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.
SOURCE iQIYI, Inc.