iQIYI (IQ) 2026年第2四半期決算説明会：営業赤字が80%縮小

主要なポイント

• 総売上高は前四半期比1%増の63億人民元に達し、コンテンツ配信売上高が90%増の6億8150万人民元に増加したことが支えとなりました。
• Non-GAAP営業損失は前四半期の1億4860万人民元から3030万人民元へと前四半期比で80%縮小し、愛奇芸（iQIYI）は損益分岐点に近づきました。
• 会員サービス売上高は主に季節要因により前四半期比4%減の40億人民元となりました。オンライン広告売上高は12億人民元でした。
• 営業活動によるキャッシュフロー（純額）は第1四半期の1億8640万人民元から3億3960万人民元に増加しました。四半期末時点の現金、制限付き現金および短期投資の合計は41億人民元となりました。
• 海外会員売上高は前年同期比で40%増加しました。ブラジルとメキシコはそれぞれ215%超および150%超増加し、海外のマイクロドラマ会員売上高は300%以上増加しました。
• 経営陣は、プレミアムコンテンツの品質を維持しながら、コンテンツ供給の拡大、制作サイクルの短縮、単価コストの削減を図るため、分散化とAI導入を最優先事項として掲げています。

主要財務データ

6月30日時点で、愛奇芸（iQIYI）は前払金およびその他の資産内にPAGからの受取未収金元本6億3660万米ドルも計上しました。1億米ドルの自社株買いプログラムに基づき、同社は四半期末までに2410万米ドルで約2160万株のADSを買い戻しました。

事業および業績の状況

コンテンツおよび会員

経営陣が引用した第三者データによると、愛奇芸（iQIYI）は長編ドラマ、映画、子供向けコンテンツにおいて首位の市場シェアを維持しました。同社のショートドラマ市場シェアは3月の25%から6月には50%に拡大し、初めて首位を獲得しました。

経営陣によると、ショートドラマは長編ドラマと比較して1分あたりの平均制作費を50%以上削減でき、制作から承認までの期間を30%〜50%短縮できるとのことです。

会員売上高は季節要因により前四半期比で減少しました。同社は、ターゲットを絞ったプロモーションやプレミアム視聴オプションを通じて収益性の向上を図りました。16作品のドラマで導入されたエクスプレスパッケージにより、総参加数は約80%増加しました。

AIとクリエイターエコシステム

AIと分散化は、愛奇芸（iQIYI）の戦略的転換における2つの中心的要素です。同社は中央集権的なメディアプラットフォームから、クリエイターおよびユーザー中心のコンテンツエコシステムへの移行を進めています。

愛奇芸（iQIYI）クリエイターセンターの機能強化に伴い、クリエイター数と投稿数が増加しました。コンテンツのカテゴリによって異なりますが、第2四半期の1日平均投稿数は第1四半期比で30%から500%増加しました。

経営陣によると、適切なコンテンツ形式であれば、AIGC（生成AIコンテンツ）により制作コストと制作期間を70%〜90%削減できるとのことです。同社は今年に入り、レベニューシェア契約のもとで16作品のAI生成ショートドラマを公開しました。6月には、プラットフォーム上のマイクロドラマにおけるユニークビジターの50%以上をAIGC作品が占めました。

導入戦略は形式によって異なります。経営陣は、AIGCがマイクロドラマやマイクロアニメーションの主要な供給源になると見込んでいます。また、アニメーション、子供向け番組、ショートドラマ、ネット配信映画でもAIの活用を拡大する方針です。一方、プレミアム長編ドラマや劇場映画については、実写・品質重視のアプローチを維持しながら、制作支援やコスト削減のためにAIを活用します。

広告

ドラマ関連のブランド広告売上高は前年同期比で2桁成長を記録しました。パーソナルケアおよびヘルスケア関連の広告も2桁増となりました。

成果報酬型広告は前年同期比でプラス成長に回復しました。中小広告主からの売上高が力強く伸び、AIアプリケーション、即時配送リテール、電子商取引（EC）などが成長の著しい広告主カテゴリとなりました。同社はターゲティング精度を高めるため、アップグレードされた大規模モデルを活用しています。

