Core Insights - iQIYI and Hongguo Short Drama announced a deep collaboration to jointly develop and produce high-quality micro-dramas, aiming to enhance the industry and provide more quality content for audiences [1][3]. Group 1: Company Initiatives - iQIYI has embraced micro-dramas, establishing "Micro Theater" and "Short Theater" with content durations of 1-3 minutes and 5-20 minutes respectively, allowing both members and non-members to access a wide range of micro-drama content [5]. - iQIYI reported significant engagement with over ten thousand micro-dramas available for viewing, with a single micro-drama project achieving over one million in revenue in December [5]. - The company plans to launch a "Thousand High-Quality Micro-Dramas Plan" and a "Hundred High-Quality Short Dramas Plan," focusing on diverse genres such as historical, romance, and suspense [5]. Group 2: Industry Trends - The micro-drama industry is experiencing rapid growth, with a consensus on the need to integrate resources and experiences to produce high-quality content and promote healthy industry development [1][3]. - Both iQIYI and Hongguo Short Drama aim to explore the limitless possibilities of micro-dramas and enhance the industry's ceiling through long-term collaborations with experienced institutions [3].