iQIYI Q3 2025 Earnings Call: Subscriber Trends, Ad Pressure and Content Focus

iQIYI’s Q3 2025 earnings call painted a picture of a media company balancing growth ambitions with margin discipline amid a soft advertising environment. Management emphasized that subscriber engagement remains a central pillar of the business, while advertising revenue faced headwinds from broader macro trends. At the same time, the company reiterated its commitment to original content and platform investment as the primary driver of long-term differentiation.

Executives discussed subscriber metrics and engagement patterns, noting that retention and average viewing time were priorities guiding content strategy. Management framed content spending as an investment to sustain and grow paid memberships rather than a short-term expense reduction target. The discussion highlighted new and returning series planned for upcoming quarters and underscored licensing and co-production deals intended to diversify content sources and manage cost risk.

Advertising revenue was characterized as uneven, reflecting weaker demand in some segments. Management outlined tactical measures to improve ad yield and target higher-value ad products, while also exploring promotional partnerships to reduce churn and broaden monetization channels. They signaled a focus on improving the advertising mix and product features to better capture advertiser budgets when demand recovers.

On profitability, the call struck a cautious tone. Leadership described steps to tighten operating efficiency and preserve cash flow—without materially diminishing the pace of content rollout. The company reiterated its commitment to moving toward sustainable profitability over time by combining revenue diversification, selective content expenditure, and ongoing cost controls.

Management also touched on technology and product enhancements, including data-driven personalization and platform improvements to increase engagement and ad effectiveness. International expansion and strategic partnerships were framed as complementary levers to broaden reach and revenue sources.

Overall, the Q3 call conveyed a mixed-but-focused outlook: near-term pressures from advertising and heavy content investment contrast with a long-term strategy centered on subscriber growth, content differentiation and gradual margin improvement. Investors and industry observers should watch subscriber retention, ad yield trends and the cadence of new content releases for signs of stabilization or acceleration.