iQIYI VOD subscribers now number 5MN

DetailsRebecca Hawkes | 17 June 2015

Five million paid subscribers are now being served in China by video streaming service iQIYI, an independently operated subsidiary of Internet and mobile video giant Baidu.

The figure represents a 765% annual increase according to iQIYI, which plans to acquire around a thousand titles from Hollywood this year to add to the content library it has been building since launch in April 2010.

"The success of iQIYI's paid subscription model demonstrates the strong demand of Chinese audience for online video platforms with high quality content. Users' willingness to pay for content reflects the huge opportunity and potential for iQIYI and the online video market in China," said Yu Gong, iQIYI's founder and CEO.

Xianghua Yang, senior vice president, iQIYI, added: "Most of iQIYI's users were born after 1980s and understand the value of content. With five million paid members, iQIYI is the industry leader in terms of paid subscribers. However, this is still a small portion of our over 500 million users, and we expect that the future conversion rate to paid members could be substantial."

Some 60% of the films which were shown in cinemas in China last year were later hosted on iQIYI and over 80% of 2014 movies whose box office takings exceeded 100 million RMB in China can also be found on the video-on-demand (VOD) platform, claims iQIYI. They are joined by over 400 films only available via the Internet.

The premium subscription service can be accessed for RMB20 (US$3.25) per month.

"As iQIYI continues to enrich its content and to improve services for our members, we are confident that iQIYI's subscription business will continue to experience rapid development," said Yu Gong.