Iqiyi Stock Price, News & Analysis

iQIYI announced that its original Chinese series Why Try To Change Me Now has been selected for the Berlinale Series section of the 73rd Berlin International Film Festival. This marks a historic moment as it is the first Chinese language drama series to compete for the Berlinale Series Award, competing against six other international titles.

Directed by Dalei Zhang and featuring Zijian Dong, the series explores a revived murder case. Wang Xiaohui, Chief Content Officer, emphasized the significance of this nomination for modern Chinese drama's recognition globally. The series will premiere on iQIYI's platform and app.

iQIYI, Inc. (Nasdaq: IQ) has successfully closed a US$500 million private placement of secured convertible senior notes to PAGAC IV-1 (Cayman) Limited. This investment, finalized from an agreement made in August 2022, aims to bolster iQIYI's operations and original content development. The notes can convert into American depositary shares at a premium and bear a 6% annual interest, maturing in five years. iQIYI reported RMB21.4 billion in revenue over nine months, with positive operating income growth.

iQIYI, a leading online entertainment service in China, aired the finale of its original comedy variety show Super Sketch Show season 2 on Dec. 17. The finale achieved a content popularity index of 9313, a 19% increase from the first season. With a rating of 8.8 on Douban, the show topped several charts, generating over 20.6 billion views. The series has fostered new comedy talent and will continue innovating with upcoming shows like FOLK 2022. iQIYI's focus on digital collectibles reflects its commitment to blending technology and entertainment.

iQIYI launched the world's first virtual reality game show, Memoon Player, on Dec. 9, 2022, featuring a unique VR environment based on Moon geography. The show attracted over 1.2 million viewers prior to its premiere. It allows participants to immerse themselves in VR adventures while interacting with their avatars. Accompanying the show is the Memoon Land app, enhancing user engagement with social features and merchandise sales. The project involved a team of 110 engineers and numerous partnerships with industry leaders, reinforcing iQIYI's commitment to tech-enabled entertainment innovation.

iQIYI (Nasdaq: IQ) reported its Q3 2022 financial results, showing total revenues of RMB7.5 billion (US$1.1 billion), down 2% from the previous year. However, the company achieved operating income of RMB309.7 million (US$43.5 million), a significant turnaround from a loss of RMB1.4 billion in Q3 2021. Non-GAAP net income reached RMB187.2 million (US$26.3 million), compared to a loss of RMB1.4 billion last year. The company reported strong subscriber growth, with 106.2 million members by the end of September 2022. Operating cash flow remained positive for two consecutive quarters.

iQIYI hosted its second Hack Day from Sep. 5 to Oct. 22, 2022, under the theme 'Launching the Future of Entertainment.' The event attracted 177 tech enthusiasts forming 44 teams, showcasing projects on areas like virtual production and blockchain. CTO Liu Wenfeng emphasized the event's aim to bridge innovation with practical entertainment solutions, highlighting tech that enhances user experiences, such as remote assistance for elderly viewers and eye movement video controls. iQIYI continues to innovate with features like 'Chat Together' and 'Rhythm Mode,' enhancing content creation efficiency in China's film and TV industry.

iQIYI reports a 20% increase in viewing hours during the National Day Holiday (Oct. 1-7, 2022), with a notable 11% rise in daily active users compared to the previous week. Premium, long-form content, especially anime, drove this surge, with viewing hours for anime up nearly 50%. The company's strategy to produce diverse and quality content appears effective, as evidenced by strong performances in various genres. Additionally, big-screen viewing saw a 22% increase week-over-week, indicating a growing trend among users to consume content on larger screens.

iQIYI launched a groundbreaking 5D in-vehicle cinema in collaboration with XPeng Motor on Sep. 21, revolutionizing in-vehicle entertainment in China. This innovative cinema utilizes advanced technology for immersive experiences, integrating physical cockpit features for sensory effects during content playback. The initial film offerings include hits like Dune and Godzilla vs. Kong. iQIYI's efforts also include patent applications for new technologies, positioning the company as a leader in smart cockpit developments with partnerships across the automotive industry.