海外事業

海外の会員売上高は前年同期比で40%増加し、管理会計ベースでは引き続き黒字を維持しました。ブラジルとメキシコはそれぞれ215%超および150%超の成長を達成しました。アラビア語圏市場での会員売上高は85%増加しました。

マイクロドラマは長編ドラマに次いで海外会員売上高への貢献度が第2位となりました。同カテゴリの売上高は前年同期比で300%以上増加しました。

同社はまた、多言語でAI生成された海外向け作品を配信開始しました。経営陣によると、一部のオリジナル作品は同四半期内に制作費を回収したとのことです。愛奇芸（iQIYI）は、自社制作と外部パートナーシップを通じて供給を拡大しつつ、現地の配信・決済・プラットフォーム関係を活用して会員拡大を図る計画です。

リスクと注目点

• 第2四半期における前四半期比4%減に反映されているように、会員売上高は依然としてコンテンツの季節性や会員動向の影響を受けやすい状況にあります。
• 営業費用が減少した一方でコンテンツ原価は前四半期比で2%増加しており、さらなる収益性向上のためにはAI関連の制作効率化が重要となります。
• 経営陣は、プレミアム長編ドラマや劇場映画においては、感情表現、芸術性、制作の複雑さが増すため、AIGCの導入ペースが緩やかであることを認めました。
• 海外におけるコンテンツの好みの違いやパートナーシップ構造は市場ごとに異なります。経営陣は、今後の海外展開においても、ユニットエコノミクス（採算性）、売上の質、実証された収益創出能力に連動させて進めると述べています。
• 将来予想に関する記述は、愛奇芸（iQIYI）のSEC（米国証券取引委員会）提出書類に記載されているリスクと不確実性の影響を受けます。

アナリスト質疑応答の要点

AIと分散化は愛奇芸（iQIYI）のビジネスモデルにどのような影響を与えますか？
経営陣によると、これら2つの戦略は相互に補強し合うとしています。制作のハードルが下がることでクリエイターの参入とコンテンツ供給が増加し、より広範な分散型エコシステムがユーザーエンゲージメントを向上させます。長期的に、同社はこれらの取り組みがコンテンツコスト、売上の質、収益性、キャッシュフローの改善につながると見込んでいます。

AIGCの導入が最も早く進むのはどの分野ですか？
経営陣は、マイクロドラマとマイクロアニメーションを最もAIネイティブなフォーマットとして挙げています。また、アニメーション、子供向けコンテンツ、ショートドラマ、ネット配信映画も、プレミアム長編ドラマや劇場映画より迅速に拡大すると見込まれています。

愛奇芸（iQIYI）はクリエイターにどのような価値を提供していますか？
同社は、オーディエンスリーチ、産業化された制作能力、視聴データ、知的財産（IP）リソース、配信インフラ、収益化チャネルを自社の強みとして強調しました。同社のクリエイター支援体制には、制作ツール、物理的なクリエイティブセンター、研修、資金支援、カスタマーサービスが含まれます。

海外での事業モデルは他市場へ横展開が可能ですか？
経営陣は、タイを中国ドラマ、ローカライズコンテンツ、持続的なマーケティング、現地のパートナーシップを組み合わせた実証の場として説明しました。同社は、現地の視聴者や配信チャネルに合わせて運用を調整しながら、それらのノウハウを他の市場でも再利用する方針です。

決算説明会全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for standing by, and welcome to the iQIYI Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to Ms. Chang You, IR Director of the company. Please go ahead.

Chang Yu

Thank you, operator. Hello, everyone, and thank you for joining iQIYI's Second Quarter 2026 Earnings Conference Call. The company's results were released earlier today and are available on the company's Investor Relations website at ir.iqiyi.com.

