Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Can Music Streamers Help Users’ Depression?
Core Parts of China’s Beidou Satellite System ‘100% Made in China’
Trending in China: Xiaomi CEO’s Shows How Best To Harness China’s Social Media Humor for Serious Business
Apple Takes Down Over 30,000 Apps from China Store Amid Government Crackdown
Chinese Chipmaker SMIC to Establish Joint Venture for Wafer Production
Microsoft Said Plan to Acquire TikTok Will Continue
Uber Abandons Plan to Move Regional Headquarters to Hong Kong
Trending in China: Undergraduate Degree in Housekeeping — Valuable Asset or Waste of Resources?
Huawei and Apple Shine in China’s Smartphone Market During Second Quarter
Video Streamer iQiyi Eyeing Southeast Asian, Middle East Expansion, Executive Says
Lawson Expands in China With Prefab Convenience Stores
TikTok Undergoing U.S. Investment Review, Treasury Secretary Says
Chinese Community E-commerce Firm Nice Tuan Nets $80 Million in Third Funding in 2020
Trending in China: Shanghai Film Festival Rekindles Childhood Memories with Outdoor Screenings
China’s EHang Gets Green Light to Test Self-Flying Vehicles in Quebec
Trending in China: Pop Star Jay Chou’s Livestream Signals Kuaishou’s Increasing Partnership with Celebrities
Tencent to Pick Up Stake in Shanghai-listed Weaver Network for $110 Million
U.S. Senators Worry TikTok Could Be Used to Interfere in Elections
Tesla Launches Hiring Spree in China as It Prepares for Shanghai Production of Model Y
ByteDance AI Lab Head to Leave as TikTok Faces Global Headwinds
Chinese Video Streaming Service iQiyi Eyes Subscribers Abroad and Mulls Price Hikes at Home

By Ding Yi / Dec 05, 2019 12:26 PM / Business & Tech

Photo: VCG

Photo: VCG

Having gained a strong foothold in China, video streaming service iQiyi is now aiming to expand overseas.

The Chinese company is setting a new growth target to make paying subscribers based outside China account for as many as half of its total within the next five years, the company’s founder and chief executive Gong Yu told Reuters.

To achieve this goal, iQiyi, which offers Netflix-style subscriptions for TV shows and movies, has taken tentative steps into Southeast Asia, where it is seeking marketing collaborations with local partners. It is also looking to tout non-branded versions of its streaming platform for sale to overseas clients.

Gong’s statement came after iQiyi saw membership services account for 50% of its total revenue for the first time in the third quarter of 2019. According to a quarterly earnings report released in November, the company’s membership services revenue totaled 3.7 billion yuan ($520 million), representing a whopping 30% increase from a year earlier. It attributed the gain to the solid growth in the number of subscribers during the period.

In November, iQiyi said that it had 105.8 million subscribers.

Domestically, the Baidu-backed company is also mulling price hikes of 10% to 20% in the second half of 2020, taking advantage of its position in what is shaping up to be an oligopolistic market, with the other major players being Tencent Video and Youku, Reuters cited Gong as saying.

Contact reporter Ding Yi (yiding@caixin.com)

Related: iQiyi Looks to AI to Force-Feed Ads to Viewers


Share this article
Open WeChat and scan the QR code