iQIYI, Inc. (IQ): Business Model Canvas

In der dynamischen Welt der digitalen Unterhaltung ist iQIYI ein digitales Kraftpaket, das die Art und Weise verändert, wie Millionen Menschen in China und darüber hinaus Medien konsumieren. Als strategische Streaming-Plattform von Baidu hat dieses innovative Unternehmen meisterhaft ein Geschäftsmodell entwickelt, das modernste Technologie, vielfältige Inhalte und personalisierte Benutzererlebnisse vereint. Durch die Nutzung fortschrittlicher KI-Empfehlungsalgorithmen und einer umfangreichen Inhaltsbibliothek hat sich iQIYI als mehr als nur ein Streaming-Dienst positioniert – es ist ein umfassendes Unterhaltungsökosystem, das auf die sich entwickelnden digitalen Konsumgewohnheiten des modernen Publikums eingeht.

iQIYI, Inc. (IQ) – Geschäftsmodell: Wichtige Partnerschaften

Baidu (Großaktionär und strategischer Partner)

Baidu besitzt im vierten Quartal 2023 etwa 56,2 % der Gesamtanteile von iQIYI. Zu den Details der strategischen Partnerschaft gehören:

• Gemeinsame Nutzung der Technologieinfrastruktur
• Zusammenarbeit zwischen KI und Empfehlungsalgorithmen
• Plattformübergreifende Benutzerdatenintegration

Partnerschaftsmetrik	Wert 2023
Gemeinsame Technologieinvestition	287 Millionen Dollar
Gemeinsamer F&E-Budget	124,5 Millionen US-Dollar

Tencent und Content Production Studios

Content-Kooperationspartnerschaften umfassen:

• Koproduktionsvereinbarungen
• Lizenzierung von Inhalten
• Verhandlungen über Vertriebsrechte

Content-Partnerschaft	Kennzahlen für 2023
Gesamtinhaltslizenzierungsangebote	87 Vereinbarungen
Jährliche Content-Investition	642 Millionen US-Dollar

Hardwarehersteller für die Smart-TV-Integration

Zu den strategischen Hardware-Partnerschaften gehören:

• Xiaomi
• TCL
• Hisense

Hardware-Partner	Vorinstallierte Plattformfreigabe
Xiaomi	24.3%
TCL	18.7%
Hisense	12.5%

Telekommunikationsbetreiber für die Verbreitung von Inhalten

Wichtige Vertriebspartnerschaften im Telekommunikationsbereich:

• China Mobile
• China Telecom
• China Unicom

Telekommunikationsbetreiber	Abonnentenreichweite
China Mobile	3,2 Millionen Abonnenten
China Telecom	2,7 Millionen Abonnenten
China Unicom	2,1 Millionen Abonnenten

Internationale Inhaltsanbieter

Globale Content-Lizenzierungspartnerschaften umfassen:

• Hollywood-Studios
• Koreanische Unterhaltungsunternehmen
• Japanische Anime-Produzenten

Herkunft des Inhalts	Jährliche Lizenzinvestition
Hollywood-Studios	98,6 Millionen US-Dollar
Koreanische Unterhaltung	76,3 Millionen US-Dollar
Japanische Anime-Produzenten	45,2 Millionen US-Dollar

iQIYI, Inc. (IQ) – Geschäftsmodell: Hauptaktivitäten

Content-Produktion und Erstellung von Originalserien

iQIYI investierte im Jahr 2022 13,8 Milliarden Yuan (ca. 2,1 Milliarden US-Dollar) in die Produktion von Inhalten. Das Unternehmen produzierte in diesem Jahr 268 Originalserien und 2.400 Stunden Originalinhalte.

Inhaltskategorie	Anzahl der Produktionen	Investition (Yuan)
Original-Dramaserie	138	5,4 Milliarden
Varieté-Shows	72	3,2 Milliarden
Dokumentationen	58	1,2 Milliarden

Entwicklung der Streaming-Plattform-Technologie

iQIYI hat im Jahr 2022 2,5 Milliarden Yuan für Technologieforschung und -entwicklung bereitgestellt, mit Schwerpunkt auf:

• KI-gesteuerte Video-Streaming-Technologien
• Empfehlungssysteme für maschinelles Lernen
• Optimierung der Cloud-Infrastruktur

Algorithmen zur Empfehlung digitaler Inhalte

Das Empfehlungssystem des Unternehmens verarbeitet täglich 500 Millionen Benutzerinteraktionen mit einer Genauigkeitsrate von 78 % bei Inhaltsvorschlägen.

