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- Jennie95Jennie95
  ·2021-05-18
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  iQiyi expanded its increase to 11% at the beginning of the session, and the company's revenue in the first quarter was 8 billion yuan
  5月18日，爱奇艺盘初涨幅扩大至11%，公司第一季度营收80亿元，订阅数净增360万。爱奇艺季报图解：营收80亿会员规模季度增长360万爱奇艺今日公布财报，财报显示，爱奇艺2021年第一季度营收为8
  iQiyi expanded its increase to 11% at the beginning of the session, and the company's revenue in the first quarter was 8 billion yuan
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The company's revenue in the first quarter was 8 billion yuan, and the number of subscriptions increased by 3.6 million.</p><p><img src=\"https://static.tigerbbs.com/aba07754c496fb73dfdd6ab5e1d1c8eb\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>iQIYI Quarterly Report Illustration: Revenue of 8 billion members increased by 3.6 million quarterly</b></p><p>iQiyi announced its financial report today. According to the financial report, iQiyi's revenue in the first quarter of 2021 was 8 billion yuan (about 1.2 billion USD), achieving more than expected growth.</p><p>By the end of the first quarter, the number of iQIYI subscription members reached 105.3 million. Affected by the favorable financial report, iQIYI's current share price has risen by more than 4% before the market.</p><p>\"We started the quarter with a comprehensive and solid performance.\" Dr. Gong Yu, founder, director and CEO of iQIYI, said: \"Our subscription membership increased by 3.6 million in the first quarter, and our membership service revenue increased by 12% quarter-on-quarter, reaching the peak in absolute terms in the past year. The significant growth is largely due to the introduction of a wide range of genre-rich series, variety shows and movies during the quarter.\"</p><p>\"In particular, the series\" Son-in-law \"has become another benchmark in terms of ratings and monetization efficiency, which also confirms our exclusive content strategy. On April 22, we celebrated the company's 11th anniversary. The fierce competition over the years has given us more confidence to further strengthen our leadership position. We firmly believe that long video is irreplaceable as a form of entertainment, and we are fully prepared to meet the opportunities and challenges ahead.\"</p><p>\"Total revenue in the first quarter exceeded our previous expectations, and achieved healthy growth both quarter-on-quarter and year-on-year.\" Wang Xiaodong, Chief Financial Officer of iQiyi, said: \"During the quarter, we launched a number of popular content, and the improvement of investment efficiency helped the content cost to decrease year-on-year for the third consecutive quarter. We will continue to implement the goal of improving the return on investment and drive the development of different businesses including content, technology and marketing. This will safeguard the sustainable long-term development of iQiyi.</p><p><b>iQIYI Q1 revenue of 8 billion, up 4% year-on-year</b></p><p><img src=\"https://static.tigerbbs.com/5cda524aafd93a3ba0a185b6f29bbf9f\" tg-width=\"882\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p>iQiyi's revenue in the first quarter of 2021 was approximately 8 billion yuan, up 4% from 7.65 billion yuan in the same period last year, and up 7% from 7.46 billion yuan in the previous quarter.</p><p>Gong Yu also issued an open letter to investors today, saying that the core value of iQiyi is the production and distribution of entertainment content. Entertainment content is the core rigid demand of human beings. iQiyi has a leading position in this field and will continue to expand its leading position in the future. The interest content focused at all times is an emerging market, and iQiyi will develop this business and make it play a supporting role in the company's core entertainment business.</p><p>\"As content quality is the core and important foothold of our entire content ecosystem, we hope to achieve a high enough probability of explosion by continuously improving content quality. Establishing a sufficient and effective internal studio is an important prerequisite for our content quality improvement.\"</p><p>Gong Yu said that in 2018, iQiyi put forward the goal of setting up 50 internal studios in two years during the IPO roadshow. At present, iQiyi has exceeded this goal. According to public information, the current number of studios has exceeded 60. Most of these in-house studios are web drama and variety studios, and a small number are film and anime studios.</p><p>\"It is an important strategy for our content production to increase a large number of film and animation studios in the next two years, because through internal studios, we can gather outstanding production talents in the industry and obtain a large number of head IP and works.\"</p><p>Gong Yu pointed out that he believes that through experience accumulation and continuous efforts, the high-quality content exclusively broadcast by iQiyi will form a sustained and stable line of works.</p><p><b>iQIYI Q1 membership revenue of 4.3 billion, up 12% quarter-over-quarter</b></p><p><img src=\"https://static.tigerbbs.com/0c5dae367f8bc4acc4f1e0e0edbfc708\" tg-width=\"892\" tg-height=\"469\" referrerpolicy=\"no-referrer\"></p><p>iQiyi's membership service revenue in the first quarter of 2021 was 4.3 billion yuan (approximately US$658.1 million), up 12% from the previous quarter. In this quarter, iQIYI achieved a net increase of 3.6 million members, mainly due to the strong performance of head content, especially the high-quality drama content and the influence of holidays, which continued to drive the number of members up.</p><p>iQiyi's advertising revenue in the first quarter of 2021 was 1.9 billion yuan (approximately 292.5 million USD), up 25% year-on-year. Thanks to the macroeconomic recovery, both brand advertising budget and the number of brand advertisers rebounded.</p><p>In addition to membership and advertising revenue, iQIYI's content distribution achieved revenue of 779.1 million yuan (about 118.9 million USD) in this quarter, a year-on-year increase of 29%. This was because iQIYI distributed more content to other platforms in this quarter.</p><p>iQiyi's other revenue in the first quarter of 2021 contributed revenue of 961.0 million yuan (approximately US$146.7 million) in the first quarter, an increase of 10% compared with the same period last year.</p><p><b>iQIYI Q1 cost of 7.1 billion, down 10% from the same period last year</b></p><p>iQIYI's cost in the first quarter of 2021 was 7.1 billion yuan, down 10% from 7.9 billion yuan in the same period last year. This is mainly attributed to the decrease in content costs and bandwidth costs.</p><p>Of these, content costs were 5.4 billion yuan (approximately US$829.6 million) in the first quarter, a decrease of 8% compared to the same period in 2020. The decrease in content costs was mainly due to the decrease in the cost of copyrighted content.</p><p><b>iQIYI Q1 gross profit 860 million gross profit margin 11%</b></p><p>iQIYI's gross profit in the first quarter of 2021 was 860 million yuan, with a gross profit margin of 11%, compared with-3% in the same period last year.</p><p><b>iQIYI Q1 expenses of 1.87 billion down 6% year-on-year</b></p><p>iQiyi's expenses in the first quarter of 2021 were 1.87 billion yuan, down 6% from 1.989 billion yuan in the same period last year.</p><p>Among them, iQiyi's sales, general affairs and administrative expenses in the first quarter totaled 1.2 billion (about 183.3 million USD), down 8% from the same period of last year. iQiyi's R&D expenses in the first quarter were 672.3 million yuan (approximately $102.6 million).</p><p><b>iQIYI Q1 operating loss of 1 billion operating margin of-13%</b></p><p><img src=\"https://static.tigerbbs.com/fd32579df25a17ea99fc71e68ea987ee\" tg-width=\"931\" tg-height=\"449\" referrerpolicy=\"no-referrer\"></p><p>iQiyi's operating loss in the first quarter of 2021 was 1 billion yuan (approximately US$154.8 million), compared with 2.2 billion yuan in the same period last year; The operating loss margin was 13%, compared to 29% in the same period last year. iQiyi's operating profit margin was-13% in the first quarter of 2021. Since the third quarter of 2019, iQiyi's operating loss has continued to narrow.</p><p>As of March 31, 2021, the Company had cash, cash equivalents, restricted-use cash and short-term investments totaling 13.3 billion yuan (approximately US$2 billion).</p><p>iQIYI looks ahead to its second quarter 2021 results: total revenue is expected to be between 7.21 billion yuan (approximately $1.1 billion) and 7.65 billion yuan (approximately $1.17 billion).</p><p>The following is a letter from iQiyi Gong Yu to investors:</p><p>Hello shareholders!</p><p>This is the first time that I have communicated with you in the form of a shareholder's letter. I would like to share with you some of our current thoughts on industry competition and content production planning.</p><p>I. Industry situation and our competitive barriers:</p><p>The online video industry has been developing for more than a decade, and now the industry has three common views on video genres.