Video Operator iQiyi Shoots for Profitability as Soon as 2018
(Shanghai) – Video platform operator iQiyi Inc. is aiming to become profitable as early as 2018, its CEO said Wednesday, as cutthroat competition starts to ease and consolidation continues in an emerging Chinese sector that is suffering huge losses as it tries to challenge traditional TV stations.
The company, which is controlled by leading search engine Baidu Inc., has been fighting for much of the last three years for a share of China's online video market, whose flexibility of delivery and wider array of programs is quickly stealing business from older, traditional broadcasters. At the same time, iQiyi and rivals like Youku Tudou have yet to find formulas for long-term profitability due to consumer reluctance to pay for watching programs.
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