On the call today are Mr. Yu Gong, our Founder, Director and CEO; Mr. Ying Zeng, our CFO; Mr. Xiaohui Wang, our CCO, Chief Content Officer; Mr. Youqiao Duan, Senior Vice President of our Membership Business, Mr. Xianghua Yang, Senior Vice President of International and Online Games Business; and Mr. Gang Wu, Senior Vice President of Brand Advertising business. Mr. Gong will give a brief overview of the company's operations and highlights, followed by Ying, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session.

Before we proceed, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. iQIYI does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

I will now pass on to Mr. Gong. Please go ahead.

Tim Yu

Hello, everybody. In the second quarter, we continue to reinforce our core business, high-quality, diversified content powered by our industry-leading performance. According to in-license data, we maintained the #1 market share in each of the long-form drama, field and children's content categories. And for short-form dramas, we made a major pretty soon reaching #1 market share for the first time Financial performance also improved quarter-over-quarter. Total revenue -- total revenues grew sequentially and our non-GAAP operating loss narrowed substantially approaching breakeven. We are fully amounting our strategy -- strategic and transformation. First, we are shooting from a centralized media to decentralized, creator and user-centric social media ecosystem. AI can remittance and barrier content ratio turning what was once -- niche professional activity into a mass capability and triggering unparalleled search incontinent supply. Because transitional centralized models cannot accommodate the scale and diversity. We are upgrading our content acquisition and distribute mechanism to efficiently connect creators and audiences.

Second, we are taking an OEM approach on AI to revolutionize both live action pressure and pure AIGC. Our guiding principle is clear, maximizing cost efficiency without compromising quality.

Together, these each other like flywheel, AI rapid growth in content supply, which help us move faster to more decentralized model as we decentralize more creators can participate, users get more engaged and our platform becomes even stronger. In Q2, our strategy moved from plans to results over time. They will structurally improve on content costs, revenue quality, profit and cash flow.

Let me walk you through the progress. Through decentralization, we are improving our platform and accelerating the creator ecosystem in April, which reflected our core greater half the IQ IT IG creator center early are promising the number of creators and uploads are all trending higher. Content is short production cycle, lower production scale and a good fit for AIT and creation have seen especially strong growth for various types of content. The delayed average number of uploaded works in the second quarter increased by 30% to 500% compared to the first quarter, into daily fields for microtumor and micro animations were up by double digits compared with March.

Short-form dramas and animation are also gaining tranship. Looking ahead, more long-form video categories we are doing a decentralized content ecosystem as we preserve. It's premium content advantage with our burden on content slate by adopting lighter, more flexible content agitation models.

On content production, AI is substantially optimizing production efficiency and cost structure. First, in that action, AI is streaming in the Antero workflow, for example, we leverage AI in our shop to prime season 2 to achieve a [ 104 ] Lipin rough cut efficiency compared to traditional measures.

Second, for content test, well suited to AIGC. AIGC production can reduce production costs and time lines by 70% to 90% compared with transitional while pushing past the physical limits of live action shorting. Naturally, AI adoption is faster in CG having formats, we have launched multiple AI-generated Internet future fill. A major milestone was July Premier of the industry's first ITC Internet feature film to launch with Internet drama and field distribution assets.

This marks the official shift of long-form AIGC from technical testing to Large-scale production, in addition, year-to-date, we have launched 16 AI-generated short-from under a revenue-sharing model with traded as a top performing title in the second half of the year, we have launched a diversified list of AIGC title, including multiple IT invested films with an even broader pipeline across expanded categories next year.

Currently, we have multiple AI generated short-form drama in development. is our seg-grade production platform for creators as less on optimized third-party and in-house models plus longstanding expertise in professional content by replacing costly steps with lower compute and cost at lower spares and speed up professional content production. Our strategy is planned, internally nonrap development and production costs, external other crop express new revenue streams and gradually converge on professional production capabilities into incremental revenue.

is general AI output is change the key parts of long-form production, a script writing shop design workflows digital asset editing and doubling into platform features. It delivers an end-to-end flow in next talent with content assets and make progress repeatable and reusable is involving from our tools into comprehensive greater ecosystem. It links content demand is greater and enables them to realize commercial returns to flexible business model. These activities are flywheel commercial returns encourage more content supply, expanded supply fortifies the ecosystem, a stronger ecosystem scale both peers and works, poring creation platform for iQIYI's decentralized content ecosystem.

