Iqiyi, Inc. (IQ): Canvas de modèle commercial [Jan-2025 Mise à jour]

Dans le monde dynamique du divertissement numérique, Iqiyi est une puissance numérique transformant la façon dont des millions de personnes consomment des médias à travers la Chine et au-delà. En tant que plate-forme de streaming stratégique de Baidu, cette entreprise innovante a magistralement conçu un modèle commercial qui mélange une technologie de pointe, un contenu diversifié et des expériences utilisateur personnalisées. En tirant parti des algorithmes avancés de recommandation d'IA et d'une vaste bibliothèque de contenu, Iqiyi s'est positionné comme plus qu'un simple service de streaming - c'est un écosystème de divertissement complet qui s'adresse aux habitudes de consommation numérique en évolution du public moderne.

IQIYI, Inc. (IQ) - Modèle commercial: partenariats clés

Baidu (actionnaire majeur et partenaire stratégique)

Baidu détient environ 56,2% du total des actions d'Iqiyi au T2 2023. Les détails du partenariat stratégique comprennent:

• Partage d'infrastructure technologique
• IA et algorithme de recommandation collaboration
• Intégration de données utilisateur multiplateforme

Métrique de partenariat	Valeur 2023
Investissement technologique partagé	287 millions de dollars
Budget de R&D conjoint	124,5 millions de dollars

Tencent et studios de production de contenu

Les partenariats de collaboration de contenu comprennent:

• Accords de coproduction
• Licence de contenu
• Négociations sur les droits de distribution

Partenariat de contenu	2023 métriques
Offres totales de licence de contenu	87 accords
Investissement de contenu annuel	642 millions de dollars

Fabricants de matériel pour l'intégration Smart TV

Les partenariats matériels stratégiques comprennent:

• Xiaomi
• Tcl
• Hisense

Partenaire matériel	Partage de plate-forme préinstallé
Xiaomi	24.3%
Tcl	18.7%
Hisense	12.5%

Opérateurs de télécommunications pour la distribution de contenu

Partenariats clés de distribution de télécommunications:

• Chine mobile
• Télécom chinois
• Chine Unicom

Opérateur de télécommunications	Abonné à portée de main
Chine mobile	3,2 millions d'abonnés
Télécom chinois	2,7 millions d'abonnés
Chine Unicom	2,1 millions d'abonnés

Fournisseurs de contenu internationaux

Les partenariats mondiaux de licence de contenu impliquent:

• Studios hollywoodiens
• Compagnies de divertissement coréennes
• Producteurs d'anime japonais

Origine du contenu	Investissement annuel sur les licences
Studios hollywoodiens	98,6 millions de dollars
Divertissement coréen	76,3 millions de dollars
Producteurs d'anime japonais	45,2 millions de dollars

Iqiyi, Inc. (IQ) - Modèle commercial: activités clés

Production de contenu et création de séries originales

Iqiyi a investi 13,8 milliards de yuans (environ 2,1 milliards de dollars) dans la production de contenu en 2022. La société a produit 268 séries originales et 2 400 heures de contenu original au cours de cette année.

Catégorie de contenu	Nombre de productions	Investissement (yuan)
Série dramatique originale	138	5,4 milliards
Spectacles de variétés	72	3,2 milliards
Documentaires	58	1,2 milliard

Développement technologique de la plate-forme de streaming

Iqiyi a alloué 2,5 milliards de yuans pour la recherche et le développement technologiques en 2022, en se concentrant sur:

• Technologies de streaming vidéo dirigés par AI
• Systèmes de recommandation d'apprentissage automatique
• Optimisation des infrastructures cloud

Algorithmes de recommandation de contenu numérique

Le système de recommandation de l'entreprise traite 500 millions d'interactions par jour, avec un taux de précision de 78% dans les suggestions de contenu.

Métrique algorithme	Performance
Interactions quotidiennes des utilisateurs	500 millions
Précision de recommandation	78%
Modèles d'apprentissage automatique	127

Gestion de la publicité en ligne

Iqiyi a généré 7,6 milliards de yuans à partir de publicité en ligne en 2022, avec 320 millions d'utilisateurs mensuels actifs dans la publicité.

