iQiyi paying subscriber numbers reach 20 million

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Chinese streaming platform iQiyi has reported that its paying subscriber numbers surpassed 20 million as of June 1, 2016.

The announcement comes six months after the platform said that subscriber numbers had reached 10 million as of December 1, 2015, up from five million at the end of May 31, 2015.

In a statement, the company said the rate of subscriber growth proves that Chinese consumers are willing to pay for good content.

“Reaching the 20 million benchmark in paid subscription indicates the strong demand among Chinese online viewers for paid video services and this market has just taken off,” said iQiyi founder and CEO Gong Yu at a press conference at the on-going Shanghai International Film Festival (SIFF).

“iQiyi is actively expanding into the market to cover subscribers of all ages. We hope each family with an iQiyi VIP account can get personalised content and services that best suit their needs.”

iQiyi also announced that it’s launching a separate app, ‘iQiyi Cartoon Home’, developed to target children. The platform’s paying subscribers will be able to stream animated content, licensed from companies including Disney, DreamWorks and the BBC, through the app for free.

Since July 2015, iQiyi’s premium service has enabled paying subscribers to get earlier or exclusive access to 29 shows including iQiyi-produced drama, The Lost Tomb, and Korean top-rating drama Descendants Of The Sun. The shows have been viewed 18.7 billion times over the past year.