金主变心，爱奇艺转亏近2.5亿

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV experiencing revenue declines and increasing losses, indicating a need for a shift in their business models [1][9][14]. Group 1: Financial Performance - iQIYI reported a 7.8% year-on-year revenue decline to 6.68 billion yuan in Q3, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1]. - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a net profit drop of 33.47% to 252 million yuan [1]. - iQIYI's advertising revenue decreased by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan, highlighting a shift in advertiser preferences [7]. Group 2: Content and Market Position - iQIYI maintained the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [3]. - Mango TV performed well in the variety show market, with shows like "Escape Room Season 7" and "Flowers and Youth" gaining significant popularity [6]. - Despite successful content, iQIYI's advertising revenue decline indicates that high-quality content alone is insufficient to attract advertisers [7]. Group 3: Strategic Initiatives and Future Outlook - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [11]. - The company is also diversifying its IP consumption model, with self-operated and licensed products seeing over 100% revenue growth [11]. - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to positively impact the industry, allowing for more flexible content production and distribution [12][14].