iQIYI, Inc. (IQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del entretenimiento digital, Iqiyi se erige como una potencia digital que transforma la forma en que millones consumen medios de comunicación en China y más allá. Como la plataforma de transmisión estratégica de Baidu, esta compañía innovadora ha creado magistralmente un modelo de negocio que combina tecnología de vanguardia, contenido diverso y experiencias personalizadas de los usuarios. Al aprovechar los algoritmos avanzados de recomendación de IA y una extensa biblioteca de contenido, Iqiyi se ha posicionado como algo más que un servicio de transmisión: es un ecosistema de entretenimiento integral que atiende a los hábitos de consumo digital evolucionadores de audiencias modernas.

Iqiyi, Inc. (IQ) - Modelo de negocios: asociaciones clave

Baidu (principal accionista y socio estratégico)

Baidu posee aproximadamente el 56.2% de las acciones totales de Iqiyi a partir del cuarto trimestre de 2023. Los detalles de la asociación estratégica incluyen:

• Compartir la infraestructura tecnológica
• AI y colaboración de algoritmo de recomendación
• Integración de datos de usuario multiplataforma

Métrico de asociación	Valor 2023
Inversión en tecnología compartida	$ 287 millones
Presupuesto conjunto de I + D	$ 124.5 millones

Estudios de producción de tencent y contenido

Las asociaciones de colaboración de contenido abarcan:

• Acuerdos de coproducción
• Licencias de contenido
• Negociaciones de derechos de distribución

Asociación de contenido	2023 métricas
Ofertas totales de licencia de contenido	87 acuerdos
Inversión de contenido anual	$ 642 millones

Fabricantes de hardware para la integración de TV inteligente

Las asociaciones estratégicas de hardware incluyen:

• Xiaomi
• TCL
• Hisense

Socio de hardware	Compartir la plataforma preinstalada
Xiaomi	24.3%
TCL	18.7%
Hisense	12.5%

Operadores de telecomunicaciones para la distribución de contenido

Asociaciones clave de distribución de telecomunicaciones:

• China Mobile
• Telecomunda de China
• China Unicom

Operador de telecomunicaciones	Alcance de suscriptor
China Mobile	3.2 millones de suscriptores
Telecomunda de China	2.7 millones de suscriptores
China Unicom	2.1 millones de suscriptores

Proveedores de contenido internacional

Las asociaciones de licencias de contenido global implican:

• Hollywood Studios
• Empresas de entretenimiento coreano
• Productores de anime japoneses

Origen de contenido	Inversión anual de licencias
Hollywood Studios	$ 98.6 millones
Entretenimiento coreano	$ 76.3 millones
Productores de anime japoneses	$ 45.2 millones

Iqiyi, Inc. (IQ) - Modelo de negocio: actividades clave

Producción de contenido y creación de series originales

Iqiyi invirtió 13.8 mil millones de yuanes (aproximadamente $ 2.1 mil millones) en producción de contenido en 2022. La compañía produjo 268 series originales y 2,400 horas de contenido original durante ese año.

Categoría de contenido	Número de producciones	Inversión (yuan)
Serie dramática original	138	5.400 millones
Espectáculos de variedades	72	3.200 millones
Documental	58	1.200 millones

Desarrollo de tecnología de la plataforma de transmisión

IQIYI asignó 2.500 millones de yuanes para la investigación y desarrollo de tecnología en 2022, centrándose en:

• Tecnologías de transmisión de video impulsadas por IA
• Sistemas de recomendación de aprendizaje automático
• Optimización de la infraestructura en la nube

Algoritmos de recomendación de contenido digital

El sistema de recomendación de la compañía procesa 500 millones de interacciones diarias del usuario, con una tasa de precisión del 78% en sugerencias de contenido.

Métrico de algoritmo	Actuación
Interacciones diarias del usuario	500 millones
Precisión de recomendación	78%
Modelos de aprendizaje automático	127

Administración de publicidad en línea

IQIYI generó 7.6 mil millones de yuanes a partir de publicidad en línea en 2022, con 320 millones de usuarios mensuales de publicidad activa.

