Overview
iQIYI is a Beijing-based streaming video platform founded in 2010, listed on Nasdaq (IQ), and widely described as the Netflix of China. The company operates one of China's three dominant streaming platforms alongside Youku (owned by Alibaba) and Tencent Video. iQIYI International is the global version of the platform, accessible via apps and iQ.com outside mainland China, targeting Chinese diaspora audiences and non-Chinese viewers interested in Asian content.
The company reported total revenues of RMB 27.29 billion (US$3.90 billion) for fiscal year 2025, a 7% decrease from 2024. Q1 2026 total revenues were RMB 6.23 billion (US$902.5 million), down 13% year over year. Despite domestic revenue headwinds, the overseas business has emerged as iQIYI's second growth engine, achieving record membership revenue in Q1 2026 and record average daily subscribers in Q3 2025.
iQIYI International recorded a 114.5% year-on-year increase in global views in 2025, followed by a 130% year-on-year surge in total viewership in H1 2026. The platform offers over 600 titles with more than 7,700 hours of content (as of Q4 2024), spanning Chinese dramas, Thai dramas, Korean and Japanese content, Chinese animation, and films.
Distribution Model and Content Strategy
iQIYI International operates on a freemium model combining SVOD and AVOD. The platform supports 4K video resolution and Dolby-optimized audio. It offers subtitles in 13 languages and localized dubbing, with UI support for up to 12 languages. The platform partners with 10+ streaming media players, smart TV manufacturers, and game console platforms for distribution.
The content mix is approximately 40 to 50% Chinese hits, 15 to 20% Thai drama, 15 to 20% Japanese and Korean drama, and 15 to 20% other local content (source: iQIYI Data, Q4 2024). In North America specifically, content consumption breaks down as 63% Chinese, 27% Thai, 9% Korean, and 1% Japanese, with 91% of viewing in the drama category.
The company's "long + short" strategy drives overseas expansion. Premium long-form Chinese dramas and micro dramas serve as dual engines. Micro dramas, characterized by high emotional intensity, high-stakes conflict, and rapid pacing, are designed for mobile-first, fragmented viewing habits. In H1 2026, micro dramas accounted for half of the top 10 trending titles in Japan and South Korea.
Regional Performance and Localization
iQIYI International's H1 2026 viewership data reveals distinct regional preferences. Southeast Asia shows strong demand for premium Chinese dramas and localized content. In Thailand, seven Chinese dramas with Thai-language dubbing entered the local top 10. The "iQIYI Starship Project" brings cast members to Thailand, Malaysia, and other markets for fan events that directly boost local viewership.
East Asian audiences increasingly gravitate toward fast-paced micro dramas. In Latin America, expanded Spanish and Portuguese dubbing has opened Asian content to a wider audience, with membership revenue from Brazil and Mexico both growing by over 100% annually in Q1 2026. In the Middle East and North Africa, realism and military-themed premium dramas lead viewership.
North America metrics (as of 2024-2025) include 817,000 daily average users and 8 million monthly average users. The platform has produced overseas original variety shows including a cross-country road trip series featuring Asian musicians (Q2 2025) and a cryptocurrency trader profile series (Q3 2025).
Financial Performance and Acquisition Behavior
iQIYI's domestic content acquisition is primarily through in-house production. In H1 2026, all 10 titles in iQIYI International's top Chinese drama chart were iQIYI self-produced. The company produces, aggregates, and distributes content, with original productions spanning historical epics, contemporary romance, coming-of-age narratives, and animation.
The company does not publicly disclose per-title acquisition costs or MG ranges for international licensing. For international content licensing onto the iQIYI International platform, deals are negotiated title by title. The platform's content distribution revenue (licensing iQIYI originals to third parties) was RMB 358.7 million (US$52.0 million) in Q1 2026, down 43% year over year due to decreased barter transactions.
iQIYI is increasingly leveraging AI to reduce content production costs and accelerate production cycles. The company's AIGC (AI-generated content) strategy includes AI-generated micro dramas, which are scaling rapidly on the international platform. CEO Yu Gong stated in Q1 2026 that the company is "harnessing AI to cultivate a thriving content ecosystem enriched by AIGC."
What Filmmakers Should Know
For Chinese filmmakers, iQIYI alongside Youku and Tencent Video represents the primary domestic streaming market. Engaging these platforms at the financing stage, through pre-sales or co-production deals, is more productive than approaching post-completion for pure licensing. iQIYI's self-production model means the platform is both a producer and distributor, and original content commissions are the primary pathway for new projects.
For international filmmakers with non-Chinese productions, iQIYI International is relevant for content with specific Asian or diaspora appeal. Thai dramas, Korean content, and Chinese-language co-productions are the platform's core international categories. General-purpose Western content has limited traction. Filmmakers with Asian-language content targeting diaspora audiences in Southeast Asia, North America, or Latin America should consider iQIYI International as a distribution partner, particularly if the content lends itself to localized dubbing and subtitling.