Algorithmusmetrik	Leistung
Tägliche Benutzerinteraktionen	500 Millionen
Empfehlungsgenauigkeit	78%
Modelle für maschinelles Lernen	127

Online-Werbemanagement

iQIYI erwirtschaftete im Jahr 2022 7,6 Milliarden Yuan mit Online-Werbung, mit 320 Millionen monatlich aktiven, werbeaktiven Nutzern.

Benutzererfahrung und Schnittstellenoptimierung

Die Plattform hat monatlich 493 Millionen aktive Benutzer, mit einem Aktualisierungszyklus der Benutzeroberfläche von 6–8 Wochen.

Benutzererfahrungsmetrik	Wert
Monatlich aktive Benutzer	493 Millionen
Häufigkeit der Schnittstellenaktualisierung	6-8 Wochen
Benutzerbindungsrate	62%

iQIYI, Inc. (IQ) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche digitale Inhaltsbibliothek

Ab 2023 unterhält iQIYI eine Inhaltsbibliothek mit:

Inhaltstyp	Gesamtvolumen
Gesamter Videoinhalt	Über 1,5 Millionen Stunden
Original-TV-Serie	600+ Serie
Filme	Über 20.000 Titel
Varieté-Shows	Über 300 Programme

Fortschrittliche KI- und Empfehlungstechnologie

Details zur technischen Infrastruktur:

• Algorithmen für maschinelles Lernen verarbeiten mehr als 500 Petabyte an Benutzerdaten
• Genauigkeitsrate des KI-Empfehlungssystems: 87,3 %
• Funktionen zur Personalisierung von Inhalten in Echtzeit

Starke Markenbekanntheit auf dem chinesischen Markt

Marktmetrik	Wert
Monatlich aktive Benutzer	477 Millionen (4. Quartal 2023)
Marktanteil bei Online-Videos	31,2 % in China

Große Benutzerdatenbank und Anzeige von Daten

Benutzerdatenmetriken:

• Gesamtzahl der registrierten Benutzer: 692 Millionen
• Täglich aktive Nutzer: 228 Millionen
• Durchschnittliche Sehzeit pro Benutzer: 74 Minuten täglich

Talentierte Content-Erstellung und technische Teams

Teamzusammensetzung	Nummer
Gesamtzahl der Mitarbeiter	11,700
Inhaltsersteller	3,500
Technisches Personal	5,600

iQIYI, Inc. (IQ) – Geschäftsmodell: Wertversprechen

Vielfältige Unterhaltungsinhalte über mehrere Genres hinweg

Im vierten Quartal 2023 bietet iQIYI 6,7 Millionen Stunden Videoinhalte aller Genres. Aufschlüsselung der Inhaltsbibliothek:

Inhaltskategorie	Prozentsatz
Chinesische Dramen	32%
Filme	25%
Varieté-Shows	18%
Animationen	15%
Internationaler Inhalt	10%

Personalisierte Inhaltsempfehlungen

Das KI-Empfehlungssystem von iQIYI verarbeitet täglich 3,2 Milliarden Benutzerinteraktionen mit einer Genauigkeit von 78 % bei der Inhaltsvorhersage.

Hochwertige Originalprogrammierung

• Im Jahr 2023 wurden 267 Originalserien produziert
• Durchschnittliches Produktionsbudget: 1,5 Millionen US-Dollar pro Serie
• Originalinhalte generieren 42 % aller Plattformaufrufe

Erschwingliche Abonnement- und werbefinanzierte Modelle

Abonnementstufe	Monatspreis (RMB)	Monatlich aktive Benutzer
Basic	19.9	38 Millionen
Premium	39.9	22 Millionen
Werbeunterstützt	Kostenlos	450 Millionen

Nahtloses Multi-Device-Streaming-Erlebnis

Die Plattform unterstützt Streaming über 12 Gerätetypen mit einer Verfügbarkeit von 99,7 %. Verteilung der Benutzergeräte:

• Smartphones: 68 %
• Smart-TVs: 15 %
• Personalcomputer: 12 %
• Tabletten: 5 %

iQIYI, Inc. (IQ) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Benutzeroberflächen

Im Jahr 2024 verfügt iQIYI über 498,3 Millionen monatlich aktive Nutzer mit einem personalisierten Empfehlungssystem, das auf KI-Algorithmen basiert. Die Plattform generiert 72 % des Nutzerengagements durch personalisierte Inhaltsvorschläge.

Benutzeroberflächenfunktion	Penetrationsrate
Personalisierte Homepage	94.6%
KI-gesteuerte Empfehlungen	87.3%
Benutzerdefinierte Beobachtungslisten	65.2%

Community-Engagement durch Kommentare und Bewertungen

Die Plattform von iQIYI beherbergt jährlich 2,1 Milliarden nutzergenerierte Kommentare mit durchschnittlich 3,4 Millionen täglichen Interaktionen.

