(Yicai) May 22 -- Users are developing a habit of watching mini-dramas on iQiyi, with the Chinese Netflix-like streaming platform seeing the number of such recurring viewers soar threefold over the first four months of this year, according to its chief executive.

There are about 15,000 short dramas on iQiyi, with about half paid and half free, Gong Yu said on an earnings conference call yesterday. This content library has hit its phased goals, and content reserves are sufficient, he added.

IQiyi will focus on more high-profile releases and fully developing original content, Gong noted, adding that the goal is to attract new members through mini-dramas, especially in lower-tier markets with relatively low penetration rates and older users. Such content will help enhance membership service revenue and actively explore monetization opportunities in advertising and e-commerce, he pointed out.

Short dramas have significantly impacted the long drama sector over the past year, with long video platforms particularly affected.

IQiyi's net profit tumbled 72 percent to CNY182.1 million (USD25.3 million) in the first quarter from a year earlier, while its revenue fell 9 percent to CNY7.2 billion (USD1 billion), according to its latest financial report.

However, iQiyi will continue to invest in long dramas, increasing the number of projects and budgets, with high-quality content remaining important, company executives said. The company plans to adjust its approach to long dramas by reducing the number of episodes and overall duration, focusing on creating high-quality flagship content, they added.

IQiyi's balance sheet continues to improve, Chief Financial Officer Wang Jun pointed out. Over the past six quarters, net interest expenses have consistently declined, highlighting the company's efforts to optimize its capital structure and enhance financial flexibility, Wang added.

Shares of iQiyi [NASDAQ: IQ] closed down 8.1 percent at USD1.71 in New York yesterday.

Editor: Martin Kadiev