According to data released in its unaudited financial report for the fourth quarter and the whole year of fiscal 2020, iQIYI's total revenue in the fourth quarter was CNY 7.5 billion, a year-on-year decrease of 1%; its net loss was CNY 1.5 billion, compared with CNY 2.5 billion in the same period last year.
Iqiyi Innovation Building
In terms of annual revenue in fiscal 2020, the company's total revenue was CNY 29.7 billion, a year-on-year increase of 2%; the operating loss was CNY 6 billion, with an operating loss of 20%; in contrast, iQIYI's operating loss in fiscal 2019 was CNY 9.3 billion, with an operating loss rate of 32%; iQIYI's net loss in fiscal 2020 was CNY 7 billion, while fiscal 2019 had a net loss of CNY 10.3 billion.
In terms of membership subscriptions, the financial report shows that as of December 31, 2020, iQIYI's total number of subscribed members is 101.7 million, excluding free trial members of 100.7 million. By contrast, iQIYI had 106.9 million subscribers in total, excluding 105.7 million trial members in 2019.
On November 13, 2020, iQIYI increased the price of its membership. It issued a price adjustment policy for Android phones, which made it the same as Apple phones. The price of iQIYI membership was increased from CNY 19.8 to CNY 25 per month, and the recurring membership subscription was increased from CNY 15 to CNY 19 per month.
Gong Yu, founder and CEO of iQIYI, explained the reason for the declined subscriptions: "First, because of the pandemic, movies are not streaming at the cinemas, so we can't get cinema movies. Second, due to the impact of the pandemic and the approval process, other shows were delayed. Third, variety shows are impacted by advertisers, which also leads to the delay of the program."
As iQIYI has a large number of self-made programs this year and the sales of movie tickets during the Spring Festival exceeded the expectation, the situation of declining membership will see some improvement this year.