Membership revenue gives iQiyi Q3 boost

Leading online entertainment service provider iQiyi announced its revenue for the third quarter jumped 48 percent year-on-year to 6.9 billion yuan ($1 billion), driven mainly by the growth of membership revenue.

Membership services performed particularly well and surpassed advertising to become the company's biggest revenue contributor in the third quarter, Nasdaq-listed iQiyi said in a statement on Tuesday.

Revenue from subscription fees for online video streaming services reached 2.9 billion yuan during the third quarter, with a 78 percent increase year-on-year. IQiyi claimed the increase was primarily fueled by the robust growth of subscribing members, as the company has introduced a wide range of self-produced blockbuster titles.