iQIYI Q1 revenue and membership decline, plans 100+ new short dramas to boost growth

Chinese streaming service iQIYI reported disappointing Q1 2026 results with revenues down 13% year-over-year to $915.2 million and membership revenue falling 5%. The company missed revenue expectations amid ongoing challenges in its business. To counteract this, iQIYI plans to launch over 100 new short-form dramas in the next year, aiming to revive subscriber numbers and revenue growth. Despite the setbacks, the company remains optimistic due to its strong position in Asia's short drama market and strategic content shifts.