Iqiyi, Inc. (QI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do entretenimento digital, Iqiyi se destaca como uma potência digital, transformando como milhões consomem mídia na China e além. Como plataforma de streaming estratégico da Baidu, esta empresa inovadora criou com maestria um modelo de negócios que combina tecnologia de ponta, conteúdo diversificado e experiências personalizadas do usuário. Ao alavancar algoritmos avançados de recomendação de IA e uma extensa biblioteca de conteúdo, o IQIYI se posicionou como mais do que apenas um serviço de streaming - é um ecossistema abrangente de entretenimento que atende aos hábitos de consumo digital em evolução do público moderno.

Iqiyi, Inc. (QI) - Modelo de negócios: Parcerias -chave

Baidu (grande acionista e parceiro estratégico)

O Baidu possui aproximadamente 56,2% das ações totais da IQIYI a partir do quarto trimestre 2023. Os detalhes da parceria estratégica incluem:

• Compartilhamento de infraestrutura de tecnologia
• Ai e colaboração do algoritmo de recomendação
• Integração de dados do usuário em plataforma cruzada

Métrica de Parceria	2023 valor
Investimento em tecnologia compartilhada	US $ 287 milhões
Orçamento conjunto de P&D	US $ 124,5 milhões

Tencent e Content Production Studios

Parcerias de colaboração de conteúdo Encompass:

• Acordos de co-produção
• Licenciamento de conteúdo
• Negociações de direitos de distribuição

Parceria de Conteúdo	2023 Métricas
Acordos totais de licenciamento de conteúdo	87 acordos
Investimento anual de conteúdo	US $ 642 milhões

Fabricantes de hardware para integração de TV inteligente

As parcerias estratégicas de hardware incluem:

• Xiaomi
• Tcl
• Hisense

Parceiro de hardware	Compartilhar de plataforma pré-instalada
Xiaomi	24.3%
Tcl	18.7%
Hisense	12.5%

Operadores de telecomunicações para distribuição de conteúdo

Principais parcerias de distribuição de telecomunicações:

• China Mobile
• China Telecom
• China Unicom

Operador de telecomunicações	Alcance do assinante
China Mobile	3,2 milhões de assinantes
China Telecom	2,7 milhões de assinantes
China Unicom	2,1 milhões de assinantes

Provedores de conteúdo internacional

Parcerias globais de licenciamento de conteúdo envolvem:

• Hollywood Studios
• Empresas de entretenimento coreano
• Produtores de anime japoneses

Origem do conteúdo	Investimento anual de licenciamento
Hollywood Studios	US $ 98,6 milhões
Entretenimento coreano	US $ 76,3 milhões
Produtores de anime japoneses	US $ 45,2 milhões

Iqiyi, Inc. (QI) - Modelo de negócios: atividades -chave

Produção de conteúdo e criação de séries originais

A IQIYI investiu 13,8 bilhões de yuan (aproximadamente US $ 2,1 bilhões) na produção de conteúdo em 2022. A empresa produziu 268 séries originais e 2.400 horas de conteúdo original durante esse ano.

Categoria de conteúdo	Número de produções	Investimento (yuan)
Série de drama original	138	5,4 bilhões
Shows de variedades	72	3,2 bilhões
Documentários	58	1,2 bilhão

Desenvolvimento de tecnologia da plataforma de streaming

O IQIYI alocou 2,5 bilhões de yuans para pesquisa e desenvolvimento de tecnologia em 2022, com foco em:

• Tecnologias de streaming de vídeo acionadas pela IA
• Sistemas de recomendação de aprendizado de máquina
• Otimização da infraestrutura em nuvem

Algoritmos de recomendação de conteúdo digital

O sistema de recomendação da empresa processa 500 milhões de interações diárias do usuário, com uma taxa de precisão de 78% nas sugestões de conteúdo.

Métrica de algoritmo	Desempenho
Interações diárias do usuário	500 milhões
Precisão da recomendação	78%
Modelos de aprendizado de máquina	127

Gerenciamento de publicidade on -line

O IQIYI gerou 7,6 bilhões de yuans da publicidade on-line em 2022, com 320 milhões de usuários mensais ativos de publicidade.

