Beijing (PingWest)- Chinese online streaming platform iQIYI net loss widened to CNY2.8 billion in the third quarter of 2019, compared with net loss of CNY2.6 billion for the same period of last year,
The company’s total revenue came in at CNY7.4 billion, up 7% year-on-year from the same period of last year. However, the cost of revenue jumped 7% to CNY8.2 billion, which was primarily driven by higher content cost as well as other cost items.
The results are still preliminary as it still need to be reviewed by audits
The number of total subscribing members reached 105.8 million as of September 30, 2019, 99.2% of whom were paying subscribing members. This compares to 80.7 million of total subscribing members as of September 30, 2018, up 31% year over year.
We continued to make solid progress during the quarter as we march toward our vision of building a technology-based entertainment giant,” said Yu Gong, Chief Executive Officer of iQIYI. “Growing 30% year-over-year, our subscription business contributed more than half of our total quarterly revenues for the first time. This once again demonstrated the strength of our platform and validated our dedication to producing high quality original content. Leveraging our cutting-edge AI technology, we are continually fine-tuning our content offerings, optimizing our monetization efficiencies, and exploring potential new runways for future growth. With the rapid development of 5G, we believe there will be astonishing new opportunities ahead, and we will continue to push forward the convergence between technology and art to create deeper value and greater prospects for the future.”