Tencent Video paid subscribers pass 62 million

Tencent Video paid subscriptions reached 62.59 million in February making it the largest online video platform in China.

The platform announced it had added nearly 20 million subscribers in just five months, after reporting 43 million paid subscriptions in September last year.

The growth puts the Tencent platform ahead of rival iQIYI, which has 50.8 million paid subscribers.

The two platforms compete closely for the top spot in the China market, along with Youku Todou.

According to recent independent data from iResearch, iQIYI had 599 million monthly unique devices in December last year, just ahead of Tencent Video, which had 571 million, while Youku Tudou had 4.04 million.

The announcement by Tencent, comes as Baidu-owned platform iQIYI readies for its IPO in the US.

China's online video market is experiencing strong growth and the industry is expected to be worth RMB752.7bn by 2021. The latest figures suggest China's video subscription market is on target to pass 220 million this year, according to eMarketer.