Posted on

As Beijing Takes Control, Chinese Tech Companies Lose Jobs and Hope

Share

The video platform that laid off Mr. Zhao, iQiyi, had an abysmal quarter, losing about $268 million. Its share prices fell by 85 percent from its high in 2021, reflecting investors’ concerns that the company, once aspiring to be China’s Netflix, will be short of shows that can attract more subscribers and advertisers.“The biggest problem for our industry is severe shortage of content supply,” iQiyi’s chief executive, Gong Yu, told analysts in November. He blamed, in part, censors’ slow approval. IQiyi did not respond to requests for comment.(Mr. Zhao confirmed the details in his social media account, but declined to comment further.)Many film, TV and streaming projects have been canceled or …

Read More