新政松绑？111部积压剧迎来春天丨203亿投资全盘点

Core Viewpoint - The recent policy from the National Radio and Television Administration aims to enhance the supply of quality television content, particularly benefiting the drama industry by encouraging creativity and market-driven production [1][6]. Group 1: Impact on the Industry - The new measures are seen as a significant boost for the drama industry, with expectations that long-pending dramas may finally get aired, leading to increased market activity [1][6]. - Companies such as Baida Qiancheng, Huace Film & TV, Mango Excellent Media, and others have seen their stock prices surge following the announcement, indicating positive market sentiment [1][6]. - Data shows that 111 dramas completed between 2015 and 2022 remain unaired, with an estimated sunk cost of approximately 90.71 billion yuan for 36 of these dramas [3][6]. Group 2: Financial Implications - The total estimated sunk cost for the backlog of dramas could range from 165.71 billion to 203.21 billion yuan, representing a significant financial burden on the industry [3][6]. - The industry has experienced a decline in the number of backlog dramas, with 71 dramas scheduled for release in the first half of 2025, down by 36 from the previous year [3][6]. - The financial strain is exacerbated by the fact that many dramas are now being sold at a fraction of their production costs, with some being forced into revenue-sharing models due to low acquisition prices [6][29]. Group 3: Challenges and Opportunities - A significant portion of the backlog is attributed to controversies surrounding lead actors, with 28 dramas affected by public relations issues, highlighting the industry's vulnerability to external factors [7][8]. - The industry is exploring various methods to revitalize these backlog dramas, including the use of AI technology for character replacement and selling to secondary platforms [24][31]. - The policy changes may provide a pathway for airing quality backlog dramas, potentially transforming sunk costs into active market capital [6][34].