Core Insights - The streaming industry has entered the narrative 3.0 phase, characterized by the emergence of micro-short dramas, which redefine storytelling consumption methods [1][4] - The micro-short drama sector is rapidly growing, with significant potential for future development [1][4] Industry Overview - As of March this year, there are 237 micro-short drama applications in the overseas market, with rapid growth in user downloads and in-app purchase revenues [3] - The overseas micro-short drama platform Reelshort, launched by Fengye Interactive, has reached over 250 million global downloads and surpassed 100 million paid users [3] - In 2025, the platform is expected to add over 50 million new users, with monthly active users exceeding 70 million [3] Company Positioning - Fengye Interactive is a leader in the overseas micro-short drama field, with a fully integrated industrial delivery process covering content selection, production, and filming [3] - The company has established production bases in Los Angeles, the East Coast of the United States, and Latin America [3] Future Trends - The narrative 3.0 era, represented by platforms like Reelshort, utilizes data-driven creation and builds cross-channel matrices to enhance content richness and evolution speed [3] - A new evaluation system for micro-short drama content is needed, focusing on user acquisition, retention, and monetization to ensure high hit rates [4] - Vertical short dramas are reshaping storytelling modes, shifting towards emotion-driven narratives [4]