iQiyi, Chinese Video Streamer, Profits Halved in Latest Quarter

Image from Variety

• iQiyi's Q3 revenue dropped 10% year-over-year to RMB7.2 billion ($1 billion), as subscriptions and advertising declined, signaling tough times in the competitive Chinese streaming market
• However, the company was able to offset losses through increased content sales, providing a glimmer of hope that diversifying revenue streams could help weather the storm