• Benutzerbewertungsabdeckung: 86,7 %
• Durchschnittliche Kommentare pro Video: 124
• Soziale Interaktionsrate: 62,5 %

Treueprogramme und Mitgliedschaftsstufen

iQIYI betreibt ein mehrstufiges Mitgliedschaftssystem mit 87,6 Millionen zahlenden Abonnenten (Stand Q4 2023).

Mitgliedschaftsstufe	Monatliche Abonnenten	Preis (RMB)
Basic	42,3 Millionen	19.9
Premium	31,5 Millionen	39.9
VIP	13,8 Millionen	69.9

Interaktive Seherlebnisse

Interaktive Funktionen sorgen für eine um 45,2 % erhöhte Benutzerbindung, wobei 68,3 % der Benutzer mit interaktiven Inhaltselementen interagieren.

• Danmaku (Bullet-Kommentare) Beteiligung: 76,5 %
• Live-Streaming-Interaktionen: 54,3 Millionen monatlich
• Interaktives Drama-Engagement: 42,7 %

Kundensupport über mehrere digitale Kanäle

iQIYI bietet Multi-Channel-Kundensupport mit einer Lösungsrate von 94,6 % auf allen digitalen Plattformen.

Support-Kanal	Reaktionszeit (Minuten)	Benutzerzufriedenheitsrate
In-App-Support	12	89.3%
WeChat-Unterstützung	18	86.7%
E-Mail-Support	24	82.5%

iQIYI, Inc. (IQ) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattformen

iQIYI betreibt mobile Anwendungen auf mehreren Plattformen mit 686,7 Millionen monatlich aktiven mobilen Nutzern im dritten Quartal 2023. Die mobile App ist verfügbar auf:

Plattform	Benutzerreichweite
iOS App Store	87,3 Millionen aktive Nutzer
Android Google Play	453,4 Millionen aktive Nutzer
Huawei App Store	145,9 Millionen aktive Nutzer

Webbasiertes Streaming-Portal

Die Webplattform von iQIYI generiert monatlich 412,6 Millionen Webbesucher mit:

• Durchschnittliche Sitzungsdauer von 47,3 Minuten
• Maximale gleichzeitige Benutzer von 68,2 Millionen
• Inhaltsbibliothek mit mehr als 6,1 Millionen Stunden Video

Smart-TV-Integrationen

Smart-TV-Partnerschaften umfassen:

Hersteller	Integrationsabdeckung
Samsung	32,4 Millionen angeschlossene Geräte
Xiaomi	27,6 Millionen angeschlossene Geräte
TCL	19,8 Millionen angeschlossene Geräte

Gerätepartnerschaften mit Drittanbietern

Das Geräte-Ökosystem umfasst:

• Smartphone-Hersteller: 12 große Marken
• Set-Top-Box-Anbieter: 8 nationale Distributoren
• Integrationen von Spielekonsolen: 3 Plattformen

Social-Media-Marketingplattformen

Verbreitung über Social-Media-Kanäle:

Plattform	Anzahl der Follower
Weibo	78,3 Millionen Follower
Offizielles WeChat-Konto	52,6 Millionen Abonnenten
Douyin	41,9 Millionen Follower

iQIYI, Inc. (IQ) – Geschäftsmodell: Kundensegmente

Junge urbane chinesische Verbraucher

Im vierten Quartal 2023 besteht die Kerndemografie von iQIYI aus 183,2 Millionen monatlich aktiven Nutzern im Alter von 18 bis 35 Jahren in städtischen Gebieten Chinas.

Altersgruppe	Prozentsatz der Benutzerbasis	Monatlich aktive Benutzer
18-24	42.7%	78,2 Millionen
25-35	40.5%	74,1 Millionen

Enthusiasten der digitalen Unterhaltung

iQIYI richtet sich an technologieaffine Verbraucher mit unterschiedlichen Präferenzen für den Konsum von Inhalten.

• Streaming-Stunden pro Monat: 12,4 Milliarden
• Durchschnittliche tägliche Sehdauer: 3,6 Stunden
• Angesehene Inhaltskategorien: Drama (38 %), Varieté-Shows (27 %), Filme (22 %).

Mobile-First-Generation

Die mobile Plattform dominiert die Benutzerengagement-Metriken von iQIYI.

Plattform	Benutzerprozentsatz	Monatlich aktive Benutzer
Mobil	87.3%	159,8 Millionen
Desktop	12.7%	23,4 Millionen

Internationales chinesischsprachiges Publikum

Die internationale Reichweite von iQIYI reicht über das chinesische Festland hinaus.