</p><p>First, according to the video specification (video length), the video is divided into: long video and short video, or long video, medium video and short video. Second, according to the content creator, the video is divided into PPC (professional produced content), PUGC (professional user generated content), UGC (user generated content). PPC is produced by professionals such as screenwriters, directors, cinematographers, actors, and productions include movies, series, cartoons, and variety shows, among others. Produced by KOLs and MCNs, PUGC is less professional than PPC, but can generate revenue through advertising or other monetization methods. UGC is content produced by ordinary users, and most of it is not professional content.</p><p>The above two classification methods are relatively common views. At present, there is a third view in the industry, that the content is ultimately for users to watch. Why not classify the purpose of users watching videos, their mentality when watching videos and their thinking about video content? According to this view, videos are classified as: palatable videos, entertainment videos and interest videos.</p><p>Delicious videos are similar to fast food. Users have a relaxed mentality when consuming, just simply killing time, being happy when watching them, and not expecting to benefit for a long time after watching them.</p><p>Entertainment video is the video content of movies, dramas, animations, variety shows, etc. Excellent film and television works can open the mind to think, leave a deep impression and trigger continuous deep thinking after watching, and even affect one's values and life. In entertainment content, the movie was born for more than 120 years, and it is by far the most historical, artistic level and the most influential work in the world. TV content such as drama series and variety shows are also literary and artistic works with nearly a century of history and public influence. While providing pleasure to the audience, they have also changed people's living habits, society and even the world. In history, human beings have always needed to extend romantic, fictional or sentimental literary works on the basis of reality. Entertainment contents such as movies, dramas, variety shows and animations are the only image forms to meet this rigid demand. We firmly believe that on the basis of art with a longer history such as literature, painting and music, entertainment video content such as movies, drama series, animation and variety shows will have a larger market space, especially for China, a market where the overall economy will continue to develop steadily in the future and the society will be in a long-term consumption upgrade.</p><p>Interest videos refer to videos that are basically realistic and meet people's various interests, including but not limited to: food, DIY, unboxing, travel, pets and so on. The producers of such videos are MCNs and KOLs, as well as ordinary users who generate electricity for love and a small number of professionally trained people. Interest content and its audience are more focused and long-tailed. In terms of popularity, each kind of interest content is weaker than movies, dramas, animations and variety shows.</p><p>iQiyi mainly focuses on two video types, one is entertainment video and the other is interest video.</p><p>1) iQIYI APP focuses on entertainment videos. Our vision is to use technological innovation to make the distribution of entertainment content easier and the user experience better, while also using technological innovation and the wisdom of outstanding artists to create more and better movies, series, anime and variety shows. While providing users with more happiness, it also affects users' lifestyle, so that people can conveniently watch more, better and more thoughtful literary works.</p><p>At present, the field of entertainment video has formed an extremely high entry threshold: its scale effect needs to be accumulated for a long time; The whole content industry is still in the very early stage of industrialization, and the understanding of the industry and the cognition of talents is crucial in this stage of talent scarcity. At the same time, as the largest video distribution platform in China, many years of user data and technology accumulation make us have the deepest understanding of users' needs for entertainment videos. Coupled with huge capital demand, in-depth understanding of industry rules, and accumulated relationships with directors, actors, screenwriters, photographers, recordings, art and other artists, iQiyi has established a solid leading position in the entertainment video field in China. We are confident in leading the healthy development of the entire industry and providing users with more and better quality entertainment content. We are convinced that in the future, more and more Chinese users will pursue entertainment content with higher spiritual value and more artistic quality after fully enjoying the pleasure brought by delicious content. This is a process of upgrading cultural consumption.</p><p>2) iQiyi Suike APP mainly focuses on interest videos, and the content of Suike will also be distributed on the main platform of iQiyi. Interest content is characterized by very scattered topics and very long-tailed content and corresponding users. The user entry barrier is high, but the user stickiness is stronger. The overall market for interest videos is not small, but it is not easy for a single media platform to gain a large market share. We believe that in the future, China's interest content media platforms will be scattered, and user demand and content supply will also be scattered. At present, this model is still in its infancy in China, and iQiyi has a good opportunity to use existing resources to explore this new market.</p><p>In short, iQIYI's core value is the production and distribution of entertainment content. Entertainment content is the core rigid demand of human beings. iQiyi has a leading position in this field and will continue to expand its leading position in the future. The interest content that is focused at all times is an emerging market, and iQiyi will develop this business and make it play a supporting role in the company's core entertainment business.</p><p>2. Core issues and our planning countermeasures:</p><p>As we all know, after 10 years of development, the membership business has developed into the company's number one source of revenue. Although we are currently facing some challenges that have resulted in a slowdown in the growth of our membership business or fluctuations in the number of retained members, we still strongly believe that our membership business has great market potential. Two supportive data are: 1) As of the end of Q1 2021, the cumulative number of paid accounts of iQiyi has exceeded 490 million; 2) In 21Q1, the average number of members with membership benefits on any day in a month was nearly 160 million, which indicates that the user base with the willingness to pay for high-quality content is extremely large. As for the slowdown in the growth of membership business, the industry generally believes that the squeeze of short videos and other diverse entertainment methods on users' time is an important reason. We acknowledge the impact of this, but we observe that users are gradually clearer about watching various videos.</p><p>At the same time, based on our data and analysis, we believe that the root cause of entertainment video being squeezed by other forms is still the lack of high-quality content. Even now, when entertainment methods are extremely abundant, high-quality entertainment video content is still the core factor that plays a huge role in user traffic and duration. A recent case is that we launched the explosive solo drama \"Son-in-law\" in February this year. During the hit period, the drama was played on more than 180 million devices. By the end, the number of members chasing the drama exceeded 64 million, pushing the peak number of members this quarter to close to the level during the epidemic at the end of Q1 last year.</p><p>Continuously producing high-quality content is at the heart of increasing user and member loyalty. We believe that the current lack of high-quality content is mainly caused by two factors: 1) The copyrighted content obtained from traditional channels is decreasing. On the one hand, copyrighted TV dramas decrease correspondingly with the shrinking market share of traditional TV industry; On the other hand, due to the impact of the pandemic, the number of cinema films that play a crucial role in recruiting and retaining members, especially Hollywood films released in Chinese cinemas, has decreased sharply.</p><p>According to our analysis, the number of films with box office grosses exceeding 100 million in 2020 and January-April 2021 released in the SVOD mode dropped by about half respectively compared with the same period in 2019, and the number of overseas films mainly Hollywood films dropped by more than half respectively. 2) At present, the quantity and quality of self-made content can't meet the needs. The breakthrough of self-made content requires us to find the best talents and partners in the industry, build a strong content ecosystem, and do the best works, and the improvement of the ecosystem takes time to polish.