.svg){kind=logo} Logo used since 2022 | |
Screenshot  Screenshot of iQIYI home page | |
Type of site | OTT platform |
|---|---|
| Available in | 6 languages |
List of languages | |
| Traded as | Nasdaq: IQ (ADS) |
| Founded | January 6, 2010; 16 years ago (2010-01-06) |
| Headquarters | , |
| Country of origin | China |
| Area served | Worldwide[a] |
| Founder | Gong Yu |
| Key people | He Junjie (Chairman) Gong Yu (founder & CEO) |
| Industry | |
| Products | |
| Services |
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| Revenue |  CN¥29.23 billion[1] (US$4 billion, 2024) |
| Parent | Baidu |
| URL | www |
| Users | 101.4 million paid subscribers[2] |
| Launched | April 22, 2010; 15 years ago (2010-04-22) |
| Current status | Active |
| IQIYI | |||||||||||||||||||||
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| Traditional Chinese | 愛奇藝 | ||||||||||||||||||||
| Simplified Chinese | 爱奇艺 | ||||||||||||||||||||
| Literal meaning | love wonderful art | ||||||||||||||||||||
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iQIYI (Chinese:爱奇艺;pinyin:Àiqíyì, pronounced in English aseye-CHEE-yee), formerlyQiyi (奇艺;Qíyì),[3] is a Chinesesubscription video on-demandover-the-topstreaming service owned byBaidu. Headquartered inBeijing, iQIYI primarily produces and distributes films and television series.
iQIYI is currently one of the largest online video sites in the world, with nearly 6 billion hours spent on its service each month and over 500 million monthlyactive users.[4][5][6][7] On March 29, 2018, the company issued itsinitial public offering in theUnited States and raised $2.25 billion.[8]
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Qiyi was founded on January 6, 2010, byBaidu with support fromProvidence Equity Partners.[9] It changed its name to iQIYI in November 2011.[3] On November 2, 2012, Baidu bought Providence's stake and took full ownership.[10] On May 7, 2013, Baidu purchased the online video business ofPPStream Inc. for $370 million, which later became asubsidiary of iQIYI. On July 17, 2014, the site launched its film production division, iQIYI Motion Pictures, to expand existing cooperative projects with overseas peers, including purchasing releases and co-producing movies. On September 4, iQIYI collaborated with theVenice Film Festival, streaming the festival's movies online. In August 2014, iQIYI generated over 6.95 billion hours of viewing on its website.[11] In October, iQIYI participated in theBusan Film Festival, signing exclusive rights to nearly 100 South Korean titles.[12] On November 19, 2014,Xiaomi andShunwei Capital invested $300 million in iQIYI for about 10 percent to 15 percent of the site, while Baidu invested an additional $100 million and held about 80 percent.[13]
In September 2014, iQIYI had established aChinese Communist Party (CCP) committee inside the company, according to the official newspaper of theCentral Committee of the Chinese Communist Party, thePeople's Daily.[14] In November 2014, following theNational Radio and Television Administration's ban on all live-streaming of American TV shows, iQIYI's vice editor-in-chief defended the ban, stating that such content was against "socialist values."[15]
On December 8, 2014, iQIYI's chief content officer, Ma Dong, said the portal planned to more than double original production in 2015, with at least 30 titles and 500 episodes on the slate compared to 13 in 2014.[16] In 2015, iQIYI purchased the streaming rights to eight top entertainment shows in mainland China and several entertainment shows in Taiwan and South Korea, includingRunning Man.[17] In March 2016, it was announced that it would launch inTaiwan.[18] In June 2016, it was reported that it had 20 million subscribers.[19]
In June 2014, iQIYI co-produced and distributed the dramaMysterious Summer with major Japanese broadcasterFuji TV. It was the first drama co-production between China and Japan and has been viewed more than 60 million times as of October 2014.[20][21]
In 2017, thePeople Daily reported that two thirds of high-level staff in iQIYI's content department were CCP members.[14]
On April 25, 2017,Netflix (which does not operate at all in China) announced that it had reached a licensing deal with iQIYI, under which someNetflix original productions would be available on iQIYI day-and-date with their premieres worldwide.[22]
