Last Updated -
March 28, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
iQIYI was incorporated in 2009 and launched in China in 2010. Headquartered in Beijing, the company is a leading provider of online entertainment video services in China and has traded on Nasdaq since March 2018. Baidu remains iQIYI’s parent and controlling shareholder.
The company combines creative talent with technology to produce, aggregate, and distribute long-form video, micro dramas, micro animations, and other entertainment content. Its business spans original drama series, variety shows, licensed programming, and a wider IP ecosystem that includes online games, IP licensing, talent agency, and experience-based businesses. iQIYI describes its mission as building a technology-based entertainment company that brings fun and joy to people and their families.
iQIYI’s scale still rests on a large domestic streaming platform, with memberships and advertising as its two biggest revenue pillars. In fiscal year 2025, the company reported RMB 27.29 billion in revenue, including RMB 16.81 billion from membership services and RMB 5.19 billion from online advertising. Beyond China, iQIYI International reaches 191 territories, offers 12 interface and subtitle languages, and has served more than 100 million users, giving the group a broader Asian content footprint than a China-only streaming story suggests.
iQIYI operates a premium online entertainment platform built around original dramas, variety shows, animation, micro dramas, and other video content. The company combines in-house production, licensed programming, and an AI-powered technology stack to produce, recommend, and monetize content at scale. Its model is increasingly IP-led, with successful titles extended into sequels and broader commercial formats.
In market position, iQIYI remains one of China’s leading long-form video platforms, with its clearest edge in premium drama and franchise IP. Management said the company held the top position in total drama viewership market share for the first three quarters of 2025, according to Enlightent data. In the fourth quarter, management also said its IP-centric strategy reinforced user engagement and market leadership. At the same time, the 2025 results showed weaker revenue and margin performance than 2024, which means scale alone is not enough and execution on content and monetization remains central to the investment case.
iQIYI remains a China-first streaming platform, and the domestic business still drives the group’s results. In fiscal 2025, total revenue fell 7% to RMB 27.29 billion, with membership services at RMB 16.81 billion and online advertising at RMB 5.19 billion. The weaker year reflected a lighter content slate and softer advertiser demand. Still, the trend improved in the fourth quarter of 2025, when total revenue rose 3% year over year to RMB 6.79 billion and membership revenue held flat at RMB 4.11 billion.
iQIYI’s position in China still rests on premium long-form drama. Management said the platform led total drama viewership market share in the first quarter of 2025 and held the top position in total drama viewership market share for the first three quarters of 2025, based on Enlightent data. Micro dramas also posted stronger viewership and engagement in the first quarter, which shows that iQIYI is adapting its content mix to faster and lower-cost formats that matter more in China’s online video market.
After a weaker 2025, iQIYI enters 2026 in rebuild mode, with a sharper focus on execution rather than pure expansion. Full-year revenue fell 7% to RMB 27.29 billion, operating income margin dropped to 1% from 6% in 2024, and the company posted a net loss attributable to iQIYI of RMB 206.3 million. Still, fourth-quarter revenue rose 3% year over year to RMB 6.79 billion, which suggests stronger content delivery can still stabilize the core business when the release slate improves.
iQIYI’s next chapter looks more like an IP efficiency story than a volume story. Stronger domestic tentpole content, steadier advertising monetization, disciplined overseas expansion, and repeatable returns from new businesses are the main ingredients behind a durable recovery. Without that mix, revenue and margin swings will remain tied to the strength and timing of each content slate.
This Company Profile was written by Dominik Diemer
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