</p><p>In view of how to solve the problem of \"lack of high-quality content\", I would like to talk about iQiyi's future plans and plans.</p><p>As content quality is the core and important foothold of our entire content ecosystem, we hope to achieve a high enough probability of explosion by continuously improving content quality. The establishment of sufficient and effective internal studios is an important prerequisite for our content quality improvement. In 2018, we put forward the goal of establishing 50 in-house studios in 2 years at the IPO roadshow, and at present, we have exceeded this goal. Most of these in-house studios are web drama and variety studios, and a small number are film and anime studios. It is an important strategy for our content production to increase a large number of film and animation studios in the next two years, because through internal studios, we can gather outstanding production talents in the industry and obtain a large number of head IP and works.</p><p>With the increasing number of internal studios, we will continue to adhere to the development of multi-content categories and deepen the vertical track. Since our successful launch of Mist Theatre last year, the format of short episodes and the quality of our content have been widely recognized by users and the market. It is believed that through experience accumulation and continuous efforts, the high-quality content exclusively broadcast by iQiyi will form a sustained and stable line of works.</p><p>The content production industry also faces various problems, such as long and uncontrollable content production cycle, low success rate of works, heavy simple and repetitive workload, lack of objective evaluation standards and high financial risks, etc. In view of these difficulties and challenges, we believe that the way to break the situation lies in the industrialization of film and television.</p><p>Film and television industrialization includes industry rules reconstruction and intelligent production. Where intelligent production is the focus. This is because although China's film and television industry has been industrialized for 20 or 30 years, there has been no qualitative change. One of the important reasons is the lack of support from scientific and technological means. And intelligent production is the key factor to solve the problem. Thanks to the development and support of 5G, AI, blockchain, DRM, VR/AR, virtual shooting and other technologies, our intelligent production system is gradually improving.</p><p>The intelligent productions we are planning and implementing include: 1) production business intelligence systems for post-broadcast business indicator analysis and broadcast business indicator forecasting at various production stages before broadcast; 2) Intelligent integrated production system, which takes artificial intelligence as the core to integrate people, equipment and materials in the film and television production process and standardize management; 3) Intelligent production toolset, which uses artificial intelligence technology, computer graphics and other technologies to realize the production toolset of film and television production from the early stage to the late stage, so as to improve work efficiency and user experience. Through these systems and tools, we are enhancing the controllability of production schedule, content quality and financial risk, thereby further reducing costs and improving efficiency. We believe that using iQIYI's industry leadership position to change the unreasonable rules in the industry, and using intelligent production to help optimize such industry rules and improve production efficiency, the future content production will be more stable, sustainable, efficient and explosive content will be frequently produced.</p><p>Throughout the ten years of continuous development of iQiyi, in terms of commercial operation, we are gradually establishing a win-win ecosystem and a business model of \"one fish eats more\"; In terms of content, we are recognized by artists from all walks of life and a wide range of users; In the field of technology, we are constantly pioneering and innovating to improve user audio-visual experience and improve efficiency. We believe that the valuable wealth of knowledge accumulated by the Company through years of intense competition in the video industry will further solidify our market leadership position. We always believe that long video entertainment is irreplaceable as an important form of entertainment. We hope to empower content production and increase the probability of content explosion through continuous technological innovation, thus generating greater commercial value, expanding a larger dream-making stage and imagination space for the next generation of entertainment, and looking forward to bringing more surprises to shareholders.</p><p>Company Note: We will not be reading this letter on the conference call later today to allow more time to speak with investors during the Q&A session.</p><p>Appendix: Our Q1 Performance and Outlook</p><p>During the quarter, thanks to quality content online, our overall revenue in the first quarter of the year exceeded the company's previous guidance, and both achieved year-on-year growth. At the same time, in recent quarters, under the condition of relatively stable revenue, our content costs have been effectively controlled, and our losses have been narrowing. We also continued our industry leadership position, ranking first in the industry for daily, monthly and monthly usage time, according to QuestMobile data.</p><p>Members:</p><p>The first is the membership business. As of March 31, the company had 105.3 million total subscription members, representing a net quarterly increase of approximately 3.6 million. Membership revenue increased 12% from the previous month to RMB4.31 billion.</p><p>The increase in the number of members was mainly due to: 1) The strong performance of top-notch content, especially high-quality drama series content, continued to drive the increase in the number of members. For example, the head drama \"Son-in-law\" became an explosion in the Spring Festival, achieving extremely high realization efficiency with a short number of episodes, and the average daily consumption history was top1, surpassing \"Yanxi Palace Story\". At the same time, this quarter, many cinema movies such as King of Bathing, Violence Removal and Bomb Disposal Expert 2 were launched, and online movies such as Diary of Fortune and Legend of Debao in Shaolin Temple also performed well. 2) During the Spring Festival, users spend more time on long-term video consumption, the overall market traffic of the platform increases, and the mobile MAU and DAU both increase month-on-month. 3) The Company launched a variety of innovative marketing measures for the holiday season, including \"incentive task system\" and optimization of member products and services, which significantly improved user participation rate and member loyalty.</p><p>In addition to the growth in membership numbers, the quarter-over-quarter increase in membership revenue during the quarter was also driven by: 1) The increased willingness of users to pay, mainly driven by our premium content and the company's continuous exploration of business model innovation: including advanced on-demand and PVOD models. For example, the solo drama \"Son-in-law\" breaks the stereotype of costume drama with its light comedy texture, attracting a large number of members to buy advanced on-demand unlocking plots. The movie \"Diary of Fortune\" has set a new high in the number of movie viewers and on-demand revenue under PVOD mode. 2) Membership price adjustment drives Q1 ARPU value to increase year-on-year and quarter-on-quarter.</p><p>At the same time, the company further expands total addressable market through two aspects. A) In late February, the company launched a new VIP membership package, which is aimed at low-line users and promotes the paid conversion of low-line vertical users with more targeted content and membership rights. b) The company's overseas exploration also continued to advance steadily. The overall MAU in 2021Q1 increased by 77% compared with the previous quarter, and the number of new downloads ranked firmly in the TOP5 in many countries and regions in Southeast Asia, especially in Thailand, Malaysia and other countries and regions for a long time. The frequent explosion of international content has promoted the continuous improvement of brand awareness of iQIYI International Edition.</p><p>Although we still expect that the number of subscription members will fluctuate in the short term, we remain confident in the medium to long-term development of our membership business thanks to the Company's continuous deepening of high-quality content, as well as the continuous improvement of the Company's original content ecology and self-production capabilities. We are pleased to see that the content production level of domestic video websites is gradually moving closer to international peers. And users paying for high-quality content has become the norm. We have also noticed that peers have followed us in adjusting membership prices, which also indicates the long-term profitability of the industry.