iQIYI releases financial results for Q4 and fiscal year 2023

Online advertising services, the company's second-largest business line, garnered annual revenue of 6.2 billion yuan in 2023, increasing 17 percent year over year. They generated 1.7 billion yuan in revenue in the fourth quarter, representing a year-on-year growth of six percent.

According to the report, revenues generated by content distribution and other sources reached 2.5 billion yuan and 2.9 billion yuan respectively in 2023. The two figures for the fourth quarter are 506 million yuan and 741 million yuan.

"In addition to the satisfying revenue and profit performance, our financial health also strengthened considerably as both operating and free cash flows exceeded 3.3 billion yuan in 2023," commented Wang Jun, iQIYI's chief financial officer. "With that, we believe we are on the right path to generate long-term value for our stakeholders."

According to Enlightent, a big data platform for the entertainment industry, iQIYI ranked #1 in drama viewership share for three consecutive years. In 2023, iQIYI broadcast seven out of the top 10 most-viewed new dramas in the market. In addition to dramas, the giant also dominated the online movie streaming segment with a total viewership share of 47 percent.

"Our market share leadership is deeply rooted in our unique capacity to produce original, premium content," Gong remarked. In 2023, more than 65 percent of key dramas released by the platform were its original productions, an annual record in its history.