Driven by high-speed internet connections and a thirst for on-demand content, the streaming media industry has witnessed explosive growth over the past decade and spawned a series of streaming giants such as Netflix, Amazon Prime Video and Disney+.

With more than one billion online video users as of mid 2023, China boasts one of the world's largest video streaming markets, according to the 52nd Statistical Report on China's Internet Development issued by the China Internet Network Information Center.

Dominating the landscape of China's video streaming are iQIYI, Youku and Tencent Video, which also spearhead the sector's rapid growth that contributes to China's high-quality development.

On Feb 28, iQIYI, often hailed as the Netflix of China, reported total revenues of 31.9 billion yuan ($4.5 billion) for the 2023 fiscal year, with key financial metrics — total revenues, operating and net profit, and total free cash flow — hitting record highs.

With a commitment to content creation, international reach and cutting-edge technologies, China has become a video streaming powerhouse and is shaping the future of entertainment in Asia and beyond.