</p><p>advertising</p><p>China's overall advertising market continued to recover during the quarter. Our advertising services revenue increased 25% year-over-year. On the premise that Q1 is the traditional advertising off-season, it achieved stable year-on-year and quarter-on-quarter growth. Similar to the trend of Q4 in 2020, the growth was mainly attributable to the year-on-year increase in content marketing revenue driven by high-quality variety shows and dramas in Q1 this year. Content marketing revenue contribution accounted for about 64% of brand advertising revenue, the highest point in recent quarters, which once again verified advertisers' recognition of our platform's high-quality content.</p><p>In terms of brand advertising, under the backdrop of macroeconomic recovery, revenue from brand advertising continued to stabilize thanks to the recovery of advertiser budgets and the increase in the number of advertisers. In Q1, high-quality content drove some head advertisers to increase their investment, and the ARPU of head customers increased. In terms of industry, food and beverage and cosmetics and bathroom industries supported the growth of Q1. In terms of performance advertising, the quarter-on-quarter increase in consumption in this quarter was driven by the traffic of holidays and the contribution of key industries such as online service app, e-commerce, online film and television, and games.</p><p>Contents:</p><p>In terms of content, iQIYI continued to lead the whole network in terms of the number of head content and total broadcast volume of drama series, variety shows, animation, children's and other channels in Q1. According to third-party data, the market share of effective feature broadcast volume of Q1 iQiyi's dramas and variety shows is close to 40%, and the market share of effective feature broadcast volume of animation (including children's animation) and movies exceeds 40% and 50% respectively, both ranking first in the market.</p><p>iQiyi continues to launch high-quality exclusive content to meet the needs of users, and continues to promote serialized development and stylized innovation of IP.</p><p>1) In terms of drama, iQiyi's exclusive costume drama \"Son-in-law\" this quarter has become an explosion, and it has made beneficial innovations in terms of theme and content style, providing new ideas for the creation of costume dramas in the future. In addition, we have also launched a number of original dramas such as \"Golden Years\", \"My Time, Your Time\" and \"Holiday Warmth\" in terms of realism.</p><p>2) In terms of variety shows, iQiyi continues to innovate original content in different variety shows. Original works such as new IP \"Drama New Life\", \"Qi Pa Shuo 7\", \"Trend Partner 2\" and \"Sisters' Tea Party\" were hit in the quarter.</p><p>3) In terms of original films, the original film \"Sweeping Black: Decisive Battle\" produced by iQiyi has been released in cinemas, with a box office of more than 300 million RMB, and won high scores from various platforms. In 2021Q1, 2 movies produced by iQIYI started shooting. 3 films are in post-production and will be released this year. There are also 18 iQIYI Original films in development.</p><p>In 2021Q2, our key theatrical content includes Little Shede, Li Song Xing, North and South, Rebel, Lai Mao's Lion Reflection, etc. Among them, \"Little Willing\" and \"Li Song Xing\" were broadcast in April and loved by users. Our theatrical operation will also continue to advance. Love Theatre is scheduled to launch on May 20th, and we will continue to launch new contents of Mist Theatre at the end of this year. In terms of animation and animation, contents such as \"I Have to Betray the Earth\", \"Ice and Snow Guardian\" and light animation \"Immortal Dad Becomes Son-in-law 3\" will be launched.</p><p>In anticipation of some uncertainties in the content scheduling in the coming months, we have laid out diverse content in advance, especially self-produced dramas, to reduce the related impact.</p><p>Technology:</p><p>We continue to empower the entertainment industry with technology and build an industrialized system for film and television production. Progress in technology applications worth highlighting during the quarter include:</p><p>1. In terms of intelligent production: iQiyi's \"City of Virtuality and Reality\" XR cloud performance: the whole concert adopts the world's leading XR virtual production technology, which surpasses similar foreign performances in terms of diversity of virtual scenes and number of online interactive users, and expands a new ceiling for live interactive experience programs and virtual performances for everyone.</p><p>2. In terms of products and functions, iQiyi Express Edition for users in low-tier cities was officially released in January this year. At present, it performs well in user interaction, and indicators such as per capita duration and per capita broadcast VV exceed those of iQiyi main station App.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>iQiyi expanded its increase to 11% at the beginning of the session, and the company's revenue in the first quarter was 8 billion yuan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\niQiyi expanded its increase to 11% at the beginning of the session, and the company's revenue in the first quarter was 8 billion yuan\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-18 21:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 18,<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>At the beginning of the session, the increase expanded to 11%. The company's revenue in the first quarter was 8 billion yuan, and the number of subscriptions increased by 3.6 million.</p><p><img src=\"https://static.tigerbbs.com/aba07754c496fb73dfdd6ab5e1d1c8eb\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>iQIYI Quarterly Report Illustration: Revenue of 8 billion members increased by 3.6 million quarterly</b></p><p>iQiyi announced its financial report today. According to the financial report, iQiyi's revenue in the first quarter of 2021 was 8 billion yuan (about 1.2 billion USD), achieving more than expected growth.</p><p>By the end of the first quarter, the number of iQIYI subscription members reached 105.3 million. Affected by the favorable financial report, iQIYI's current share price has risen by more than 4% before the market.</p><p>\"We started the quarter with a comprehensive and solid performance.\" Dr. Gong Yu, founder, director and CEO of iQIYI, said: \"Our subscription membership increased by 3.6 million in the first quarter, and our membership service revenue increased by 12% quarter-on-quarter, reaching the peak in absolute terms in the past year. The significant growth is largely due to the introduction of a wide range of genre-rich series, variety shows and movies during the quarter.\"</p><p>\"In particular, the series\" Son-in-law \"has become another benchmark in terms of ratings and monetization efficiency, which also confirms our exclusive content strategy. On April 22, we celebrated the company's 11th anniversary. The fierce competition over the years has given us more confidence to further strengthen our leadership position. We firmly believe that long video is irreplaceable as a form of entertainment, and we are fully prepared to meet the opportunities and challenges ahead.\"</p><p>\"Total revenue in the first quarter exceeded our previous expectations, and achieved healthy growth both quarter-on-quarter and year-on-year.\" Wang Xiaodong, Chief Financial Officer of iQiyi, said: \"During the quarter, we launched a number of popular content, and the improvement of investment efficiency helped the content cost to decrease year-on-year for the third consecutive quarter. We will continue to implement the goal of improving the return on investment and drive the development of different businesses including content, technology and marketing. This will safeguard the sustainable long-term development of iQiyi.</p><p><b>iQIYI Q1 revenue of 8 billion, up 4% year-on-year</b></p><p><img src=\"https://static.tigerbbs.com/5cda524aafd93a3ba0a185b6f29bbf9f\" tg-width=\"882\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p>iQiyi's revenue in the first quarter of 2021 was approximately 8 billion yuan, up 4% from 7.65 billion yuan in the same period last year, and up 7% from 7.46 billion yuan in the previous quarter.</p><p>Gong Yu also issued an open letter to investors today, saying that the core value of iQiyi is the production and distribution of entertainment content. Entertainment content is the core rigid demand of human beings. iQiyi has a leading position in this field and will continue to expand its leading position in the future. The interest content focused at all times is an emerging market, and iQiyi will develop this business and make it play a supporting role in the company's core entertainment business.</p><p>\"As content quality is the core and important foothold of our entire content ecosystem, we hope to achieve a high enough probability of explosion by continuously improving content quality. Establishing a sufficient and effective internal studio is an important prerequisite for our content quality improvement.