爱奇艺15年，“长短”之争与盈利之辩

Core Viewpoint - iQIYI is shifting its strategy towards "short, refined, diverse, and new" content, focusing on micro-dramas and innovative features to enhance user engagement and revenue generation [1][4][5]. Group 1: Strategic Focus - iQIYI officially launched on April 22, 2010, and announced its new strategy on April 23, 2025, emphasizing micro-dramas and shorter, creative content [1]. - The company aims to leverage intelligent tools and monetization strategies to remain competitive in the evolving video platform landscape [1][4]. - CEO Gong Yu highlighted that micro-dramas, characterized by vertical screens and episodes lasting 1-3 minutes, represent a disruptive content form influenced by mobile internet and AI technology [4][6]. Group 2: Market Dynamics - The competition between long and short video content is intensifying, with user attention spans decreasing; the average attention span on a single screen is now 47 seconds [5]. - iQIYI's strategy includes reducing the number of episodes while increasing the total budget and project count, indicating a shift towards shorter content formats [5]. - Analysts suggest that the long and short content debate is driven by market demands, and platforms must adapt to retain users [4][7]. Group 3: Financial Performance - In 2024, iQIYI reported total revenue of 29.23 billion yuan, with a non-GAAP operating profit of 2.36 billion yuan, marking two consecutive years of profitability [8]. - Revenue breakdown for 2024 includes 17.76 billion yuan from membership services, 5.71 billion yuan from online advertising, 2.85 billion yuan from content distribution, and 2.9 billion yuan from other sources [8]. - iQIYI's membership revenue has consistently exceeded 60% for two years, indicating a strong monetization model [9]. Group 4: Innovation and Technology - iQIYI is introducing new features such as the "Jump View" function and the "Peach Bean" personal assistant to enhance user experience [11][13]. - The "Peach Bean" assistant offers personalized interactions, including content recommendations and customer service, and has engaged in over a hundred million interactions since its launch [13] - The company is also exploring new business avenues, including content e-commerce and international market expansion, despite facing challenges [10].