Experiencia del usuario y optimización de la interfaz

La plataforma mantiene 493 millones de usuarios activos mensuales, con un ciclo de actualización de interfaz de usuario de 6-8 semanas.

Métrica de experiencia del usuario	Valor
Usuarios activos mensuales	493 millones
Frecuencia de actualización de interfaz	6-8 semanas
Tasa de retención de usuarios	62%

Iqiyi, Inc. (IQ) - Modelo de negocio: recursos clave

Extensa biblioteca de contenido digital

A partir de 2023, Iqiyi mantiene una biblioteca de contenido con:

Tipo de contenido	Volumen total
Contenido total de video	Más de 1.5 millones de horas
Serie de televisión original	Serie de más de 600
Cine	20,000+ títulos
Espectáculos de variedades	300+ programas

AI avanzada y tecnología de recomendación

Detalles de la infraestructura técnica:

• Algoritmos de aprendizaje automático Procesamiento de más de 500 petabytes de datos de usuario
• Tasa de precisión del sistema de recomendación de IA: 87.3%
• Capacidades de personalización de contenido en tiempo real

Reconocimiento de marca fuerte en el mercado chino

Métrico de mercado	Valor
Usuarios activos mensuales	477 millones (cuarto trimestre 2023)
Cuota de mercado en video en línea	31.2% en China

Base de datos de usuarios grandes y datos de visualización

Métricas de datos del usuario:

• Total de usuarios registrados: 692 millones
• Usuarios activos diarios: 228 millones
• Tiempo de visualización promedio por usuario: 74 minutos diarios

Creación de contenido talentoso y equipos técnicos

Composición del equipo	Número
Total de empleados	11,700
Creadores de contenido	3,500
Personal técnico	5,600

Iqiyi, Inc. (IQ) - Modelo de negocio: propuestas de valor

Contenido de entretenimiento diverso en múltiples géneros

A partir del cuarto trimestre de 2023, IQIYI ofrece 6.7 millones de horas de contenido de video en todos los géneros. Desglose de la biblioteca de contenido:

Categoría de contenido	Porcentaje
Dramas chinos	32%
Cine	25%
Espectáculos de variedades	18%
Animaciones	15%
Contenido internacional	10%

Recomendaciones de contenido personalizadas

El sistema de recomendación de IA de IQIYI procesa 3.200 millones de interacciones de usuario diariamente, con una precisión del 78% en la predicción de contenido.

Programación original de alta calidad

• Produjo 267 series originales en 2023
• Presupuesto de producción promedio: $ 1.5 millones por serie
• El contenido original genera el 42% de las vistas totales de la plataforma

Suscripción asequible y modelos con anuncios

Nivel de suscripción	Precio mensual (RMB)	Usuarios activos mensuales
Basic	19.9	38 millones
De primera calidad	39.9	22 millones
Respaldado por anuncios	Gratis	450 millones

Experiencia de transmisión multi-dispositivos sin interrupciones

La plataforma admite la transmisión en 12 tipos de dispositivos con un 99.7% de tiempo de actividad. Distribución del dispositivo de usuario:

• Peluces inteligentes: 68%
• TV inteligentes: 15%
• Computadoras personales: 12%
• Tabletas: 5%

Iqiyi, Inc. (IQ) - Modelo de negocios: relaciones con los clientes

Interfaces de usuario personalizadas

A partir de 2024, IQIYI mantiene 498.3 millones de usuarios activos mensuales con un sistema de recomendación personalizado impulsado por algoritmos de IA. La plataforma genera el 72% de la participación del usuario a través de sugerencias de contenido personalizadas.

Función de interfaz de usuario	Tasa de penetración
Página de inicio personalizada	94.6%
Recomendaciones impulsadas por la IA	87.3%
Listas de reloj personalizadas	65.2%

Participación comunitaria a través de comentarios y calificaciones

La plataforma de IQIYI aloja 2.100 millones de comentarios generados por los usuarios anualmente, con un promedio de 3.4 millones de interacciones diarias.

