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a rapidly growing user base, iQIYI developed paid premium membership, where members could skip advertisements and watch new releases earlier. It has now extended its means of monetarization beyond video distribution to live streaming, IP licensing, and online advertisements. By December 2018, the number of total subscribers amounts to 87.4 million, in which 98.5% are paying premium subscribers. Note that users do not necessarily need to subscribe to watch videos – a lot of contents are available to the general audience at no cost. This could explain the vast difference between its MAU and number of subscribers. By January 2019, iQIYI reported MAU of 454.5 million and 424.1 million on mobile and PC terminal, respectively (Smith, 2019). From the company’s 2018 annual report we can see that the company’s revenue comes from two areas predominantly – paid premium subscriptions and online advertisements. In 2018, these two services reported revenues of 1.5 billion and 1.4 billion US dollars, respectively – accounting for 80.6% of the company’s total revenue, which is 3.6 billion US dollars. However, iQIYI has been putting increasing amount of resources into content production and acquisition. In 2018, the cost of contents amounted to 3.1 billion US dollars, a 67% increase from previous year, accounting for 79.5% of the company’s total cost. It is worth mentioning that with a cost of revenue of 3.9 billion US dollars, iQIYI is yet to be profitable (IQIYI Inc., 2019). With a market penetration rate of 43.6% by June 2018, iQIYI has the same biggest market share in the online video industry in China, closely following Tencent video (Long, 2018). Momo Inc. Momo Inc. (later referred to as “Momo”) was funded in Beijing in 2011. It is a leading social media and entertainment platform in China. Momo operates under the idea of connecting people through the precise geolocation-based services and interactive live video features provided by the platform (Sebastian, 2019). In May 2018, Momo acquired Tantan, a leading social and dating app in China that is designed to help its users find, meet and establish relationships with people (Lunden, 2018). - 56 -PDF Image | Analysis of ByteDance with a close look on Douyin TikTok
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