• Chinesische Nutzer im Ausland: 42,6 Millionen
• Wichtige internationale Märkte: Singapur, Malaysia, Vereinigte Staaten
• Lokalisierung internationaler Inhalte: 67 Sprachen

Unterschiedliche Altersgruppen suchen Unterhaltungsinhalte

Umfassende demografische Aufschlüsselung der Benutzer nach Alter und Inhaltspräferenzen.

Altersspanne	Prozentsatz	Bevorzugter Inhalt
13-17	8.6%	Anime, Jugenddrama
36-45	14.3%	Historisches Drama, Dokumentarfilm
46+	4.4%	Nachrichten, Kulturprogramme

iQIYI, Inc. (IQ) – Geschäftsmodell: Kostenstruktur

Kosten für Inhaltslizenzierung und Produktion

Im Jahr 2023 meldete iQIYI Lizenz- und Produktionskosten für Inhalte in Höhe von 13,1 Milliarden RMB (1,81 Milliarden US-Dollar). Die Aufschlüsselung der Content-Kosten umfasst:

Inhaltstyp	Aufwand (RMB)
Original-Dramaserie	4,5 Milliarden
Lizenzierter internationaler Inhalt	3,2 Milliarden
Varieté-Shows	2,8 Milliarden
Zeichentrickserie	1,6 Milliarden

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur für iQIYI beliefen sich im Jahr 2023 auf etwa 2,6 Milliarden RMB (360 Millionen US-Dollar), darunter:

• Cloud-Computing-Infrastruktur
• Content-Delivery-Netzwerke
• Serverwartung
• Cybersicherheitssysteme

Kosten für Marketing und Benutzerakquise

Die Marketingausgaben von iQIYI beliefen sich im Jahr 2023 auf 5,7 Milliarden RMB (788 Millionen US-Dollar) mit folgender Aufteilung:

Marketingkanal	Aufwandsprozentsatz
Digitale Werbung	45%
Social-Media-Kampagnen	25%
Offline-Werbeaktionen	15%
Influencer-Partnerschaften	15%

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für iQIYI erreichten im Jahr 2023 2,3 Milliarden RMB (318 Millionen US-Dollar) und konzentrierten sich auf:

• KI-Empfehlungsalgorithmen
• Verbesserungen der Streaming-Technologie
• Inhaltsempfehlungssysteme
• Innovationen im Bereich maschinelles Lernen

Betriebs- und Verwaltungsaufwand

Die Verwaltungs- und Betriebskosten beliefen sich im Jahr 2023 auf 3,9 Milliarden RMB (539 Millionen US-Dollar) und umfassten:

• Gehälter der Mitarbeiter
• Bürowartung
• Verwaltungskosten des Unternehmens
• Rechts- und Compliance-Kosten

Gesamtkostenstruktur für 2023: 27,6 Milliarden RMB (3,81 Milliarden USD)

iQIYI, Inc. (IQ) – Geschäftsmodell: Einnahmequellen

Premium-Abonnementgebühren

Im dritten Quartal 2023 meldete iQIYI insgesamt 106,2 Millionen Abonnenten, davon 21,3 Millionen zahlende Abonnenten. Die durchschnittliche monatliche Abonnementgebühr liegt zwischen 19,9 RMB und 24,9 RMB.

Abonnementstufe	Monatspreis (RMB)	Funktionen
Basic	19.9	Standard-Videoqualität
Premium	24.9	HD-Qualität, exklusive Inhalte

Einnahmen aus digitaler Werbung

Im Jahr 2022 erwirtschaftete iQIYI 6,4 Milliarden RMB mit digitaler Werbung, was etwa 15,8 % des Gesamtumsatzes entspricht.

Inhaltslizenzierung für andere Plattformen

Die Lizenzierung von Inhalten generierte im Jahr 2022 etwa 1,2 Milliarden RMB, was 3 % des Gesamtumsatzes des Unternehmens entspricht.

Mehrwertdienste

• Online-Spieledienste
• Verkauf digitaler Waren
• Virtuelle Geschenkplattformen

Mehrwertdienste trugen im Jahr 2022 etwa 2,5 Milliarden RMB bei.

Mobile und webbasierte Monetarisierungsstrategien

Plattform	Monatlich aktive Benutzer (2023)	Umsatzbeitrag
Mobile App	520 Millionen	68 % des gesamten Plattformverkehrs
Webplattform	180 Millionen	32 % des gesamten Plattformverkehrs

Der Gesamtjahresumsatz von iQIYI belief sich im Jahr 2022 auf 40,7 Milliarden RMB.

iQIYI, Inc. (IQ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why subscribers and partners choose iQIYI, Inc. (IQ) over the competition as of late 2025. It's about premium access, strategic content depth, and smart technology integration.

