社会服务 业 研 究 视频播客成为内容平台增长新曲线，海南离岛免税新 政成效初显 视频播客：B 站、小红书加码深度内容与真实表达，中国播客处在发展初期 2025 年 11 月 09 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-11 2025-03 2025-07 社会服务 沪深300 相关研究报告 《南美/中东非潮玩渗透空间广阔，补 贴收缩茶咖龙头强势增长—行业周 报》-2025.10.26 《IP 授权融入全球消费者生活，平台 加码即时零售+出海双线作战双十一 —行业周报》-2025.10.19 《现制精酿啤酒高增，美图秀秀登顶 多国家应用总榜 — 行 业 周 报 》 -2025.10.12 初敏（分析师） 李睿娴（分析师） 叶彬慧（联系人） chumin@kysec.cn 证书编号：S0790522080008 liruixian@kysec.cn 证书编号：S0790525020004 yebinhui@kysec.cn 证书编号：S0790124070053 免税/潮玩：海南离岛免税新政成效初显，FY2026Q2 三丽鸥延续强势增长 海南 ...

奈飞（Netflix）正通过密集的独家内容采购，加速其在视频播客领域的布局，意图在这一快速增长的市场中直接挑战YouTube的领先地位。这一系 列举动不仅揭示了流媒体巨头们新的内容战场，也反映出播客行业从"音频优先"向"视频优先"转变的确定性趋势。 据知情人士透露，奈飞正在与iHeartMedia Inc.洽谈，希望获得后者旗下视频播客内容的独家授权。谈判的核心在于排他性——若协议达成，这些 节目的完整视频版将从YouTube下架。iHeartMedia旗下拥有《The Breakfast Club》、《Las Culturistas》等一批热门播客节目。 这一消息对市场产生了立竿见影的刺激。作为在160个市场运营超过860个广播电台的媒体巨头，iHeartMedia的股价在盘后交易中一度飙升近一 倍，最高触及5.49美元，凸显了投资者对这笔潜在交易价值的高度认可。 瞄准YouTube，奈飞加速布局 流媒体平台正将视频播客视为挑战YouTube主导地位的新武器。据统计，目前每月有超过10亿用户在YouTube上观看播客，使其成为事实上的第一 大播客平台。为了与其竞争，奈飞、Fox Corp.旗下的Tubi等流 ...

本质上，是内容供给方式在变：从"平台造星"到"创作者自带内容进场"。平台越来越像策展方，而非生产方。 2. 赌一个判断：下一代核心商业媒体，会是几个头部视频播客。 以前大厂开发布会是找36氪/晚点发头条，这是标配。以后的"高配"，很可能就是找罗永浩、陈鲁豫这个量级的主持人做两期深度播客，然后再通过精准 切条、饱和传播，价格没有更高，但能实现同等甚至更深的穿透力。 逻辑很简单，从"做内容"（求媒体发稿）转向"做渠道"（自己生产可裂变的内容资产）。 美国那边，大厂创始人直接上播客已成常态。好处是没中间商，但对企业一把手的要求也变成了真刀真枪——不能再靠公关稿提词器，也得直面汹涌的舆 论。 1. 视频网站的"降本增效"，在短剧和 AI 漫剧之外，可能也得靠视频播客。视频播客可能就是综艺节目的短剧时刻。 平台长剧立项锐减，综艺也在大砍项目，但用户总不能没内容看。与其砸钱做一档未必爆的A级综艺，不如把资源投给一批优质视频播客——用C级预 算，博多个A级效果，性价比直接拉满。 想想看，《十三邀》《圆桌派》这么多年才聊一百多人，制作成本高，平台方还得自己兜底。之前说这些节目是在为某些嘉宾做抢救式报道，但平台多年 没再为他专 ...