We believe this advantage will improve content production efficiency, lower unit costs and increase for users and revenue, as we roll them out across all operations and scale, we expected their contributions to profit and cash flow to stably material line.

Now let's move on to the detailed performance in Q2. Let's start with content. Our premium company is well recognized by users and the industry as the mean work this room, one of China's top TV owners, by Milano, IT titles and their accretive teams -- 14 of 23 awards, including 10 of 11 in the drama category, well ahead of cars.

In Q2, our content performed well across formats in long-form dramas, we continue to focus on female-centric stories with working among this year's top two titles by ad revenue. We also reinforced our lead in suspension general innovation. The suspense [indiscernible] or surpassed the 10,000 popularity score and a strong membership sign-ups.

We will in [indiscernible] juncture from our IT suspense seller earned strong reveals our original title archiving mystery. exceeded 9,300 populating index score under the nonexclusive the effort of topped 8,500. In-place supported short-form dramas typically 15 to 25 minutes per source with flat door and so costs. We delivered exciting early results for enlighten data our market share doubled from 25% in March to 50% in June taking #1 for the first time. The strong performance was supported by all original deferment 10th anniversary which reached a per-day market share of 60% short-form titles can offer structural advantages of our long-form dramas, potentially reducing average per minute cost by over 50% and shortening production to approval time lines by 30% to 50%.

In macro dramas, we released a premium live action titles like all of our sector currently forming for you and the all responded well with AIGC scale quickly under revenue sharing model accounting for over 50% of our macro and unique visitors in June while AI native micro animations expanded with strong sequential growth in and time.

In fields, we maintained diversified slate of different offices. Originals like the counter fit, we talked on the received positive feedback. We are licensed the article hit, [indiscernible] breadth of the Garden ran Zoomtopia 2, we are also well received on our platform. In already shows, we launched 7 originals in Q2 with our flagship from transit delivering a sustained value has will help across popular index score of 9 solid, reaching a new front for 10 years evergreen IP, the wrap of China 2026 also stood out surpassing a popularity index score of 8,800.

In animation, we further solidified our original offers, the long branding against the long -- with Premal in April, topped our animation popularity index chart and broad notable of platform users back to IT together with growth ruler, a -- we now have two long-running angles to get users in digital year round.

In student's content, we reinforced our leadership with the return of our original IP vehicle and the local life adoption of the BBC Classic

Next, let me show our pipeline for the second half of the year. Our summer, long-form dramas features, a diversified lineup, which includes multiple female-oriented titles like road to success [indiscernible] Junior golfers continue on in of the blade in and in vibrations complemented by the military theme linked from Warren into fontina and the major realistic drama forging, Justice For the remainder of the year, we will printer great long March [indiscernible] no return in sugar.

As for short-form drama, our accounting releases include that of wing term. In Duncan, the 5 of fecal the sixth group of fatal drug and the upgrade nobody to in films of pipeline features, original cell article films, including winter and summer. Yellowtail, not go to the child to monitor and provision on this work in the second half of the year. On the investments front, our pipeline includes a nation part, chosen and the fuels this summer. With I know who you are, but there you and managing to an crossing do late for the later half of the year.

For Internet feature films, which are eliminated to a maximum of 3 chapters, each at least a 6 our pipeline includes multiple ITC titles based on the classic IP, the environment in Humber first 2 chapters, butter flight drain and the ring of -- to launch this summer. Additionally, audiences can also drove a strong of live action handles, including motor game, and speed and be this summer.

Shifting to a shore. Deepening orders engagement with established IPs, including the wrap-fee 2026, the team of season siting and Horitthis summer followed by the Bloomington in Europe and enter together to reduction in the second half.

For amination this year, could be IT strong gift animation summer today. The line of feature a good data to an toleration rise by demand primarily more golden cost, Hietanen, Changhong [indiscernible] the AI panels, the legend of King cancer Hakan the Legend of King...

