iQIYI (IQ, Financial) has reported significant achievements in both long and short video content, as revealed in its 2024 Q4 and full-year financial results. The company's CEO highlighted a strategic focus on micro-dramas, which began in September 2024, capturing market attention with its "long + short" content ecosystem.
For 2024, iQIYI achieved a revenue of RMB 29.23 billion and a Non-GAAP operating profit of RMB 2.36 billion, marking three consecutive years of profitability. In Q4, revenue was RMB 6.61 billion, with a Non-GAAP operating profit of RMB 410 million, reflecting a 10% sequential increase. This profitability signals a positive turning point for the company.
The release of high-quality content since late November 2024, including titles like "I Am a Detective" and "Fire in the Wind," has driven strong business performance and significant growth in membership. Additionally, iQIYI's micro-drama segment has expanded its library to over 10,000 titles and improved its ad placement system to better monetize the growing traffic.
Looking ahead, iQIYI aims to enhance the quality and proportion of top-tier content in 2025, focusing on suspense and female-oriented genres. Upcoming releases include anticipated titles like "Above the Clouds" and "Love You," which are expected to sustain the momentum.
iQIYI's micro-drama business has shown promising results, with a strong increase in user engagement and playtime. The company plans to further develop its micro-drama ecosystem by introducing premium content and expanding advertising opportunities, positioning itself for continued growth in this burgeoning market.
