Core Viewpoint - The long drama market is attempting to revive itself through a new revenue-sharing model, but there are significant questions about its suitability and implementation [3][10]. Group 1: Revenue Sharing Model - The revenue-sharing policies from major platforms like Tencent Video, iQIYI, and Youku have been updated, expanding the scope of eligible content significantly [3][4]. - Tencent Video's new policy aims to support top-tier suppliers, while iQIYI's policy expands the revenue-sharing range, indicating a willingness to invest in quality content [4][5]. - The new policies may lead to a "stronger get stronger" scenario, where top projects receive more support, potentially marginalizing lower-tier projects [7][8]. Group 2: Market Dynamics - The industry is witnessing a polarization, with fewer mid-tier production companies able to sustain profitability, leading to concerns about the long-term viability of these companies [8][14]. - The new revenue-sharing model may accelerate market differentiation, favoring high-quality content while putting pressure on lower-quality projects [7][10]. - There is a concern that the focus on quick returns may stifle innovation and lead to a homogenization of content, as slower-paced, innovative projects may struggle to survive [13][17]. Group 3: Future Outlook - The ideal revenue-sharing framework may involve a hybrid model where platforms provide some guarantees to production companies, allowing for shared risks and rewards [17]. - The industry may benefit from adopting a "production-broadcast separation" model, similar to practices in mature markets, but challenges remain due to the current dynamics in the domestic market [17]. - Overall, while the revenue-sharing model presents new opportunities for long dramas, balancing market-driven approaches with content innovation remains a critical challenge for the industry [14][17].

Investment Rating - The media industry is rated as stable, with a focus on digital transformation in the upcoming years [1] Core Insights - The media industry is entering a critical phase of digital transformation, with a competitive landscape characterized by the concentration of traffic among major players and the struggle for survival among traditional media [1] - The demand structure of the media industry is undergoing a transformation due to the proliferation of digital technology and changing user habits, leading to a shift from passive consumption to active participation [12] Industry Supply Capacity Analysis - Traditional media, particularly book retail, experienced negative growth in 2025, with a retail market value decline of 2.24% and a sales value drop of 3.80% [2] - New media user base continues to expand, with internet users in China reaching 1.123 billion and an internet penetration rate of 79.7% by June 2025 [2] - The gaming market maintained growth, achieving a record revenue of 350.79 billion yuan in 2025, a year-on-year increase of 7.68% [3] Industry Demand Matching Capability Analysis - Content e-commerce surpassed platform e-commerce to become the largest retail channel in 2025, reflecting a shift to a "content-driven" phase in the book retail market [8] - Short videos and live streaming emerged as significant catalysts for consumer spending, with 45.9% of users making purchases influenced by these formats [9] - The number of micro-short dramas broadcasted on satellite channels increased significantly, with a total of 124 dramas aired in 2025, marking a 254.3% increase from the previous year [10] Industry Competitive Landscape Analysis - The media industry is experiencing a competitive environment where traffic is increasingly concentrated among major players, with ByteDance and Tencent dominating the market [16] - Traditional media is undergoing a challenging transformation, with leading traditional media outlets actively seeking breakthroughs in digitalization [16] Industry Credit Rating Analysis - The media industry's bond issuers are primarily concentrated in traditional media, with AAA ratings being predominant; the issuance scale of AA+ rated entities saw significant growth in 2025 [23] - The average credit spread for unsecured bonds in the media industry has remained relatively stable since the second quarter of 2025 [23] Industry Development Outlook - The media industry is expected to enter a critical phase of digital transformation, with a projected market recovery driven by the integration of artificial intelligence and the emergence of new business models [29] - Companies with strong cash flow and proactive engagement in AI technologies are likely to recover faster, while those relying on high leverage may face continued market pressure [29]

