BEIJING, Dec. 3, 2015 /PRNewswire/ -- iQIYI, an independently operated subsidiary of Baidu (NASDAQ:BIDU) and one of the largest internet and mobile video service providers in China, today announced that the company's paid streaming subscribers have reached ten million as of December 1, 2015, doubling in number since June 15, 2015.
According to the 2015 Report on Development of China's Internet Audio-Visual Media, iQIYI has the largest number of paid subscribers among China's video streaming platforms, far surpassing the combined total of the second and third largest players. The report was issued by China Netcasting Services Association, with the support of the China Internet Network Information Center (CNNIC).
"The development of mobile payments and premium content, combined with the crackdown on unlicensed online content, has driven explosive growth in paid subscriptions in 2015," said Yu Gong, founder and CEO of iQIYI. "iQIYI has become the industry leader by offering premium content, providing the best viewing experience and carrying out a clear branding strategy."
"Understanding and anticipating user demand is the key to our success," said Xianghua Yang, Senior Vice President of iQIYI. "With the rapid progress in the paid subscription model for online content, we are extremely excited about the opportunities in China's online entertainment and culture industry. We look forward to further developing high-potential areas such as online gaming, music, education and literature."
iQIYI's growing library of premium content is key to the company's strategy to grow paid subscriptions. The company's pioneering self-produced TV series "The Lost Tomb" was produced exclusively for online viewers and has enjoyed enormous popularity in China. iQIYI has adopted a new distribution model for its recently released show "The Legend of S (Shu Shan Zhan Ji)" to enable paid subscribers to access premium content prior to its broadcast on television.
Beyond its breakthrough online shows, iQIYI has announced partnerships with top-tier global studios and production houses, including Paramount, Lionsgate, NBCUniversal, BBC Earth and China 3D, to further enrich its offering to subscribers.
According to a recent report published by App Annie, in October 2015 iQIYI's mobile app was the 7th top iOS app by revenue globally, gaining two spots from its 9th place ranking in July.
In 2016, iQIYI will enhance its paid subscription offering by purchasing and producing over 40 new shows and will invest approximately 50% of its full year budget in the paid subscription business.
Founded in April 2010, iQIYI is one of the largest Internet and mobile video service providers in China. An independently operated subsidiary of Baidu, the world's largest Chinese search engine, iQIYI is focused on providing Chinese users with the best possible online video experience, and has become an industry leader in developing innovative products and technologies.
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