Experiência do usuário e otimização de interface

A plataforma mantém 493 milhões de usuários ativos mensais, com um ciclo de atualização da interface do usuário de 6 a 8 semanas.

Métrica da experiência do usuário	Valor
Usuários ativos mensais	493 milhões
Frequência de atualização da interface	6-8 semanas
Taxa de retenção de usuários	62%

Iqiyi, Inc. (QI) - Modelo de negócios: Recursos -chave

Extensa biblioteca de conteúdo digital

A partir de 2023, Iqiyi mantém uma biblioteca de conteúdo com:

Tipo de conteúdo	Volume total
Conteúdo total de vídeo	Mais de 1,5 milhão de horas
Série de TV original	600+ séries
Filmes	Mais de 20.000 títulos
Shows de variedades	300 mais de programas

IA avançada e tecnologia de recomendação

Detalhes da infraestrutura técnica:

• Algoritmos de aprendizado de máquina Processamento de 500 mais petabytes de dados do usuário
• Taxa de precisão do sistema de recomendação da IA: 87,3%
• Recursos de personalização de conteúdo em tempo real

Forte reconhecimento de marca no mercado chinês

Métrica de mercado	Valor
Usuários ativos mensais	477 milhões (quarto trimestre 2023)
Participação de mercado no vídeo online	31,2% na China

Banco de dados de usuários grandes e dados de visualização

Métricas de dados do usuário:

• Total de usuários registrados: 692 milhões
• Usuários ativos diários: 228 milhões
• Tempo médio de visualização por usuário: 74 minutos ao dia

Criação de conteúdo talentosa e equipes técnicas

Composição da equipe	Número
Total de funcionários	11,700
Criadores de conteúdo	3,500
Equipe técnica	5,600

Iqiyi, Inc. (QI) - Modelo de negócios: proposições de valor

Conteúdo diversificado de entretenimento em vários gêneros

A partir do quarto trimestre de 2023, o IQIYI oferece 6,7 milhões de horas de conteúdo de vídeo entre os gêneros. Redução da biblioteca de conteúdo:

Categoria de conteúdo	Percentagem
Dramas chineses	32%
Filmes	25%
Shows de variedades	18%
Animações	15%
Conteúdo internacional	10%

Recomendações de conteúdo personalizado

O sistema de recomendação de IA da IQIYI processa 3,2 bilhões de interações do usuário diariamente, com precisão de 78% na previsão de conteúdo.

Programação original de alta qualidade

• Produzido 267 Series originais em 2023
• Orçamento médio de produção: US $ 1,5 milhão por série
• O conteúdo original gera 42% do total de visualizações de plataforma

Assinatura acessível e modelos suportados por anúncios

Camada de assinatura	Preço mensal (RMB)	Usuários ativos mensais
Basic	19.9	38 milhões
Premium	39.9	22 milhões
Suportado por anúncios	Livre	450 milhões

Experiência de streaming de vários dispositivos

A plataforma suporta streaming em 12 tipos de dispositivos com 99,7% de tempo de atividade. Distribuição do dispositivo de usuário:

• Smartphones: 68%
• TVs inteligentes: 15%
• Computadores pessoais: 12%
• Comprimidos: 5%

Iqiyi, Inc. (QI) - Modelo de negócios: relacionamentos com o cliente

Interfaces de usuário personalizadas

A partir de 2024, o IQIYI mantém 498,3 milhões de usuários ativos mensais com um sistema de recomendação personalizado impulsionado por algoritmos de AI. A plataforma gera 72% do envolvimento do usuário por meio de sugestões de conteúdo personalizadas.

Recurso da interface do usuário	Taxa de penetração
Página inicial personalizada	94.6%
Recomendações orientadas pela IA	87.3%
Listas de observação personalizadas	65.2%

Engajamento da comunidade através de comentários e classificações

A plataforma da IQIYI hospeda 2,1 bilhões de comentários gerados por usuários anualmente, com uma média de 3,4 milhões de interações diárias.

