China’s streaming service iQiyi could soon be adding to the skyrocketing cost of television series budgets across the world and the frenzy of shows competing for viewers. 

According to Reuters, Baidu Inc’s Chinese-style Netflix streaming service is eyeing a potential initial public offering (IPO) in the United States as early as next year, a person with direct knowledge of the plans said on Tuesday. The listing could value the company at between 8 billion and 10 billion US dollars, Bloomberg reported earlier, citing two people familiar with the matter.

The video streaming service, which competes with Tencent Holdings Ltd and Alibaba Holdings Ltd’s Youku Tudou, is set to start negotiations with banks and deal arrangers, Bloomberg said.

iQiyi’s going public comes just as the ripple effects of Peak TV are surfacing in virtually every line item in a typical TV series budget.

Production budgets for high-end cable and streaming dramas can cost between 5 million-7 million US dollars per hour. Half-hour single-camera programs can cost anywhere from 1.5 million US dollars to more than 3 million US dollars per episode.

Netflix usually exceeds the average. The first season of its supernatural sensation “Stranger Things” was shot to look like a 1980s Steven Spielberg movie and came with a price tag of 6 million US dollars an episode for season one, rising to 8 million US dollars in season two. Netflix’s sumptuous period drama “The Crown” cost an estimated 10 million US dollars an episode

High caliber production values are not the only expense.  Talent is demanding more. Netflix paid former late-night funnyman David Letterman 2 million US dollars per episode for a six-episode interview series. But that pales in comparison to the 20 million US dollar payday Netflix gave to Chris Rock and Ellen DeGeneres for comedy specials.

Netflix is not the only streaming service shelling out bigger paychecks. Amazon is spending 8 million US dollars for the action drama, “Jack Ryan” and 5 million US dollars per half hour for “The Tick.”

Cable networks are being extra generous with their spending too. HBO’s VFX-heavy “Westworld” is in the same lofty budgetary stratum as “The Crown.” Season one of Starz’s “American Gods” came in at more than 8 million US dollars per episode. TNT’s one-and-done period drama “Will” required 5 million-6 million US dollars an episode, even though it was shot in Wales with mostly up-and-coming actors. Traditional broadcast networks are struggling to adapt to the new big spender environment.