iQiyi is a Chinese video streaming service with more than 50 million subscribers as of December 2017, and more than 420 million mobile users per month (Reuters). Zowie. As seems to be common these, days, despite it’s popularity, it has never posted a profit. By going public on the Nasdaq with an initial public offering of up to $1.5 billion (boom), one would assume they hope to change that.
iQiyi recently signed an agreement with Netflix to stream some Netflix original content. They compete with Youku Tudou (owned by Alibaba) and Tencent Video. iQiyi says it plans to use half of the net proceeds to expand content offerings.