iQiyi released its 2023 financial report, showing that the company's annual revenue was 31.9 billion yuan, a year-on-year increase of 10%, with a net profit of 1.9 billion yuan, turning a loss into a profit. This marks that iQiyi is actively expanding overseas markets and new businesses such as AIGC while its content business is growing steadily, striving to create a second growth curve. The financial report shows that both overseas business and AIGC-related businesses have made significant progress, injecting new vitality into iQiyi’s future development. The application of AIGC in film and television production will improve the efficiency and creativity of content creation. The following are the details of iQiyi’s 2023 financial report:
iQiyi released its fourth quarter and full-year financial report for 2023. Throughout 2023, iQiyi's total revenue was 31.9 billion yuan, a year-on-year increase of 10%; net profit was 1.9 billion yuan, compared with a net loss of 136 million yuan last year. iQiyi's non-GAAP operating profit in 2023 will be 3.6 billion yuan, a year-on-year increase of 68%, achieving large-scale operating profits for two consecutive years. In addition to regular content business, we will focus on the development of new businesses, including overseas business, online or offline business related to IP value-added services, and possible technological innovations brought about by generative artificial intelligence. iQiyi hopes to turn overseas business and AIGC into new businesses and cultivate and incubate a second growth curve. According to the financial report, iQiyi’s overseas business made good progress in the fourth quarter, with both membership revenue and advertising revenue achieving double-digit growth. AIGC's core capabilities in the field of film and television production are language expression capabilities, art video capabilities, and creative divergence capabilities. These three capabilities empower creators in the four major links of planning, development, production, and publicity.iQiyi's 2023 financial report shows the company's good momentum in content business and new business expansion. Its active embrace of AIGC technology is expected to further improve content production efficiency and competitiveness, providing strong impetus for the company's sustainable development. Future development is worth looking forward to.