Core Viewpoint - The competition between short dramas and long dramas is intensifying, with short dramas increasingly encroaching on the long drama market, leading to a shift in content creation dynamics [1][16]. Group 1: Market Trends - The release of the ancient costume drama "Cheng He Ti Tong" by iQIYI has generated significant buzz, with a short drama version already in production [1]. - The trend of adapting the same IP into both short and long versions is becoming more common, indicating a shift in how content is developed and marketed [6][7]. - The micro-drama market has seen a notable increase in IP adaptations, with four out of the top five trending short dramas being based on existing IPs [6]. Group 2: Production Dynamics - The production cycle for short dramas is significantly shorter, typically taking around 20 days to film and one month to release, compared to the two to seven years required for long dramas [16]. - The cost of producing short dramas has increased, with some productions now exceeding 100 million yuan, reflecting a trend towards higher quality content [6]. - The decline in the prices of IP rights has made it more feasible for producers to adapt high-quality long-form web novels into short dramas, further blurring the lines between the two formats [6][15]. Group 3: Audience Engagement - The relationship between short dramas and long-form web novels is increasingly reciprocal, with both formats benefiting from each other's popularity and audience reach [13]. - The quality of content remains the primary factor influencing audience choice between short and long dramas, with both formats offering different emotional experiences [18]. - The simultaneous development of short and long versions of the same IP may lead to audience fatigue, as viewers may lose interest in the content if it is overexposed [16].