Beijing − iQIYI announced that the company’s paid streaming subscribers have reached five million as of 15 June, a 765% annual increase.

“The success of iQIYI’s paid subscription model demonstrates the strong demand of Chinese audience for online-video platforms with high-quality content. Users’ willingness to pay for content reflects the huge opportunity and potential for iQIYI and the online-video market in China,” said Yu Gong , founder and CEO of iQIYI. “As iQIYI continues to enrich its content and to improve services for our members, we are confident that iQIYI’s subscription business will continue to experience rapid development.”

“Most of iQIYI’s users were born after 1980s and understand the value of content,” said Xianghua Yang, Senior Vice President of iQIYI. “With 5 million paid members, iQIYI is the industry leader in terms of paid subscribers. However, this is still a small portion of our over 500 million users, and we expect that the future conversion rate to paid members could be substantial.”