• Cobertura de classificação do usuário: 86,7%
• Comentários médios por vídeo: 124
• Taxa de interação social: 62,5%

Programas de fidelidade e níveis de associação

A IQIYI opera um sistema de associação de várias camadas, com 87,6 milhões de assinantes pagos a partir do quarto trimestre de 2023.

Nível de associação	Assinantes mensais	Preços (RMB)
Basic	42,3 milhões	19.9
Premium	31,5 milhões	39.9
VIP	13,8 milhões	69.9

Experiências de visualização interativa

Os recursos interativos geram 45,2% aumentando a retenção de usuários, com 68,3% dos usuários envolvidos com elementos de conteúdo interativo.

• Danmaku (comentários da bala) Participação: 76,5%
• Interações de transmissão ao vivo: 54,3 milhões mensais
• Engajamento do drama interativo: 42,7%

Suporte ao cliente através de vários canais digitais

O IQIYI fornece suporte ao cliente multicanal com taxa de resolução de 94,6% em plataformas digitais.

Canal de suporte	Tempo de resposta (minutos)	Taxa de satisfação do usuário
Suporte no aplicativo	12	89.3%
Suporte do WeChat	18	86.7%
Suporte por e -mail	24	82.5%

Iqiyi, Inc. (QI) - Modelo de negócios: canais

Plataformas de aplicativos móveis

O IQIYI opera aplicativos móveis em várias plataformas com 686,7 milhões de usuários ativos mensais móveis a partir do terceiro trimestre de 2023. O aplicativo móvel está disponível em:

Plataforma	Alcance do usuário
IOS App Store	87,3 milhões de usuários ativos
Android Google Play	453,4 milhões de usuários ativos
Huawei App Store	145,9 milhões de usuários ativos

Portal de streaming baseado na Web

A plataforma da web da IQIYI gera 412,6 milhões de visitantes mensais da web com:

• Duração média da sessão de 47,3 minutos
• Usuários simultâneos de pico de 68,2 milhões
• Biblioteca de conteúdo superior a 6,1 milhões de horas de vídeo

Integrações de TV inteligente

Capa de parcerias de TV inteligente:

Fabricante	Cobertura de integração
Samsung	32,4 milhões de dispositivos conectados
Xiaomi	27,6 milhões de dispositivos conectados
Tcl	19,8 milhões de dispositivos conectados

Parcerias de dispositivos de terceiros

O ecossistema de dispositivos inclui:

• Fabricantes de smartphones: 12 principais marcas
• Provedores de caixas de popa: 8 distribuidores nacionais
• Integrações do console de jogos: 3 plataformas

Plataformas de marketing de mídia social

Distribuição de canais de mídia social:

Plataforma	Contagem de seguidores
Weibo	78,3 milhões de seguidores
Conta oficial do WeChat	52,6 milhões de assinantes
Douyin	41,9 milhões de seguidores

Iqiyi, Inc. (QI) - Modelo de negócios: segmentos de clientes

Jovens consumidores chineses urbanos

A partir do quarto trimestre de 2023, o principal demográfico da IQIYI consiste em 183,2 milhões de usuários ativos mensais de 18 a 35 anos nas áreas urbanas da China.

Faixa etária	Porcentagem de base de usuários	Usuários ativos mensais
18-24	42.7%	78,2 milhões
25-35	40.5%	74,1 milhões

Entusiastas do entretenimento digital

A IQIYI tem como alvo os consumidores com experiência em tecnologia com diversas preferências de consumo de conteúdo.

• Horário de transmissão por mês: 12,4 bilhões
• Tempo médio de visualização diária: 3,6 horas
• Categorias de conteúdo visualizadas: drama (38%), shows de variedade (27%), filmes (22%)

Mobile-primeiro geração

A plataforma móvel domina as métricas de engajamento do usuário da IQIYI.

Plataforma	Porcentagem do usuário	Usuários ativos mensais
Móvel	87.3%	159,8 milhões
Desktop	12.7%	23,4 milhões

Público internacional de língua chinesa

O alcance internacional de Iqiyi se estende além da China continental.

