iQiyi, one of the most popular streaming services in Malaysia, is now recording a quarterly profit for the first time after suffering losses for so long. These gains were successfully recorded after iQiyi made cuts in terms of operations, reduced spending on employees and content, as well as focusing on premium content only.
In the first quarter of 2022, iQiyi recorded a profit of 169.1 million yuan (RM110 million).
iQiyi says they will focus on the use of technology in helping more efficient management of their companies.
iQiyi has previously slightly increased their subscription price in Malaysia - from RM8.90 to RM11.90 per month.
The CEO of iQiyi aims to make this achievement applicable to the coming quarters, while providing hope in a streaming arena that is often labeled with losses and very intense competition.
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APPS & GAMES