Premium, exclusive, and ad-free viewing experience for VIP subscribers.

The value proposition here centers on uninterrupted, high-tier access. For your VIP subscribers, this means escaping the ad load that plagues other tiers. Financially, this segment is crucial; in the third quarter of 2025, membership services revenue reached RMB 4.2 billion, marking a 3% sequential increase. This revenue stream is supported by a focus on monetizing high-value users, exemplified by premium tiers like the "S Diamond" plan, which bundles exclusive content with offline perks. Furthermore, the international segment shows significant pull, with membership revenue outside Mainland China growing by around 40% annually.

Diverse, high-quality content across specialized 'Theaters' (e.g., 'Light On' for thrillers).

iQIYI, Inc. (IQ) anchors its long-form strategy around specialized content hubs, ensuring genre depth and quality. This structure helps maintain leadership in the domestic market, holding the top position in total drama viewership market share for the third quarter of 2025. The platform announced a slate of over 400 new titles for the 2025-2026 period, spanning various formats.

The core long-form strategy is built upon five signature drama brands, or 'Theaters':

Theater Brand	Specialization
Laugh On	Comedy
Light On	Crime thrillers, including adaptations of Zi Jinchen's trilogy
Love On	Romance
Masterpiece	Literary adaptations
Microcosm	Experimental, cinematic storytelling

Dual content strategy: long-form prestige dramas plus high-growth short-form micro-dramas.

The platform is executing a calculated 'Long + Short' strategy to capture fragmented attention. While prestige long-form dramas remain the core, short-form content is explicitly positioned as a new growth engine. The success of this pivot is evident in early 2025 data: daily time spent on micro-dramas surged by 300%, with daily unique users rising by 110% compared to December 2024. The micro-drama library has expanded to over 20,000 titles. This approach balances binge-watching appeal with hyper-accessible, snackable entertainment.

Access to a vast, localized library of Chinese and pan-Asian entertainment.

Value extends beyond domestic hits through aggressive international expansion and localization. Overseas membership revenue has seen robust growth, increasing by over 40% annually. Key growth markets like Brazil, Mexico, and Indonesia have shown membership revenue growth exceeding 80% year-over-year. This is fueled by successful localization, such as co-producing localized versions of popular formats like Running Man Thailand. The company is actively building its IP across formats and regions to resonate with global audiences.

Personalized content discovery driven by advanced AI recommendations.

Technological integration directly enhances the viewing experience. iQIYI, Inc. (IQ) deploys AI to offer highly tailored content navigation. The 'Skip Watch' feature, for example, uses AI to identify narrative highlights, letting users swipe to jump between key moments in long-form content. This system improves as user data accumulates, allowing the AI model to generate multiple content versions-like 35-minute edits or 20-minute quick cuts-tailored to individual preferences. This focus on intelligent, personalized discovery is a key differentiator.

You should track the impact of these content investments. Content costs for Q3 2025 were RMB 4 billion, up 7% sequentially, reflecting the investment in this diverse slate. Finance: draft 13-week cash view by Friday.

iQIYI, Inc. (IQ) - Canvas Business Model: Customer Relationships

Automated, AI-driven personalization for content discovery and retention.

iQIYI, Inc. (IQ) deploys AI to enhance user interaction, with features like iJump Talkout contributing to a 20% higher click-through rate for AI-driven advertisements compared to traditional ads in the second quarter of 2025. AI is also used in production, where it boosted the efficiency of digital asset generation by over 10 fold on the set of 'The Great Nobody two.' The focus on shorter content formats has seen significant user adoption; user engagement with micro-dramas tripled between December 2024 and April 2025. The micro-drama library expanded to over 20,000 titles by September 2025. Blockbuster content, such as the original drama 'This Thriving Land,' achieved an iQIYI popularity index score exceeding 10,000 in 2025.

Self-service subscription management via app and website.

The membership services revenue for the third quarter ended September 30, 2025, was RMB 4.21 billion (US$591.7 million). For the second quarter ended June 30, 2025, membership services revenue was RMB 4.09 billion (US$571.0 million), representing a 9% year-over-year decrease. The company's strategy focuses on monetizing high-value users through tiered offerings; the premium S-Diamond Plan drove upgrades, accounting for 78% of its new subscription revenue in Q2 2025. The overall membership product system is streamlined into five distinct membership products designed to meet individual and family needs.

Exclusive fan engagement and celebrity-led events to build community.

iQIYI, Inc. (IQ) extends its intellectual property (IP) engagement through offline experiences. The company operates 58 immersive theaters across 31 cities as of late 2025, with a new iQIYI Land planned for Beijing's Wangfujing district. Monetization from IP-based consumer products saw self-operated live table trading cards generate over RMB 100 million in Gross Merchandise Volume (GMV) in the first half of 2025. In the second quarter of 2025 alone, the company hosted three events that drew widespread engagement from users, media partners, and advertisers.

