iQIYI's 2024 Q2 Revenue and Net Profit Update

TapTechNews August 22nd news, iQIYI released an announcement today. The revenue in the second quarter of 2024 is 7.4 billion Chinese yuan, a year-on-year decrease of 5%.

In the second quarter of 2024, iQIYI's net profit is 68.7 million Chinese yuan, while the net profit in the same period of 2023 is 365.2 million Chinese yuan. According to this calculation, iQIYI's net profit in the second quarter of 2024 plummeted by 81% year-on-year.

The founder, director and CEO of iQIYI, Gong Yu, said: We believe that the fierce competition in the long-video field in the second quarter has a constructive effect on the industry and enhances its attractiveness compared to other entertainment forms. The key to long-term success depends on consistently providing high-quality content that balances artistic value and commercial interests, and we remain committed to this.

TapTechNews attaches the performance of each business of iQIYI in the second quarter of 2024 as follows:

The revenue of member services is 4.5 billion Chinese yuan, a year-on-year decrease of 9%, mainly due to fluctuations in content performance.

The revenue of online advertising services is 1.5 billion Chinese yuan, a year-on-year decrease of 2%, mainly due to the reduction of the brand advertising business, but the growth of the performance-based advertising business partially offsets this impact.

The revenue of content distribution is 698.2 million Chinese yuan, a year-on-year increase of 2%.

The other revenue is 783.9 million Chinese yuan, a year-on-year increase of 16%, mainly driven by the growth of talent brokerage services and third-party partnership income.