金主变心，爱奇艺转亏近2.5亿

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV experiencing revenue declines and increasing losses, indicating a need for a shift in their business models [1][2][3][14]. Revenue Performance - iQIYI reported a 7.8% year-on-year decline in revenue for Q3, totaling 6.68 billion yuan, and a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1]. - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a 33.47% drop in net profit to 252 million yuan [2]. - iQIYI's advertising revenue decreased by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [10]. Content and Market Trends - iQIYI maintained the highest market share in the drama segment, with popular series like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [5][8]. - Despite successful content, the decline in high-margin advertising revenue indicates a shift in advertiser preferences towards more effective short video platforms [10]. - Bilibili's diverse advertising client base and effective customer acquisition strategies contrast with iQIYI's challenges in attracting advertisers [11]. Cost Management - iQIYI's content costs decreased by 1% to 4.04 billion yuan, reflecting efforts to manage expenses amid declining revenues [13]. Strategic Initiatives - iQIYI is expanding its overseas business, achieving significant growth in international membership revenue, particularly in markets like Brazil and Mexico, with some regions seeing over 100% growth [16]. - The company is also diversifying its IP consumption strategy, with a 100% increase in overall revenue from self-operated and licensed products [17]. - iQIYI is leveraging AI to enhance cost efficiency and improve advertising targeting and conversion rates [17]. Regulatory Environment - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to benefit the industry by relaxing content restrictions and supporting high-quality productions [18][19]. - iQIYI's content team is adapting to the new regulatory environment, with ongoing projects benefiting from government support [19]. Future Outlook - The company must undergo transformation to adapt to the changing landscape, with supportive policies potentially aiding this transition [20].