As of 2019, China's three largest video streaming platforms - iQiyi, Tencent Video, and Youku - controlled about 79 percent of the online video market. Facing intensive competition from new entrants, the three giants have invested more in original content production to secure their leading positions in the market.

[Keywords] Market include Line TV, Hulu Japan, Netflix, Viu, IFlix

In November 2024, Youku was the leading long-formed video streaming app in China with about 448 million monthly active users. Tencent Video trailed with nearly 435 million active users while iQIYI secured its third place with around 433 million active users. Short video apps - one of the driving forces in China's online video industry - were not included in this ranking.

Baidu's iQIYI reported an approximately 32 billion yuan of total annual revenue in 2023, with more than half of it coming from its membership services. Founded in Beijing in 2010, iQIYI is one of the largest online video platforms in the world with over 530 million monthly active users. The streaming company has been experiencing an operating loss over the past few years.

According to a Chinese consumer survey conducted by Rakuten Insight in June 2024, Tencent Video or WeTV was the most used subscription video-on-demand (SVOD) platform, with 65 percent of respondents reporting that they had used its services. Following closely in second place was iQIYI, backed by Chinese tech giant Tencent, used by 62 percent of survey respondents.  Major Chinese SVOD providers Baidu’s iQIYI is currently one of the SVOD giants in the world, with over 115 million daily active users. Since reaching a licensing deal with Netflix in 2017, the number of iQIYI's subscribers has more than doubled. Regarding video streaming on mobile phones, Tencent Video ranked second with almost 435 million monthly active users as of February 2024. Many SVOD distributors, especially newcomers like Bilibili, saw an influx of paying customers during the COVID-19 pandemic.  A booming SVOD market in China The SVOD subscription number and video streaming revenue are forecasted to rise steadily in China over the coming years. As a large share of Chinese SVOD subscribers use the services several times a week or even every day, video streaming has become a regular activity for many. What’s more, it’s common for SVOD users to pay for multiple SVOD platforms to widen their access to exclusive offerings.

China’s appetite for online entertainment content has seen explosive growth. In 2021, the estimated revenue of the online video market in China was approximately 131 billion yuan, double the revenue of 2016. The Chinese online video market was dominated by three tech giants: Baidu (iQiyi), Alibaba (Youku Tudou), and Tencent (Tencent or QQ Video), collectively known as BATs.

The early bird’s fall

Once known as China’s Youtube, Tudou and Youku were the most popular video platforms in the country until other rivals arrived on the scene. In early 2010, iQiyi and Tencent Video were launched, while Youku merged with Tudou with a shift to low-cost in-house production. The competition became intense, especially when iQiyi acquired the streaming rights of overseas blockbuster shows. Being drawn into the costly content race, Youku Tudou slowly lost its market dominance in terms of content variety. It was then acquired by Alibaba Group in 2015.

A fierce battle

Today, the online video arena remains fierce with soaring content costs and cutthroat competition. With a diversified content library, iQiyi, the so-called "China's Netflix", has become the market leader in terms of monthly unique visitors and monthly active app users. The entertainment tycoon planned to expand its business into short-form videos, which is still dominated by Douyin (TikTok). On the other side, Tencent has also invested millions of dollars in gaming and eSports streaming platforms, like Huya and Bilibili. With the roll-out of 5G in China, the online streaming and video sector will see plenty of room for growth.

With over 430 million monthly active users in China and massive entertainment offerings, Tencent Video was rated as the video streaming leader in its home country. Based on a brand index measuring various factors like the number of platform downloads and monthly active users in 2023, Tencent Video received 96.63 out of 100 points. Its closest local contenders iQIYI and Youku scored 91.88 points and 89.66 points, respectively.

The global bullet screen video sharing market is projected to reach USD XXX million by 2033, exhibiting a CAGR of XX% between 2025 and 2033. The surge in demand for interactive and immersive video experiences, coupled with the proliferation of smartphones and high-speed internet, is driving market growth. Additionally, the rise of gaming and e-sports, along with the growing adoption of artificial intelligence (AI) and machine learning (ML) to enhance user engagement, are further bolstering market expansion. Key market players include Beijing Barrage Network Technology (AcFun), Bilibili, Dili, Alibaba (Youku), iQiyi, Bytedance, Mango Media, Tencent, and others. North America and Asia Pacific are the major revenue-generating regions, with China and the United States being the prominent markets. The market is segmented by type (web-based and app-based) and by application (media and entertainment, sports and gaming, and others). The media and entertainment segment holds the largest market share due to the popularity of live streaming, online videos, and social media platforms.

iQiyi, backed by the tech giant Baidu in China, is one of the largest online video platforms in the world. During the week of Chinese New Year in 2020, iQiyi's Kiwi TV accounted for 32 percent of the market, followed by Tencent Jiguang TV with a 22 percent share. The major video on demand (VOD) services in China had around 200 minutes of daily viewership length during Spring Festival in 2020.

