iQIYI releases 2024 Q2 financial report: Excellent summer content and sufficient preparation for the long term
2024-08-26
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iQiyi released its financial report for the previous quarter on August 22, and delivered a pretty good answer sheet. Data showed that in the second quarter, iQiyi's total revenue was 7.4 billion yuan, membership service revenue was 4.5 billion yuan, Non-GAAP operating profit was 500 million yuan, and positive operating cash flow was achieved for 9 consecutive quarters. "My Altay" became a national hit, driving the popularity of Xinjiang's cultural tourism. At present, the summer season "The Prosecutor of the Nine Departments" is being broadcasted, and iQiyi has shown a strong momentum.
Throughout the first half of the year, long video platforms such as Tencent Video and Youku have also launched many excellent works. This positive competition in the industry has further promoted the improvement of the overall quality of long video works, making the pie bigger and benefiting the audience. As Gong Yu, founder and CEO of iQiyi, said in the earnings call, this competition has a positive significance for the development of long videos and has increased the attractiveness of long video content compared to other entertainment methods.
Back to the financial report itself, in the second quarter, iQiyi had "leaders" in dramas, variety shows, and animation. This year's domestic drama "My Altay", which ranked first on Douban, has become popular on the entire network and was called "a typical case of iQiyi balancing content quality and commercial returns" by Chief Content Officer Wang Xiaohui. "The Untold Story" and "The Boy Who Can't See the Shadow" maintain the level of the Mist Theater; "Meng Detective 2024", "New Rap 2024", "Let's Farm" Season 2 and other top variety shows have won the favor of advertisers. Not only that, iQiyi has also become a dark horse in the field of animation. "What a Dilemma" not only set new highs in the popularity and revenue of self-made animations, but also exceeded the top Japanese animations in terms of playback volume and revenue in many overseas regions.
Now is the summer season, and long video platforms are bringing out their trump cards. Tencent Video has released "Longing 2" and "The Willow Boat", and Youku has launched "Young White Horse Drunk in the Spring Breeze" and "Bianshui Past". iQiyi has successively broadcast the Misty Theater "Dislocation", "Tang Dynasty Weird Stories: Journey to the West", "Young Couple", "Lonely Boat", "Nine Prosecutors", "Return to Reality in Ten Days", "The King of Comedy Stand-up Season" and other content, with rich and diverse themes and excellent data performance. Multiple third-party data charts show that iQiyi is leading the market share of dramas in July, and it can be said that it has won the entire summer. Take "Tang Dynasty Weird Stories: Journey to the West" as an example. The drama has a Douban score of 8.5. It has not only become iQiyi's 14th drama with a popularity of over 10,000, but also led to a 6-fold and 10-fold increase in the broadcast time and membership income of the first season of "Tang Dynasty Weird Stories" respectively, which can be called the biggest hit of this year's summer drama. Variety shows also performed well. Take "Back to Reality Ten Days Later" and "The King of Comedy Stand-up Season" as examples. The former topped the charts every time it was updated, while the latter continued to be a hot topic.
Whether or not high-quality content can be provided to users in a continuous and stable manner determines the long-term development of the long video industry. Wang Xiaohui revealed iQiyi's next content reserves in the earnings call. For the three key tracks of core female costumes, suspense and realism, the preparations are relatively sufficient. Ancient and modern idol content includes "Sifang Pavilion", "Nian Wushuang", "Winter Solstice", "Seven Nights of Snow", "The Dream Returns", "White Moon Fanxing", "There is a Tree in Xiantai", etc., and realistic and suspense themes include "Song of Mortals", "Northward", "Justifiable Defense", etc.
Based on this report card, it can be said that iQiyi's content has been steadily developed in the second quarter, the hot momentum of the summer season has not diminished, and the long-term content reserves are rich. As the overall market level continues to rise, long-form video platforms can only gain more market and user recognition by continuously providing good content.
