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In 2020, the revenue will be 29.7 billion yuan, a year-on-year increase of 2% From Iqiyi

The following is the In 2020, the revenue will be 29.7 billion yuan, a year-on-year increase of 2% From Iqiyi recommended by recordtrend.com. And this article belongs to the classification: Enterprise financial report, Investment & Economy, Mobile Internet, Network entertainment.

February 18, 2021 – iqiyi released its unaudited financial report for the fourth quarter and the whole year ending December 31, 2020 after hours on Wednesday. According to the financial report, iqiyi’s total revenue in fiscal year 2020 reached 29.7 billion yuan (about 4.6 billion US dollars), a year-on-year increase of 2%, of which the fourth quarter revenue was 7.5 billion yuan (about 1.1 billion US dollars), in line with previous expectations. By the end of the fourth quarter, iqiyi had 101.7 million subscribers.

After the financial report was released, iqiyi’s share price fell 3.16% as of press time.

In the fourth quarter of 2020, iqiyi’s member service revenue was 3.8 billion yuan (about 587.8 million US dollars), and its annual member service revenue was 16.5 billion yuan (about 2.5 billion US dollars), an increase of 14% over 2019. This is mainly due to the growth in the number of subscribers in the first half of 2020, as well as the introduction of exclusive content and diversified operation measures in this year. In the fourth quarter, advertising revenue reached 1.9 billion yuan (about 284.9 million US dollars), and the annual advertising revenue reached 6.8 billion yuan (about 1 billion US dollars) against the background of challenging macroeconomic environment. In addition to membership and advertising revenue, iqiyi’s content distribution business achieved revenue of 804.3 million yuan (about 123.3 million US dollars) in the fourth quarter, and its annual content distribution revenue totaled 2.7 billion yuan (about 407.7 million US dollars), an increase of 5% compared with that in 2019. Benefiting from the growth of some business lines, other revenue reached 959.6 million yuan (about 147.1 million US dollars) in the fourth quarter, an increase of 10% compared with the same period last year, and other revenue of the whole year reached 3.7 billion yuan (about 572.3 million US dollars).

In the fourth quarter of 2020, iqiyi’s revenue cost decreased by 14% compared with the same period in 2019, mainly due to the decrease of content cost. In the fourth quarter, the cost of content was 5.1 billion yuan (about 786.1 million US dollars), down 10% compared with the same period in 2019. The decrease of content cost is mainly due to the reduction of production cost, the production of more short plays to meet the diversified needs of users, and the updating of accounting estimates for the consumption mode of future ratings and the life cycle of content assets. The annual revenue cost is 8% lower than that in 2019. As an important part of revenue cost, the annual content cost in 2020 is 20.9 billion yuan (about 3.2 billion US dollars), 6% lower than that in 2019.

Iqiyi’s operating loss in the fourth quarter was 1.3 billion yuan (about 200.4 million US dollars), and its annual operating loss was 6 billion yuan (about 925.7 million US dollars). The annual operating loss rate is reduced to 20% compared with 32% in 2019.

As of December 31, 2020, the company has cash, cash equivalents, restricted cash and short-term investments totaling 14.3 billion yuan (about 2.2 billion US dollars).

Iqiyi looks forward to the first quarter of 2021: total revenue is expected to be between 7.07 billion yuan (US $1.08 billion) and 7.53 billion yuan (US $1.15 billion). (the outlook only represents the preliminary forecast based on the current situation, and does not rule out the possibility of adjustment in the future.).

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