Expérience utilisateur et optimisation d'interface

La plate-forme maintient 493 millions d'utilisateurs actifs mensuels, avec un cycle de mise à jour de l'interface utilisateur de 6 à 8 semaines.

Métrique de l'expérience utilisateur	Valeur
Utilisateurs actifs mensuels	493 millions
Fréquence de mise à jour de l'interface	6-8 semaines
Taux de rétention des utilisateurs	62%

Iqiyi, Inc. (IQ) - Modèle commercial: Ressources clés

Bibliothèque de contenu numérique étendue

En 2023, Iqiyi maintient une bibliothèque de contenu avec:

Type de contenu	Volume total
Contenu vidéo total	Plus de 1,5 million d'heures
Série télévisée originale	Série 600+
Films	Plus de 20 000 titres
Spectacles de variétés	300+ programmes

AI avancée et technologie de recommandation

Détails de l'infrastructure technique:

• Algorithmes d'apprentissage automatique Traitement plus de 500 pétaoctets de données utilisateur
• Taux de précision du système de recommandation de l'IA: 87,3%
• Capacités de personnalisation de contenu en temps réel

Forte reconnaissance de la marque sur le marché chinois

Métrique du marché	Valeur
Utilisateurs actifs mensuels	477 millions (Q4 2023)
Part de marché dans la vidéo en ligne	31,2% en Chine

Grande base de données des utilisateurs et données d'affichage

Métriques de données utilisateur:

• Total des utilisateurs enregistrés: 692 millions
• Utilisateurs actifs quotidiens: 228 millions
• Temps de visualisation moyen par utilisateur: 74 minutes par jour

Création de contenu talentueuse et équipes techniques

Composition de l'équipe	Nombre
Total des employés	11,700
Créateurs de contenu	3,500
Personnel technique	5,600

IQIYI, Inc. (IQ) - Modèle d'entreprise: propositions de valeur

Contenu de divertissement diversifié sur plusieurs genres

Depuis le quatrième trimestre 2023, Iqiyi offre 6,7 millions d'heures de contenu vidéo entre les genres. Répartition de la bibliothèque de contenu:

Catégorie de contenu	Pourcentage
Drames chinois	32%
Films	25%
Spectacles de variétés	18%
Animations	15%
Contenu international	10%

Recommandations de contenu personnalisés

Le système de recommandation d'IQIYI d'IQIyi traite quotidiennement les interactions utilisateur de 3,2 milliards d'interactions utilisateur, avec une précision de 78% dans la prédiction du contenu.

Programmation originale de haute qualité

• Produit 267 séries originales en 2023
• Budget de production moyen: 1,5 million de dollars par série
• Le contenu original génère 42% des vues totales de plate-forme

Abonnement abordable et modèles soutenus par la publicité

Niveau d'abonnement	Prix ​​mensuel (RMB)	Utilisateurs actifs mensuels
Basic	19.9	38 millions
Prime	39.9	22 millions
Dûment à la publicité	Gratuit	450 millions

Expérience de streaming multi-appareils sans couture

La plate-forme prend en charge le streaming sur 12 types d'appareils avec une disponibilité de 99,7%. Distribution des périphériques utilisateur:

• Smartphones: 68%
• TV Smart: 15%
• Ordinateurs personnels: 12%
• Comprimés: 5%

Iqiyi, Inc. (IQ) - Modèle d'entreprise: relations avec les clients

Interfaces utilisateur personnalisées

En 2024, Iqiyi maintient 498,3 millions d'utilisateurs actifs mensuels avec un système de recommandation personnalisé piloté par les algorithmes d'IA. La plate-forme génère 72% de l'engagement des utilisateurs grâce à des suggestions de contenu personnalisées.

Fonctionnalité d'interface utilisateur	Taux de pénétration
Page d'accueil personnalisée	94.6%
Recommandations basées sur l'IA	87.3%
Listes de surveillance personnalisées	65.2%

Engagement communautaire à travers des commentaires et des notes

La plate-forme d'Iqiyi accueille 2,1 milliards de commentaires générés par les utilisateurs par an, avec une moyenne de 3,4 millions d'interactions quotidiennes.