北京广播电视台春节联欢晚会也将在大年初一如期推出，春节期间还将打造"第二现场"，实现精彩剧目 和体育赛事的远程多点落地。同时，36部"北京大视听"佳作上新播出，20家网络视听平台开设"北京大 视听·春天马上来"线上专区，爱奇艺、优酷推出超高清节目限时免费观看惠民活动，让更多高品质的视 频内容在节日期间走进千家万户。 转自：劳动午报 本报讯（记者 边磊）记者近日从2026年北京市春节文化活动新闻发布会上了解到，今年，本市新春文 化活动将以"骏马贺新春 京彩中国年"为主题，下设七个系列活动，分别是"庙会灯会过大年""京彩演艺 过大年""博物馆里过大年""冰雪游园过大年""网络视听过大年""文化消费过大年""京津冀联动过大年"， 包括5000余项活动，其中既有庙会、灯会、游园等传统活动，也有结合北京近两年新打造的商圈、景 区、园区推出的新空间、新玩法。 据了解，今年春节，本市将举办30余个庙会灯会，并对传统庙会进行升级。东城区的龙潭庙会和地坛庙 会、西城区的厂甸庙会都增加了更多的现场演出，包括老北京的曲艺、琴书、相声，京津冀的特色杂 技、戏曲、武术等，营造更加多元和丰富的春节氛围。 本市在春节期间开票的营业性演出已 ...

Core Insights - The global popularity of "C-Drama" (Chinese Drama) is on the rise, with significant growth in content viewership and search volume, surpassing Korean dramas in 2025 [1][3] - Chinese dramas are transitioning from being merely "seen" to being "loved," indicating a deeper cultural resonance and engagement with international audiences [1][8] Group 1: Industry Growth - In 2025, the content viewership of iQIYI International increased by 114.5%, marking a historical high [1][3] - Chinese dramas like "难哄," "藏海传," and "三十而已·曼谷篇" have achieved over 100 million views on overseas platforms, showcasing their growing influence [2] - The overseas revenue for Lingmeng Film and Television reached 33 million yuan, which is 2.5 times that of the same period in 2024 [2] Group 2: Company Strategies - Lingmeng Film and Television is focusing on international distribution, with its core drama matrix reaching 180 countries and collaborating with platforms like Disney+ and Netflix [2] - iQIYI has established a dual headquarters model with operations in Beijing and Singapore, enhancing its international business through localized teams in key markets [5] - Tencent's WeTV and Youku are also expanding their international presence, with strategies tailored to specific regions such as Southeast Asia and North America [4][5] Group 3: Content Innovation - Lingmeng's "三十而已·曼谷篇" represents a new approach to overseas adaptations, combining Chinese themes with local cultural elements to resonate with Thai audiences [6] - The success of "庆余年第二季" on Disney+ demonstrates the increasing bargaining power of Chinese IPs, allowing for simultaneous global releases [8] - The industry is focusing on content innovation to enhance viewer engagement and expand the volume of content produced [8]

Core Insights - The short drama platform Hongguo has rapidly ascended in the industry, with its production company Tinghuadao dominating the top ten hottest dramas, indicating a significant shift in viewer preferences from long videos to short dramas [1][7][21] Group 1: Market Dynamics - Hongguo's monthly active users have surged to become the third largest in the industry, with a growth rate of 93.9%, surpassing traditional giants like Youku and Bilibili [7][21] - The short drama market is projected to exceed 600 billion, with user numbers approaching 700 million, showcasing the explosive growth in this segment [7][21] - Hongguo's strategy of offering free content supported by in-app advertising has proven effective, leading to a dramatic increase in daily active users from 1.6 billion in June 2024 to over 10 billion by late 2025 [10][12][23] Group 2: Content Production and Strategy - Tinghuadao, under the influence of Mi Meng, has produced approximately 70 short dramas in 2025, achieving over 300 billion total views, with 24 dramas exceeding 1 billion views each [17][19] - The production strategy focuses on capturing and amplifying social emotions, with a high percentage of female-targeted content, which has resonated well with audiences [18][20] - The revenue-sharing model has significantly increased, with monthly payouts to creators exceeding 5 billion by April 2025, indicating a robust ecosystem that incentivizes high-quality content production [15][16] Group 3: Competitive Landscape - The emergence of Hongguo and Tinghuadao has disrupted the long-standing dominance of platforms like iQIYI and Tencent Video, which are now facing declines in user engagement [23][24] - The combination of Hongguo's advertising model and Tinghuadao's content production capabilities has created a formidable barrier to entry for competitors, establishing a new power dynamic in the online video industry [21][25] - The ongoing competition from traditional long video platforms, which are now investing in short dramas, poses a potential threat to Hongguo's market position [27][28]

