BEIJING, July 11, 2019 /PRNewswire/ -- iQIYI,
Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative
market-leading online entertainment service in China, has been ranked 341st place on the
"2019 Fortune China 500" list (the "List"). This is the company's
second time to be ranked on the List, marking an increase of 78
places in ranking and making it the only online video-streaming
platform to be ranked on the List. Other companies featured in the
List include PetroChina, China Mobile and Evergrande Group.
The Fortune China 500 is the China-focused affiliate list of the
authoritative Global Fortune 500 list. Like the Global Fortune 500,
the Fortune China 500 is ranked by revenue, and is a review of all
Chinese companies listed on both domestic and overseas markets,
based on officially disclosed information from listed companies on
various stock exchanges. This year, Fortune China raised the
threshold of entry for the List from RMB
13.864 billion in 2018 to RMB 16.238
billion, representing a 17% increase.
In addition, the List is also a clear representation of the
rapid growth that the Chinese internet industry is undergoing. This
year, 37 internet companies made it on the List, with a total
market value of approximately RMB 11
trillion, which accounts for 23.7% of the total market value
of this year's Fortune China 500 combined.
Making to this year's list demonstrates the recognition iQIYI
has received for its continuous efforts to break free from standard
industry practices by promoting innovation-driven values in both
technology and content creation. This has led the company to create
a comprehensive entertainment ecosystem that not only optimizes
user experience and business operations, but also leverages the
full commercial potential of its content. At present, iQIYI's
entertainment ecosystem composes of iQIYI's main platform as well
as 21 individual apps that caters to genres such as fans community,
sports, e-commerce, gaming, literature, comics, paid content
knowledge, and virtual reality content. iQIYI has also taken the
lead in developing a ground-breaking interaction video guideline
(IVG) which is able to help content creators and industry
professionals develop high-quality interactive entertainment
experiences more conveniently and efficiently, from concept
development to plot-setting. The IVG was launched in May this
year.
According to the company's first quarter 2019 financial results,
its total revenues were RMB 7
billion, representing a 43% year-on-year increase. Notably,
on June 22, 2019, iQIYI's number of
total subscribing members surpassed 100 million, achieving a
significant milestone for the entire online video-streaming
industry.
Since its founding nine years ago, iQIYI has managed to create a
diverse entertainment ecosystem that offers content which caters to
a wide variety of genres and topics, including literature, dramas,
variety shows, films, animation, gaming, e-commerce,
live-streaming, and social networking. This is strengthened by the
company's strong monetization capabilities, which in combination
with an extensive range of business streams, contributing
significantly to its rapid growth in revenue. iQIYI's distribution
of premium content plays a critical role in the company's strong
performance, with content distribution revenue reaching
RMB 442.6 million in the first
quarter of 2019, representing a 66% year-on-year increase. In
addition, iQIYI's other revenues reached RMB
982.5 million in the first quarter of 2019, representing a
143% year-on-year increase.
"iQIYI is committed to promoting a sustainable entertainment
industry that not only values innovation in technology and content,
but also partnership-based innovations," said Dr. Gong Yu,
Founder and CEO of iQIYI. "Going forward, iQIYI will continue
to create high-quality content that in addition to bringing our
users an even greater online entertainment experience, will also
allow us to optimize the commercial potential of entertainment
content."
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company") is an
innovative market-leading online entertainment service in
China. Its corporate DNA combines
creative talent with technology, fostering an environment for
continuous innovation and the production of blockbuster content.
iQIYI's platform features highly popular original content, as well
as a comprehensive library of other professionally-produced
content, partner-generated content and user-generated content. The
Company distinguishes itself in the online entertainment industry
by its leading technology platform powered by advanced AI, big data
analytics and other core proprietary technologies. iQIYI attracts a
massive user base with tremendous user engagement, and has
developed a diversified monetization model including membership
services, online advertising services, content distribution, live
broadcasting, online games, IP licensing, online literature,
e-commerce, etc.
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SOURCE iQIYI, Inc.