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BEIJING, Aug. 13, 2026 /PRNewswire/ — Recently, iQIYI, China’s leading online entertainment platform, has launched Undercurrent Theater, a horizontal-screen short-form suspense brand making a strong debut with its inaugural title “Dead of Winter”. The title has gained rapid audience traction and delivered solid commercial returns, signaling strong market appetite for the format. The launch sets a strong foundation for Undercurrent Theater as iQIYI deepens its leadership in premium suspense content.
Since its August 4 premiere, “Dead of Winter” has reached a peak iQIYI content popularity index, a measure of audience engagement on the platform, of 6,638, the highest for an iQIYI revenue-sharing, a model where production partners share earnings with iQIYI based on viewership, short-form drama since 2024. It has also topped multiple industry rankings across leading Chinese entertainment data providers Enlightent, Maoyan and DataWin. Enlightent data shows its daily market share peaked at 60.9%, making it the second horizontal short-form drama this year to surpass 60%, following iQIYI’s “The Ferry Man 10th Anniversary”, a 10th-anniversary return of the classic IP “The Ferry Man”.
Strong viewership has also translated into commercial momentum. Within five days of release, “Dead of Winter” generated over RMB5 million (approximately US$740,000) in revenue-sharing earnings, with iQIYI projecting total revenue-sharing earnings to exceed RMB10 million (approximately US$1,480,000) within nine days of release.
Set in a small northeastern Chinese city in the late 1990s, “Dead of Winter” is a gritty crime suspense drama rooted in social realism. The series follows two former friends – a community police officer and a criminal investigator – who reunite to solve a series of major cases, unraveling an eight-year family tragedy. Its fast-paced storytelling, strong performances, and distinctive wintry setting have driven significant social buzz. More than 20 derivative short videos have each surpassed 100,000 likes, with audience calls for a second season.
The debut validates both the premium content model and the revenue-sharing approach underpinning Undercurrent Theater, with more titles already in the pipeline. “The VI Group of Fatal Case” (the Chinese title translates as Sixth Criminal Investigation Unit), a prequel to the beloved 2001 crime procedural. “The Murder Truth”, adapted from a highly rated original work, weaves intricate deduction with interconnected serial crimes for a layered viewing experience. Together, the upcoming slate builds on the momentum of “Dead of Winter” as iQIYI continues to deepen its short-form suspense offering and cement its position as the home of premium Chinese suspense storytelling for global audiences.
Contact:
iQIYI Press
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