Group 1 - CCTV announced a collaboration with Bilibili to co-create video podcast themes and discussions related to the host competition [1] - Bilibili launched the "Video Podcast Out-of-Circle Plan" with a 1 billion RMB traffic support for the summer, AI creation tools, and free recording venues in major cities [1] Group 2 - Bilibili reported a total revenue of 7.34 billion RMB for Q2 2025, a 20% year-on-year increase, with adjusted net profit reaching 560 million RMB, both hitting historical highs [4] - Daily active users reached 109 million, an increase of 7% year-on-year, while monthly active users grew to 363 million, up 8% year-on-year [4] - The number of monthly paying users rose to 31 million, marking a 9% year-on-year increase, all being historical highs [4] Group 3 - In Q1 2025, Bilibili's video podcast consumption time reached 25.9 billion minutes, a growth of over 270%, with user numbers exceeding 40 million [4] - A report predicts that the global user base for Chinese podcasts will reach approximately 150 million by 2025 [4] Group 4 - The creator ecosystem saw around 2 million UP owners earning income through various channels in the first half of the year, with a 49% year-on-year increase in e-commerce-related UP owners [4] - "Charging" income for creators doubled year-on-year [4] Group 5 - Various content categories showed growth, with anime content viewing time increasing by 25%, and the second season of "Ling Cage" surpassing 330 million views [5] - Gaming content viewing time grew by 21%, while AI content became the fastest-growing tech category with a 61% increase in viewing time [5] - Short video content in emerging categories rapidly rose to meet diverse user demands [5]

Group 1 - Netflix has retained Moelis & Co to explore a potential bid for Warner Bros. Discovery's streaming and studio business [1] - A source confirmed that Netflix is "looking into" the possibility of acquiring part of WBD, although Netflix declined to comment [2] - WBD has initiated a strategic review process due to "unsolicited interest" from multiple parties, confirming it is for sale [3] Group 2 - Netflix co-CEO Greg Peters previously dismissed speculation about a studio merger, emphasizing the importance of developing capabilities internally rather than through acquisitions [3] - Co-CEO Ted Sarandos reiterated that Netflix has no interest in owning legacy media networks, indicating a consistent strategy [4] - Netflix has recently entered the video podcasting space through a partnership with Spotify, reflecting its strategy to expand content offerings [4]

Core Insights - CCTV News announced a collaboration with Bilibili Inc. to co-create video podcast themes for the upcoming news anchor competition [1] - Bilibili launched a support policy for video podcasts called the "Video Podcast Out-of-Circle Plan," which includes a 1 billion-level cold start traffic initiative, an upcoming AI creation tool for video podcasts, and free recording venues in major cities [1] - Bilibili reported that by Q1 2025, the consumption duration of video podcasts reached 25.9 billion minutes, a year-on-year increase of over 270%, with a user base exceeding 40 million [1] - According to a report by iResearch, the global user base for Chinese podcasts is projected to reach approximately 150 million by 2025 [1]

Core Viewpoint - The rise of video podcasts is a significant trend in the internet industry, with Netflix partnering with Spotify to create its first video podcast programs, reflecting a shift in content consumption preferences [1][4]. Group 1: Industry Trends - Video podcasts are gaining popularity, similar to the earlier rise of short videos, indicating a shift in user engagement and content consumption [1][4]. - Netflix's strategy involves collaborating with established personalities to enhance its video podcast offerings, mirroring practices in the domestic market where influencers support podcast growth [4][13]. Group 2: Challenges in Domestic Market - The podcast format has struggled to gain traction in China due to the late development of car culture and the rapid evolution of internet content from text to video, which has overshadowed traditional audio formats [6][7]. - The combination of video and podcasting aims to leverage the strengths of both mediums, but it also introduces complexities, such as the need for creators to perform well on camera [9][11]. Group 3: Creator Requirements - Successful video podcasts require creators to possess both content knowledge and on-camera charisma, making it essential to have established figures leading the charge in this new format [11][13]. - The competition in the video podcast space is largely about attracting influential creators, as their presence is crucial for market education and audience engagement [13].

