传媒行业：AI应用系列专题（四）：AI陪伴产品：迈向人格化&情感化，探索多元商业变现

Industry Investment Rating - The report maintains a Buy rating for the media industry, with a focus on AI-driven applications and emotional companionship products [2] Core Views - AI companionship products are evolving towards personality-driven and emotional interactions, with significant potential for commercialization [2] - Overseas markets, particularly in the US, have seen faster commercialization due to a more relaxed regulatory environment, while the domestic market is still in its early stages [2][12] - The target user base for AI companionship products includes anime, gaming, and otome game players, with potential for further market penetration [13] Overseas Market Analysis - Character AI leads in daily visits and average session duration, with a strong focus on IP-driven character interactions and community-driven UGC content [15][19] - Talkie differentiates itself by integrating card game mechanics, targeting female users and offering innovative monetization through in-app purchases [26][27] - Overseas products like Replika and AI Dungeon focus on deep emotional engagement and narrative-driven experiences, respectively [32] Domestic Market Analysis - Domestic AI companionship products, such as Xingye and Maopao Duck, are still in the early stages, with Xingye leading in downloads but facing challenges in user penetration and functional diversity [36][38] - Maopao Duck combines entertainment and productivity features, targeting a broader user base but requiring further product refinement [41][43] - Doubao leverages its multi-modal capabilities to enhance user experience, with over 26 million MAUs and 8 million user-created AI agents [44] Investment Recommendations - Companies with strong IP portfolios, such as Mango TV, iQiyi, and Huace Film & TV, are well-positioned to leverage AI companionship features to extend IP lifespans and create new monetization channels [48] - Marketing companies like BlueFocus and Yeahmobi may benefit from the increasing demand for user acquisition and engagement in the competitive AI companionship market [49] Key Data Points - Character AI has a monthly subscription fee of $9.9, while **Xingye** offers a monthly card for 12 RMB [13] - **Talkie** generated over$840,000 in revenue within six months of its launch [29] - Doubao has over 26 million MAUs and 8 million user-created AI agents [44]