传媒：文化出海正加速，“网文+网剧+网游”引领新势力

Investment Rating - The industry investment rating is "Accumulate," indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [9]. Core Viewpoints - The report emphasizes the acceleration of cultural export, particularly through "online literature, online dramas, and online games," which are seen as key drivers of China's cultural soft power and confidence [1]. - The overseas market for Chinese online literature has shown significant growth, with revenue reaching 4.35 billion yuan in 2023, a year-on-year increase of 7.06%, and the total number of overseas works reaching approximately 695,800, a 29.02% increase [1]. - The game "Black Myth: Wukong" has set a benchmark for cultural export, selling 20 million copies and generating over 6.79 billion yuan in revenue within a month of its release [1]. - The short drama sector is also emerging as a significant player in cultural export, with over 40 short drama apps launched in various international markets, achieving nearly 55 million downloads and 170 million USD in in-app purchases [6]. Summary by Sections Online Literature - Online literature is identified as a crucial means of cultural export, with a notable increase in overseas revenue and the number of works available [1][6]. - The report highlights the role of domestic IP content in enhancing the appeal of Chinese online literature abroad, supported by diplomatic initiatives like the Belt and Road [1]. Online Games - The online gaming sector is recognized for its potential in cultural export, with a reported overseas market revenue of 5.169 billion USD in Q3 2024, marking a 15.4% quarter-on-quarter increase and a 20.75% year-on-year increase [6]. - The report suggests that the unique characteristics of Chinese culture can significantly enrich the gaming industry, providing a competitive edge for Chinese game developers [6]. Online Dramas - The report notes that short dramas are leading the charge in cultural export, with a projected market size of 10 billion USD in the overseas short drama market [6]. - Companies with rich video content reserves are expected to benefit from the growing trend of short dramas going international [6].