KUALA LUMPUR: Pan-Asian on-demand video streaming platform iQIYI says it is closing 2022 with three profitable quarters.
iQIYI also shared an uptrend in paying willingness and content demands in language variety among the region's streaming audiences, via a survey and its on-service statistics.
According to the iQIYI survey, 85.50 per cent of respondents were paying for TV or movies via an over-the-top (OTT) service in Malaysia, with 63.16 per cent of Malaysians owning at least two subscriptions, slightly higher than the regional average of 57.83 per cent.
"This indicates a healthy growing willingness for consumers to pay for premium streaming entertainment, contributing to iQIYI recording a two times revenue growth in Malaysia in 2022.
"Subsequently, iQIYI also saw a 157 per cent growth in TikTok, positioning itself as Malaysia's largest TikTok account run by a streaming service," the company said.
The survey also showed a high interest and appetite for local Malay content among international audiences.
Across the six markets surveyed, respondents also cited "content variety", "affordability" and "exclusivity" as the top reasons that result in their buying decision with an OTT service.
"Among Malaysian audiences, 'language variety' came out on top as the essential determinant in their buying decision with an OTT service at 57 per cent.
"This is reflective of the multicultural background of Malaysia in its daily consumption of entertainment. The lookout for better variety in their streaming choices and the appetite for cross-language content has also seen an increase as audiences become more language agnostic," it said.
iQiyi's country manager for Malaysia, Singapore and Brunei Dinesh Ratnam said iQIYI's approach to serving its viewers had been hyper-focused on celebrating Asian content in an innovative way.
From the survey, Ratnam said it is evident that this had resonated with Malaysians as well as the global audience.
"We will continue to fulfill our viewers' demands of unique storylines led by premium Chinese dramas and local originals. This is strongly in-line with our commitment to be the home of beloved Asian entertainment," he said.
The survey also observed a growing interest for other Asian language content beyond their local dramas and the popular K-drama genre.
In Malaysia, while 50 per cent of respondents actively search for Malay content to watch, almost half (47.5 per cent) are actively on the lookout for the latest and best Chinese dramas to indulge in.
"A standout observation is a growth in Malaysian audiences viewing Chinese content. The platform recorded 123 per cent of growth in the use of Malay subtitles to watch C-content across markets.
"Chinese period dramas (44 per cent) and Chinese romance series (36 per cent) stood out as popular genres among Malaysian audiences," it said.
In the survey, iQIYI was elected by international respondents as the top Asian OTT service destination to watch Chinese, Thai and Malay dramas, as the platform continues to elevate awareness for Asian content at the global forefront