iQIYI, the video streaming and on demand business of Chinese search giant Baidu has grown 765% over the past 12 months.
"The success of iQIYI's paid subscription model demonstrates the strong demand of Chinese audience for online-video platforms with high-quality content," said Yu Gong, founder and CEO of iQIYI.
Launched in 2010, iQIYI currently boasts a total of 500 million users, the overwhelming majority of whom are on the service's free ad-supported tier. However consumers are moving in growing numbers and at a growing rate to the premium platform.
Xianghua Yang, the company's Senior Vice President, attributes the surge in subscriber numbers to the younger average age of well-heeled Chinese consumers. "Most of iQIYI's users were born after 1980s and understand the value of content," said Yang.
The service already offers the biggest Chinese box office hits to its subscribers and in order to continue to build its business, it will be looking to add more Hollywood titles to its catalogue over the coming year.