Dedicated sales and account management for large brand advertisers.

Online advertising services revenue for Q3 2025 was RMB 1.2 billion, a 2% decrease sequentially from Q2 2025's RMB 1.27 billion (US$177.6 million). Despite the sequential dip, brand net ads recorded double-digit annual growth in Q3 2025. The company is capitalizing on premium content for ad sales, planning to maximize ad revenue from campaigns like the Double 11 shopping festival and new smartphone launches.

Here's a quick look at some key figures from the recent quarters:

Metric	Period	Value (RMB)	Value (USD Equivalent)
Total Revenue	Q3 2025	6.68 billion	US$938.7 million
Membership Services Revenue	Q3 2025	4.21 billion	US$591.7 million
Online Advertising Revenue	Q3 2025	1.2 billion	Not specified
Overseas Membership Revenue YoY Growth	Q2 2025	35%	Not applicable
AI Ad Click-Through Rate Improvement	Q2 2025	20%	Not applicable
Immersive Theaters in Operation	Late 2025	58 venues	Not applicable

The focus on international expansion is also a key relationship driver, with overseas membership revenue growing by 35% year-over-year in Q2 2025, and specific markets like Brazil and Indonesia reporting annual growth over 80%.

• The company's portfolio of micro-dramas saw double-digit growth in viewer engagement in the first half of 2025.
• Non-GAAP operating income for Q2 2025 was RMB 58.7 million (US$8.2 million).
• Non-GAAP operating loss for Q3 2025 was RMB 21.9 million.
• Content costs for Q3 2025 reached RMB 4 billion, up 7% sequentially.

iQIYI, Inc. (IQ) - Canvas Business Model: Channels

You're looking at how iQIYI, Inc. gets its premium content and subscription offers in front of viewers. This is all about the digital and physical pathways to the audience, which is critical when you're managing a massive user base that spans domestic and international markets.

The core of the distribution strategy remains the direct-to-consumer digital presence, but the recent push is heavily focused on embedding the service within established local ecosystems, especially outside of Mainland China. The international business, for instance, saw overseas membership revenue increase by over 40% annually as of Q3 2025.

Here's a quick look at the latest reported financial snapshot from the third quarter ending September 30, 2025, which reflects the performance across these channels:

Revenue Component (Q3 2025)	Amount (RMB)	Amount (USD Equivalent)	Sequential Change
Total Revenue	RMB 6.68 billion	$938.7 million	Up 1%
Membership Services Revenue	RMB 4.21 billion	$591.7 million	Up 3%
Online Advertising Services Revenue	RMB 1.24 billion	$174.3 million	Decreased 2%
Content Distribution Revenue	RMB 644.5 million	N/A	Up 48%

The growth in Content Distribution Revenue at 48% sequentially is notable, reflecting strong monetization from original theatrical movie investments and growing drama transactions, which is a key channel for monetizing IP outside of direct subscriptions.

iQIYI, Inc. maintains its presence across the primary digital access points:

• iQIYI Mobile Application (iOS and Android)
• Web Browser access via www.iQ.com
• Smart TV applications and Over-The-Top (OTT) boxes

While older data from 2019 showed 454.5 million mobile Monthly Active Users (MAUs) and 135.4 million mobile Daily Active Users (DAUs), the platform's overall reach as of mid-2025 is cited as over 500 million MAUs globally. The international service is accessible in over 200 countries through these digital means.

The strategic focus for expanding reach, particularly for international subscription sales, involves deep integration with local infrastructure providers. This is how you get around the friction of direct-to-consumer payment gateways.

Key strategic distribution partnerships as of late 2025 include:

Partner Entity	Region/Focus	Nature of Channel Integration	Announcement/Key Date
Telkomsel	Indonesia	Bundled mobile services, joint marketing, content production collaboration via MAXstream platform.	July 2025
Snaplii	North America (US and Canada)	Third-party payment platform for purchasing Quarterly or Annual VIP membership cards directly in the Snaplii digital wallet app.	November 2025
WATCH IT	Middle East and North Africa (MENA)	Content partnership for WATCH IT to stream curated iQIYI Chinese-language films and shows.	May 2025
evision (e&)	MENA	Ongoing distribution of Chinese dramas, animations, and movies via the STARZ ON free streaming service (since 2014).	Ongoing

The partnership with Snaplii specifically addresses the channel for international subscription sales in North America, allowing users in the United States and Canada to purchase VIP memberships starting November 1, 2025. This move helps bypass traditional app store payment friction for that segment.

