Most used SVOD platforms in China 2024
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.
