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Baidu's video site iQiyi adds 37M subscribers in 2018 amid mounting losses
2019-02-22T03:15:09Z - Rita Liao / TechCrunch
The company’s latest financial results show its video streaming business iQiyi posted a net loss of 9.1 billion yuan or $1.3 billion in 2018, compared to just 3.74 billion yuan in 2017. Baidu also felt the heat as content costs from 2018 jumped 75 percent to $3.42 billion mainly on account of iQiyi expenses. IQiyi added 36.6 million subscribers last year, bringing its total users to 87.4 million. IQiyi’s most serious contender Tencent Video had 82 million users as of Q3. 2018 also turned out to be the first time Baidu has crossed the 100 billion yuan earnings mark as the firm pocketed 102.3 billion yuan ($14.88 billion) in total revenues, an increase of 28 percent from 2017.

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