这段表态在行业内引发了不小的讨论，因为听起来像是面对现实正面承认，长视频正在经历一轮更漫长、更需要耐心的周期调整。 作者｜阿po 如果回头看2025年的长剧市场，行业情绪并不算高涨。 不久前，腾讯董事会主席马化腾表示，腾讯视频去年"没有那么多爆款产品"，但要给耐心，这跟长剧项目的投入周期有关。腾讯视频去年受到短剧冲击， 除了坚持高品质长视频投入，接下来也要做一些广告驱动的产品。 头部公司与新鲜力量接力产出大众精品 从2025年云合数据上新剧累计有效播放量Top20的片单构成来看，长剧背后的产出者没有出现断层式更替，而是呈现出一种更符合行业现实的"接力式产 出"。 放在更大的行业背景中，这种"低气压"已经持续多年。2025年，长剧确实没有制造出太多真正意义上的"出圈瞬间"。播放数据整体下探，爆款愈发稀缺， 在多元娱乐迅速生长、内容供给高度分散的环境里，每一次立项、每一次排播，都需要被更谨慎地计算。对许多从业者来说，这一年谈不上扩张，更像是 一场持续的现实考验，目标首先是稳住。 但如果仅仅用"没有爆款"来概括，或许并不公平。行业早已走过高速扩张阶段，正在穿越下一轮周期之前的等待期。放慢节奏、控制规模、反复评估风 ...

上周，长视频领域波澜再起。 短短一周时间内，爱奇艺与腾讯视频先后更新了其内容分账政策。一家将分账模式推广至全品类，另一家则针对横屏分账剧集祭出"上不封顶"的激励组合 拳，两家平台几乎同时在内容收益机制上迈出关键一步，使沉寂许久的内容分账赛道重新变得热络。 而这两家平台的动作不仅标志着平台与片方关系进入了深度绑定的"后验时代"，也预示着内容生产模式可能即将迎来更深刻的市场化重构。 长视频行业正加速从单纯的版权采买模式向更具生命力的风险共担、收益共享模式转型。 长视频平台分账新规的 2026年开年，腾讯视频、爱奇艺相继对分账体系进行升级，核心逻辑均指向了"提质增效"与"长期价值"。 1月23日，腾讯视频发布了横屏分账剧和自制竖屏短剧的全新合作政策。其中，横屏政策首次覆盖长剧、中剧、短剧三大品类，从制度上打破了不同体量 内容之间长期存在的藩篱。 此次新规的最大亮点在于对"长尾价值"的挖掘与对"头部项目"的重赏。 新的分账规则由基础激励与阶梯式奖励共同驱动。在纯分账模式下，剧集票房超100万元的部分即可获15%额外激励；而在"保底+分账"模式中，平台不仅 取消了保底上限，更设置了逐级递增的后验阶梯奖励。例如当票房跨越 ...

