微短剧行业深度分析报告：微短剧与多业态融合多元发展

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the micro-short drama industry [1]. Core Insights - The short video industry has over 1 billion users, making it the largest online audio-visual application with a nearly 95% penetration rate among internet users. The micro-short drama market in China reached a scale of 37.39 billion yuan in 2023, a year-on-year increase of 267.65%, and is expected to exceed 100 billion yuan by 2027 [2]. - The production landscape of micro-short dramas is evolving, with 50% of producers coming from advertising companies, 20% from MCN companies, and only 30% from traditional film and television companies. Brand collaboration dramas are becoming the mainstream marketing method [2]. - The rapid development of AI technology is significantly lowering the production threshold for micro-short dramas and expanding creative horizons, leading to a variety of genres such as science fiction and fantasy. This technological advancement is also facilitating the overseas expansion of China's micro-short drama industry [2]. - The report recommends focusing on various segments of the micro-short drama industry chain, including companies like Zhongwen Online and Zhangyue Technology in the IP sector, Jiecheng Co., Haikan Co., and Huace Film & TV in content production, and BlueFocus and Yili Media in marketing [2]. Summary by Sections 1. Rapid Development of the Micro-Short Drama Industry - The cultural industry in China has seen significant growth, with the added value of cultural and related industries increasing from 1.8071 trillion yuan in 2012 to 5.2385 trillion yuan in 2021, with an average annual growth rate of 12.55% [4]. - The demand for cultural entertainment is diversifying, with per capita spending on education, culture, and entertainment reaching 2,904 yuan in 2023, a 51.6% increase from 2016 [4]. 2. Micro-Short Drama Industry Chain and Operational Model Analysis - The core participants in the micro-short drama industry chain include producers, script providers, platform operators, and distributors, with producers holding the highest market share at 33.5% [46]. - The production model is shifting towards platform investment, where platforms provide scripts and cover production costs, allowing them to maintain exclusive rights [58]. 3. Multi-Industry Integration and Development of Micro-Short Dramas - The integration of micro-short dramas with tourism and other sectors is being encouraged by government initiatives, such as the "Travel with Micro-Short Dramas" project launched by the National Radio and Television Administration [2]. 4. Investment Recommendations - The report suggests monitoring various segments of the micro-short drama industry chain, including IP, content production, marketing, and AI applications, highlighting specific companies in each area [2].