Core Viewpoint - Youku, a subsidiary of Alibaba's Whale Entertainment Group, announced a new revenue-sharing model for online story films starting January 1, 2026, allowing content providers to receive 100% of membership viewing revenue and an additional 20% incentive through a "new user coefficient," leading to a total revenue share of up to 120% [1][4]. Group 1 - The introduction of the "up to 120% revenue share" policy represents a renegotiation of the revenue structure between platforms and content providers, aiming to reconstruct the ecological incentive mechanism in the long video industry, which is currently facing high investment and low returns [3][6]. - Youku's strategy breaks away from the traditional exclusive copyright monopoly, allowing non-exclusive content to enjoy a 100% base share plus a 20% new user incentive, directly linking content value to user growth [3][6]. - This initiative aligns with the regulatory guidance from the National Radio and Television Administration regarding the new medium-length content format of "online story films" and seeks to carve out a differentiated path in a competitive landscape dominated by iQIYI and Tencent Video [3][6]. Group 2 - The new revenue-sharing model addresses structural contradictions in the streaming media market, where platforms have relied on exclusive copyrights, leading to inflated content procurement costs and deteriorating ROI, while smaller producers struggle with weak bargaining power and long payment cycles [7]. - By adopting a "de-exclusive + effect-oriented" dual approach, Youku aims to reduce its content procurement risks and enhance creator engagement, with the "new user coefficient" dynamically adjusted based on 90-day membership conversion effectiveness [7]. - If successful, this model could enhance Youku's content diversity and user engagement, potentially triggering a chain reaction in the industry, compelling other platforms to follow suit with similar revenue-sharing reforms, thus accelerating the transition of the long video industry from "capital burning" to "ecological win-win" [4][7].