iQiyi, the Chinese video streamer that began a turnaround last year, reported further growth in profits in the first quarter of 2023. It said that daily subscription numbers had grown by 17 million…
, the Chinese video streamer that began a turnaround last year, reported further growth in profits in the first quarter of 2023. It said that daily subscription numbers had grown by 17 million in the past three months.
Net income attributable to iQIYI was RMB618 million , compared to net income attributable to iQIYI of RMB169 million in the same period in 2022. “The increase was primarily attributable to the strong growth in the number of total subscribing members as we launched a series of premium content during the quarter,” the company said. It also increased marketing spend by 48%.
The company was able to reduce content costs as a proportion of revenues by 5% year on year, to RMB4.2 billion . Research and development expenses decreased by 10% to RMB428 million , reflecting lower personnel costs.
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