• Couverture de note de l'utilisateur: 86,7%
• Commentaires moyens par vidéo: 124
• Taux d'interaction sociale: 62,5%

Programmes de fidélité et niveaux d'adhésion

Iqiyi exploite un système d'adhésion à plusieurs niveaux avec 87,6 millions d'abonnés payants au quatrième trimestre 2023.

Niveau d'adhésion	Abonnés mensuels	Prix ​​(RMB)
Basic	42,3 millions	19.9
Prime	31,5 millions	39.9
VIP	13,8 millions	69.9

Expériences de vision interactive

Les fonctionnalités interactives génèrent 45,2% de rétention d'augmentation des utilisateurs, 68,3% des utilisateurs s'engageant avec des éléments de contenu interactifs.

• Danmaku (commentaires de la balle) Participation: 76,5%
• Interactions en streaming en direct: 54,3 millions de
• Engagement dramatique interactif: 42,7%

Support client via plusieurs canaux numériques

Iqiyi fournit un support client multicanal avec un taux de résolution de 94,6% sur les plates-formes numériques.

Canal de support	Temps de réponse (minutes)	Taux de satisfaction de l'utilisateur
Support intégré à l'application	12	89.3%
Support WeChat	18	86.7%
Assistance par e-mail	24	82.5%

Iqiyi, Inc. (IQ) - Modèle commercial: canaux

Plates-formes d'application mobile

Iqiyi exploite des applications mobiles sur plusieurs plates-formes avec 686,7 millions d'utilisateurs actifs mensuels mobiles au troisième trimestre 2023. L'application mobile est disponible sur:

Plate-forme	Réalisation de l'utilisateur
IOS App Store	87,3 millions d'utilisateurs actifs
Android Google Play	453,4 millions d'utilisateurs actifs
Huawei App Store	145,9 millions d'utilisateurs actifs

Portail de streaming basé sur le Web

La plate-forme Web d'Iqiyi génère 412,6 millions de visiteurs Web mensuels avec:

• Durée moyenne de la session de 47,3 minutes
• Pics utilisateurs simultanés de 68,2 millions
• Bibliothèque de contenu dépassant 6,1 millions d'heures de vidéo

Intégrations Smart TV

Couverture de partenariats Smart TV:

Fabricant	Couverture d'intégration
Samsung	32,4 millions d'appareils connectés
Xiaomi	27,6 millions d'appareils connectés
Tcl	19,8 millions d'appareils connectés

Partenariats d'appareils tiers

L'écosystème de l'appareil comprend:

• Fabricants de smartphones: 12 grandes marques
• Provideurs de décodeurs: 8 distributeurs nationaux
• Intégrations de la console de jeu: 3 plateformes

Plateformes de marketing des médias sociaux

Distribution des canaux de médias sociaux:

Plate-forme	Nombre de suiveurs
Weibo	78,3 millions d'adeptes
Compte officiel de WeChat	52,6 millions d'abonnés
Douyin	41,9 millions de followers

IQIYI, Inc. (IQ) - Modèle d'entreprise: segments de clientèle

Jeunes consommateurs chinois urbains

Au quatrième trimestre 2023, la démographie principale d'Iqiyi se compose de 183,2 millions d'utilisateurs actifs mensuels âgés de 18 à 35 ans dans les zones urbaines de la Chine.

Groupe d'âge	Pourcentage de base d'utilisateurs	Utilisateurs actifs mensuels
18-24	42.7%	78,2 millions
25-35	40.5%	74,1 millions

Antariens de divertissement numérique

Iqiyi cible les consommateurs avertis de la technologie avec diverses préférences de consommation de contenu.

• Heures de streaming par mois: 12,4 milliards
• Temps de vision quotidien moyen: 3,6 heures
• Catégories de contenu Vu: drame (38%), émissions de variétés (27%), films (22%)

Génération de mobile

La plate-forme mobile domine les mesures d'engagement des utilisateurs d'Iqiyi.

