(Yicai Global) Feb. 18 -- Chinese video platform iQiyi narrowed its annual net loss to USD1.1 billion last year from USD1.5 billion in 2019 largely thanks to higher revenue from subscriber services during the coronavirus pandemic.

Revenue reached USD4.6 billion in the year ended Dec. 31, a 2 percent increase, the Beijing-based company said yesterday.

Founder and Chief Executive Yu Gong said iQiyi had racked up the highest number of members in its history in the first quarter of 2020, but membership had declined since then. Yu blamed a lack of new content, saying the pandemic had prevented movie releases and caused some television programs to be postponed.

Membership services revenue was USD2.5 billion, a rise of 14 percent. But the number of members was 101.7 million as of Dec. 31, down from 106.9 million in the same period of 2019.

Online advertising services revenue was USD1.0 billion, down 18 percent from 2019, which the company said was due to the challenging macroeconomic environment in China.

The company’s fourth-quarter loss was USD237.2 million, compared with USD358.2 million a year earlier. 

IQiyi also said it expects net revenue of between USD1.08 billion and USD1.15 billion this quarter, a drop of between 2 percent and 8 percent from a year earlier.

Shares of the company [NASDAQ: IQ] closed at USD24.98 in New York yesterday, down 0.5 percent.

Editor: Tom Litting