KUAISHOU(HK:01024) 证券时报·2025-06-16 14:59Core Viewpoint - The paid mini-program short drama model is declining, with major shifts in the short drama market towards ad-supported models. Group 1: Market Changes - Kuaishou will shut down its short drama mini-program on June 17, 2024, marking a significant shift in its strategy [2] - The industry is transitioning from the In-App Purchase (IAP) model to the In-App Advertising (IAA) model, with IAA's market share rising from 11% in January 2024 to 50% by October 2024 [3] - ByteDance's Hongguo short drama has emerged as a major player, achieving 173 million monthly active users in March 2024, a 220.28% year-on-year increase [3] Group 2: Business Model Evolution - The IAP model, which allowed users to pay to unlock episodes, is being replaced by the IAA model, which offers free viewing supported by ads [3] - Kuaishou is shifting focus to native accounts on platforms like Douyin and Kuaishou, where users can pay to watch without needing to switch applications [4] Group 3: Regulatory Environment - The short drama industry is entering a "strict regulation" phase, with new policies from the National Radio and Television Administration prohibiting the promotion of unlicensed content [5] - Kuaishou has recently removed over 100 non-compliant short dramas and reported serious violations to a blacklist, indicating a commitment to stricter content oversight [5]