短剧专题报告（二）：国内与海外的变局，从内容红利到流量价值

Investment Rating - The report rates the industry as "Buy" [1] Core Viewpoints - The industry is transitioning from content dividends to traffic value, with IAP (In-App Purchase) becoming the mainstream profit model for short dramas, leading to significant growth in the domestic short drama market, which reached 374 billion yuan in 2023, with over 500 million users [1][10] - The commercial model is evolving, with a shift from IAP to IAA (In-App Advertisement), as the market experiences a slowdown in growth and the content dividend is gradually consumed [1][11] - The short drama industry is seeing increased specialization, ecological integration, and compliance, with major internet platforms like Douyin and WeChat integrating short dramas into their ecosystems [1][11] Summary by Sections 1. Evolution of Business Models: From IAP to IAAP - IAP short dramas are facing stagnation in traffic growth and are shifting towards native platforms [4] - IAA short dramas are integrating into a panoramic traffic ecosystem, with scale effects beginning to emerge [4] - Brand investments in short drama traffic are enhancing content marketing matrices [4] 2. Short Drama Industry Chain: Upstream Specialization, Downstream Ecological Integration - The production side is concentrated in cities like Xi'an and Zhengzhou, with traditional film and television companies lagging behind [4] - The operational side is led by web literature transformation companies, showing significant siphoning effects [4] - The traffic side is focusing on lower-tier markets, with an increasing proportion of female and middle-aged users [4] 3. From Content Dividends to Traffic Value - Major internet companies are both offensive and defensive in the short drama space, integrating short dramas into their overall traffic ecosystem [4] - Platforms like Douyin, WeChat, Kuaishou, and Taobao are enhancing their support for short dramas [4] 4. Short Drama Review and Filing Policies - The National Radio and Television Administration is implementing a classification and layered review system for short dramas starting June 2024 [1] 5. Overseas Market Potential for Short Dramas - The overseas short drama market is still small, with monthly users estimated at 20-40 million and in-app purchase revenues around 500 million USD [1][4] - The competitive landscape is not yet stable, with several overseas short drama apps emerging [1][4] 6. Investment Recommendations - Focus on production companies leading in short drama capacity, such as Lingmeng Media and Huace Film & TV [1] - Pay attention to domestic platforms like Kuaishou, which are seeing rapid growth in short drama-related performance [1] - Monitor companies like Zhongwen Online and Chao Xun Communication for their overseas short drama initiatives [1]