China Media Streaming 2025: iQIYI, Tencent Video, Youku vs Short Video Platforms
China's media streaming market reached 100 billion RMB in 2025, served by a concentrated long-form video market dominated by three platforms and an increasingly competitive short-form video sector. The traditional long-form trio of iQIYI, Tencent Video, and Youku face intensifying competition from Douyin (TikTok China) and Kuaishou, which are capturing both user attention and advertising revenue. The market is characterized by massive content investment, consolidation pressures, and a strategic shift toward profitability after years of subscriber-driven growth.
TL;DR
China's streaming market reached 100B RMB with 500M paid subscribers. iQIYI leads in paid subscribers with 120M. Short video platforms (Douyin, Kuaishou) captured 60% of total viewing time. Long-form platforms shifted from growth-at-all-costs to profitability, with iQIYI achieving sustained profit.
Key Insights
Market Size
China's media streaming market reached 100 billion RMB in total revenue, with approximately 500 million paid subscribers across all platforms. Revenue comes from subscriptions (55%), advertising (25%), and content distribution (20%). The market grew 15% year-over-year but growth is slowing as saturation approaches.
Short Video Disruption
Short-form video platforms Douyin and Kuaishou captured approximately 60% of Chinese consumers' total video viewing time, squeezing long-form platforms. Douyin users spend an average of 120 minutes daily on the platform. Long-form viewing declined 10% among users aged 18-30.
iQIYI Profitability
iQIYI achieved its first sustained annual profit in 2025, marking a milestone for China's long-form streaming industry. Revenue reached 32 billion RMB with 4 billion RMB net profit. The turnaround came from content cost reduction (down 15%), ad revenue growth, and improved subscriber retention.
Content Investment
The three major long-form platforms combined spent approximately 60 billion RMB on content in 2025. Original content (variety shows, dramas) accounted for 70% of spend. Average cost per premium drama reached 300M RMB. Licensing revenue from international distribution grew 25%.
Side-by-Side Comparison
| Platform | Paid Subscribers | DAU | Revenue (B RMB) | Profit Status |
|---|---|---|---|---|
| iQIYI | 120M | 120M | 32 | Profitable |
| Tencent Video | 115M | 100M | 35 | Breakeven |
| Youku | 40M | 50M | 15 | Loss-reducing |
| Mango TV | 50M | 40M | 12 | Profitable (niche) |
| Bilibili | 30M (大会员) | 90M | 25 | Loss-reducing |
| Douyin | N/A (free) | 800M | 80+ (ads) | Highly profitable |
| Kuaishou | N/A (free) | 400M | 35+ (ads) | Profitable |
| Migu Video | 15M | 20M | 5 | Niche (sports) |
Frequently Asked Questions
Short video platforms are winning against long-form streaming in China due to several structural advantages: algorithm-driven content discovery on Douyin and Kuaishou keeps users engaged far longer than catalog-based browsing on iQIYI or Tencent Video, with average session times of 60-90 minutes versus 30-45 minutes for long-form; lower content cost per minute of viewing since user-generated content and short clips cost a fraction of professional long-form production, with Douyin's content cost per user-minute being approximately one-tenth of iQIYI's; superior monetization through live e-commerce, where Douyin generated over 300 billion RMB in GMV from live shopping, creating a revenue stream that long-form platforms cannot match; lower barrier to entry for creators, with anyone able to produce content on short video platforms versus the high production requirements of professional dramas and variety shows; and mobile-first design that perfectly matches Chinese consumer behavior, as over 95% of video consumption in China occurs on mobile devices. Long-form platforms are responding by adding short-form features, investing in lighter-weight content formats, and exploring their own live commerce capabilities, but the fundamental engagement economics favor short-form video.