For children's content, our summer slate features a new season of the popular present Board and the Big Wolf. Xianyang as well as original AIGC animation like looking ahead at the second half of the year, we will roll out the original AIGC animation and come and bid for test travel to our control tuition.

Now turning to membership business. Revenue declined sequentially due to seasonal -- seasonality. We are strengthening the business with more refined operation. For example, targeted discounts for students and future year-over-year increase of over 60% in quarter and subscribers we in this cold -- we also continued to enhance membership value with experience package. In Q2, we launched the express package across 16 dramas driving nearly 80% and increase in total participation we are expanding drone membership is frequently purchased top-tier brands popular among young users to support membership world and retention.

Next, moving on to advertising business for our brand as revenue from drama targeted and delivered double-digit year-over-year growth and sector building, personnel - and health care recorded double-digit year-over-year growth. We also depend our use of AI in operations and now support customized rating. For performance revenue returned to year-over-year growth, we continue to optimize advertiser mix.

Revenue from small and midsized advertisers delivered strong year-over-year growth and sector-wise revenue from advertisers in AI application, instant retail. Retial and e-commerce recorded a strong year-over-year growth. We further strengthened results with -- upgrading our price large models, improving targeting precision and driving revenue.

Moving on to our business performance in regions outside of Milan China. In Q2, this business sustained rapid growth, membership revenue grew 40% year-over-year. Pop gifts and Spanish-speaking regions demonstrated robust growth, notably membership revenue from Brazil and Mexico search by over at 215% and 150% year-over-year, respectively, arb speaking markets also show strong financial with membership revenue increasing 85%.

The global influence of Sea drama continues to expand in membership revenue from Cremers grew over 40% year-over-year. As to out -- as to our hit was faced to [indiscernible] at the top our international platform, rankings across 14 regions in its first week and stay in the top 10 of the Sedramers chat for 10 consecutive weeks.

On the local production front, we are accelerating our pace, our first original Indonesian drama, the other system gain strong traction for global trend and became the #1 local Internet drama in Indonesia in the first half of 2026.

My Programmers were another major highlights, serving as the second largest membership revenue contributor following long-form dramas. In Q2, membership revenue from this category grew over 300% year-over-year. This momentum was partly fueled by stronger original production. Notably, originals rose to 3 of the top 10 contributors to membership revenue.

AITC was another key driver of our overseas microgram expansion. In Q2, we launched AI-generated titles in multiple language including English, Thai and Our original titles delivered exception of efficiency, recovering production costs within the same quarter and demonstrating the power feed potential. We are scaling supply soon both originals and external partnerships.

In May, we released offers original EI generated crore overseas, which quickly ranked in the top 3 for macro drama revenue on our international platform. The title was produced by another which caused us to template full long laying a strong foundation for scale production in parallel. We are proactively affording external partnerships to connect overseas script production and tool ecosystem, including andro unlocking a current city and scaling AIDC supply.

Beyond content, we are driving growth with strong membership, we have partnered with Vision Plus in Indonesia and a well launched joint membership with fill in more markets in the second half. We are excited about the future potential of our overseas business.

With that, I will hand it to over to Tian Ying, our new CFO, to walk you on the financials.

Tian Ying

Okay. Thank you, Mr. Gong, and hello, everyone. Let me walk you through our key financial results for Q2. Total revenues were RMB 6.3 billion, up 1% sequentially. Membership services revenue was RMB 4.0 billion, down 4% sequentially, primarily due to seasonality. Online advertising revenue was RMB 1.2 billion, sequentially. Content distribution revenue was RMB 681.5 million, up 90% sequentially, driven by the increase in content distribution revenue related to the drama series. Other revenues were RMB 344.9 million, down 19% sequential.

Moving on to cost and operation, operating expenses, content cost was RMB 3.8 billion, up 2% sequentially. Total operating expenses were RMB 1.1 billion, down 6% sequentially, reflecting this in market spending. Non-GAAP operating loss narrowed by 80% sequentially from RMB 148.6 million in Q1 to RMB 30.3 million, bring us close to breakeven.

