爱奇艺“低头”猛攻微短剧：爆剧断档，三大业务集体失速

Core Viewpoint - iQIYI has reported a continuous decline in revenue for six consecutive quarters, with a net loss in the second quarter of 2025, indicating significant challenges in maintaining subscriber growth and advertising revenue [1][2][11]. Group 1: Revenue and Profitability - In Q2 2025, iQIYI's revenue was 6.63 billion RMB, down 11% year-on-year, marking six consecutive quarters of decline. The net loss was 134 million RMB, a shift from a profit of 68.7 million RMB in the same period last year [2][11]. - Membership services, the largest revenue source, generated 4.09 billion RMB in Q2, a 9% decrease year-on-year, attributed to a lack of popular content [2][11]. - Online advertising revenue fell to 1.27 billion RMB, down 13% year-on-year, continuing a five-quarter decline due to reduced advertising budgets from clients [8][11]. - Content distribution revenue also decreased by 37% year-on-year, totaling 440 million RMB in Q2 [9][11]. - Despite a 35% year-on-year increase in overseas membership revenue, it was insufficient to offset the overall revenue decline [10]. Group 2: Content and User Engagement - The lack of blockbuster shows has led to a decline in both membership revenue and subscriber numbers, with daily average subscribers dropping from 129 million in Q1 2023 to 100.3 million by Q4 2023 [2][3]. - iQIYI's price hikes for membership from 19.8 RMB to 30 RMB for monthly subscriptions and from 178 RMB to 258 RMB for annual subscriptions have not effectively retained users, leading to a cycle of user loss and revenue decline [5][6]. - The company has struggled to maintain momentum after the success of the hit series "The Crazy" in Q1 2023, failing to launch comparable new content in Q2 [3][4]. Group 3: Market Position and Competition - iQIYI is attempting to enter the micro-short drama market, launching "Short Theater" and "Micro Theater" to compete with established platforms like Tencent Video and Youku, but faces significant challenges due to late entry and strong competition from platforms like Hongguo [13][16]. - The company has adopted a revenue-sharing model that allocates over 70% of income to content producers, but its reliance on advertising and membership bundling may hinder its competitiveness against free models offered by short video platforms [16][17]. - iQIYI's attempts to collaborate with Hongguo for IP development were complicated by competitive tensions, highlighting the difficulties in navigating partnerships in a competitive landscape [13][16].