From CNBC:

iQiyi CFO Wang Jun expressed excitement over potential business opportunities with OpenAI’s text-to-video tool Sora. Despite not currently working with Sora, Wang believes such tools can enhance storytelling creatively. iQiyi recently reported its first profit since 2018, with 65% of major dramas being original content. Wang emphasizes the importance of data analysis and attracting top talent to drive success.

The shift towards in-house production signifies a big change in China’s film industry. iQiyi now boasts over 50 in-house studios producing more than 200 shows a year. Wang highlights the company’s strategy involving a centralized platform to analyze consumer preferences and ensure a return on production projects. Despite record revenue and net income, daily subscriber numbers fell in the fourth quarter.

Monthly average revenue per membership increased in the fourth quarter, but the total number of average daily subscribers declined. Wang acknowledged the pressure to produce better content to boost subscriber numbers. iQiyi, a subsidiary of Baidu, aims to expand overseas. Wang emphasized the importance of creating quality content like Netflix and Disney for global success.



Read more at CNBC:: IQiyi posts first year of profits, says it’s ‘excited’ about Sora-like AI