Qutoutiao operates two mobile content platforms in China, both monetized through advertising. The first, Qutoutiao ("Fun Headlines"), is an AI-driven content aggregator delivering personalized feeds of articles and short videos, with a focus on light entertainment targeting users in lower-tier Chinese cities. The second, Midu Novels and its companion app Midu Lite, is a free online literature platform offering thousands of titles across romance, fantasy, and science fiction — disrupting the traditional paid-only model by making content free and ad-supported. Both platforms use gamified loyalty programs that reward users with points for reading, sharing, and referring friends, which drives engagement and user acquisition while generating behavioral data that improves ad targeting. Nearly all revenue comes from advertising through a proprietary programmatic platform built on an optimized cost-per-click model, where advertisers bid for targeted audiences. Revenue scales with user traffic and ad targeting efficiency. The business has been in decline, with combined average MAUs falling from 8.5 million in 2023 to 5.6 million in 2024. Qutoutiao was delisted from Nasdaq in April 2023 after failing to meet minimum listing requirements. The company has shifted its focus toward cost reduction rather than user growth, while pursuing small diversification efforts in short video apps and mobile games.