IQIYI can never become the next Netflix.
First, the addressable market is simply China after all, unlike the entire world for Netflix. Yes, the business is still growing fast in China for sure, but the market is not all the the big blue sky as we would hope. Video streaming or downloading is as long as the internet.
Second, do we have a clear sense of its original content? I bet many western investors here have never visited China; let alone digging and digesting the original content on iQiyi. I personally don't think the original content on IQIYI is any blockbuster appealing/sticky materials.
Third, it is still muddy in the competition with Tencent's Video and Alibaba's Youku... three internet giants will continue to battle each other so their associated video platforms will never get consolidated and never become profitable. Due the competition, subscription price increase can be also challenging as well.
Fourth, if IQIYI can pivot into profitability or break out from the pack soon, why would the Company along with several other Chinese video streaming companies rush to IPO on NASDAQ, when the IPO time window is still valid...? $IQ