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Money-Losing Video Platform iQiyi Hits Record 100 Million Subscribers

By Zhao Runhua / Jun 25, 2019 03:31 PM / Business & Tech

Photo: VCG

Photo: VCG

China’s leading video streaming platform iQiyi has hit the 100 million-subscriber mark — without ever turning a profit. 

The Nasdaq-listed company, which announced the milestone on Monday, attributed the membership growth to its original content and "AI technology." 

But iQiyi, which search company Baidu has a major stake in, is still struggling to turn a profit despite its rapidly growing user base. The company narrowed its net loss in the first quarter of the year to 1.8 billion yuan ($262 million), from a loss of 3.5 billion yuan in the previous quarter.  

The record number of users announced Monday would not be surprising to those familiar with iQiyi’s past performance — its first quarter financial report said iQiyi had already reached 96.8 million subscribing members. 

Two weeks ago, an executive at Tencent’s video streaming unit said the platform was close to reaching 100 million subscribers.

Related: Baidu Profit Plunges 50% as iQiyi Video Unit Saps Bottom Line

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

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