Chinese streaming giant iQIYI has entered e-commerce,Black Magic Mask (2023) launching a livestream shopping platform that leverages its rich IP and celebrity talent portfolio. CEO Gong Yu announced the move during the “2025 iQIYI World Conference” on April 23, describing the initiative as an extension of the company’s content ecosystem. The push into e-commerce comes amid mounting financial pressure. iQIYI’s 2024 revenue fell 8% year-over-year to RMB 29.23 billion ($4.1 billion), with net income dropping 60% to RMB 764 million ($107 million). Subscription revenue slid 13%, while advertising revenue dipped 8%, reflecting industry headwinds. Gong Yu noted that subscription numbers saw an uptick at the end of 2024, though he withheld specific figures. In 2023, the platform reported an average of 112 million daily subscribers. While iQIYI first floated plans for livestream e-commerce back in 2020, this marks its most structured foray into the space. With the livestream economy still booming in China, the company is betting that combining entertainment and commerce will offer a much-needed revenue boost. [Jiemian, in Chinese]
