Chinese language video streaming group iQiyi incurred setbacks in subscriptions and promoting, however was in a position to enhance its content material gross sales, resulting in a July to September quarter that was down in income and revenue phrases.

Whole revenues have been RMB7.2 billion ($1.0 billion), a lower of 10% 12 months over 12 months within the third quarter of iQiyi’s present monetary 12 months. Web revenue attributable to iQiyi was RMB229 million ($32.7 million), in comparison with RMB476 million in the identical interval in 2023.

The corporate now not discloses subscriber numbers, solely subscriber revenues. It mentioned that membership providers income was RMB4.4 billion ($622 million), reducing 13% 12 months over 12 months, primarily as a consequence of a lighter content material slate.

Internet marketing providers income was RMB1.3 billion ($191 million), reducing 20% 12 months over 12 months, primarily because of the lower in model promoting enterprise, partially offset by the expansion of performance-based promoting enterprise.

Content material distribution income was RMB814 million ($116 million), growing 52% 12 months over 12 months, primarily pushed by the rise within the barter transactions. Different revenues have been RMB729 million ($104 million), reducing 8% 12 months over 12 months.

Content material prices as a element of value of revenues have been RMB4.0 billion ($569 million), reducing 5% 12 months over 12 months. “The lower in content material value was primarily as a consequence of lighter film choices within the quarter,” the corporate mentioned.

“Within the third quarter of 2024, we topped the business within the drama collection market share, in accordance with Enlightent knowledge,” mentioned Gong Yu, CEO of iQiyi. “We’ve got just lately elevated our leisure choices and providers with strategic enhancements, integrating sought-after mini and brief dramas to enrich our in depth long-form content material portfolio. We’ve got additionally launched a household account choice inside our membership applications. We consider these enhancements will higher serve customers’ evolving leisure wants.”

“Our purpose is to reinforce content material attraction by optimizing long-form video choices and incorporating mini and brief dramas into our content material portfolio. With disciplined execution, we consider that such initiatives will result in long-term worth creation for our companies,” mentioned Wang Jun, chief monetary officer.

The corporate has shares traded in ADR kind on the NASDAQ within the U.S. These reached $5.79 apiece in July, however in current months the worth has hovered near all-time lows. At $2.02 per ADR, the corporate has a market capitalization of $1.06 billion.