQIYI Points to Recovery After a Difficult 2020
Patrick Frater, provided by
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Chinese video streamer iQIYI managed to cut its losses in the financial year from RMB10.3 billion in 2019 to RMB7 billion ($1.1 billion) in 2020. But its boost from coronavirus lockdowns was short-lived. Annual revenues were RMB29.7 billion ($4.6 billion), representing a 2% increase from 2019.
Reporting its fourth quarter and full year results on Thursday, the company finished the year with 101.7 million paying subscribers. That was a decrease compared with 106.9 million at the end of 2019 and a 14% tumble since subscriptions peaked in March 2020 at 118.9 million. A “lack of compelling content” caused subscribers to cancel.