iQIYI is China's leading online video streaming platform, operating similarly to Netflix. iQIYI hosts a large library of professionally produced long-form content — drama series, films, variety shows, animations, and children's content — which it produces in-house, co-produces with partners, or licenses from third parties. iQIYI's primary customers are Chinese consumers who pay for monthly or annual memberships, with advertising, content licensing, and international subscribers as additional revenue sources. Membership services account for over 60% of revenue, online advertising roughly 20%, content distribution roughly 10%, and other revenues (online games, merchandise, and IP experiences) roughly 8%. iQIYI offers tiered membership plans, including an ad-supported basic tier and a premium "S-Diamond" tier, and uses hit content as the primary driver of subscriber acquisition and retention. Content costs are the primary cost driver, and the business operates as a flywheel: hit content drives subscribers and advertising revenue, which funds more content investment. iQIYI is integrating AI across production and operations to reduce costs and improve ad targeting. Beyond its domestic core, iQIYI is expanding internationally — particularly in Southeast Asia, Latin America, and the Middle East — and is building an IP monetization business that includes branded merchandise and iQIYI LAND, a chain of IP-themed immersive experience parks. iQIYI also sees AI as a key lever to reduce content production costs, particularly for micro dramas and animation, and is investing in AI content tools for professional creators.