iQIYI, Inc. American Depositary Shares - IQ STOCK NEWS

iQIYI, a leading online entertainment platform in China, hosted the online screening of the 13th Beijing International Film Festival from April 20 to 29. The event featured a 4K restoration of the classic film Woman Sesame Oil Maker, showcasing iQIYI's ZoomAI video enhancement technology. This collaboration with Xiamen University improved restoration efficiency by 500%, allowing 90% of restored films to achieve 4K quality. iQIYI has restored over 150 films using this technology, with a 52% increase in viewing time. The festival included 77 films across various curated themes, offering users a chance to engage with high-quality content.

The latest report, "Asia Pacific OTT TV and Video Forecasts 2023," predicts a significant growth in OTT revenues in the Asia Pacific region, projected to reach $52 billion by 2028, up from $33 billion in 2022, marking a 56% increase. Key contributors to this growth include China, India, South Korea, and Japan, with China expected to generate $4 billion and maintain 38% of total revenues despite a decline from 48% in 2022. The report notes that SVOD revenues have surpassed AVOD revenues since 2019, with future projections estimating $7 billion for SVOD and $11 billion for AVOD by 2028. Comprehensive data analysis is available for 22 territories, offering insights into household penetration and subscriber trends.

iQIYI, a leading international streaming platform, significantly enhanced its market presence through Alipay+, which aided over 1 million consumers outside Chinese mainland in subscription payments via various e-wallets in 2022. The partnership aims to engage young middle-class consumers in Southeast Asia, with notable increases in subscription payments through GCash, DANA, and Touch ’n Go eWallet, rising by 100%, 90%, and 50% respectively in March 2023 compared to late 2022. Alipay+'s bespoke marketing solutions are set to boost user loyalty and growth for merchant partners. The global OTT market is projected to reach $1,251 billion by 2027, with iQIYI ranking fifth among global OTT platforms. The cooperation with Alipay+ is poised to further expand iQIYI's outreach, especially in the rapidly growing Southeast Asian market.

On April 5, 2023, at the 10th China Internet Audio and Video Convention, iQIYI's CEO, Gong Yu, emphasized the importance of original content, technological innovation, and global expansion in driving the company's growth.

Since initiating its original content strategy in 2014, iQIYI invested nearly RMB 20 billion in original content over the past two years, which now makes up over 60% of its blockbuster dramas and revenue during initial release windows. By Q4 2022, viewing hours of original content doubled year-on-year.

Gong highlighted the role of artificial intelligence and big data in improving production efficiency and creating quality content. He noted iQIYI's international reach, with users in over 190 countries and a portfolio of over 7,000 episodes and 300 films.

The online video market in China is booming, with over 1 billion users, and iQIYI holds a significant share alongside major competitors.

iQIYI, Inc. (Nasdaq: IQ) announced the results of its repurchase right offer for its 2.00% Convertible Senior Notes due 2025, which expired on March 30, 2023. A total of US$1,197,625,000 in aggregate principal amount of the Notes were validly surrendered for repurchase. The aggregate cash purchase price for these notes is equal to the total surrendered amount. iQIYI will accept all surrendered notes for repurchase and will remit cash payments to the holders through its paying agent, Citibank, N.A. This buyback is a strategic move to enhance shareholder value.

iQIYI, Inc. (Nasdaq: IQ), a prominent online entertainment video service in China, announced the filing of its annual report on Form 20-F for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission on March 22, 2023. The report includes audited consolidated financial statements and can be accessed via the company's investor relations website. iQIYI boasts a daily subscriber base of over 100 million and has a diverse monetization model, leveraging advanced AI and big data technologies. Shareholders can request a hard copy of the report through their Investor Relations Department.

iQIYI announced that its hit series The Bad Kids will be remade into a Japanese film titled Gold Boy, revealed at the Hong Kong International Film and Television Fair. The series has gained international acclaim, with notable recognition such as being the first Chinese TV series selected by Variety as the Best International TV Series in 2020. iQIYI has seen a 30% increase in overseas membership revenue in Q4 2022, particularly strong in the United States and Canada, where subscribers rose over 70%. The company continues to expand its global audience while distributing thousands of C-content episodes worldwide.