iQIYI’s Q4 Revenue Hits RMB 6.79 Billion, ARPU Up 13%
JG•iQIYI’s 2025 revenue fell 7% to RMB 27.29 billion with a net loss of RMB 206.3 million, but Q4 revenue grew 3% to RMB 6.79 billion and ARPU rose 13%. In Q1 2026 it is leveraging hit series like “Punishment 2” and Nado Pro AI to boost engagement.
1. Financial Performance and Q4 Recovery
In 2025 iQIYI’s full-year revenue declined 7% year-on-year to RMB 27.29 billion, resulting in a net loss of RMB 206.3 million. Despite the annual downturn, Q4 marked a turning point as revenue reached RMB 6.79 billion (up 3% YoY) and ARPU climbed 13% to RMB 22.07 per month. These improvements reflect stronger monetization even as MAU continued to decline.
2. Content-Driven Engagement Growth
The revival in Q4 was propelled by hit drama “Strange Tales of Tang Dynasty 3,” which set platform records with high heat scores and drove double-digit growth in variety and drama advertising. Early Q1 2026 releases like “Punishment 2” and “Dangerous Relationship” also achieved top-tier heat metrics, demonstrating that quality original series can counteract user churn. Rising average daily watch time—up 43% YoY in Q1—suggests deeper user engagement despite a falling MAU.
3. AI Innovation and Expansion Initiatives
iQIYI launched Nado Pro, its professional film and TV AI agent, and a suite of AI advertising tools to streamline content creation and ad optimization. The company filed for a secondary Hong Kong listing and approved a $100 million share buyback over 18 months to reinforce long-term confidence. Offline and overseas strategies—including immersive theaters, theme parks and localized content in Southeast Asia—aim to unlock new revenue streams and offset domestic growth constraints.
