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iQiyi Cuts Losses to $968 Million as Subscriber Numbers Slip
01.03.2022 - 13:27 / variety.com
Patrick Frater Asia Bureau ChiefChinese video streamer iQiyi cut its losses in 2021 to RMB6.2 billion ($968 million), compared to RMB7.0 billion in 2020 and said that recent cost cutting measures were quickly bearing fruit. But its latest regulatory filing also revealed that subscriber numbers continue to fall on both a quarterly and annual basis.The NASDAQ-listed company said that gross revenues for the 12-months to December 2021 were RMB30.6 billion ($4.8 billion), representing a 3% increase on 2020.
Operating losses were RMB4.5 billion ($703 million) and the operating loss margin was 15%, which it said showed improvement compared to operating losses of RMB6.0 billion and an operating loss margin of 20% in 2020. By the company’s preferred measure, non-GAAP attributable losses, iQIYi’s annual incremental deficit was RMB4.5 billion, compared to a non-GAAP net loss attributable to iQiyi of RMB5.4 billion in 2020.
Average paying subscription numbers dropped below the symbolic 100 million mark, falling from 102.7 million at the end of 2020 to 97.0 million at the end of December 2021. In the quarter that coincided with its cost cutting measures – believed to have involved cutting 20% of its workforce and scaling back content commissioning – the company also lost some 7.7 million paying subscribers.
(At the end of the third quarter, it claimed an average of 104.7 million paying subscribers.)On the other hand, the company managed to extract more revenue from its paying clients. Average revenue per user (ARPU) in the fourth quarter was RMB14.16 ($2.24), compared with RMB13.65 ($2.12) at the end of the third quarter and RMB 12.5 ($1.98) at the end of 2020.
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