iQIYI, Inc. American Depositary Shares - IQ STOCK NEWS

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.

iQIYI, a leading online entertainment service in China, announced that its series Shining for One Thing generated over RMB 100 million in revenue through its revenue-sharing model. This success highlights the platform's ability to drive commercial gains for quality content. iQIYI plans to continue collaborating with producers to develop premium content, reflecting a growing market with 23 new shows launched in 2022, a 4% year-on-year increase. The revenue-sharing model is enhancing income diversity and fostering a positive development cycle for online dramas.

iQIYI, an online entertainment service in China, announced 235 new films and series at the iJOY Conference held on September 15, 2022. This extensive lineup underscores iQIYI's commitment to producing premium original content. The company turned profitable for the first time this year and plans to continue its 'calm growth' strategy, focusing on investing in high-quality content to drive user engagement and revenue.

iQIYI aims to cater to Gen Z with diverse programming, including dramas about modern women's stories and popular variety shows.

iQIYI upgraded its revenue sharing system for the Cloud Cinema Premiere model, increasing producer revenue share from 60% to 90% for films released via Premium Video on Demand (PVOD). This initiative aims to drive growth in the online film market and provides producers with more incentives. Notable top-earning films include Dreams of Getting Rich and Northeastern Bro, showcasing the success of this strategy. iQIYI's Vice President emphasized the goal of fostering a fair media ecosystem through collaboration with industry talents.

iQIYI, a leading online entertainment service in China, reported its second-quarter 2022 financial results, highlighting total revenues of RMB6.7 billion (US$993.8 million), down 13% year-over-year. Membership services revenue increased 7% to RMB4.3 billion (US$639.7 million).

The company achieved an operating income of RMB125.8 million (US$18.8 million) compared to a loss of RMB1.1 billion in Q2 2021. Notably, net loss attributable to iQIYI narrowed to RMB214 million (US$31.9 million), down from RMB1.4 billion in the same quarter last year.

iQIYI, Inc. (Nasdaq: IQ) has entered a definitive agreement with PAG Asia to issue US$500 million in convertible notes, with an additional US$50 million option. The notes feature a 6% interest rate and will mature in five years. Investors can convert the notes into American depositary shares at a 20% conversion premium. PAG Asia can appoint a board member upon transaction closure. This issuance is exempt from registration under the Securities Act. The deal is anticipated to finalize in Q4 2022, pending certain conditions.

iQIYI, a leading online entertainment service in China, has announced the production of its drama series Fox Spirit Matchmaker (Yuehong Chapter) using Extended Reality (XR) Virtual Production technology, marking it as China's first drama to utilize this approach. The series will be filmed in a 2,400-square-meter virtual studio in Hengdian, Zhejiang, using LED panels to create realistic settings. This innovation aims to enhance content quality and efficiency while lowering production costs. Vice President Zhu Liang emphasized the importance of integrating advanced technology to advance the Chinese film and television industry.