Page 1

Exhibit 99.1 Phoenix New Media Reports Third Quarter 2021 Unaudited Financial Results Live Conference Call to be Held at 8:00 PM U.S. Eastern Time on November 15 , 2021 BEIJING , China , November 16 , 2021 Phoenix New Media Limited ( NYSE : FENG ) ( “ Phoenix New Media ” , “ ifeng ” or the “ Company ” ) , a leading new media company in China , today announced its unaudited financial results for the third quarter ended September 30 , 2021 . Mr. Shuang Liu , CEO of Phoenix New Media , commented , " Faced with pressures from the current macroeconomic uncertainties , we remained steadfast in our commitment to further developing our core competitive differentiation in original content production capabilities . During the third quarter of 2021 , we deepened our collaboration with Phoenix TV in content production and event execution and sales , creating a cohesive and integrated media group and further enhancing our brand influence . In addition , we upgraded our iFeng app to better incorporate exclusive content from Phoenix TV and improved the app's features and content distribution . Meanwhile , we launched our own Multi - Channel Network and developed our monetization channels on third - party platforms . Going forward , we plan to remain prudent in evaluating business initiatives , align our business with shifting industry dynamics , and elevate our brand influences through consistent delivery of original content . " Mr. Edward Lu , CFO of Phoenix New Media , further stated , “ In the third quarter , we experienced increasing challenges from intensified industry - wide competition and a slowdown in the macroeconomic environment . In response , we re - strategized while proactively managing our expenses , streamlining our operations , and optimizing our team structure to improve operating efficiency . As we drive the evolution of our content ecosystem and monetization channels , we will continue to focus on generating more diverse revenue streams to increase shareholder value in the future . " Third Quarter 2021 Financial Results REVENUES Total revenues in the third quarter of 2021 decreased by 19.3 % to RMB244.6 million ( US $ 38.0 million ) from RMB303.0 million in the same period of 2020 , primarily due to the year - over - year decline in the Company's net advertising revenues . Net advertising revenues in the third quarter of 2021 decreased by 23.0 % to RMB216.6 million ( US $ 33.6 million ) from RMB281.3 million in the same period of 2020 , mainly due to the reduction in advertising spending of advertisers from certain industries and intensified industry - wide competition in the third quarter of 2021 . Paid services revenues¹ in the third quarter of 2021 increased by 29.0 % to RMB28.0 million ( US $ 4.4 million ) from RMB21.7 million in the same period of 2020. Revenues from paid contents in the third quarter of 2021 increased by 69.7 % to RMB15.1 million ( US $ 2.4 million ) from RMB8.9 million in the same period of 2020 , mainly caused by the increase in revenues from licensing fees related to audio books . Revenues from E - commerce and others in the third quarter of 2021 increased by 0.8 % to RMB12.9 million ( US $ 2.0 million ) from RMB12.8 million in the same period of 2020 . COST OF REVENUES Cost of revenues in the third quarter of 2021 increased by 3.1 % to RMB154.7 million ( US $ 24.0 million ) from RMB150.0 million in the same period of 2020. The increase in cost of revenues was mainly due to the following : Content and operational costs in the third quarter of 2021 increased by 3.5 % to RMB134.2 million ( US $ 20.8 million ) from RMB129.7 million in the same period of 2020 , mainly caused by the increase in content acquisition costs in the third quarter of 2021 . Revenue sharing fees in the third quarter of 2021 increased by 10.0 % to RMB6.6 million ( US $ 1.0 million ) from RMB6.0 million in the same period of 2020 , primarily attributable to the increase in revenue sharing fees paid to channel partners . The increase was partially offset by the following : 1 Prior to 2021 , paid services revenues comprised of ( i ) revenues from paid contents , which included digital reading , audio books , paid videos , and other content - related sales activities , ( ii ) revenues from games , which included web - based games and mobile games , ( iii ) revenues from MVAS , and ( iv ) revenues from others . As revenues from games and revenues from MVAS were small and had been declining for the past years , to better reflect the Company's paid services revenues disaggregated by products and services , beginning from January 1 , 2021 , paid services revenues have been re - grouped and comprise of ( i ) revenues from paid contents , which includes digital reading , audio books , paid videos , and other content - related sales activities , ( ii ) revenues from E - commerce and others , which mainly includes revenues from E - commerce , MVAS , games and others . For comparison purposes , the revenues from paid services for the quarters of 2020 have been retrospectively re - classified .