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Chinese video streaming platform iQiyi may turn profit in five years
- Saturday | 15th May, 2021
SHANGHAI/BEIJING (Reuters) – Chinese video streaming platform iQiyi, majority-owned by Baidu, may be able to turn a profit in five years, its chief executive told Reuters in an interview. The Nasdaq-listed company, sometimes described as China’s Netflix, has expanded from being a video streaming platform to also generating self-produced video content, including drama series and variety shows. The 11-year old company’s net loss in 2020 narrowed to 7 billion yuan ($1.09 billion) from 10 billion yuan in 2019. iQiyi currently produces around 50% of top TV dramas streaming on its platform, and the company aims to lift that percentage to around 60%-70%. It won’t make any aggressive forays into the international markets until it produces enough original content, especially anime content, Gong said.
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