For your reference on membership tiers driving this channel revenue, the premium S-Diamond Plan drove 78% of new subscription revenue in Q2 2025, indicating that high-value channel offerings are key to membership growth.

iQIYI, Inc. (IQ) - Canvas Business Model: Customer Segments

Mass market Chinese-speaking users globally seeking premium video entertainment form the core base, evidenced by iQIYI maintaining the top position in total drama viewership market share in Mainland China for the third quarter of 2025, according to Enlightent Data. This segment drives the bulk of the platform's subscription revenue, which was RMB 4.21 billion in the third quarter of 2025.

International viewers, especially in Southeast Asia, represent a significant growth vector, regarded as iQIYI's second growth curve. Membership revenue outside Mainland China saw robust growth, exceeding 40 percent year-over-year in the third quarter of 2025. Markets such as Brazil, Mexico, and Indonesia more than doubled their membership revenue year-over-year.

High-value, premium subscribers opting for tiers like the 'S Diamond' plan are a strategic focus, suggesting a shift toward monetizing high-value users rather than just chasing scale. While specific tier breakdowns for Q3 2025 aren't explicit, the overall Membership Services revenue reached RMB 4.21 billion in Q3 2025, up 3 percent sequentially.

Brand advertisers and agencies target the engaged audience demographics, which are drawn by high-quality content like the hit drama "Living Everything" and the theatrical blockbuster "Catching the Wind," which topped RMB 1.2 billion in box office revenue. Online advertising services revenue for Q3 2025 was RMB 1.24 billion. Brand advertising revenue specifically recorded double-digit year-over-year growth, with over 60 percent coming from content-related ad solutions.

Here's a quick look at the financial scale tied to these customer groups for the third quarter of 2025:

Customer Group Driver	Revenue Component	Q3 2025 Amount (RMB)	Year-over-Year/Sequential Change
Mass Market/Premium Subscribers	Membership Services Revenue	4.21 billion	Up 3% sequentially
Advertisers/Agencies	Online Advertising Services Revenue	1.24 billion	Decreased 7% year-over-year
International Viewers	Overseas Membership Revenue Growth	N/A	Exceeded 40% annual growth
Content Consumers (General)	Total Revenues	6.68 billion	Up 1% sequentially

Key characteristics defining these segments include:

• Content preference for long-form dramas securing the top viewership market share.
• High engagement shown by a surge in bullet comments, up 118 percent year-on-year during the Chinese New Year period.
• Strong adoption of micro-dramas as the second largest category for new overseas subscriptions by Q2 2025.
• Growing expectation for instant access to premium cinematic experiences via streaming.
• Increasing use of AI-powered tools, with over 70 percent of promotional material for overseas content generated using AI in Q3 2025.

iQIYI, Inc. (IQ) - Canvas Business Model: Cost Structure

You're looking at the expense side of iQIYI, Inc. (IQ)'s operations as of late 2025, which is heavily weighted toward content acquisition and technology to keep that content flowing to a massive user base. Honestly, content is the single biggest drain on the wallet.

Content costs, the largest expense, were RMB 4 billion in Q3 2025 alone.

Content costs represent the most significant outlay for iQIYI, Inc. For the third quarter of 2025, this expense hit RMB 4 billion. This was an increase of 7% sequentially, which management attributed to launching a more diverse selection of premium content during the peak summer season. To give you a point of comparison, in the second quarter of 2025, content costs were slightly lower at RMB 3.78 billion, which represented an 8% year-over-year decrease, largely due to a lighter content slate in that quarter. The company's total cost of revenues in Q2 2025 was RMB 5.29 billion.

Technology and R&D expenses for streaming infrastructure and AI development.

Investment in the underlying technology is substantial, covering streaming infrastructure and the ongoing development of AI tools. For the third quarter of 2025, Research and Development (R&D) expenses were reported at RMB 412.1 million, or US$57.9 million. This figure actually represented an 8% decrease year-over-year, primarily due to a decline in personnel-related compensation expenses. The AI strategy is central here, with AI being employed across operations like marketing, content translation, and creative development.

Bandwidth and server costs for content delivery across a massive user base.

The costs associated with delivering content-bandwidth and server upkeep-are embedded within the Cost of Revenues and Capital Expenditures (CapEx). While a specific line item for bandwidth isn't detailed in the latest reports, CapEx in Q2 2025 was incurred primarily in connection with construction in process, computers, and servers. The total operating expenses for iQIYI, Inc. in Q3 2025 were RMB 1.3 billion, down 3% sequentially, benefiting from disciplined expense management.

Selling, General, and Administrative (SG&A) expenses, which were RMB 959.6 million in Q2 2025.

