Q2 2024 iQIYI Inc Earnings Call Transcript
Key Points
- iQIYI Inc (IQ) has successfully built a solid foundation of loyal, sticky members, which supports long-term membership growth.
- The company is extensively applying AI to improve content creation, operational efficiency, and user experience.
- iQIYI Inc (IQ) has regained market leadership in the key drama category with the release of acclaimed titles like Strange Tales of Tang Dynasty Season 2.
- The company is expanding its footprint in the broader overseas market, with solid performance and revenue growth in regions outside of Mainland China.
- iQIYI Inc (IQ) is exploring diversified revenue opportunities beyond membership and advertisement, such as IP derivatives and offline experiences.
- Membership revenue was down 9% annually, primarily due to fluctuations in the content slate performance.
- Total revenues decreased by 5% annually to RMB7.4 billion.
- Online advertising revenue decreased by 2% year over year, mainly due to fewer variety shows launched.
- The company faced intense competition for top content, which put pressure on financial results.
- Brand ad revenue was down annually, reflecting a decrease in variety show launches.
Thank you for standing by, and welcome to the iQIYI second quarter 2024 earnings conference call. (Operator Instructions) I would now like to hand over the conference to Ms. Cheng Yu, IR Director of the company. Please go ahead.
Thank you, operator. Hello everyone and thank you for joining iQIYI's second 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, and Mr. Xianghua Yang, Senior Vice President of movies and overseas business.
Mr. Gong will give a brief overview of the company's business operations and highlights, followed by Jun, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session.
Before we
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