iQIYI, Inc. American Depositary Shares - IQ STOCK NEWS

iQIYI has successfully concluded the multi-city tour of its stage adaptation 'Mysterious Lotus Casebook', demonstrating the company's effective IP development strategy. The original drama series was one of iQIYI's biggest hits in 2023, achieving a content popularity index above 10,000 and earning a Magnolia Awards nomination at the Shanghai TV Festival.

The IP has shown strong commercial performance, generating RMB80 million (US$11 million) in merchandise sales across 1,300 SKUs. The company has expanded the IP's reach through tourism partnerships with Suyun Thirteen Gardens and Hengdian World Studios, creating immersive experiences. The theatrical adaptation has garnered significant social media attention on Weibo during its tour across multiple Chinese cities, including Hangzhou, Xi'an, Chengdu, and Beijing, with plans for expansion in 2025.

iQIYI announced the return of its acclaimed 'Light On Theater' suspense drama brand with seven new titles. The lineup includes 'Low IQ Crime,' 'Let Wind Goes By,' 'A Life for a Life,' 'Drifting Away,' 'Dead End,' 'Breaking the Shadows,' and 'Justifiable Defense.' Launched in 2020, the brand gained prominence with its breakout hit 'The Bad Kids,' which set new standards for Chinese suspense storytelling.

The platform has expanded its genre-based approach with 'Love On Theater' for romance and 'Laugh On Theater' for comedy series. The brand has achieved international recognition, with series winning awards at the Busan International Film Festival and being selected for the Berlinale Series. 'The Bad Kids' was adapted into a Japanese version in 2024, demonstrating the brand's global appeal.

iQIYI hosted its 10th annual Scream Night 2024 on December 7 at the Galaxy Arena in Macao, presenting 66 honors across various entertainment categories. The event generated over 1,700 trending searches on Chinese social media, with 90+ reaching top spots.

Notable awards included 'Drama of the Year' for For the Young Ones and Fangs of Fortune, while Tendays won 'Original Variety Show of the Year.' Three series—A Journey to Love, War of Faith, and Strange Tales of Tang Dynasty II: To the West—were honored for surpassing a 10,000 popularity index.

The event also recognized social impact initiatives, including the 'Growth Plan Inspired by Movies' in Xinjiang and Macao, which focuses on providing educational content to young people.

iQIYI has launched a new 'Extra Large Font' function on its app to enhance accessibility for senior users. The feature includes enlarged text size options, simplified poster layouts, prominent voice search, and streamlined navigation. The update also offers audio volume amplification up to 300% and enhanced color settings.

The platform retains essential functionalities while introducing 'Micro-Drama Theater' and 'Short-Drama Theater' content. This development builds on the company's previous accessibility initiatives, including the 'Senior Mode' launched in December 2021. iQIYI has also introduced a Standard VIP Family and Friends Membership service, offering discounted additional accounts for family members.

iQIYI reported Q3 2024 financial results with total revenues of RMB7.2 billion (US$1.0 billion), showing a 10% year-over-year decrease. Operating income was RMB238.9 million with a 3% margin, down from 9% in 2023. Membership services revenue declined 13% to RMB4.4 billion, while online advertising revenue fell 20% to RMB1.3 billion. Content distribution revenue increased 52% to RMB814.0 million. Net income attributable to iQIYI was RMB229.4 million, decreasing 52% year over year. The company maintained RMB4.7 billion in cash and equivalents as of September 30, 2024.

iQIYI has launched a new Standard VIP Family and Friends membership service in mainland China, allowing Standard VIP members to add an additional account at a discounted rate. The main account costs RMB25 (US$3.5) monthly, with the additional account priced at RMB8 (US$1.1), totaling RMB33 (US$4.6) for both. Each account operates independently with separate passwords, watch history, and recommendations, supporting login on up to five devices.

The service includes access to exclusive content like drama series and new formats such as 'Micro-Drama Theater' (1-5 minute vertical dramas) and 'Short-Drama Theater' (5-20 minute horizontal episodes), complementing their traditional long-form content library.

iQIYI (NASDAQ: IQ) announced it will release its third quarter 2024 financial results on November 21, 2024, before the U.S. market opens. The company will host an earnings conference call at 6:30 AM U.S. Eastern Time (7:30 PM Beijing Time) on the same day. A telephone replay will be available until November 28, 2024, and a live and archived webcast can be accessed through the company's investor relations website.

iQIYI concluded its hit comedy variety show 'The King of Stand-up Comedy' with Fu Hang winning first place. The show's finale achieved a popularity index score exceeding 9400, making it iQIYI's top variety show of 2024. The season featured 44 contestants who collectively gained over 5.98 million new followers online. The show dominated variety rankings on third-party platforms like Enlightent and Maoyan Entertainment, ranking among the top three most popular variety shows in iQIYI's major overseas markets. The series generated more than 4,890 trending searches across Chinese social media platforms and builds upon iQIYI's successful comedy ecosystem, which includes other hits like Super Sketch Show.

iQIYI, China's leading online entertainment platform, reported an 11% increase in total viewing time during the 2024 National Day Holiday (October 1-7) compared to the pre-holiday period. The report highlights growing viewer interest across various genres:

- Drama series remained dominant, with new releases quickly entering the top 10 popularity chart.
- Film viewing time surged by 70%, with four films ranking in the top 10 most popular content.
- Variety shows saw a 37% yearly increase in viewing time.
- Animation and kids' content experienced significant jumps of 69% and 35% respectively.
- Short-form content gained popularity, with iQIYI launching 'Micro-Drama Theater' and 'Short-Drama Theater'.

The platform plans to release two mobile-optimized vertical dramas weekly in the 'Micro-Drama Theater' and one new title weekly in the 'Short-Drama Theater' to cater to the growing demand for concise storytelling.