3 6 Ke·2025-09-02 23:27Core Insights - The long video platforms are facing challenges with revenue growth slowing down and profitability becoming more difficult, prompting a shift towards optimizing content costs and exploring new revenue sources like micro-short dramas, AIGC, IP derivatives, and content globalization [37] Industry Overview - Long video platforms are entering a new phase of project reduction and AI efficiency improvements due to stagnation in membership growth and weak advertising revenue [1][5] - The rise of short videos has significantly impacted the user base of long video platforms, with monthly active users (MAU) for Tencent Video, iQIYI, and Youku projected to drop from 5.3 billion, 5.65 billion, and 4.7 billion in August 2018 to 3.63 billion, 3.56 billion, and 2.01 billion by June 2025, respectively [3] Company-Specific Insights iQIYI - iQIYI reported a decline in revenue and net profit in the first two quarters, with major business segments like membership services and online advertising also experiencing downturns, although other income streams showed growth [7] - The platform is focusing on a balanced approach between long and short content, emphasizing high-quality productions to enhance user engagement and attract advertisers [15] - iQIYI's international membership revenue grew by 35% year-on-year, and the company is leveraging AI to reduce costs and enhance efficiency [13] Youku - Youku's strategy centers on content quality, series development, and cross-industry integration, with successful shows like "藏海传" achieving significant viewership and advertising revenue [16][19] - The platform is expanding its talent pool by recruiting notable industry figures to enhance content creation capabilities [19] Tencent Video - Tencent Video reported a paid membership count of 111.4 million, the only platform to disclose such figures, and is focusing on high-quality content to improve viewer retention [22] - The platform is shifting its strategy to prioritize A+ and S+ level projects, aiming to enhance the return on investment and avoid resource wastage [25] Mango TV - Mango TV's revenue for the first half of 2025 was 5.964 billion yuan, a decline of 14.31%, with significant drops in its content e-commerce segment [29][32] - The platform is increasing its investment in content, particularly in short dramas, with a reported 1179 micro-short dramas set to launch, marking a nearly sevenfold increase from the previous year [36]