SG&A captures the overhead of running the business, including sales efforts. For the second quarter of 2025, these expenses totaled RMB 959.6 million, which was a 1% year-over-year decrease. You have to remember that marketing and user acquisition costs are a major driver within this bucket, even as the company focuses on efficiency.

Marketing and user acquisition costs for domestic and international growth.

Marketing spend is necessary to drive the membership services revenue, which reached RMB 4.2 billion in Q3 2025. International membership revenue growth was a highlight, exceeding 40% annual growth in Q3 2025, with markets like Brazil, Mexico, and Indonesia more than doubling year-over-year. This global push requires marketing dollars, though specific user acquisition spend is aggregated within the SG&A figures.

Here's a quick look at the most recent reported cost components:

Cost Component	Period	Amount (RMB)	Amount (US$)
Content Cost	Q3 2025	4,000 million	567.9 million
Research & Development (R&D)	Q3 2025	412.1 million	57.9 million
Selling, General & Administrative (SG&A)	Q2 2025	959.6 million	134.0 million
Total Operating Expenses	Q3 2025	1.3 billion	Not specified
Cost of Revenues	Q2 2025	5.29 billion	738.9 million

The primary cost drivers you need to watch are:

• Content Investment: The RMB 4 billion quarterly spend on premium content.
• Technology Scaling: The RMB 412.1 million R&D spend, focused on AI.
• Operational Overhead: The RMB 959.6 million in SG&A for Q2 2025, which includes selling efforts.
• International Market Spend: Supporting growth where international membership revenue growth exceeded 40% annually.

Finance: draft 13-week cash view by Friday.

iQIYI, Inc. (IQ) - Canvas Business Model: Revenue Streams

You're looking at how iQIYI, Inc. actually brings in the money, which is always the most critical part of any business model review. Here's the quick math on their Q3 2025 revenue breakdown, which really shows where their focus is right now.

The total revenue for iQIYI in Q3 2025 was reported at RMB 6.7 billion, showing a slight sequential increase of 1% over Q2 2025. Still, the composition of that revenue tells a deeper story about subscriber value versus advertiser spend.

Revenue Stream	Q3 2025 Amount (RMB)	Sequential Change
Membership Services Revenue	RMB 4.21 billion	Up 3%
Online Advertising Services Revenue	RMB 1.2 billion	Down 2%
Content Distribution Revenue	RMB 644.5 million	Up 48%
Other Revenues	RMB 585 million	Down 29%

Membership Services Revenue

This is definitely the core stream, the engine room of iQIYI, Inc.'s financial health. For Q3 2025, this segment hit RMB 4.21 billion, which was up 3% sequentially. That growth was largely fueled by the summer slate, especially original blockbuster dramas and the theatrical megahit, Nezha 2. Honestly, keeping subscribers happy with must-watch content is their primary lever for predictable income.

The international membership business is also showing serious traction, with membership revenue overseas growing over 40% year-over-year. In emerging markets like Brazil, Mexico, and Indonesia, that growth was even more dramatic, surging by more than 100% year-over-year, signaling the maturity of what they call their second growth curve.

Online Advertising Services Revenue

The advertising piece came in at RMB 1.2 billion for the quarter. This was a slight dip of 2% sequentially because the prior quarter benefited from a major advertising campaign that didn't repeat in Q3. Brand net ads, however, recorded double-digit annual growth, suggesting that premium content still draws strong advertiser interest, particularly when tied to major releases.

The revenue here is driven by a mix of ad types:

• Advertising revenue from premium content.
• AI-driven ad solutions.
• Brand advertising, which showed the double-digit annual growth.

Content Distribution Revenue

This stream saw the most explosive sequential growth, jumping 48% to reach RMB 644.5 million in Q3 2025. This is where licensing original intellectual property (IP) to third parties really pays off, and it's a smart way to monetize content beyond just platform views.

The significant increase was mainly driven by two things:

• The strong distribution performance of the original theatrical movie invested by iQIYI, Inc., such as The Shadow's Edge which grossed over RMB 1.2 billion at the box office.
• The growing transactions for dramas, including the innovative revenue sharing model launched in Q2.

Other Revenues

This bucket, which includes various IP-related monetization efforts, was RMB 585 million, down 29% sequentially. This segment is where you see the company testing new avenues for their IP ecosystem, which is a key strategic focus for management.

Transactional revenue is a key component here, specifically:

• Transactional revenue from movie distribution, like early access content purchases.
• Monetization from IP-based consumer products.
• Revenue from live streaming ventures.
• Activities related to theme park experiences.

The success of micro-dramas is also reflected here, with membership revenue from that format jumping 140% year-over-year in the first eight months of 2025, showing a successful diversification of content monetization.

Finance: draft 13-week cash view by Friday.