Q3 2024 iQIYI Inc Earnings Call Transcript
Key Points
- iQIYI Inc (IQ) regained the number one position in viewership market share for long-form videos, driven by successful drama releases.
- The company has introduced mini and short dramas, which have gained considerable popularity and offer new monetization opportunities.
- iQIYI Inc (IQ) is leveraging AI technology to improve business efficiency, including content translation and dubbing for overseas markets.
- The company has launched a Family Account option to enhance user experience and combat unauthorized password sharing.
- iQIYI Inc (IQ) recorded solid performance in its overseas business, with significant growth in membership revenue in markets like Hong Kong, UK, Brazil, and Australia.
- Total revenues for the third quarter were down 10% annually, with membership services revenue decreasing by 13%.
- Advertising revenue decreased by 20% year over year, primarily due to a decline in brand ad business.
- The company faced challenges in the supply of premium female-oriented and ancient costume dramas, impacting membership revenue.
- Macro headwinds and increased entertainment options have led to more cautious consumer spending.
- Despite advancements, the company experienced a decrease in brand ad revenue due to weak advertiser sentiment amid macroeconomic challenges.
Thank you for standing by and welcome to the iQIYI third quarter 2024 earnings conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions)
I would now like to hand the conference over to Ms. Chang You, IR Director of the company. Please go ahead.
Thank you, operator. Hello everyone and thank you for joining iQIYIâs third quarter 2024 earnings conference call. The company's results were released earlier today and are available on the company's Investor Relations website at ir.iqiyi.com.
On the call today are Mr. Yu Gong, our Founder, Director and CEO, Mr. Jun Wang, our CFO, Mr. Xiaohui Wang, our CCO, Chief Content Officer; Mr. Youqiao Duan, Senior Vice President of our Membership Business; Mr. Xianghua Yang, Senior Vice President of Movies and Overseas business; and Mr. Gang Wu, Senior Vice President of Brand Advertising Business.
Mr. Gong will give a brief overview of the companyâs
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