\"</p><p>Gong Yu said that in 2018, iQiyi put forward the goal of setting up 50 internal studios in two years during the IPO roadshow. At present, iQiyi has exceeded this goal. According to public information, the current number of studios has exceeded 60. Most of these in-house studios are web drama and variety studios, and a small number are film and anime studios.</p><p>\"It is an important strategy for our content production to increase a large number of film and animation studios in the next two years, because through internal studios, we can gather outstanding production talents in the industry and obtain a large number of head IP and works.\"</p><p>Gong Yu pointed out that he believes that through experience accumulation and continuous efforts, the high-quality content exclusively broadcast by iQiyi will form a sustained and stable line of works.</p><p><b>iQIYI Q1 membership revenue of 4.3 billion, up 12% quarter-over-quarter</b></p><p><img src=\"https://static.tigerbbs.com/0c5dae367f8bc4acc4f1e0e0edbfc708\" tg-width=\"892\" tg-height=\"469\" referrerpolicy=\"no-referrer\"></p><p>iQiyi's membership service revenue in the first quarter of 2021 was 4.3 billion yuan (approximately US$658.1 million), up 12% from the previous quarter. In this quarter, iQIYI achieved a net increase of 3.6 million members, mainly due to the strong performance of head content, especially the high-quality drama content and the influence of holidays, which continued to drive the number of members up.</p><p>iQiyi's advertising revenue in the first quarter of 2021 was 1.9 billion yuan (approximately 292.5 million USD), up 25% year-on-year. Thanks to the macroeconomic recovery, both brand advertising budget and the number of brand advertisers rebounded.</p><p>In addition to membership and advertising revenue, iQIYI's content distribution achieved revenue of 779.1 million yuan (about 118.9 million USD) in this quarter, a year-on-year increase of 29%. This was because iQIYI distributed more content to other platforms in this quarter.</p><p>iQiyi's other revenue in the first quarter of 2021 contributed revenue of 961.0 million yuan (approximately US$146.7 million) in the first quarter, an increase of 10% compared with the same period last year.</p><p><b>iQIYI Q1 cost of 7.1 billion, down 10% from the same period last year</b></p><p>iQIYI's cost in the first quarter of 2021 was 7.1 billion yuan, down 10% from 7.9 billion yuan in the same period last year. This is mainly attributed to the decrease in content costs and bandwidth costs.</p><p>Of these, content costs were 5.4 billion yuan (approximately US$829.6 million) in the first quarter, a decrease of 8% compared to the same period in 2020. The decrease in content costs was mainly due to the decrease in the cost of copyrighted content.</p><p><b>iQIYI Q1 gross profit 860 million gross profit margin 11%</b></p><p>iQIYI's gross profit in the first quarter of 2021 was 860 million yuan, with a gross profit margin of 11%, compared with-3% in the same period last year.</p><p><b>iQIYI Q1 expenses of 1.87 billion down 6% year-on-year</b></p><p>iQiyi's expenses in the first quarter of 2021 were 1.87 billion yuan, down 6% from 1.989 billion yuan in the same period last year.</p><p>Among them, iQiyi's sales, general affairs and administrative expenses in the first quarter totaled 1.2 billion (about 183.3 million USD), down 8% from the same period of last year. iQiyi's R&D expenses in the first quarter were 672.3 million yuan (approximately $102.6 million).</p><p><b>iQIYI Q1 operating loss of 1 billion operating margin of-13%</b></p><p><img src=\"https://static.tigerbbs.com/fd32579df25a17ea99fc71e68ea987ee\" tg-width=\"931\" tg-height=\"449\" referrerpolicy=\"no-referrer\"></p><p>iQiyi's operating loss in the first quarter of 2021 was 1 billion yuan (approximately US$154.8 million), compared with 2.2 billion yuan in the same period last year; The operating loss margin was 13%, compared to 29% in the same period last year. iQiyi's operating profit margin was-13% in the first quarter of 2021. Since the third quarter of 2019, iQiyi's operating loss has continued to narrow.</p><p>As of March 31, 2021, the Company had cash, cash equivalents, restricted-use cash and short-term investments totaling 13.3 billion yuan (approximately US$2 billion).</p><p>iQIYI looks ahead to its second quarter 2021 results: total revenue is expected to be between 7.21 billion yuan (approximately $1.1 billion) and 7.65 billion yuan (approximately $1.17 billion).</p><p>The following is a letter from iQiyi Gong Yu to investors:</p><p>Hello shareholders!</p><p>This is the first time that I have communicated with you in the form of a shareholder's letter. I would like to share with you some of our current thoughts on industry competition and content production planning.</p><p>I. Industry situation and our competitive barriers:</p><p>The online video industry has been developing for more than a decade, and now the industry has three common views on video genres.</p><p>First, according to the video specification (video length), the video is divided into: long video and short video, or long video, medium video and short video. Second, according to the content creator, the video is divided into PPC (professional produced content), PUGC (professional user generated content), UGC (user generated content). PPC is produced by professionals such as screenwriters, directors, cinematographers, actors, and productions include movies, series, cartoons, and variety shows, among others. Produced by KOLs and MCNs, PUGC is less professional than PPC, but can generate revenue through advertising or other monetization methods. UGC is content produced by ordinary users, and most of it is not professional content.</p><p>The above two classification methods are relatively common views. At present, there is a third view in the industry, that the content is ultimately for users to watch. Why not classify the purpose of users watching videos, their mentality when watching videos and their thinking about video content? According to this view, videos are classified as: palatable videos, entertainment videos and interest videos.</p><p>Delicious videos are similar to fast food. Users have a relaxed mentality when consuming, just simply killing time, being happy when watching them, and not expecting to benefit for a long time after watching them.</p><p>Entertainment video is the video content of movies, dramas, animations, variety shows, etc. Excellent film and television works can open the mind to think, leave a deep impression and trigger continuous deep thinking after watching, and even affect one's values and life. In entertainment content, the movie was born for more than 120 years, and it is by far the most historical, artistic level and the most influential work in the world. TV content such as drama series and variety shows are also literary and artistic works with nearly a century of history and public influence. While providing pleasure to the audience, they have also changed people's living habits, society and even the world. In history, human beings have always needed to extend romantic, fictional or sentimental literary works on the basis of reality. Entertainment contents such as movies, dramas, variety shows and animations are the only image forms to meet this rigid demand. We firmly believe that on the basis of art with a longer history such as literature, painting and music, entertainment video content such as movies, drama series, animation and variety shows will have a larger market space, especially for China, a market where the overall economy will continue to develop steadily in the future and the society will be in a long-term consumption upgrade.</p><p>Interest videos refer to videos that are basically realistic and meet people's various interests, including but not limited to: food, DIY, unboxing, travel, pets and so on. The producers of such videos are MCNs and KOLs, as well as ordinary users who generate electricity for love and a small number of professionally trained people. Interest content and its audience are more focused and long-tailed. In terms of popularity, each kind of interest content is weaker than movies, dramas, animations and variety shows.</p><p>iQiyi mainly focuses on two video types, one is entertainment video and the other is interest video.</p><p>1) iQIYI APP focuses on entertainment videos. Our vision is to use technological innovation to make the distribution of entertainment content easier and the user experience better, while also using technological innovation and the wisdom of outstanding artists to create more and better movies, series, anime and variety shows. While providing users with more happiness, it also affects users' lifestyle, so that people can conveniently watch more, better and more thoughtful literary works.