iQIYI announces Q4 and fiscal year 2024 financial results

iQIYI, an innovative market-leading online entertainment service in China, announced on Tuesday its financial results for the fourth quarter and fiscal year that ended on December 31, 2024.

Unaudited financial results show that the Nasdaq-listed company's total revenues in 2024 were 29.23 billion yuan ($4 billion), down eight percent from a year before. Non-GAAP operating income was 2.36 billion yuan ($323.6 million) and the non-GAAP operating income margin was eight percent. This marks the third consecutive year in which the company has achieved operating profit.

In the fourth quarter alone, QIYI generated revenue of 6.61 billion yuan ($906.0 million). The non-GAAP operating income for this quarter was 405.9 million yuan ($55.6 million), with a non-GAAP operating income margin of six percent.

"We continued to execute with a focus on discipline and efficiency, which led to sequential growth in operating profit for the fourth quarter. The strong operational momentum is extending into the opening of 2025, marking an encouraging start for the year," commented Wang Jun, chief financial officer of iQIYI.

According to the report, the company's robust performance is driven by its stronghold in long-form content, breakthroughs in mini-dramas, and significant growth in overseas markets.

The cornerstone of iQIYI's success in 2024 remained its long-form content, which continued to dominate viewership across multiple genres. The company captured the highest market share in the total drama category for both the fourth quarter and the whole year, according to Enlightent data.

This achievement was bolstered by exceptional performances in reality, suspense, period, and modern romance genres. Popular titles such as We Are Criminal Police and new releases from the "Light On Theater" brand, including Let Wind Goes By, contributed significantly to this success.

"Since late November 2024, we have launched a series of blockbusters, driving a strong rebound of business performances and reinforcing our No.1 position in total drama market share in Q4 2024. With the release of more smash hits, the momentum continued into the start of 2025, which led to a significant increase in subscribing members from the end of 2024 to now," commented Gong Yu, founder, director, and chief executive officer of iQIYI.