TENCENT(HK:00700) Guo Ji Jin Rong Bao·2025-09-03 12:36Core Insights - The online video industry is experiencing a new competitive landscape in 2025, with active user numbers reaching 815 million by July 2025, driven by policy relaxation and a trend towards content innovation and quality [1][10] Group 1: Market Positioning - Tencent Video and iQIYI remain the leading platforms in the long video market, with monthly active users of 365 million and 358 million respectively, while Mango TV and Youku follow with 284 million and 202 million [1][3] - Tencent does not disclose user scale and monthly active data in its reports, focusing instead on paid membership numbers, which were 117 million and 114 million in the first two quarters of 2025 [3] - iQIYI has shifted its focus from disclosing specific membership numbers to emphasizing the core value of its membership business, although its membership revenue has declined year-on-year due to reduced content scheduling [3] Group 2: Competitive Dynamics - Mango TV has gained significant traction, surpassing Youku by over 80 million monthly active users, with its membership business revenue showing a slight year-on-year increase to 2.496 billion yuan [5] - Youku's underperformance is attributed to its non-core status within Alibaba Group, which has undergone a restructuring that places Youku under the "other" category [5] Group 3: Content Trends - The number of new series released in the first seven months of 2025 has increased by 12.9%, with exclusive broadcasts becoming a core competitive focus for major platforms [7] - The proportion of exclusive broadcasts has risen across all platforms, with Youku leading at 87.5%, followed by iQIYI and Tencent Video at 78.8% and 78.5% respectively [7] - Despite industry speculation about reducing the number of episodes for long series, the average number of episodes for new series has not shown significant change, with 21-40 episodes still dominating [7] Group 4: Short Video Competition - The competition in the short video segment is intensifying, with Tencent Video and iQIYI leading in the number of new short series released, at 88 and 64 respectively [9] - iQIYI has significantly increased its short series output from 25 to 64 compared to the previous year, while Youku has reduced its new short series by 20 [9] Group 5: Regulatory Environment - The recent regulations from the National Radio and Television Administration, known as the "21 measures," aim to boost industry confidence and provide greater creative space for content innovation and diversification [10]