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Core Viewpoint - Kuaishou has shut down its short drama mini-program business, reflecting a strategic shift towards native content and indicating a broader decline in the short drama mini-program model [1][4][5] Industry Trends - The closure of the mini-programs highlights a trend of diminishing returns for the short drama model, which was once popular but is now facing challenges from major platforms, the rise of free short dramas, and stricter regulations [4][14] - The short drama mini-programs, which thrived in a less regulated environment, are being replaced by more competitive platforms and advanced business models that offer better viewing experiences [14][20] Market Dynamics - The free short drama market is reshaping user viewing habits, with free model users increasing from 11% in January 2024 to 50% by October 2024, surpassing paid users [8] - Platforms like Hongguo are experiencing rapid growth, with monthly active users exceeding 173 million by March 2025, closing the gap with long video platforms [8][11] - Douyin has significantly increased its investment in native short dramas, with the number of accounts rising from 407 in July 2024 to 2,226 by May 2025, and the number of short dramas published increasing from 2,750 to 15,962 in the same period [11] Business Model Evolution - The emergence of membership-based free viewing models on major platforms like iQIYI and Tencent Video is creating a unique commercial landscape, where short dramas are often available for free to members [13] - The traditional mini-program model, reliant on external traffic and in-app purchases, is losing ground to integrated platforms that enhance user experience through seamless content distribution [14][20] Regulatory Impact - The tightening of regulations by the National Radio and Television Administration has further marginalized the mini-program short dramas, as new rules restrict the promotion of unlicensed content [20] - The shift from a growth phase to a more regulated and refined operational stage in the short drama industry indicates a significant transformation in business logic driven by user preferences, platform strategies, and regulatory frameworks [20]