1月26日消息，腾讯董事会主席马化腾在今日召开的腾讯年会上再度谈到了短剧。 马化腾表示，腾讯视频2025年没那么多爆款产品，要给耐心，这跟投入周期有关。腾讯视频去年受到短剧冲击，除了坚持高品质长视频 投入，接下来也要做一些广告驱动的产品。 这也是马化腾连续两年发表对短剧的看法。 马化腾说的广告驱动产品，不知是否指向IAA免费看剧广告解锁产品，而这正好是红果短剧的主要商业模式。马化腾在去年的年会上表 示，不做低质量短剧。 马化腾去年表示，腾讯会投资精品短剧，坚持"有所为有所不为"的精品内容策略。 腾讯视频月活依旧排名第一，但红果短剧的异军突起。已经超越优酷和B站，直逼爱奇艺和腾讯视频。 根据QuestMobile发布的9月数据显示，热门短剧APP扰动在线视频行业格局，红果免费短剧月活2.36亿，跻身TOP4，短剧第一。河马剧 场月活跃用户规模突破5千万。 ...

Core Insights - The report indicates a slight growth in mobile internet traffic in Q3 2025, with user behavior shifting towards low-frequency deep usage. Monthly active devices reached 1.452 billion, a 0.83% increase from Q2, while daily usage frequency decreased by 2.9% to 59.8 times, and usage duration increased by 2.3% to 282.9 minutes, reflecting deeper user engagement [1][2][6]. User Changes - The proportion of unmarried users increased to 32.7%, up 1.39% year-on-year, with growth driven by the unmarried demographic in mid-to-high tier cities [2][8]. - User preferences vary significantly by age, with younger users (post-2000) favoring gaming and entertainment, while those aged 25-30 lean towards parenting and family content [2][16]. Industry Changes - The food delivery sector saw a temporary surge in traffic due to intense competition, but growth momentum has weakened post-surge, with a decline in traffic observed in August and September [3][61]. - The travel and transportation sector is experiencing steady growth, with a 15% year-on-year increase in usage duration, and monthly active users reaching 1.13 billion [3][65]. - Artificial intelligence applications are rapidly expanding, with monthly active users reaching 470 million and a year-on-year growth of 321% in language model users [3][37][44]. - The gaming service sector is facing overall decline, with intensified competition among existing players [4][76]. APP Changes - The top three apps with over 100 million monthly active users in September 2025 were Railway 12306, Doubao, and Quanmin K Ge, while the top three apps with over 50 million monthly active users were Tencent Yuanbao, Qishui Music, and Zhuanzhuan [5][81][82].

Core Insights - The long video industry is facing intensified challenges in 2025, with a projected 20% decrease in effective views for the top 20 long dramas, dropping from an average of 100 million views per episode to 60 million [1] - Major platforms like iQIYI, Tencent Video, and Youku are reforming their content cooperation models to establish a profit-sharing system, indicating a shift towards a more sustainable content ecosystem [1][2][5] - The rise of profit-sharing content signifies a move away from the era of "traffic inflation," emphasizing a return to quality content as the foundation for attracting viewers [1][6] Group 1: Industry Trends - iQIYI's new profit-sharing regulations cover various content types, including dramas, variety shows, films, and animations, aiming for a unified revenue calculation based on platform income and tiered ratios [2] - Tencent Video has introduced new collaboration policies for horizontal and vertical screen dramas, enhancing incentives for both pure profit-sharing and guaranteed plus profit-sharing projects [4] - The collective shift towards profit-sharing models is a response to external pressures and aims to create a more sustainable and mutually beneficial ecosystem for platforms and content creators [7] Group 2: Content Quality and Market Dynamics - The implementation of the Effective Play Index (EPI) by platforms like Youku is designed to provide a clearer picture of content performance, linking creator income directly to viewer engagement and advertising effectiveness [5][8] - Successful examples of profit-sharing dramas, such as "Old Uncle," demonstrate the potential for high-quality content to thrive under this new model, breaking previous revenue records [10][11] - The transition to a profit-sharing model is expected to lead to a more competitive landscape, where content quality and audience engagement become the primary drivers of success, rather than reliance on star power [12][14]