Group 1 - Tencent's revenue for Q2 2025 increased by 15% year-on-year to 184.5 billion yuan, with net profit rising by 17% to 55.6 billion yuan [2] - Tencent Video's paid membership declined by 3 million to 114 million, showing a decrease both year-on-year and quarter-on-quarter [2] - The advertising revenue for Tencent Video is under significant pressure, with iQIYI's ad revenue dropping by 10.4% to 1.33 billion yuan in Q1 2024, and Mango TV's ad revenue decreasing by 2.7% to 3.438 billion yuan in 2024 [2] Group 2 - The rise of short videos is significantly impacting long video platforms, with short video users in China reaching 1.04 billion and a usage rate of 93.8% as of December 2024 [3] - Short videos are seen as more efficient in monetization, with new consumer brands preferring to invest in platforms like Douyin and Xiaohongshu rather than long video [3] - Tencent Video is adapting by launching over 20,000 vertical short dramas, which have gained significant traction with 3 billion views and 87 trending topics [3]

那么，今年海外短剧市场发展到了哪个阶段？与去年相比又有哪些变化？ 近日，DataEye短剧观察再次与美国资深短剧制片人、Crazy Stone Studio LLC（疯狂石头影视）的负责人和总制片Cecilia展开对话。Cecilia自2023年8月起 投身短剧制作，至今已参与多部作品制作，经验丰富。 Cecilia指出，美国传统影视人对短剧的态度在今年发生了显著转变。去年，不少美国传统影视人对短剧颇为反感，认为其低端、"很 low"，视之为对传统 影视的挑战；而今年，大量美国及外国影视人都纷纷拥抱短剧，众多从业者争相入局，认为竖屏短剧是未来的大趋势。 然而，从市场拍摄需求来看，2025年以来，美国短剧拍摄需求减少约 10%-20%，需求主要流向国内、加拿大、英国、澳洲等地。不过，美国的平均制作 水平仍高于其他地区，若想打造爆款、实现高回报率，美国团队仍具备优势。 题材方面，市场上虽有爆款剧，但数量有限。诸多题材，既包含国内可出海的，也有国内较少涉及的，均被反复挖掘。不过，平台正逐步着手规划题材方 向，以往少见的 "冷冻仓""后悔流" 等题材，如今逐渐增多。 演员薪酬上，与国内市场类似，美国爆款演员薪酬翻倍， ...

Core Viewpoint - The company is committed to both long-form and short-form content, emphasizing the importance of developing original IPs and maintaining a long-term vision in the industry [1][3][5]. Group 1: Long-form Content Strategy - The company has successfully developed the long-form series "Tang Dynasty Strange Stories," focusing on historical accuracy while allowing for fictional characters [3][5]. - The production process for "Tang Dynasty Strange Stories" involved extensive development and filming time, which has garnered respect from peers in the industry [3][5]. - The company aims to create a sustainable original IP ecosystem, moving away from reliance on web novels and celebrity-driven content [5][9]. Group 2: Short-form Content Strategy - The company is launching the micro-drama "Lion City Mountains and Seas," which is the first micro-drama with an investment exceeding 100 million yuan, showcasing a significant commitment to the short-form market [1][5]. - Other upcoming short-form projects include "Identification," "Soul Ferry: Ten Years," and "Smoke and Rain Mythical Journey," indicating a diverse portfolio of content [7][9][10]. - The rise of vertical short dramas is seen as a new opportunity for the industry, with expectations for the market size to exceed 60 billion yuan this year [15][16]. Group 3: Industry Insights and Challenges - The company acknowledges the challenges faced in the short-form market, including financial losses from earlier projects, but emphasizes the learning experiences gained [18][19]. - The introduction of a "minimum guarantee plus bonus" policy by platforms like iQIYI is viewed as a positive development for the short-form content sector [18]. - The company believes that the boundaries between short-form and long-form content will blur, making both types essential in the future of the industry [19][21].