Core Viewpoint - The article discusses the evolving monetization strategies of closed-source AI models, highlighting the shift from traditional methods to new approaches like e-commerce and advertising, while emphasizing the challenges posed by high operational costs and intense competition in the industry [6][7][20]. Monetization Strategies - Closed-source AI models are exploring new monetization avenues, particularly through e-commerce and advertising, as traditional methods like API sales and subscriptions are insufficient to cover rising costs [7][9][10]. - E-commerce is viewed as a more favorable option compared to advertising, as it focuses on transactions rather than mere exposure, making it more acceptable to users [10][11]. - Major domestic AI assistants have integrated e-commerce links, allowing users to make purchases directly from responses, indicating a trend towards embedding shopping functionalities [12][14]. Current Trends in E-commerce - Companies like Doubao and Tencent Yuanbao are embedding shopping links in their responses, with various platforms like Taobao and JD.com being utilized for product recommendations [12][14]. - The integration of e-commerce links is considered a basic level of monetization, but it faces challenges in differentiating from existing e-commerce platforms [15][19]. - Internationally, OpenAI has introduced shopping features in ChatGPT, allowing users to make purchases directly, which could redefine the AI's commercial value [16][17]. Traditional Monetization Methods - The three primary traditional monetization methods remain API sales, subscription services, and customized enterprise solutions, which still constitute the bulk of revenue for AI companies [21][30]. - API sales are a significant revenue source, with companies like OpenAI and Anthropic leading in this area, generating substantial income from API usage [22][24]. - Subscription models, while successful for OpenAI, face challenges in user adoption, particularly in the domestic market where willingness to pay is low [27][28]. Cost Challenges - The high costs associated with training and inference are a major concern for AI companies, with OpenAI reporting significant losses despite high revenues [32][34]. - Training costs have skyrocketed, with estimates indicating a rise from several million dollars in 2020 to over 300 million dollars by 2025, reflecting a 66-fold increase [34]. - The industry is experiencing a "burn rate" scenario, where companies must continuously invest to improve models and retain users, leading to a cycle of high expenditure and low profit margins [37].

Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [3] Core Insights - The report highlights the self-upgrading of the industry through group broadcasting, which is characterized by team-based production, thematic content, interactive engagement, and diversified monetization [5][10] - The audience for male and female groups is primarily female, aged 18-40, indicating a shift in the consumption landscape towards emotional engagement and social atmosphere [4][66] - Regulatory requirements and strict supervision are driving industry consolidation, with platforms like Douyin implementing management norms to foster a healthier environment for quality group broadcasting [4][74] - The international market presents opportunities for cultural output through group broadcasting, with Southeast Asia and Europe being key regions for localized operations [4][99] Summary by Sections Group Broadcasting Overview - Group broadcasting is defined as a performance live-streaming format where multiple individuals showcase talents, resembling small-scale variety shows [5][10] - It simplifies traditional talent selection processes into a more efficient and interactive format, enhancing content quality through professional team involvement and advanced technology [30][36] Industry Growth and Trends - The MCN industry has seen a slowdown in growth, with a significant number of small-scale institutions coexisting with a few large players, indicating a trend towards maturity [16][19] - Douyin's user base surpassed 1 billion in March 2025, with an average usage time of 46.54 hours per month, highlighting the platform's growing influence [66][74] Monetization and Commercialization - The primary monetization method remains direct user tipping, supplemented by B2B collaborations and offline resource expansion [83][87] - Group broadcasting has begun to explore e-commerce and IP monetization, with successful collaborations between group broadcasters and brands leading to significant sales [87][90] International Expansion - The report notes the potential for group broadcasting to serve as a cultural export, with successful models emerging in international markets like Indonesia and Vietnam [99][101] - Domestic companies are actively expanding overseas, establishing local operations to adapt to regional markets while maintaining their core broadcasting standards [101][104] Investment Recommendations - The report suggests focusing on high-growth opportunities within the industry, particularly companies directly involved in group broadcasting, platforms benefiting from its growth, and those with influencer or artist management capabilities [108][109]