</p><p>At present, the field of entertainment video has formed an extremely high entry threshold: its scale effect needs to be accumulated for a long time; The whole content industry is still in the very early stage of industrialization, and the understanding of the industry and the cognition of talents is crucial in this stage of talent scarcity. At the same time, as the largest video distribution platform in China, many years of user data and technology accumulation make us have the deepest understanding of users' needs for entertainment videos. Coupled with huge capital demand, in-depth understanding of industry rules, and accumulated relationships with directors, actors, screenwriters, photographers, recordings, art and other artists, iQiyi has established a solid leading position in the entertainment video field in China. We are confident in leading the healthy development of the entire industry and providing users with more and better quality entertainment content. We are convinced that in the future, more and more Chinese users will pursue entertainment content with higher spiritual value and more artistic quality after fully enjoying the pleasure brought by delicious content. This is a process of upgrading cultural consumption.</p><p>2) iQiyi Suike APP mainly focuses on interest videos, and the content of Suike will also be distributed on the main platform of iQiyi. Interest content is characterized by very scattered topics and very long-tailed content and corresponding users. The user entry barrier is high, but the user stickiness is stronger. The overall market for interest videos is not small, but it is not easy for a single media platform to gain a large market share. We believe that in the future, China's interest content media platforms will be scattered, and user demand and content supply will also be scattered. At present, this model is still in its infancy in China, and iQiyi has a good opportunity to use existing resources to explore this new market.</p><p>In short, iQIYI's core value is the production and distribution of entertainment content. Entertainment content is the core rigid demand of human beings. iQiyi has a leading position in this field and will continue to expand its leading position in the future. The interest content that is focused at all times is an emerging market, and iQiyi will develop this business and make it play a supporting role in the company's core entertainment business.</p><p>2. Core issues and our planning countermeasures:</p><p>As we all know, after 10 years of development, the membership business has developed into the company's number one source of revenue. Although we are currently facing some challenges that have resulted in a slowdown in the growth of our membership business or fluctuations in the number of retained members, we still strongly believe that our membership business has great market potential. Two supportive data are: 1) As of the end of Q1 2021, the cumulative number of paid accounts of iQiyi has exceeded 490 million; 2) In 21Q1, the average number of members with membership benefits on any day in a month was nearly 160 million, which indicates that the user base with the willingness to pay for high-quality content is extremely large. As for the slowdown in the growth of membership business, the industry generally believes that the squeeze of short videos and other diverse entertainment methods on users' time is an important reason. We acknowledge the impact of this, but we observe that users are gradually clearer about watching various videos.</p><p>At the same time, based on our data and analysis, we believe that the root cause of entertainment video being squeezed by other forms is still the lack of high-quality content. Even now, when entertainment methods are extremely abundant, high-quality entertainment video content is still the core factor that plays a huge role in user traffic and duration. A recent case is that we launched the explosive solo drama \"Son-in-law\" in February this year. During the hit period, the drama was played on more than 180 million devices. By the end, the number of members chasing the drama exceeded 64 million, pushing the peak number of members this quarter to close to the level during the epidemic at the end of Q1 last year.</p><p>Continuously producing high-quality content is at the heart of increasing user and member loyalty. We believe that the current lack of high-quality content is mainly caused by two factors: 1) The copyrighted content obtained from traditional channels is decreasing. On the one hand, copyrighted TV dramas decrease correspondingly with the shrinking market share of traditional TV industry; On the other hand, due to the impact of the pandemic, the number of cinema films that play a crucial role in recruiting and retaining members, especially Hollywood films released in Chinese cinemas, has decreased sharply.</p><p>According to our analysis, the number of films with box office grosses exceeding 100 million in 2020 and January-April 2021 released in the SVOD mode dropped by about half respectively compared with the same period in 2019, and the number of overseas films mainly Hollywood films dropped by more than half respectively. 2) At present, the quantity and quality of self-made content can't meet the needs. The breakthrough of self-made content requires us to find the best talents and partners in the industry, build a strong content ecosystem, and do the best works, and the improvement of the ecosystem takes time to polish.</p><p>In view of how to solve the problem of \"lack of high-quality content\", I would like to talk about iQiyi's future plans and plans.</p><p>As content quality is the core and important foothold of our entire content ecosystem, we hope to achieve a high enough probability of explosion by continuously improving content quality. The establishment of sufficient and effective internal studios is an important prerequisite for our content quality improvement. In 2018, we put forward the goal of establishing 50 in-house studios in 2 years at the IPO roadshow, and at present, we have exceeded this goal. Most of these in-house studios are web drama and variety studios, and a small number are film and anime studios. It is an important strategy for our content production to increase a large number of film and animation studios in the next two years, because through internal studios, we can gather outstanding production talents in the industry and obtain a large number of head IP and works.</p><p>With the increasing number of internal studios, we will continue to adhere to the development of multi-content categories and deepen the vertical track. Since our successful launch of Mist Theatre last year, the format of short episodes and the quality of our content have been widely recognized by users and the market. It is believed that through experience accumulation and continuous efforts, the high-quality content exclusively broadcast by iQiyi will form a sustained and stable line of works.</p><p>The content production industry also faces various problems, such as long and uncontrollable content production cycle, low success rate of works, heavy simple and repetitive workload, lack of objective evaluation standards and high financial risks, etc. In view of these difficulties and challenges, we believe that the way to break the situation lies in the industrialization of film and television.</p><p>Film and television industrialization includes industry rules reconstruction and intelligent production. Where intelligent production is the focus. This is because although China's film and television industry has been industrialized for 20 or 30 years, there has been no qualitative change. One of the important reasons is the lack of support from scientific and technological means. And intelligent production is the key factor to solve the problem. Thanks to the development and support of 5G, AI, blockchain, DRM, VR/AR, virtual shooting and other technologies, our intelligent production system is gradually improving.</p><p>The intelligent productions we are planning and implementing include: 1) production business intelligence systems for post-broadcast business indicator analysis and broadcast business indicator forecasting at various production stages before broadcast; 2) Intelligent integrated production system, which takes artificial intelligence as the core to integrate people, equipment and materials in the film and television production process and standardize management; 3) Intelligent production toolset, which uses artificial intelligence technology, computer graphics and other technologies to realize the production toolset of film and television production from the early stage to the late stage, so as to improve work efficiency and user experience. Through these systems and tools, we are enhancing the controllability of production schedule, content quality and financial risk, thereby further reducing costs and improving efficiency. We believe that using iQIYI's industry leadership position to change the unreasonable rules in the industry, and using intelligent production to help optimize such industry rules and improve production efficiency, the future content production will be more stable, sustainable, efficient and explosive content will be frequently produced.