Kriti PatelTLDR:
- iQIYI reported significant financial achievements in 2023, with a 10% increase in total revenues and a 68% rise in non-GAAP operating profit.
- The company emphasized its leadership in China’s long-form video industry and highlighted its plans to invest in generative AI technology to maintain competitiveness.
In its Fourth Quarter and Fiscal Year 2023 Earnings Conference Call, iQIYI announced a strong financial performance, with total revenues reaching RMB 31.9 billion for the year, a 10% increase from the previous year. The company also saw a substantial 68% rise in non-GAAP operating profit to over RMB 3.6 billion. Membership services revenue grew by 15% driven by ARM and subscriber growth. iQIYI maintained its leadership position in the drama viewership share for the third consecutive year, with original content accounting for over 65% of key dramas in 2023.
iQIYI’s outlook for 2024 includes plans to focus on high-quality content and technology integration, particularly generative AI, to enhance content creation and production efficiency. The company aims to enhance its market position in core content categories, explore new markets and business opportunities, and achieve higher profits in the coming year. With investments in technology and a commitment to quality content offerings, iQIYI is setting the stage for continued success in the long-form video industry.