Core Insights - Bilibili (B站) is leveraging video podcasts to create a new content ecosystem, aiming to provide high-quality long-form interview programs rather than merely replicating traditional podcasts [1][5][25] - The platform has seen significant engagement, with notable episodes achieving millions of views and discussions across various topics, indicating a growing acceptance of this content format among users [3][6][21] - Bilibili's strategy includes collaborating with established events and media, such as the CCTV and the Wuzhen Theatre Festival, to enhance its reach and credibility in the video podcast space [1][40] Group 1: Content Format and Engagement - Video podcasts on Bilibili have generated substantial viewership, with episodes featuring prominent figures like Luo Yonghao and Lu Yu achieving over 4.7 million and 3 million views respectively [3][6] - The platform's unique approach combines elements of traditional interviews with interactive features like bullet comments, enhancing viewer engagement and creating a lively discussion environment [5][31] - Bilibili's video podcasts are not limited to celebrity interviews; they also include diverse topics and creators, catering to various audience interests and fostering a rich content ecosystem [21][24] Group 2: Audience and Market Position - The audience for Bilibili's video podcasts is expanding beyond traditional podcast listeners, as users increasingly appreciate the depth and quality of long-form content [5][31] - Bilibili's content strategy focuses on creating relatable and engaging discussions that resonate with everyday concerns, thus attracting a broader demographic [6][9] - The platform's ability to connect with niche audiences through specialized content, such as political discussions and lifestyle topics, positions it favorably in the competitive media landscape [21][38] Group 3: Future Prospects and Innovations - Bilibili aims to evolve its video podcast format by incorporating innovative elements and structured segments to enhance viewer retention and engagement [43][46] - The potential for monetization exists through Bilibili's existing paid content channels, as loyal viewers are likely to engage with brands featured in the podcasts [43][46] - The platform is expected to continue refining its production quality and commercial strategies, paving the way for a more mature and diverse content ecosystem in the future [46]

Core Insights - Spotify is collaborating with Netflix to bring select popular video podcasts to Netflix's streaming service, aiming to reach a larger audience [1] - The partnership will initially launch in the U.S. next year and will gradually expand to other regions [1] - Selected podcasts include "The Bill Simmons Podcast," "The Zach Lowe Show," "The Rewatchables," "Conspiracy Theories," and "The Big Picture," with audio versions remaining available on various podcast platforms [1] Group 1 - Netflix's VP of Content Licensing and Programming, Lauren Smith, stated that these carefully selected video podcasts will provide new voices and perspectives for Netflix [2] - Video podcasts are increasingly popular, with over 1 billion people watching podcast content on YouTube each month, and 77% of new podcast listeners actively watching video podcasts [2] - Netflix's co-CEO Ted Sarandos, who is also a board member of Spotify, believes video podcasts could eventually have a place on Netflix [2] Group 2 - Spotify, a pioneer in music streaming and an early advocate for podcasts, is transforming its platform into a significant venue for video content [3] - The company has over 430,000 video podcasts hosted on its platform, with more than 350 million users having watched video podcasts [3] - Spotify's video podcasts will retain advertisements, while Netflix will offer ad-free versions for its subscription users [3]

Core Insights - The rise of video podcasts on platforms like Bilibili (B站) is a natural evolution of content forms, providing a lifeline for original creators struggling with content production [1] - Bilibili's significant investment in video podcasts, including a 1 billion traffic support plan and AI editing tools, aims to lower the barriers for creators and build a comprehensive transition from audio to video podcasts [5][19] - The platform's strategy focuses on deep content immersion and IP cultivation, contrasting with other platforms that emphasize lightweight content [5][20] Group 1: Industry Trends - Video podcasts have become a hot topic in the podcast industry, with many creators eager to explore this format, driven by Bilibili's promotion and support [2][6] - The demand for deep, professional content is increasing as users grow weary of fragmented, shallow content, making video podcasts an appealing option [12][20] - Bilibili's core user base aligns well with the characteristics of podcast audiences, being young, curious, and willing to pay for high-quality content [7][8] Group 2: Bilibili's Strategy - Bilibili is not merely creating a new video podcast track but is instead focused on revitalizing its content ecosystem by attracting notable figures and experts to set examples for video podcasts [6][16] - The platform's approach is to cultivate a healthy ecosystem of creators rather than just injecting resources into top creators, aiming for sustainable growth [16][21] - The success of video podcasts will depend on the emergence of amateur creators and niche content producers, not just established stars [6][12] Group 3: User Engagement and Content Creation - Video podcasts are showing promising engagement metrics, with Bilibili's Q1 video podcast consumption reaching 25.9 billion minutes, a year-on-year increase of over 270% [12] - The interactive features of Bilibili, such as bullet comments and user-generated content, enhance the dissemination of deep content and support long-tail content distribution [12][20] - The platform's focus on lowering production costs through AI tools and free recording spaces is designed to attract more professionals to create content [19][21]