iQiyi reports sharp rise in monthly subscribers

Chinese online video streaming platform iQiyi Inc is continuing to see strong growth in its membership services as it witnessed 100.5 million subscribers in the second quarter of 2019.

The Beijing-based company reported its second-quarter revenue grew 15 percent year-on-year to 7.1 billion yuan ($1 billion). But its report noted that iQiyi's net loss expanded to 2.3 billion yuan from 2.1 billion yuan during the same period in 2018.

iQiyi's membership revenue in the second quarter rose 38 percent year-over-year to 3.4 billion yuan, in line with the 50 percent year-on-year growth that it posted in its total subscribing members. Among overall subscribers, 98.9 percent are paid subscribers.