</p><p>Throughout the ten years of continuous development of iQiyi, in terms of commercial operation, we are gradually establishing a win-win ecosystem and a business model of \"one fish eats more\"; In terms of content, we are recognized by artists from all walks of life and a wide range of users; In the field of technology, we are constantly pioneering and innovating to improve user audio-visual experience and improve efficiency. We believe that the valuable wealth of knowledge accumulated by the Company through years of intense competition in the video industry will further solidify our market leadership position. We always believe that long video entertainment is irreplaceable as an important form of entertainment. We hope to empower content production and increase the probability of content explosion through continuous technological innovation, thus generating greater commercial value, expanding a larger dream-making stage and imagination space for the next generation of entertainment, and looking forward to bringing more surprises to shareholders.</p><p>Company Note: We will not be reading this letter on the conference call later today to allow more time to speak with investors during the Q&A session.</p><p>Appendix: Our Q1 Performance and Outlook</p><p>During the quarter, thanks to quality content online, our overall revenue in the first quarter of the year exceeded the company's previous guidance, and both achieved year-on-year growth. At the same time, in recent quarters, under the condition of relatively stable revenue, our content costs have been effectively controlled, and our losses have been narrowing. We also continued our industry leadership position, ranking first in the industry for daily, monthly and monthly usage time, according to QuestMobile data.</p><p>Members:</p><p>The first is the membership business. As of March 31, the company had 105.3 million total subscription members, representing a net quarterly increase of approximately 3.6 million. Membership revenue increased 12% from the previous month to RMB4.31 billion.</p><p>The increase in the number of members was mainly due to: 1) The strong performance of top-notch content, especially high-quality drama series content, continued to drive the increase in the number of members. For example, the head drama \"Son-in-law\" became an explosion in the Spring Festival, achieving extremely high realization efficiency with a short number of episodes, and the average daily consumption history was top1, surpassing \"Yanxi Palace Story\". At the same time, this quarter, many cinema movies such as King of Bathing, Violence Removal and Bomb Disposal Expert 2 were launched, and online movies such as Diary of Fortune and Legend of Debao in Shaolin Temple also performed well. 2) During the Spring Festival, users spend more time on long-term video consumption, the overall market traffic of the platform increases, and the mobile MAU and DAU both increase month-on-month. 3) The Company launched a variety of innovative marketing measures for the holiday season, including \"incentive task system\" and optimization of member products and services, which significantly improved user participation rate and member loyalty.</p><p>In addition to the growth in membership numbers, the quarter-over-quarter increase in membership revenue during the quarter was also driven by: 1) The increased willingness of users to pay, mainly driven by our premium content and the company's continuous exploration of business model innovation: including advanced on-demand and PVOD models. For example, the solo drama \"Son-in-law\" breaks the stereotype of costume drama with its light comedy texture, attracting a large number of members to buy advanced on-demand unlocking plots. The movie \"Diary of Fortune\" has set a new high in the number of movie viewers and on-demand revenue under PVOD mode. 2) Membership price adjustment drives Q1 ARPU value to increase year-on-year and quarter-on-quarter.</p><p>At the same time, the company further expands total addressable market through two aspects. A) In late February, the company launched a new VIP membership package, which is aimed at low-line users and promotes the paid conversion of low-line vertical users with more targeted content and membership rights. b) The company's overseas exploration also continued to advance steadily. The overall MAU in 2021Q1 increased by 77% compared with the previous quarter, and the number of new downloads ranked firmly in the TOP5 in many countries and regions in Southeast Asia, especially in Thailand, Malaysia and other countries and regions for a long time. The frequent explosion of international content has promoted the continuous improvement of brand awareness of iQIYI International Edition.</p><p>Although we still expect that the number of subscription members will fluctuate in the short term, we remain confident in the medium to long-term development of our membership business thanks to the Company's continuous deepening of high-quality content, as well as the continuous improvement of the Company's original content ecology and self-production capabilities. We are pleased to see that the content production level of domestic video websites is gradually moving closer to international peers. And users paying for high-quality content has become the norm. We have also noticed that peers have followed us in adjusting membership prices, which also indicates the long-term profitability of the industry.</p><p>advertising</p><p>China's overall advertising market continued to recover during the quarter. Our advertising services revenue increased 25% year-over-year. On the premise that Q1 is the traditional advertising off-season, it achieved stable year-on-year and quarter-on-quarter growth. Similar to the trend of Q4 in 2020, the growth was mainly attributable to the year-on-year increase in content marketing revenue driven by high-quality variety shows and dramas in Q1 this year. Content marketing revenue contribution accounted for about 64% of brand advertising revenue, the highest point in recent quarters, which once again verified advertisers' recognition of our platform's high-quality content.</p><p>In terms of brand advertising, under the backdrop of macroeconomic recovery, revenue from brand advertising continued to stabilize thanks to the recovery of advertiser budgets and the increase in the number of advertisers. In Q1, high-quality content drove some head advertisers to increase their investment, and the ARPU of head customers increased. In terms of industry, food and beverage and cosmetics and bathroom industries supported the growth of Q1. In terms of performance advertising, the quarter-on-quarter increase in consumption in this quarter was driven by the traffic of holidays and the contribution of key industries such as online service app, e-commerce, online film and television, and games.</p><p>Contents:</p><p>In terms of content, iQIYI continued to lead the whole network in terms of the number of head content and total broadcast volume of drama series, variety shows, animation, children's and other channels in Q1. According to third-party data, the market share of effective feature broadcast volume of Q1 iQiyi's dramas and variety shows is close to 40%, and the market share of effective feature broadcast volume of animation (including children's animation) and movies exceeds 40% and 50% respectively, both ranking first in the market.</p><p>iQiyi continues to launch high-quality exclusive content to meet the needs of users, and continues to promote serialized development and stylized innovation of IP.</p><p>1) In terms of drama, iQiyi's exclusive costume drama \"Son-in-law\" this quarter has become an explosion, and it has made beneficial innovations in terms of theme and content style, providing new ideas for the creation of costume dramas in the future. In addition, we have also launched a number of original dramas such as \"Golden Years\", \"My Time, Your Time\" and \"Holiday Warmth\" in terms of realism.</p><p>2) In terms of variety shows, iQiyi continues to innovate original content in different variety shows. Original works such as new IP \"Drama New Life\", \"Qi Pa Shuo 7\", \"Trend Partner 2\" and \"Sisters' Tea Party\" were hit in the quarter.</p><p>3) In terms of original films, the original film \"Sweeping Black: Decisive Battle\" produced by iQiyi has been released in cinemas, with a box office of more than 300 million RMB, and won high scores from various platforms. In 2021Q1, 2 movies produced by iQIYI started shooting. 3 films are in post-production and will be released this year. There are also 18 iQIYI Original films in development.</p><p>In 2021Q2, our key theatrical content includes Little Shede, Li Song Xing, North and South, Rebel, Lai Mao's Lion Reflection, etc. Among them, \"Little Willing\" and \"Li Song Xing\" were broadcast in April and loved by users. Our theatrical operation will also continue to advance. Love Theatre is scheduled to launch on May 20th, and we will continue to launch new contents of Mist Theatre at the end of this year. In terms of animation and animation, contents such as \"I Have to Betray the Earth\", \"Ice and Snow Guardian\" and light animation \"Immortal Dad Becomes Son-in-law 3\" will be launched.</p><p>In anticipation of some uncertainties in the content scheduling in the coming months, we have laid out diverse content in advance, especially self-produced dramas, to reduce the related impact.