(Yicai Global) March 20 -- Two of China's top online video platforms Tencent Video and iQiyi now both have over 60 million paying subscribers each, combining to a total comparable with United States streaming giant Netflix.

Tencent Video, run by China's biggest tech firm by market cap, Tencent Holdings Ltd., had 62.6 million premium users as of the end of February, its own data shows. iQiyi, owned by the nation's top search provider Baidu Inc., claimed to have 60.1 million in its listing prospectus for the New York Stock Exchange.

The pair combine with Youku, run by e-commerce stalwart Alibaba Group Holding Ltd., to make up the top three video streaming platforms in China.

"Looking at the number of subscribers who pay for membership compared with the total number of users, and the rate of increase in paying members, there is good room for growth," Tencent Vice President Sun Zhonghuai told Yicai Global in an interview.

More users are choosing to become premium members to enjoy exclusive content and services like watching new shows before other people and skipping advertisements, said Zhu Yue, executive director at China Insights Consultancy. He also believes that the domestic market holds great potential for the future.

"The main source of income for several major online video streamers in China is still advertising," Zhu said, adding that paying member volumes could determine whether or not providers can turn a profit or not in future.

"iQiyi's paying subscriber business is growing rapidly at more than 70 percent a year," he continued. "If this continues, providers will be able to convert their losses to gains sooner and start investing their profits in self-produced content or well-known intellectual properties."