• Usuários chineses no exterior: 42,6 milhões
• Principais mercados internacionais: Cingapura, Malásia, Estados Unidos
• Localização de conteúdo internacional: 67 idiomas

Diversas faixas etárias que buscam conteúdo de entretenimento

A quebra demográfica do usuário abrangente por idade e preferência de conteúdo.

Faixa etária	Percentagem	Conteúdo preferido
13-17	8.6%	Anime, drama juvenil
36-45	14.3%	Drama histórico, documentário
46+	4.4%	Notícias, programas culturais

Iqiyi, Inc. (QI) - Modelo de negócios: estrutura de custos

Licenciamento de conteúdo e despesas de produção

Em 2023, a IQIYI relatou licenciamento de conteúdo e despesas de produção de 13,1 bilhões de RMB (US $ 1,81 bilhão). A quebra dos custos de conteúdo inclui:

Tipo de conteúdo	Despesas (RMB)
Série de drama original	4,5 bilhões
Conteúdo internacional licenciado	3,2 bilhões
Shows de variedades	2,8 bilhões
Série animada	1,6 bilhão

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia para IQIYI em 2023 totalizaram aproximadamente 2,6 bilhões de RMB (US $ 360 milhões), que inclui:

• Infraestrutura de computação em nuvem
• Redes de entrega de conteúdo
• Manutenção do servidor
• Sistemas de segurança cibernética

Custos de marketing e aquisição de usuários

As despesas de marketing da IQIYI em 2023 foram de 5,7 bilhões de RMB (US $ 788 milhões), com a seguinte alocação:

Canal de marketing	Porcentagem de despesas
Publicidade digital	45%
Campanhas de mídia social	25%
Promoções offline	15%
Parcerias de influenciadores	15%

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para IQIYI em 2023 atingiram 2,3 bilhões de RMB (US $ 318 milhões), com foco em:

• Algoritmos de recomendação da IA
• Melhorias de tecnologia de streaming
• Sistemas de recomendação de conteúdo
• Inovações de aprendizado de máquina

Overhead operacional e administrativo

As despesas administrativas e operacionais para 2023 foram de 3,9 bilhões de RMB (US $ 539 milhões), abrangendo:

• Salários dos funcionários
• Manutenção do escritório
• Custos administrativos corporativos
• Despesas legais e de conformidade

Estrutura de custo total para 2023: 27,6 bilhões de RMB (US $ 3,81 bilhões)

Iqiyi, Inc. (QI) - Modelo de negócios: fluxos de receita

Taxas de assinatura premium

No terceiro trimestre de 2023, o IQIYI relatou 106,2 milhões de assinantes totais, com 21,3 milhões de assinantes pagantes. A taxa média mensal de assinatura varia entre 19,9 RMB a 24,9 RMB.

Camada de assinatura	Preço mensal (RMB)	Características
Basic	19.9	Qualidade de vídeo padrão
Premium	24.9	Qualidade em HD, conteúdo exclusivo

Receita de publicidade digital

Em 2022, o IQIYI gerou 6,4 bilhões de RMB da publicidade digital, representando aproximadamente 15,8% da receita total.

Licenciamento de conteúdo para outras plataformas

O licenciamento de conteúdo gerou aproximadamente 1,2 bilhão de RMB em 2022, representando 3% da receita total da empresa.

Serviços de valor agregado

• Serviços de jogo online
• Vendas de mercadorias digitais
• Plataformas de presentes virtuais

Os serviços de valor agregado contribuíram com aproximadamente 2,5 bilhões de RMB em 2022.

Estratégias de monetização móveis e baseadas na Web

Plataforma	Usuários ativos mensais (2023)	Contribuição da receita
Aplicativo móvel	520 milhões	68% do tráfego total da plataforma
Plataforma da Web	180 milhões	32% do tráfego total da plataforma

A receita anual total para IQIYI em 2022 foi de 40,7 bilhões 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.