iQIYI released its fourth-quarter and full-year financial results for 2021 as of December 31. iQIYI's total revenue for the year reached 30.6 billion yuan, a year-on-year increase of 3%, of which revenue in the fourth quarter was 7.4 billion yuan.
In the fourth quarter, iQI's total revenue was RMB 7.4 billion (approximately US$ 1.2 billion), which was flat year-on-year; net loss attributable to iQIYI was RMB 1.8 billion (approximately US$ 278.7 million), compared to the same period last year. Net loss was also RMB 1.5 billion.
Non-GAAP net loss attributable to iQIYI was RMB 1 billion ($157.2 million), compared with a net loss of RMB 1.2 billion a year earlier.
Thanks to cost reduction and efficiency enhancement measures, iQIYI significantly reduced losses in the fourth quarter. Operating losses based on non-GAAP financial indicators (non-GAAP) decreased by 45% year-on-year and 52% month-on-month. The loss margin narrowed to 10% from 15% a year earlier.
iQiyi's membership revenue in the fourth quarter was 4.1 billion yuan, a year-on-year increase of 7%. The total number of daily subscribing members was 97 million, compared to 102.7 million in the same period in 2020 and 104.7 million in the third quarter of 2021. The average monthly revenue per member (ARM) in the fourth quarter was RMB 14.16, compared to RMB 12.45 in the same period in 2020 and RMB 13.65 in the third quarter of 2021.
In addition, iQiyi's Q4 online advertising service revenue was 1.7 billion yuan (about 261.2 million US dollars), down 10% year-on-year. Content distribution revenue was 761.5 million yuan (about 119.5 million U.S. dollars), down 5% year-on-year. Another revenue was 841.8 million yuan (about 132.1 million yuan), a year-on-year increase of 12%.
Gong Yu, founder, and CEO of iQIYI, said that this year's goal is to achieve a full-year non-GAAP operating level break-even and to achieve a quarterly non-GAAP operating level break-even as soon as possible.
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