The platform's rapid growth in Latin America (100%+ annual membership revenue growth in Brazil and Mexico) and its expansion into 13-language subtitling suggest increasing demand for localized Asian content. Filmmakers with Thai, Korean, or Chinese-language content that has crossover potential should track iQIYI International's acquisition patterns through industry markets including ATF (Asia TV Forum), Hong Kong FILMART, and Busan's Asian Contents Market.
For Chinese filmmakers whose films have already secured domestic theatrical distribution, iQIYI International provides a secondary streaming window that extends reach to diaspora audiences globally. The platform's 130% viewership growth in H1 2026 indicates expanding audience demand for Chinese content outside China.
Example Titles on the Platform
iQIYI International's content mix includes both self-produced Chinese originals and licensed international titles. Key titles driving viewership in 2025-2026 include:
- Love in Pavilion (2025) - Costume drama starring Liu Shishi and Zhang Yunlong, part of the Fox Spirit Girl series. The trailer generated significant engagement on the iQIYI YouTube channel ahead of its 2025 premiere.
- The Heir (2026) - Historical costume drama starring Yang Zi and Han Dongjun, directed by Hui Kaidong (known for Story of Yanxi Palace). China's first drama centered on Huizhou ink culture, premiered May 17, 2026, with simultaneous broadcast on CCTV8.
- Road to Success (2025) - Sports romance drama premiering July 5, 2025, on iQIYI, combining football and youth themes.
- I Live in Your Time (2025) - Romance drama with a time-bending narrative, part of iQIYI's premium long-form slate.
In H1 2026, all 10 titles in iQIYI International's top Chinese drama chart were iQIYI self-produced, confirming the platform's in-house production dominance.
Deal Structure Reputation
iQIYI operates a hybrid deal structure for its international platform. For self-produced content, the company finances production directly and controls all rights, distributing through its own platform with no third-party MG or licensing fees involved. For licensed international content, deals are negotiated title by title with no publicly disclosed per-title acquisition costs or MG ranges.
The platform's content distribution revenue (licensing iQIYI originals to third parties) was RMB 358.7 million ($52.0 million) in Q1 2026, down 43% year over year due to decreased barter transactions. This revenue stream indicates that iQIYI both acquires content for its platform and licenses its originals to other platforms, creating a two-way distribution flow.
For international filmmakers licensing content onto iQIYI International, deals typically involve flat-fee licensing or revenue-sharing arrangements rather than MG-heavy structures. The platform's focus on Asian-language content means non-Asian productions face limited acquisition interest unless they have specific diaspora or crossover appeal.
Typical Acquisition Profile
iQIYI International acquires content that fits its Asian-language programming strategy. The platform's acquisition priorities include:
- Chinese dramas (40-50% of content mix), primarily self-produced
- Thai dramas (15-20%), often with localized dubbing for regional markets
- Korean and Japanese content (15-20%)
- Other local content for specific regional markets (15-20%)
- Micro dramas designed for mobile-first, fragmented viewing
The platform does not operate an open submission portal for international content. Acquisition is handled through industry markets including ATF (Asia TV Forum), Hong Kong FILMART, and Busan's Asian Contents Market. Filmmakers with Asian-language content targeting diaspora audiences should approach iQIYI International through established sales agents or directly through the company's international content acquisition team.
Recent Slate and Acquisition Activity
iQIYI International's H1 2026 performance showed 130% year-on-year viewership growth, building on a 114.5% increase in 2025. The platform achieved record membership revenue in Q1 2026 and record average daily subscribers in Q3 2025. In Latin America, membership revenue from Brazil and Mexico both grew by over 100% annually in Q1 2026, driven by expanded Spanish and Portuguese dubbing.
Micro dramas accounted for half of the top 10 trending titles in Japan and South Korea in H1 2026, validating the company's "long + short" content strategy. The platform produced overseas original variety shows including a cross-country road trip series featuring Asian musicians (Q2 2025) and a cryptocurrency trader profile series (Q3 2025).
The company is increasingly leveraging AI to reduce content production costs, with AI-generated micro dramas scaling rapidly on the international platform. CEO Yu Gong stated in Q1 2026 that the company is "harnessing AI to cultivate a thriving content ecosystem enriched by AIGC."
Watch: Trailers and Interviews
See Also
For how Chinese streaming platform deals fit into Chinese co-production financing, see Distribution Deals Explained. For Chinese theatrical distribution alongside streaming, see the Mandarin Motion Pictures entry in this directory. To model streaming revenue from international platform deals, use the Revenue Forecast Calculator. For how SVOD and AVOD revenue models compare, see Streaming vs Theatrical Revenue.