In 2020, the market size of online video advertising in China amounted to around 33 billion yuan. The Chinese online video market has been dominated by three tech giants: Baidu (iQiyi), Alibaba (Youku Tudou), and Tencent (Tencent or QQ Video), collectively known as BATs.

Netflix was forecast to be by far the most popular subscription video-on-demand (SVOD) platform in the Asia-Pacific region, expecting to reach close to 62 million subscriptions by 2029. Chinese SVOD platforms were forecast to reach a combined 378 million subscribers in 2029. In contrast, Apple TV+ was predicted to have 2.8 million SVOD subscriptions throughout the Asia-Pacific region by 2029.A connected audienceWith constantly rising internet penetration rates throughout APAC, the region has experienced an acceleration in the consumption of video streaming services. Consequently, Netflix reported significant increases in its subscriber numbers across the region. Tencent has also been reporting a consistent quarterly subscriber count for Tencent Video, its SVOD site. The rise of local SVOD and AVOD in APAC Although American platforms such as Netflix and Amazon have dominated the global video streaming industry, Asian platforms are beginning to emerge into the video streaming market and services like Tencent, iQiyi, HOOQ, and Hotstar are providing competition to the Western SVOD leaders. These platforms have paved their way into the regional market by providing Asian consumers with local content. To further compete with Western platforms, some video streaming platforms across the Asia-Pacific region have begun to offer advertising video-on-demand (AVOD) services. This correlates with a consumer willingness to watch ads for each hour of free streaming content.

China’s subscription video-on-demand (SVOD) market is getting more crowded with a handful of service providers. With iQIYI and Tencent Video leading the race, Youku has been scrambling to stay in the top three. In September 2023, its mobile app saw a 16.5 percent decrease in monthly active users to 207 million. Reshaped by years of adaptation and changes The early mover in Chinese video streaming has navigated a series of shifts and transformations. Known to be the pioneer of video hosting services in China since 2006, it has gone through a merger in 2012 with its close rival Tudou and the acquisition by Alibaba Group three years later. Alongside various deals with NBC Universal Studios, Sony Pictures TV, and the FIFA World Cup, Youku retains a strong preference for romance, historical, and Cantonese TV dramas. However, the once-trendsetter has been facing stiff competition with the impending equalizer Mango TV, which has beaten the industry expectations in subscription growth. China’s evolving online video industry Highly competitive, China’s online video market is characterized by significant investment in original productions, strategic alliances, and the integration of social and e-commerce features to attract and retain users. The focus on personalized, engaging, and interactive content, combined with sophisticated monetization strategies, has transformed how audiences consume media. With rapid technological advancements and evolving consumer preferences, the competition in China's video streaming market remains intense. 

China's TV drama market is highly competitive, with numerous production companies vying for audience attention. On March 2, 2025, the most trending TV drama in the country was The Knockout, with about 32 thousand points on an index tracking online searches on Douyin and Toutiao. Country Love 15 and The Long Season were other popular TV series. The dazzling Chinese historical TV dramas Each year, China produces a large number of TV dramas. Content that reflects Chinese culture or resonates with local experiences and emotions tends to perform well. Historical and fantasy dramas, due to their immense popularity, often have large budgets and high production values, featuring elaborate costumes and sets. For example, The Legend of Shen Li, a 2024 ancient Chinese period TV series, was reported to cost over 350 million yuan to produce. Video streaming on the rise There is a significant shift from traditional TV viewing to online streaming, particularly among Chinese younger audiences. Mobile devices are commonly used for viewing, reflecting the high penetration of smartphones and mobile internet. Major streaming services like iQIYI, Tencent Video, and Youku have become dominant platforms for TV dramas, alongside traditional TV channels. These platforms typically invest in exclusive content and original productions to attract subscribers.

2023 saw Netflix amass approximately 3.76 billion U.S. dollars’ worth of revenue across the Asia-Pacific region alone. Netflix has exhibited dramatic surges in revenue since 2017, when the international video streaming platform reached 575.9 million U.S. dollars’ worth of revenue in the APAC region. Leading platformsAlongside America’s Netflix and Amazon, Asian video streaming platforms are making a powerful entrance into the subscription video on demand (SVOD) industry. Tencent and iQiyi are the dominant Asian video streaming platforms which have experienced significant success within the Asia-Pacific region. Baidu’s iQiyi has displayed a revenue which has more than tripled from 2016 to 2021. Tencent has echoed iQiyi’s achievements with its own, recording significant increases in its net income from 2010 onwards. Nevertheless, competition with Western companies continues to drive Asian video platforms to constantly develop and adapt their own product. While English remains a key, universal language to provide content in, platforms such as Hong Kong’s Viu boasts services in over ten different languages, thus making it a strong contender within the SVOD industry, appealing to a wider audience. Increasing demandAs the world’s biggest region has become more digitalized and connected, Asian citizens are starting to explore the video streaming possibilities within their region. With more disposable income available to larger shares of the population, many countries in the Asia-Pacific region are expected to show increases in the number of pay-tv subscriptions.