China's leading online entertainment platform iQIYI hit a key milestone in subscribing members, driven by the country's fast-growing online video market.
The number of iQIYI's total subscribing members surpassed 100 million, a significant record in cementing its position as China's leading online video streaming platform, said the company on Monday.
Shares of the company traded on an upbeat note since Monday's opening and rose 1.8 percent around midday.
By producing original content and deploying innovative AI technology, "we have achieved remarkable membership conversion through our relentless efforts to cater to the diverse entertainment needs of our users and optimize their experience on our platform," Gong Yu, founder and chief executive officer of the company, said in a statement.
"Chinese consumers are increasingly willing to pay for high-quality content, a trend underpinned by the rapid evolvement of the entertainment industry and technology in China," he added.
According to a latest report by Chinese consulting firm Entgroup, the number of paid memberships on China's online video platforms is set to pass 300 million in 2019, up from 230 million at the end of last year.
The report also suggests that the meteoric growth will continue as more internet users tend to adopt paid subscriptions for online video.
Currently, China's online video market is dominated by iQIYI, Youku and Tencent Video, which are in a fierce race for the top spot. Enditem
