Welcome to iQIYI’s bi-weekly news round-up! Here you’ll find the latest news and stories from the company, from entertainment, tech to business and from local to regional. If you are interested in learning more about iQIYI, please do not hesitate to reach out to press@qiyi.com .
(Nov.21, 2022-Dec.2, 2022)
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iQIYI’s Original Drama Wind Bloom Debuts Online
On Nov. 27, Wind Bloom, a realistic drama produced by iQIYI, was exclusively released on the platform. Focusing on Chinese entrepreneurs in the steel industry in the 1990s, the drama maps the development of Chinese private enterprises in the era of reform and opening up.
iQIYI-presented show Wild Broom
Wind Bloom achieved a content popularity index of over 9,000 only three days after being launched, making the show another massive hit with huge online buzz after iQIYI's recent release of New Life Begins.
iQIYI Launches World's First Virtual Reality Game Show Memoon Player
Memoon Player, an iQIYI-produced variety show, was released on Nov. 30. As the first virtual reality (VR) game show, Memoon Player features six players who wear motion capture suits and VR headsets to play music games and embark on an adventure between virtual and reality.
World's First Virtual Reality Game Show Memoon Player
Memoon Player is the world's first variety show that combines virtual technology with game show. The show uses the world's top optical motion capture equipment and leverages an array of technologies for virtual production, such as virtual shooting, virtual games, XR, and holography. The audience will see not only how the players move with the motion capture suits in the show, but also the avatars supported by motion capture technology, which will meet users’ need for immersive, three-dimensional entertainment experience in variety shows.
CHEN Wei, Senior Vice President of iQIYI, chief producer and chief director of Memoon Player, pointed to three features that set the variety show apart: "The show is, first and foremost, joyful, and it brings users much laughter, which is the most fundamental element of entertainment. With its brand-new format unseen in other variety shows, Memoon Player also encourages adventure and imagination from not just the creative team but also the viewers. The show is also ground-breaking: as the players connect to their avatars and enter the parallel world, the show provides an unprecedented viewing experience.”
iQIYI Launches World Cup Special Program Bora Milutinovic and Friends
Following the kickoff of the 2022 FIFA World Cup in Qatar, iQIYI Sports released a special program Bora Milutinovic and Friends on Nov. 20. The first of its kind in China, the show features discussions between legendary coach Bora Milutinovic and football stars, allowing fans to celebrate the global football feast from a unique perspective.
Bora Milutinovic and Friends presented by iQIYI Sports
The show invites a number of football stars—including Michael Owen, Gabriel Batistuta, Javier Zanetti, Javier Mascherano, and Ivan Zamorano—to analyze and predict the performance of the 32 national teams.
Bora Milutinovic and Friends was officially launched on Nov. 20, with new episodes premiering throughout the 22 days of the tournaments. Football fans can watch the program on the iQIYI app across their mobile, computer, and TV devices.
Nine iQIYI Productions Won Six Awards at 2022 Weibo TV & Internet Video Summit
On Nov. 29, nine iQIYI dramas and variety shows, including A Lifelong Journey, Love Between Fairy and Devil and The Rap of China, were announced winners of six awards—including the Most Influential TV Productions, Most Innovative TV Productions, and others—at the Weibo TV & Internet Video Summit 2022.
The Weibo TV & Internet Summit is an award ceremony held by Weibo, one of China's biggest social media platforms, to recognize excellence in dramas and variety shows and break new ground in the development of China's entertainment industry.
BUSINESS
iQIYI Announces Third Quarter 2022 Financial Results, Recording Non-GAAP Operating Profit for Three Consecutive Quarters
On Nov. 22, iQIYI released its unaudited financial results for the third quarter ended Sep. 30, 2022, during which it continued and increased its upward momentum seen this year. iQIYI’s total revenues were RMB7.5 billion for the quarter, growing 12% quarter over quarter. Non-GAAP operating profit was RMB524.3 million. iQIYI has seen operating profit for three consecutive quarters and positive operating cash flow for two consecutive quarters. Seeing profitability, iQIYI’s performance for the quarter was even more impressive on a couple of fronts such as market share, membership growth and content investment.
According to the results, iQIYI’s membership reached 106 million as of Sep. 30, representing a growth of over 10 million compared to 95.6 million at the end of June. It had been the first time in four years that membership continues to grow after summer. The average daily number of total subscribers in Q3 was 101 million, a net gain of 2.7 million compared with Q2.
The company continues to be a market leader in online entertainment service. iQIYI’s market share on content in September hit historical high. Enlightent data indicates that iQIYI exclusive dramas received the highest count of effective views across the industry, with the company’s view count exceeding the sum of those of the competitors in the second and third positions. Company’s performance on mobile also led in the industry in Q3, ranking No.1 across core metrics, including user base, user engagement and user stickiness.
iQIYI original productions increasingly account for the company’s overall content supply, with 65% of the dramas launched in Q3 being original titles, a historic high. Three iQIYI original dramas—Love Between Fairy and Devil (蒼蘭訣), Chasing the Undercurrent (罰罪) and The Heart of Genius (天才基本法)—accounted for company’s top 3 revenue contributors in Q3. The success rate for original content increased. Of the total 6 blockbuster dramas with a popularity index of over 10,000 ever released on iQIYI, 4 were launched this year, and 2 in Q3, both original titles.
iQIYI Wins Five Business Creativity Awards at 2022 ROI International Festival of Creativity
On Nov. 25, the 2022 ROI International Festival of Creativity concluded, and iQIYI won five Business Creativity Awards. As the world's first business creativity award, ROI receives case submissions from more than 800 top-tiered professional design, advertising and media companies in over 20 countries and regions every year. It is one of the largest and most prominent creative awards in Asia. In this selection, the marketing cases submitted by iQIYI in collaboration with brands including SK-II, Coca-Cola, vivo and Sprite were highly recognized by the jury.
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