Turning to cash flow. Net cash provided by operating activities increased to RMB 339.6 million, from RMB 186.4 million in Q1. As of the end of Q2, we had cash, cash equivalents restricted cash and short-term investments of RMB 4.1 billion. Separately, as of the quarter end, we had a long principle of USD 636.6 million receivable from PAG, included in prepayments and other assets on the consolidated balance sheet.

We remain focused on creating long-term shareholder value. In March 2026, we announced a share repurchase program of up to USD 100 million effective through September 2027. As of June 30, we had repurchased approximately 21.6 million ADS for aggregated cost of USD 24.1 million. For further details, please refer to today's earnings on our Investor Relations website.

With that, we are ready to take questions. Operator, please proceed.

Operator

[Operator Instructions] Your first question comes from Xueqing Zhang with CICC.

質疑応答

Xueqing Zhang

[Interpreted] I would like to ask with large and the market involved rapidly by management, the actual business model in the future and is the company's key strategic and operational priorities going forward.

Tim Yu

[Foreign Language]

Chang Yu

[Interpreted] Thank you. The CEO takes this question. So he says, we see IT of the benefactory of AI now and also in the long term. So to capture these opportunities, we are making some strategic transformation for our business, mainly focused on two main pillars. Decentralization, which meaning transforming from the media-centric platform to a decentralized content ecosystem and also all in AI. So these two pillars the lease will mutually reinforce each other and driving a flywheel effect across the number of creators the volume of content, the user base and potentially on revenue performance.

Okay. Premium content still remains the core of our business. We believe AI will significantly lower production cost for premium content, short-term production cycles and potentially enable production and visual effects that were previously difficult to achieve their life action.

On decentralization, we're mostly focusing on our IQ ID, which is the ICE creator center, and we have seen some positive initial progress, such as the number of creators, the content upload numbers are trending well. And we're seeing AI adoption is progressing across our core content categories and with initial breakthroughs achieved, for example, for the projects we both in production and also launched. And in the future, we expect a greater scale of content to be released next year.

Over the long term, we believe these two strategies, meaning the decentralization and all in AI, these two will structurally improve our content cost, revenue quality, profitability and cash flow. Thank you.

Operator

Your next question comes from Lincoln Kong with Goldman Sachs.

Lincoln Kong

[Foreign Language] So my question is about IG's overall AIGC strategy and how is our plan in terms of each content categories?

Chang Yu

Thanks, Lincoln. We'll invite our Chief Content Officer, Mr. Xiaohui, to take this question. Please go ahead.

Xiaohui Wang

[Foreign Language]

Chang Yu

[Interpreted] First of all, we believe AI reduces the basic costs and barriers to production, but it doesn't lower the bar for creativity and judgment. We leverage AI to optimize the economics of content production, while we reinforcing our core mode, which is storytelling and aesthetic judgment, emotional expression and also digital language. Our goal is to advance on both fronts, premium content quality and scale content supply. Strategically, we'll prioritize core long-form video while accommodating microtrauma and micro animation. Now we use a revenue-sharing model to improve capital turnover.

We'll share our thoughts by category based on the pace of AI adoption at scale. First of all, for micro dramas, we're seeing rapid adoption with AIGC as the primary source of supply. We primarily use a revenue-sharing model and leverage algorithm recommendations and decentralized operations to deliver a diversified rapidly refreshed and skilled content supply.

For animation -- micro animation, we believe these are AI native content. So AITC will serve as the primary supply.

For animations and Truvis content, these have mature CG industrialization are a good fit in our view, and we are seeing rapid AI adoption. AI significantly improves efficiency and our pipeline is expanding. For next year, we will release more AIGC titles to serve niche audiences and broaden stable supply.

For short-form dramas and interface feature films, these are medium in production complexity and volume and compared to long-form content that these are bit in complexity and also installed as well. And we are actively adopting AI, focusing on garners like fantasy, supernatural and adventures to widen our garner Some panels have already launched and we will speed up the scale releases and balancing cost efficiency and content diversity. So far, we released -- we have released 16 AIGC short-form drama under a revenue-sharing model, along with several feature films.

