iQIYI Launches S-diamond Membership Package

BEIJING,May 23,2020 --iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"),an innovative market-leading online entertainment service in China,today launched its S-diamond Membership package,catering to users' desire for free control over how they view content on a wider range of devices and their growing diverse needs for content-related services.

The S-diamond Membership entitles members to a wide range of benefits and premium services,including: 1) early access to on-demand drama episodes and S-diamond Cinema's films at no extra cost; 2) integrated content offerings of the existing Gold Membership,Galaxy QIYI Guo S-diamond Membership,FUN Membership,Literature Membership,VR Membership and Sports Membership-General programs; 3) access through multiple devices including mobile devices,PC,Internet TV,tablets,and VR devices.

Viewing freedom: Early-access on-demand drama series and S-diamond Cinema's films

The traditional model of weekly or daily releases of new episodes is gradually becoming obsolete due to evolving content offering modes and emergence of smart mobile devices,giving users a greater freedom to how they view the content. High-quality content and scheduling and streaming modes that meet users' demands have become big draws to gain paid subscribers. Users are also increasingly keen to gain early access to new episodes. iQIYI paved the way in leveraging this trend through the launch of VIP early-access and early-access transactional on-demand in 2015 and 2019,respectively. iQIYI's first VIP early-access show,The Lost Tomb,proved a hit with users,and the service has since become a key privilege of iQIYI's Gold Membership program. The early-access transactional on-demand mode was applied by iQIYI for the first time for episodes of Once Upon a Time in Lingjian Mountain,and the mode has subsequently been applied to more than 10 drama series on iQIYI's platform,which has been well-received by users. With S-diamond Membership,all early-access on-demand episodes of dramas will be available for its members to watch at no extra cost.

iQIYI will also be launching an S-diamond Cinema for films,providing S-diamond members free access to top-rated paid domestic and international films at no extra cost.

Access to content: any device,anywhere,anytime

With the arrival of the 5G era and the popularization of AI technology,streaming technology for video content has greatly improved,and an increasing number of users now access entertainment services across multiple types of devices. While users generally view films and drama series on mobile devices,the popularity of viewing content on Internet TV and VR devices is also growing. S-diamond members will be able to enjoy the entertainment experiences across smartphones,computers,Internet TV and VR devices,anytime. Whether viewers choose to watch as a family on a large screen in the living room or privately during their commute,or become totally immersed in the VR world,iQIYI S-diamond members will enjoy highly engaging viewing experiences.

Ecosystem-based integrated membership creates extraordinary value and viewing experiences

iQIYI began building its IP ecosystem-based service model in 2015,and went on to launch a variety of entertainment offerings including video,literature,comics,light novels,live streaming,games,online malls,and film ticketing. The Company has also constructed a membership system that caters to the diverse entertainment needs of members. The membership packages include FUN Membership,Sports Public Membership-General,and VR Membership programs. S-diamond members are entitled to a comprehensive range of benefits,including access to films and dramas,comics and sports for a monthly subscription fee of RMB 40 yuan. They can also enjoy early access to drama episodes through video-on-demand and S-diamond Cinema's films at no extra cost. S-diamond Membership provides a comprehensive service package of high quality,cost-effective and abundant entertainment options,serving as a one-stop entertainment solution for film and drama enthusiasts and their families.

User data shows viewers are embracing iQIYI's comprehensive entertainment ecosystem. For example,in the hour following the recent release of the Company's original drama series Winter Begonia,the online version of the original novel Winter Begonia,which is available on iQIYI's platform,garnered 6 million views. In another example,the popularity of the animated version of The Great Ruler soared by nearly 50% following the release of the The Great Ruler drama series. The Great Ruler's comic book version also topped the list of new comics chart on iQIYI. The data shows that iQIYI's ecosystem-based integrated membership package not only offers audiences easier access to crossover content but also provides users with an immersive entertainment experience.

User preferences and platform services are undergoing unprecedented changes in China's paid online video market,which boasts hundreds of millions of members. Streaming membership is experiencing explosive growth as video platforms strive to improve content quality,scheduling and streaming modes and service modes. This growth is accelerated as more viewing device options are added and artificial intelligence is increasingly deployed. These changes are also leading to more diverse consumer needs and higher user requirements for membership services.

"We believe that membership services should be constantly innovated in response to the dynamic evolvement of market,users' preferences and the platform's capabilities," Yang Xianghua,President of the Membership and Overseas Business Group of iQIYI. "The S-diamond Membership program is a milestone in the development of iQIYI's membership services and marks the beginning of a new phase in the development of our membership services and users' needs. It is a prime example of our commitment to providing the ultimate entertainment experiences to our users by incorporating content,multi-device accessibility and ecosystem privileges into our membership packages. We will continue to explore more quality and high-value services for our S-diamond Membership users and I hope that S-diamond Membership and Gold Membership will deliver amazing entertainment experience to our users,allowing them to view content in a systematic and simple manner."

About iQIYI,Inc.

iQIYI,Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology,fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content,as well as a comprehensive library of other professionally-produced content,partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI,big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement,and has developed a diversified monetization model including membership services,online advertising services,content distribution,live broadcasting,online games,IP licensing,online literature and e-commerce.

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