TechCrunch May 17 news: iQIYI released the first quarter financial report of 2024 as of March 31 yesterday, announcing total revenue, Non-GAAP operating profit, membership service revenue and other data for the reporting period, but did not bring the latest number of members.
In response, iQIYI founder and CEO Gong Yu said in a conference call after the financial report that the number of members can only partially show the development of the membership business. Excessive emphasis on this number will interfere with daily work. He said that the ARM value (average monthly revenue per member) still has room for long-term improvement. In the future, it will continue to provide users with high-quality content, optimize membership benefits, strengthen membership loyalty building, motivate users to subscribe to long-term, high-level membership services.
iQIYI Senior Vice President Duan Youqiao said that it was a deliberate decision to no longer disclose the number of members and ARM each quarter this year. It can be seen that some overseas streaming platforms will also cancel the disclosure of the number of members this year.
Duan Youqiao further explained that since 2022, iQIYI has been emphasizing that the core goal of the membership business is to maximize long-term membership revenue. At the current stage, the indicators measuring the development and health of the membership business are no longer limited to the performance of the number of members. The three drivers driving the membership business ARM, membership lifecycle, and membership scale will ultimately be reflected in membership revenue.
It is worth mentioning that although iQIYI did not disclose the number of members, the membership service revenue in the first quarter of 2024 reached 48 billion yuan, and the monthly average revenue per member (ARM) reached a new high, with continuous growth for six consecutive quarters.
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iQIYI's Non-GAAP operating profit in the first quarter of 2024 reached 1.1 billion yuan, a 5% year-on-year increase