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VIRAL EXCLUSIVE
Nov. 29, 2023
A Closer Look at China's Top-Performing Streaming Services
China is renowned for their film and tv industry. Let us dive beyond their leading streaming platforms and explore the profitability and offerings of what makes up their impressive financial figures and millions of active users. By: Wee Yan Ling
In the bustling realm of China’s digital entertainment, streaming services have been the heartbeat of modern consumption. iQiyi, has often been referred to as the Netflix of China, has a large subscription base of 530 million per month. Beyond movies and TV shows, iQiyi caters to a wide palette, offering sports-related content and news in their extensive offerings.
First up, iQiyi has made waves with an astounding RMB7.8 billion (US$1.1 billion) in revenue for the second quarter of 2023. Their resounding success solidifies their position as a powerhouse in the streaming landscape of China, as they keep their audiences and investors captivated.
Secondly, Youku-Tudou is the birth of the merger of China’s leading online video streaming platforms and had flourished from the Alibaba group since it had been acquired back in 2015. Their extensive user base of 421 million in 2022 is testament to their resounding success. The platform was previously recognised for user-generated content but has since shifted to original productions.
Their financial prowess is equally impressive as they stand at $1.8 million in their daily earnings and up to $54.1 million in monthly revenue.
The next successful streaming service in line is Tencent Video, boasting a monthly subscription service that amasses up to 120 million users. Tencent is distinct from its competitors as they are not only profound and proficient in original dramas, they have acquired the rights for foreign films, TV shows, and sports broadcasts. They specialise in reality shows and ACG related content. This makes Tencent Video a one stop entertainment platform for a plethora of entertainment preferences.
The resounding success of the top streaming platforms in China illustrates a vibrant picture of the industry’s dynamism. Not only do they cater to their millions of audiences, they are also remarkable in their financial performances as they thrive in the ecosystem of content consumption in China.
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