• Cobertura de calificación del usuario: 86.7%
• Comentarios promedio por video: 124
• Tasa de interacción social: 62.5%

Programas de fidelización y niveles de membresía

IQIYI opera un sistema de membresía de múltiples niveles con 87.6 millones de suscriptores pagados a partir del cuarto trimestre de 2023.

Nivel de membresía	Suscriptores mensuales	Precios (RMB)
Basic	42.3 millones	19.9
De primera calidad	31.5 millones	39.9
personaje	13.8 millones	69.9

Experiencias de visualización interactiva

Las características interactivas generan un 45.2% aumento de la retención de usuarios, con el 68.3% de los usuarios que se involucran con elementos de contenido interactivo.

• Danmaku (Comentarios de bala) Participación: 76.5%
• Interacciones de transmisión en vivo: 54.3 millones mensuales
• Compromiso del drama interactivo: 42.7%

Atención al cliente a través de múltiples canales digitales

IQIYI proporciona atención al cliente multicanal con una tasa de resolución del 94.6% en las plataformas digitales.

Canal de soporte	Tiempo de respuesta (minutos)	Tasa de satisfacción del usuario
Soporte en la aplicación	12	89.3%
Soporte de WeChat	18	86.7%
Soporte por correo electrónico	24	82.5%

Iqiyi, Inc. (IQ) - Modelo de negocios: canales

Plataformas de aplicaciones móviles

IQIYI opera aplicaciones móviles en múltiples plataformas con 686.7 millones de usuarios activos mensuales móviles a partir del tercer trimestre de 2023. La aplicación móvil está disponible en:

Plataforma	Alcance del usuario
Tienda de aplicaciones de iOS	87.3 millones de usuarios activos
Android Google Play	453.4 millones de usuarios activos
Huawei App Store	145.9 millones de usuarios activos

Portal de transmisión basado en la web

La plataforma web de Iqiyi genera 412.6 millones de visitantes web mensuales con:

• Duración promedio de la sesión de 47.3 minutos
• Usuarios concurrentes máximos de 68.2 millones
• Biblioteca de contenido superior a 6.1 millones de horas de video

Integraciones de TV inteligentes

Portada de asociaciones de televisión inteligente:

Fabricante	Cobertura de integración
Samsung	32.4 millones de dispositivos conectados
Xiaomi	27.6 millones de dispositivos conectados
TCL	19,8 millones de dispositivos conectados

Asociaciones de dispositivos de terceros

El ecosistema del dispositivo incluye:

• Fabricantes de teléfonos inteligentes: 12 marcas principales
• Proveedores de caja establecida: 8 distribuidores nacionales
• Integraciones de consola de juegos: 3 plataformas

Plataformas de marketing en redes sociales

Distribución del canal de redes sociales:

Plataforma	Recuento de seguidores
Weibo	78.3 millones de seguidores
Cuenta oficial de WeChat	52.6 millones de suscriptores
Douyin	41.9 millones de seguidores

Iqiyi, Inc. (IQ) - Modelo de negocio: segmentos de clientes

Jóvenes consumidores chinos urbanos

A partir del cuarto trimestre de 2023, el grupo demográfico central de Iqiyi consta de 183.2 millones de usuarios activos mensuales de entre 18 y 35 años en áreas urbanas de China.

Grupo de edad	Porcentaje de la base de usuarios	Usuarios activos mensuales
18-24	42.7%	78.2 millones
25-35	40.5%	74.1 millones

Entusiastas del entretenimiento digital

IQIYI se dirige a los consumidores expertos en tecnología con diversas preferencias de consumo de contenido.

• Horas de transmisión por mes: 12.4 mil millones
• Tiempo promedio de visualización diaria: 3.6 horas
• Categorías de contenido Vistas: Drama (38%), programas de variedades (27%), películas (22%)

Generación móvil primero

La plataforma móvil domina las métricas de participación del usuario de IQIYI.

Plataforma	Porcentaje de usuario	Usuarios activos mensuales
Móvil	87.3%	159.8 millones
De oficina	12.7%	23.4 millones

Audiencias internacionales de habla china

El alcance internacional de Iqiyi se extiende más allá de China continental.