Plate-forme	Pourcentage d'utilisateur	Utilisateurs actifs mensuels
Mobile	87.3%	159,8 millions
Bureau	12.7%	23,4 millions

Public international de langue chinois

La portée internationale d'Iqiyi s'étend au-delà de la Chine continentale.

• Utilisateurs chinois étrangers: 42,6 millions
• Clé des marchés internationaux: Singapour, Malaisie, États-Unis
• Localisation du contenu international: 67 langues

Divers groupes d'âge à la recherche de contenu de divertissement

Réflexion démographique complète des utilisateurs par âge et préférence de contenu.

Tranche d'âge	Pourcentage	Contenu préféré
13-17	8.6%	Anime, drame pour les jeunes
36-45	14.3%	Drame historique, documentaire
46+	4.4%	Nouvelles, programmes culturels

Iqiyi, Inc. (IQ) - Modèle d'entreprise: Structure des coûts

Contenu des licences et dépenses de production

En 2023, Iqiyi a déclaré des frais de licence et de production de contenu de 13,1 milliards de RMB (1,81 milliard de dollars US). La répartition des coûts de contenu comprend:

Type de contenu	Dépenses (RMB)
Série dramatique originale	4,5 milliards
Contenu international agréé	3,2 milliards
Spectacles de variétés	2,8 milliards
Série animée	1,6 milliard

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour Iqiyi en 2023 ont totalisé environ 2,6 milliards de RMB (360 millions de dollars), ce qui comprend:

• Infrastructure de cloud computing
• Réseaux de livraison de contenu
• Maintenance du serveur
• Systèmes de cybersécurité

Coûts de marketing et d'acquisition des utilisateurs

Les dépenses de marketing d'Iqiyi en 2023 étaient de 5,7 milliards de RMB (788 millions de dollars US), avec l'allocation suivante:

Canal de marketing	Pourcentage de dépenses
Publicité numérique	45%
Campagnes de médias sociaux	25%
Promotions hors ligne	15%
Partenariats d'influence	15%

Investissements de recherche et développement

Les investissements en R&D pour Iqiyi en 2023 ont atteint 2,3 milliards de RMB (318 millions de dollars), en se concentrant sur:

• Algorithmes de recommandation de l'IA
• Améliorations de la technologie de streaming
• Systèmes de recommandation de contenu
• Innovations d'apprentissage automatique

Frais généraux opérationnels et administratifs

Les dépenses administratives et opérationnelles pour 2023 étaient de 3,9 milliards de RMB (539 millions USD), englobant:

• Salaires des employés
• Entretien de bureau
• Coûts administratifs de l'entreprise
• Dépenses juridiques et de conformité

Structure totale des coûts pour 2023: 27,6 milliards de RMB (3,81 milliards de dollars US)

IQIYI, Inc. (IQ) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement premium

Au troisième trimestre 2023, Iqiyi a déclaré 106,2 millions d'abonnés au total, avec 21,3 millions d'abonnés payants. Les frais d'abonnement mensuels moyens se situent entre 19,9 RMB à 24,9 RMB.

Niveau d'abonnement	Prix ​​mensuel (RMB)	Caractéristiques
Basic	19.9	Qualité vidéo standard
Prime	24.9	Qualité HD, contenu exclusif

Revenus publicitaires numériques

En 2022, Iqiyi a généré 6,4 milliards de RMB à partir de la publicité numérique, représentant environ 15,8% des revenus totaux.

Contenu Licence à d'autres plateformes

Les licences de contenu ont généré environ 1,2 milliard de RMB en 2022, ce qui représente 3% du total des revenus de l'entreprise.

Services à valeur ajoutée

• Services de jeux en ligne
• Ventes de marchandises numériques
• Plates-formes de cadeaux virtuels

Les services à valeur ajoutée ont contribué environ 2,5 milliards de RMB en 2022.

Stratégies de monétisation mobile et Web

Plate-forme	Utilisateurs actifs mensuels (2023)	Contribution des revenus
Application mobile	520 millions	68% du trafic total des plateformes
Plate-forme Web	180 millions	32% du trafic total de la plate-forme

Le chiffre d'affaires annuel total pour Iqiyi en 2022 était de 40,7 milliards 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.