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What is hidden in iQiyi's price hike?
iQiyi, a Chinese streaming service similar to Netflix, raised its subscription fee for the gold VIP membership service, shortly after Netflix increased the streaming prices. What is the purpose of iQiyi's move?
On October 29, Netflix said it was raising the prices of its U.S. standard and premium subscription plans. Following the price increase, the cost of its standard plan that allows for streaming on two screens will go up $1 to $13.99 a month, while the premium plan will increase by $2 to $17.99 a month for new customers. The price on the company's basic plan will stay the same at $8.99 a month.
And soon after that, on November 6, iQiyi announced that it will raise the monthly subscription fee that starting from 15 yuan (approximately $2.1) per month, which has remained unchanged for nine years, starting from 13th this month. After the price adjustment, the subscription fee will start is at 19 yuan per month, with monthly, seasonly, yearly discount for one-off payments.