• Usuarios chinos en el extranjero: 42.6 millones
• Mercados internacionales clave: Singapur, Malasia, Estados Unidos
• Localización de contenido internacional: 67 idiomas

Diversos grupos de edad que buscan contenido de entretenimiento

Desglose demográfico integral del usuario por edad y preferencia de contenido.

Rango de edad	Porcentaje	Contenido preferido
13-17	8.6%	Anime, drama juvenil
36-45	14.3%	Drama histórico, documental
46+	4.4%	Noticias, programas culturales

Iqiyi, Inc. (IQ) - Modelo de negocio: Estructura de costos

Licencias de contenido y gastos de producción

En 2023, IQIYI reportó licencias de contenido y gastos de producción de 13.1 mil millones de RMB ($ 1.81 mil millones de dólares). El desglose de los costos de contenido incluye:

Tipo de contenido	Gasto (RMB)
Serie dramática original	4.500 millones
Contenido internacional con licencia	3.200 millones
Espectáculos de variedades	2.800 millones
Serie animada	1.600 millones

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para IQIYI en 2023 totalizaron aproximadamente 2.600 millones de RMB ($ 360 millones de dólares), lo que incluye:

• Infraestructura de computación en la nube
• Redes de entrega de contenido
• Mantenimiento del servidor
• Sistemas de ciberseguridad

Costos de marketing y adquisición de usuarios

Los gastos de marketing de Iqiyi en 2023 fueron de 5,7 mil millones de RMB ($ 788 millones de dólares), con la siguiente asignación:

Canal de marketing	Porcentaje de gastos
Publicidad digital	45%
Campañas de redes sociales	25%
Promociones fuera de línea	15%
Asociaciones de influencia	15%

Inversiones de investigación y desarrollo

Las inversiones de I + D para IQIYI en 2023 alcanzaron 2.300 millones de RMB ($ 318 millones de dólares), centrándose en:

• Algoritmos de recomendación de IA
• Mejoras tecnológicas de transmisión
• Sistemas de recomendación de contenido
• Innovaciones de aprendizaje automático

Gastos generales operativos y administrativos

Los gastos administrativos y operativos para 2023 fueron 3.9 mil millones de RMB ($ 539 millones de dólares), que abarcaban:

• Salarios de los empleados
• Mantenimiento de la oficina
• Costos administrativos corporativos
• Gastos legales y de cumplimiento

Estructura de costos totales para 2023: 27.6 mil millones de RMB ($ 3.81 mil millones de dólares)

Iqiyi, Inc. (IQ) - Modelo de negocio: flujos de ingresos

Tarifas de suscripción premium

A partir del tercer trimestre de 2023, Iqiyi reportó 106.2 millones de suscriptores en total, con 21.3 millones de suscriptores que pagan. La tarifa de suscripción mensual promedio oscila entre 19.9 RMB y 24.9 RMB.

Nivel de suscripción	Precio mensual (RMB)	Características
Basic	19.9	Calidad de video estándar
De primera calidad	24.9	Calidad HD, contenido exclusivo

Ingresos publicitarios digitales

En 2022, IQIYI generó 6.4 mil millones de RMB a partir de publicidad digital, que representa aproximadamente el 15.8% de los ingresos totales.

Licencias de contenido a otras plataformas

La licencia de contenido generó aproximadamente 1,2 mil millones de RMB en 2022, lo que representa el 3% de los ingresos totales de la compañía.

Servicios de valor agregado

• Servicios de juego en línea
• Venta de mercancías digitales
• Plataformas de regalos virtuales

Los servicios de valor agregado contribuyeron con aproximadamente 2.500 millones de RMB en 2022.

Estrategias de monetización móviles y web

Plataforma	Usuarios activos mensuales (2023)	Contribución de ingresos
Aplicación móvil	520 millones	68% del tráfico de plataforma total
Plataforma web	180 millones	32% del tráfico total de la plataforma

Los ingresos anuales totales para IQIYI en 2022 fueron de 40,7 mil millones de 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.