In November 2018, iQIYI announced that it was raising new cash. The video business said that iQIYI raised issue $500 million in convertible senior notes. Proceeds from the offering will go towards content and technology investments as well as capped call transactions to reduce potential dilution to shareholders upon conversion of the notes.[23]
iQIYI has not been available inTaiwan since October 15, 2020 due to a ban on partnerships withmainland Chinese video streaming companies after iQIYI was found to be used by China'sTaiwan Affairs Office for conductingunited front activities on the island.[24][25][26]
In December 2020, iQIYI opened a new office in Singapore atRobinson Road to serve as the regional headquarters forSoutheast Asia.[27]
In 2020, iQIYI announced the production ofMy Roommate Is a Gumiho as its first Korean Original Series.[28] Due to positive reviews over their first self-produced series, which starredJang Ki-yong andGirl's Day memberLee Hye-ri, iQIYI expressed that they gained confidence in releasing more original Korean dramas produced under its name, like their announced upcoming productions of dramas likeBad and Crazy (starringLee Dong-wook,Han Ji-eun andWi Ha-joon) in 2021 andShooting Stars in 2022, with the hope of expanding their potential in the production of original Korean shows.[29][30]
iQIYI also began to expand its horizons by producing Southeast Asian shows to stream as iQIYI originals for more viewership. In August 2021, iQIYI streamed a Singaporean drama titledThe Ferryman: Legends of Nanyang, which was its first Southeast Asian original series starring local actors from Singapore likeLawrence Wong andQi Yuwu and Taiwanese actress Kate Kinney. The drama is also a remake of the 2014 Chinese drama series, but in a Southeast Asian setting.[31][32]
In October 2021, iQIYI and Thema went into a partnership to launch their services on Netgem TV in theUnited Kingdom andIreland, with iQIYI hoping to distribute Asian content on European media to create a larger global audience.[33]
During the26th Busan International Film Festival, iQIYI partnered with Philippine broadcasterABS-CBN to produceSaying Goodbye andHello, Heart as the first two original series from the country, which aired later that year.[34][35]
In May 2022, iQIYI Sports announced a streaming rights request for the Italian football competitionSerie A. This marks the fifth acquisition since the expansion into the sports market after acquiring streaming rights to other sporting events such as UEFA, AFC, thePremier League andLa Liga.[36] The same month, iQIYI removed all movies ofKeanu Reeves after he appeared at a virtual event hosted byTibet House US due to its linkages with the14th Dalai Lama.[37]
In 2019, Taiwan'sInstitute for National Defense and Security Research reported that iQIYI is used by China'sTaiwan Affairs Office to furtherunited front efforts on the island.[25] In response, Taiwan banned the company.[38][26]
In April 2020, activist investors, includingMuddy Waters Research, accused iQIYI of overstating its revenue and subscribers.[39] Short-seller Wolfpack Research also accused the company of inflating revenue numbers.[40] In August 2020, it was announced that theU.S. Securities and Exchange Commission subsequently launched an investigation into iQIYI.[41] Later in early October 2020, iQIYI made a statement that an internal review into the allegations of fraud made by the American short seller Wolfpack Research, "did not uncover any evidence that would substantiate the allegations." The internal review had been conducted by an independent audit committee, which included "a Big 4 accounting firm that is not the Company's auditor."[42][43]
In June 2020, the Beijing Internet Court sided with a customer who sued the company for breaching the terms and conditions of the 'VIP' subscription. iQIYI had charged additional fees for pre-screens of dramas, although paying customers were promised access at no extra charge.[44]
Paramount Pictures has signed a licensing agreement with iQIYI, the largest online video platform in China, that will give the company rights to offer 800 films from the studio's library to subscribers of its SVOD service, Paramount announced Wednesday.
Lionsgate has signed a long-term output deal for a number of high-profile Lionsgate and third-party feature films with China's largest comprehensive online video platform iQIYI.