</p><p>Technology:</p><p>We continue to empower the entertainment industry with technology and build an industrialized system for film and television production. Progress in technology applications worth highlighting during the quarter include:</p><p>1. In terms of intelligent production: iQiyi's \"City of Virtuality and Reality\" XR cloud performance: the whole concert adopts the world's leading XR virtual production technology, which surpasses similar foreign performances in terms of diversity of virtual scenes and number of online interactive users, and expands a new ceiling for live interactive experience programs and virtual performances for everyone.</p><p>2. In terms of products and functions, iQiyi Express Edition for users in low-tier cities was officially released in January this year. At present, it performs well in user interaction, and indicators such as per capita duration and per capita broadcast VV exceed those of iQiyi main station App.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1381fbe767d2d5a2d71590c11e4464d5","relate_stocks":{"IQ":"爱奇艺"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183341282","content_text":"5月18日，爱奇艺盘初涨幅扩大至11%，公司第一季度营收80亿元，订阅数净增360万。爱奇艺季报图解：营收80亿 会员规模季度增长360万爱奇艺今日公布财报，财报显示，爱奇艺2021年第一季度营收为80亿元(约12亿美元)，实现超预期增长。截至一季度末，爱奇艺订阅会员规模达到1.053亿。受财报利好的影响，爱奇艺目前股价盘前上涨超过4%。“我们以全面、稳健的季度表现开局。”爱奇艺创始人，董事兼首席执行官龚宇博士表示：“第一季度我们的订阅会员增长了360万，会员服务收入环比增长12％，以绝对金额来看达到过去一年以来的峰值。显著的增长在很大程度上要归功于我们本季度内推出了类型丰富的剧集、综艺以及电影等内容。”“特别是剧集《赘婿》，在收视率和货币化效率方面都成为另一个标杆，这也印证了我们的独家内容策略。4月22日，我们庆祝公司成立11周年。多年来的激烈竞争让我们更有信心进一步加强领导地位。我们坚信，长视频作为一种娱乐形态是不可取代的，我们也已经做好充分准备应对未来的机遇和挑战。”“第一季度的总营收超出我们此前预期，环比和同比均实现了健康增长。”爱奇艺首席财务官王晓东表示：“在本季度，我们推出了多个广受欢迎的内容，同时投资效率提升助推内容成本连续三季度实现同比下降。我们将一如既往的贯彻以提升投资回报率为目标，驱动包括内容、技术和市场营销等不同业务发展。这为爱奇艺可持续的长期发展保驾护航。爱奇艺Q1营收80亿 同比增长4%爱奇艺2021年第一季度营收约80亿元，较上年同期的76.5亿元增长4%，较上一季度的74.6亿元增长7%。龚宇今日还发布致投资人公开信，称爱奇艺的核心价值是娱乐内容的制作和分发。娱乐内容是人类的核心刚性需求，爱奇艺在这个领域已具有领导地位，并将在未来继续扩大领先地位。而随刻聚焦的兴趣内容是一个新兴市场，爱奇艺将发展这一业务，并使其对公司的核心娱乐业务起到支撑作用。“由于内容质量是我们整个内容生态系统的核心和重要落脚点，我们希望通过不断提升内容质量达到足够高的爆款概率。而建立足够且具有战斗力的内部工作室是我们内容质量提升的重要前提。”龚宇说，2018年，爱奇艺在IPO路演时提出了2年建立50个内部工作室的目标，目前爱奇艺已经超额完成了这个目标。根据公开信息，目前工作室数量已经超过60个。这些内部工作室大部分是网剧和综艺工作室，少量是电影和动漫工作室。“未来2年大量增加电影、动漫工作室是我们内容制作的重要策略，因为通过内部工作室，可以聚集行业优秀的制作人才，获取大量头部的IP和作品。”龚宇指出，相信通过经验积累和持续努力，爱奇艺独家播出的优质内容将会形成持续、稳定的作品线。爱奇艺Q1会员收入43亿 环比增长12%爱奇艺2021年第一季度会员服务收入43亿元（约6.581亿美元），环比增长12%。这一个季度内，爱奇艺会员规模实现360万的净增长，主要归功于头部内容，尤其是优质剧集内容表现强劲叠加假期的影响，持续拉动会员数上涨。爱奇艺2021年第一季度广告营收实现收19亿元（约2.925亿美元），同比增长25%，得益于宏观经济的复苏，品牌广告预算和品牌广告主的数量都出现了反弹。在会员与广告收入之外，本季度爱奇艺的内容发行实现收入 7.791亿元（约1.189亿美元），同比增长29%，这是因为在本季度爱奇艺向其他平台发行了更多的内容。爱奇艺2021年第一季度其他营收第一季度贡献收入9.610亿元（约1.467亿美元），相比上年同期增长了10%。爱奇艺Q1成本71亿 较上年同期下降10%爱奇艺2021年第一季度成本为71亿元，较上年同期的79亿元下降10%。这主要归因于内容成本和带宽成本的下降。其中，第一季度内容成本为54亿元（约8.296亿美元），较2020年同期下降8%。内容成本下降主要源于版权内容成本的下降。爱奇艺Q1毛利8.6亿 毛利率11%爱奇艺2021年第一季毛利8.6亿元，毛利率11%，上年同期的毛利率为-3%。爱奇艺Q1费用18.7亿 同比下降6%爱奇艺2021年第一季度费用为18.7亿元，较上年同期的19.89亿元下降6%。其中，爱奇艺第一季度销售、总务与行政开支共计为12亿（约1.833亿美元），比上年同期下滑8%。爱奇艺第一季度研发开支为6.723亿元（约1.026亿美元）。爱奇艺Q1运营亏损10亿 运营利润率为-13%爱奇艺2021年第一季度运营亏损为10亿元（约1.548亿美元），上年同期运营亏损为22亿元；运营亏损率为13%，上年同期运营亏损率为29%。爱奇艺2021年第一季度运营利润率为-13%，自从2019年第三季度以来，爱奇艺的运营亏损在持续收窄。截至2021年3月31日，公司拥有现金、现金等价物，限制性用途现金和短期投资共计133亿元(约20亿美元)。爱奇艺展望了2021年第二季度的业绩：预计总收入介于72.1亿元（约 11亿美元）和76.5亿元（约11.7亿美元）之间。以下是爱奇艺龚宇致投资人信：各位股东好！这是第一次以股东信的形式与大家交流。我想和大家分享下我们目前对行业竞争和内容制作规划的一些思考。一、行业态势和我们的竞争壁垒：在线视频行业已经有十几年的发展历史，现在行业对视频类型有三种普遍的观点。第一种，按照视频规格（视频长度）把视频划分为：长视频和短视频，或长视频、中视频和短视频。第二种，按照内容创作者将视频划分为PPC（professional produced content）、PUGC（professional user generated content）、UGC（user generated content）。PPC由编剧、导演、摄影、演员等专业人士制作，作品包括电影、剧集、动画片和综艺节目等。PUGC由KOL和MCN制作，专业度低于PPC，但可以通过广告或其他变现方式获得收入。UGC是普通用户制作的内容，绝大部分不是专业内容。以上两种分类方法是比较普遍的观点。目前行业还有第三种观点，认为内容最终是为了用户观看，为何不用用户观看视频的目的，观看视频时的心态以及对视频内容的思考做分类呢？按照这种观点视频被分类为：可口视频、娱乐视频和兴趣视频。可口视频类似于快餐，用户消费时的心态轻松，只是简单地消磨时间，看的时候开心就好，并不期望看后长久受益。娱乐视频就是电影、剧集、动漫、综艺等视频内容。优秀的影视作品能令头脑开启思考，并在观看后留下深刻印象和引发持续深度思考，甚至会影响自己的价值观和一生。娱乐内容中，电影诞生了120多年，是迄今世界上最有历史、最有艺术水平，也是最具大众影响力的作品。剧集和综艺等电视内容也是具有近百年历史和大众影响力的文艺作品。他们在给观众提供快乐的同时，也曾改变了人们的生活习惯、改变了社会甚至世界。人类在历史上一直需要在现实基础上延展出浪漫、虚构或者具有情怀的文艺作品，电影、剧集、综艺、动漫等娱乐内容就是满足这种刚性需求的唯一影像形式。我们深信在文学、绘画、音乐等历史更加悠久的艺术基础之上，电影、剧集、动漫、综艺这些娱乐视频内容将具有更大的市场空间，特别是对于中国这种未来经济整体持续稳定发展、社会长期处于消费升级的市场。兴趣视频是指基本以写实为主，满足人们各种兴趣需要的视频，包括但不限于：美食、DIY、开箱、旅游、宠物等等。这类视频的生产者有MCN、KOL，也有为爱发电的普通用户和少量受过专业训练的人士。兴趣内容和它的观众更加分众和长尾。在大众性方面，每类兴趣内容相对于电影、剧集、动漫、综艺弱一些。爱奇艺主要专注于两个视频类型，一是娱乐视频，二是兴趣视频。1）爱奇艺APP专注于娱乐视频。我们的愿景是用科技创新让娱乐内容的分发更加简单、用户体验更好，同时也利用技术创新和优秀艺术家的智慧，创作更多、更优秀的电影、剧集、动漫和综艺节目。在为用户提供更多快乐的同时，也影响用户的生活方式，让人们可以便捷地观看更多、更好、更有思想性的文艺作品。目前娱乐视频这一领域已形成极高的准入门槛：其规模效应需要长期积累达成；整个内容产业仍处在工业化的非常早期, 对行业的理解和人才的认知在这个人才稀缺的阶段是至关重要的。而同时作为中国最大的视频分发平台, 多年的用户数据和技术积累使得我们对用户对娱乐视频的需求有着最深刻的理解。加上巨大的资金需求，对行业规则的深度理解, 与导演、演员、编剧、摄影、录音、美术等艺术家的关系积累，爱奇艺已在中国的娱乐视频领域确立了稳固的领导地位。我们有信心带领整个行业健康发展, 提供给用户更多更好的优质娱乐内容。我们深信未来越来越多的中国用户在充分享受可口内容带来的愉悦之后，一定会追求具有更高精神价值和更具艺术性的娱乐内容。这是一个文化消费升级的过程。2）爱奇艺随刻APP主要专注于兴趣视频，随刻的内容也会在爱奇艺主平台做分发。兴趣内容的特点是主题非常分散，内容和对应的用户都非常长尾。用户进入门槛高，但用户粘性更强。兴趣视频的总体市场不小，但单个媒体平台不容易获得很大的市场占有率。我们认为未来中国的兴趣内容媒体平台会是分散的，用户需求和内容供给也是分散的。目前这个模式在中国还处于初级阶段，爱奇艺在利用已有资源来开拓这一新市场上很有机会。总之，爱奇艺的核心价值是娱乐内容的制作和分发。娱乐内容是人类的核心刚性需求，爱奇艺在这个领域已具有领导地位，并将在未来继续扩大领先地位。而随刻聚焦的兴趣内容是一个新兴市场，爱奇艺将发展这一业务，并使其对公司的核心娱乐业务起到支撑作用。二、核心问题和我们的规划对策：众所周知，历经10年的发展，会员业务已经发展成为公司第一大收入来源。尽管目前我们面临一些挑战，导致会员业务增长放缓或者留存会员数出现波动，我们仍然坚信会员业务拥有巨大的市场潜力。两个可以佐证的数据是，1）截至2021年Q1末爱奇艺累计付费账号数已超过4.9亿；2）在21Q1，平均一个月里有任何一天会员权益的会员数为将近1.6亿，这表明具有为优质内容付费的意愿的用户群体是极其庞大的。而对于会员业务增长放缓，行业内普遍认为短视频及其他多样性娱乐方式对用户时长的挤压是重要原因。我们承认这方面的影响，但是我们观察到用户对于各种视频的观影心智逐渐清晰。同时根据我们的数据和分析，我们相信娱乐视频受其他形式挤压的根源仍然是目前自身的优质内容仍较为匮乏。即使在娱乐方式极大丰富的现在，优质的娱乐视频内容仍然是对用户流量和时长拉动起到巨大的作用核心因素。一个最近的案例是，我们在今年2月上线了爆款独播剧《赘婿》，热播期内该剧在超过1.8亿台设备上播放过，截至收官追剧会员账号数超过6400万，推动本季度的峰值会员数升至接近去年Q1末疫情期间水平。持续不断的产出高质量的内容是提升用户和会员忠诚度的核心。我们认为当前优质内容的匮乏主要是两方面因素导致：1）从传统渠道获取的版权内容正在减少。一方面，版权电视剧随着传统电视行业市场份额的萎缩相应减少；另一方面，受疫情影响，对会员拉新和留存起到至关作用的院线电影，特别是在中国电影院上映的好莱坞电影的数量急剧减少。根据我们的分析，2020年和2021年1-4月以SVOD模式上线的票房过亿的电影的数量相比2019年同期分别下降约一半，其中以好莱坞电影为主的海外电影数量分别下降超过一半。2）目前自制内容的数量和质量都还不能满足需要。自制内容的突破性进展需要我们找到行业最优秀的人才以及最优质的合作伙伴，建立强大的内容生态系统，去做最优秀的作品，而生态系统的完善需要时间来打磨。针对如何解决“优质内容匮乏”这一课题，我想谈一下爱奇艺未来的计划和规划。由于内容质量是我们整个内容生态系统的核心和重要落脚点，我们希望通过不断提升内容质量达到足够高的爆款概率。而建立足够且具有战斗力的内部工作室是我们内容质量提升的重要前提。2018年我们在IPO路演时提出了2年建立50个内部工作室的目标，目前我们已经超额完成了这个目标。这些内部工作室大部分是网剧和综艺工作室，少量是电影和动漫工作室。未来2年大量增加电影、动漫工作室是我们内容制作的重要策略，因为通过内部工作室，可以聚集行业优秀的制作人才，获取大量头部的IP和作品。随着内部工作室越来越多，我们将继续坚持多内容品类发展，深耕垂直赛道。自去年我们推出迷雾剧场大获成功以来，短剧集的形式和我们内容质量得到了用户和市场的广泛认可。相信通过经验积累和持续努力，爱奇艺独家播出的优质内容将会形成持续、稳定的作品线。在内容制作行业也面临种种问题，例如内容制作周期较长且不可控，作品成功率较低，简单重复性的工作量很大，缺乏客观评价标准以及财务风险较大等等。针对这些困难和挑战，我们认为破局之道在于影视工业化。影视工业化包括行业规则重构和智能制作。其中智能制作是重点。这是因为虽然中国影视行业实践工业化进程已经二三十年，但是并没有取得质的改变，其中一个重要原因是缺少科技手段的支持。而智能制作是解决问题的关键因素。得益于5G、AI、区块链、DRM、VR/AR、虚拟拍摄等技术的发展和支持，我们的智能制作系统正在逐步完善。我们规划中和正在实施的智能制作包括：1）制作商业智能系统，用于播出后商业指标分析以及播出前各个制作阶段的播出商业指标预测；2）智能集成制作系统，以人工智能为核心将影视制作流程中的人、设备、物料集成起来并规范管理；3）智能制作工具集，利用人工智能技术、计算机图形学等技术实现影视制作从前期到后期多方面的制作工具集，提升工作效率和用户体验。我们正在通过这些系统和工具增强制作进度、内容质量和财务风险的可控性，从而进一步降低成本、提高效率。我们相信用爱奇艺的行业领导地位改变行业中的不合理规则，用智能制作协助这种行业规则的优化以及提升制作效率，未来的内容制作工作将更加稳定、持续、高效率及爆款内容频出。纵观爱奇艺不断发展的十几年，在商业运营方面，我们正在逐步建立多赢的生态系统和“一鱼多吃”的商业模式；在内容方面，我们得到了各行各业的艺术家和广大用户的认可；在科技领域，我们不断开拓创新以提高用户视听体验和提升效率。我们相信公司在视频行业多年的激烈竞争中积累的宝贵知识财富将进一步巩固我们的市场领导地位。我们始终坚信长视频影视娱乐作为重要的娱乐形式具有不可替代性。我们希望通过持续不断的科技创新赋能内容制作，提高内容爆款概率，从而催生出更大的商业价值，为下一代娱乐拓展更大的造梦舞台和想象空间，也期待为各位股东带来更多惊喜。公司注：我们不会在今天晚些时候的电话会议上读这封信，以便留出更多时间在问答环节与投资者交流。附录：我们Q1的表现和展望本季度，得益于上线的优质内容，我们开年首个季度整体收入超出公司之前指引，同环比均取得增长。同时，近几个季度以来，在收入相对稳定的情况下，我们内容成本得到了有效的控制，亏损不断收窄。我们也延续了我们的行业领先地位，根据QuestMobile数据，我们的日活、月活和月度使用时长均行业排名第一。会员：首先是会员业务。截至3月31日，公司总订阅会员数达1.053亿，季度净新增约360万。会员收入环比增长12%至43.1亿元人民币。会员数的增长主要得益于：1）头部内容，尤其是优质剧集内容表现强劲，持续拉动会员数上涨。例如，头部剧集《赘婿》成为春节爆款，以较短的集数实现了极高的变现效率，日均消费历史top1，超越《延禧攻略》。同时，本季度上线了《沐浴之王》《除暴》《拆弹专家2》等多部院线电影，网络电影《发财日记》《少林寺之得宝传奇》等也表现良好。2）春节期间用户花费更多时间在长视频消费上，平台整体大盘流量上涨，移动端MAU和DAU均环比上涨。3）公司针对假日季推出了多种创新营销举措，包括“激励型任务体系”和会员产品及服务优化等，使用户参与率、会员忠诚度显著提升。除会员数的增长外，本季度会员收入环比增长还得益于：1）用户付费意愿的提升，主要得益于我们的优质内容以及公司在商业模式创新方面的持续探索：包括超前点播和PVOD模式。例如，独播剧《赘婿》凭借其轻喜剧质感打破古装剧刻板印象，吸引大量会员购买超前点播解锁剧情。电影《发财日记》创造了PVOD模式下观影人次和点播收入新高。2）会员价格调整拉动Q1 ARPU值同比和环比提升。同时公司通过两方面来进一步扩展total addressable market。a）2月下旬公司新推出了极速版VIP会员套餐，该套餐针对低线用户，用更有针对性的内容和会员权益促进低线垂类用户的付费转化。b）公司的海外探索也继续稳步推进，2021Q1整体MAU较上季度增长77%，新增下载量在东南亚多个国家和地区稳居TOP5，特别是在泰国、马来西亚等国家和地区长期保持第一。国际版内容爆款频出，推动爱奇艺国际版品牌认知度持续提升。尽管我们目前仍预期订阅会员数会在短期内存在波动，但得益于公司对优质内容的持续深耕，以及公司原创内容生态和自制能力的不断提升，我们对会员业务的中长期发展依然有信心。我们欣喜地看到，国内视频网站的内容制作水准逐渐向国际同行靠拢。而用户为优质内容付费已经成为常态。我们也注意到有同行跟随我们调整了会员价格，这也表明了行业的长期盈利能力。广告本季度中国整体广告市场继续恢复。我们的广告服务收入同比增长25%。在Q1是传统的广告淡季的前提下实现了稳定的同比、环比增长。和20年Q4趋势类似，增长主要归功于今年Q1优质综艺及大剧带动内容营销收入同环比提升。内容营销收入贡献占品牌广告收入的比例达64%左右，为最近几个季度的最高点，再一次验证了广告主对我们平台优质内容的认可。品牌广告方面，在宏观经济恢复的大背景下，得益于广告主预算的恢复以及广告主数量的增长，品牌广告收入继续企稳。Q1优质内容带动一些头部广告主加大了投放，头部客户ARPU提升。行业上看，食品饮料和化妆卫浴两个行业撑起了Q1的增长。效果广告方面，本季度消费环比上涨得益于节假日的流量带动以及重点行业如网服app、电商、网络影视、游戏的贡献。内容：内容方面，爱奇艺剧集、综艺、动漫、儿童等频道头部内容的数量及播出总量在Q1继续领先全网。第三方数据显示，Q1爱奇艺的剧集和综艺分别的正片有效播放量市场份额均接近40%，动漫（含儿童动画）和电影的正片有效播放量市场份额分别超过40%和50%，均为市场第一。爱奇艺持续推出高品质独播内容来满足用户需求，并持续推进IP的系列化开发和风格化创新。1）戏剧方面，爱奇艺本季度独播的古装大剧《赘婿》成为爆款，在题材和内容风格方面做了有益创新，为未来古装剧创作提供了新思路。此外，我们也在现实主义题材方面推出了《流金岁月》、《我的时代，你的时代》、《假日暖洋洋》等多部原创大剧。2）综艺方面，爱奇艺持续在不同综艺赛道进行原创内容创新。综艺新IP《戏剧新生活》、《奇葩说7》、《潮流合伙人2》、《姐妹们的茶话会》等原创作品在季度内热播。3）原创电影方面，由爱奇艺出品的原创电影《扫黑·决战》已于院线上映，票房超过三亿人民币，并获得各个平台的高评分。2021Q1爱奇艺出品的2部电影开机拍摄。3部电影处于后期制作之中，将于今年上映。还有18部爱奇艺出品电影（iQIYI Original Film）正在开发中。2021Q2，我们的重点戏剧内容包括《小舍得》、《骊歌行》、《北辙南辕》、《叛逆者》、《赖猫的狮子倒影》等。其中《小舍得》《骊歌行》已于4月播出，受到用户喜爱。我们的剧场化运营也将持续推进，恋恋剧场计划在5月20日开播，今年年底我们还将继续推出迷雾剧场新内容。动漫和动画方面，将上线《只好背叛地球了》、《冰雪守护者》，轻动画《仙尊奶爸当赘婿3》等内容。我们预计未来几个月的内容排播会面临一些不确定性，对此我们已提前布局了题材多样的内容，特别是自制大剧，以降低相关影响。技术:我们持续以技术赋能娱乐行业，建设影视制作工业化体系。本季度值得强调的技术应用方面的进展包括：1.在智能制作方面：爱奇艺“虚实之城”XR云演出：演唱会整场采用全球领先的XR虚拟制作技术，在虚拟场景的多样性和线上互动用户数等方面超越国外同类演出，为大家拓展了直播互动体验节目和虚拟演出节目新的天花板。2.产品和功能方面，今年1月针对低线城市用户的爱奇艺极速版正式发布，目前在用户互动方面表现良好，人均时长、人均播放VV等指标超过爱奇艺主站App。","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}