For long-term dramas and theatrical films, we believe carries the highest emotional and artist value, but these are relatively slower to adopt AIGC scale. And for this content, we will focus on life action to quality first use AI to support our production and use AI to reduce cost. Thank you.

Operator

Your next question comes from Vicky Wei with Citi.

Yi Jing Wei

[Foreign Language] In the context of the AI era and the ongoing shift towards the centralization, how do you view ICE's core competitiveness? And what kind of value does ICE offer to content creators?

Tim Yu

Thank you. We will invite our CEO to take this question.

Tian Ying

[Foreign Language]

Chang Yu

[Interpreted] We believe in the AI era, video industry competition centers on end-to-end capabilities, which is from concept to commercialization. And there are quite a few essentials that are required for this. For example, the ability to bring together professional talent, generate compelling ideas, run industrialized production, have a comprehensive understanding of content review and compliance, deliver effective content distribution and drive diversified monetization. And these are the four modes TI have built over the past decade.

So our values to creators with there are three areas that we are targeting and also a sloping help them to be seen, generate income and gain recognition. First of all, have a major share of the video entertainment audiences. So the creators have greater capabilities or possibilities to be seen on the IT platform. And also IT have deep expertise in long-form video production, and we have established a very mature industrialized content production of mechanism.

And in addition, IT also have a map viewership data, a very rich IP and also licensing resources, and also a very strong ecosystem support.

We have built a 7-pillar creator support system on the iQIYI ID, which is the ICE creator Center; NadoPro, our professional production platform. A physical creative centers offline, training programs and IT Noto and AIG Venture Summit helping the creators with the fund support. And the Peter Kao and IT AI theater for benchmark productions and last but not least, a dedicated creator customer service.

On August 20 in Beijing, which is in today, we will host the IT creator conference featuring in-depth discussions on content ecosystem development frontier on AI opportunities and greater empowerment. Thank you.

Operator

Your next question comes from with Guangfa Securities.

Unknown Analyst

[Foreign Language] I want to know about the latest development in overseas business and how the operational experience or more major markets like parent can be replicated in other markets?

Chang Yu

Thank you. We'll invite Mr. Xianghua Yang to take this question. .

Xianghua Yang

[Foreign Language]

Chang Yu

[Interpreted] Our overseas business maintained rapid growth in Q2 with overall membership revenue grew 40% year-over-year, and we remain profitable on a managerial accounting basis, and Thailand is the market where we enter early and where our operating model is relatively mature. It still delivered solid growth year-over-year in Q2. and with steady top line growth and continued profitability improvement in the quarter as well. And in new markets, such as Brazil and Mexico, we see membership revenue increased 215% and 150% year-over-year, respectively.

We categorize our overseas markets into mature growth and potential markets, where mature markets will aim for stable profitability, growth markets focus on accelerated reading revenue with disciplined investments.

Thailand serves of our proving ground. What we have validated is a set of reusable operating capabilities, yes. So using C drama as the foundation and a sustained marketing to amplify influence of Chinese content and expanding a local supply content supply and tailoring the content has adapted to the local audiences.

We are also partnering with our local carriers, platforms and payment channels to scale the membership base. And we're also leveraging AI to improve the translation and distribution and also production efficiency.

Because the content preferences and collaboration channel structures deferred by market, we will replicate these underlying capabilities, while the local teams do make targeted adaptations, for example, applying Thailand's operating capabilities to other markets.

Our strategy is not to chase contract counts. We are guided by unit economics and operating contribution, and we will expand into new markets after validating revenue quality and profit-generating capabilities. Thank you.

Operator

There are no further phone questions at this time. I'll now hand back to the company for closing remarks.

Chang Yu

Thank you, everyone, for joining the call today. If you have further questions, do not have to take to contact us. Thank you, and see you next quarter.

Operator

That does conclude our conference for today. Thank you for participating. You may now disconnect.