iQiyi video platform hits 100 million subscriber milestone
iQiyi, China’s leading video streaming platform has hit the 100 million-subscriber mark without turning a profit. The milestone was announced on Monday via a press release attributing the remarkable membership growth and conversion to its original content and AI technology. However, the company’s with its major stakeholder, Baidu is still struggling to turn a profit despite its fast-growing user base. The company narrowed its net loss in the first quarter of the year to 1.8 billion yuan ($262 million), from a loss of 3.5 billion yuan in the previous quarter.