BEIJING, April 29, 2020 /PRNewswire/ -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, has topped China's online video app market in terms of revenue and is the only Chinese app to rank among the top three long-form video apps worldwide together with Netflix and Disney+, according to the latest data from Sensor Tower, a leading provider of market intelligence on the global mobile app economy. This was published as part of Sensor Tower's Top 10 Grossing Apps Worldwide for March 2020 released on April 27, which also shows that social and entertainment apps remained as the category in which users have the highest willingness to pay.
Notably, audio and video entertainment apps account for seven of Sensor Tower's Top 10 list, with four of them being long-form video apps. This indicates that with the rapid development of online video platforms worldwide, users' robust demand for high-quality content is driving the continued increase in their willingness to pay for those apps.
The growth of online video platforms is especially evident in the Asia-Pacific region. In China, while people are gradually returning to work and school following the COVID-19 lockdown, iQIYI has launched high-quality variety shows and dramas such as Youth With You Season 2 and Winter Begonia. These popular shows have driven record numbers of viewers and heated discussions on social media, propelling iQIYI to become China's No.1 online video app in March, up one spot from February. iQIYI's sustained popularity proves once again that excellent original content production and IP reserve serve as an engine for iQIYI's user base and paid subscriber growth.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.
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