传媒：微短剧内容端供给充足，精品化或成为趋势

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Insights - The supply of micro-short dramas is abundant, with a trend towards quality content becoming prominent. In the first half of 2024, the domestic investment flow scale for micro-short dramas exceeded 11.6 billion yuan, with over 20,000 unique micro-short dramas participating in the investment flow, of which more than 13,500 were new dramas, accounting for approximately 68% [1]. - The user base for micro-short dramas has surpassed 500 million, with nearly 40% of users watching micro-short dramas regularly. Among these, 64.8% are aged 15-29, and 73.4% are female. Key factors influencing user preferences include production quality, storyline, and actor performance [1]. - The industry is expected to see a stable increase in box office revenue, with micro-short drama box office reaching 37.39 billion yuan in 2023, accounting for 70% of the total box office for Chinese films. It is projected to exceed 100 billion yuan by 2027 [1]. - The report highlights that the number of companies supplying micro-short dramas has exceeded 300,000, with a rich upstream supply chain including 229,000 professional short drama production companies [1]. Summary by Sections Industry Performance - In the first half of 2024, the average monthly investment flow for micro-short dramas was 8,259, with 2,240 new dramas released. The enthusiasm for content creation remains high, with 3,574 micro-short dramas planned for creation and 584 launched in 2023, representing growth of 382.2% and 445.8% compared to 2021, respectively [1]. User Engagement - The report notes that the demand for micro-short dramas continues to grow, with significant increases in paid users and viewing frequency on platforms like Douyin. The paid user base grew tenfold, and the next-day revisit rate increased by 50% [1]. Monetization Strategies - Current monetization strategies for micro-short dramas primarily include advertising marketing, paid subscriptions, copyright sharing, and e-commerce sales. Advertising marketing aimed at B-end clients and paid subscriptions for C-end users are the main sources of revenue [1]. Future Outlook - The report suggests that the industry will continue to grow due to market demand, despite challenges such as increased competition and regulatory scrutiny. The development of AIGC technology is expected to enhance production efficiency and content quality [1].