Core Viewpoint - The long drama industry is facing significant challenges, with a noticeable decline in viewership and engagement despite an increase in the number of new series released [2][3][5]. Group 1: Long Drama Market Analysis - In the first half of 2025, long video platforms released 271 new series, a slight increase from 237 in the same period last year, but the average viewership per episode has drastically decreased [3][4]. - Only one series, "Bleach," achieved an average viewership of over 50 million, while only three others surpassed 40 million, indicating a severe drop in audience engagement compared to 2024 [3][4]. - The industry is experiencing a transformation phase, with a focus on high-quality productions as lower-quality series are being phased out [4][5]. Group 2: Shift in Content Strategy - Major platforms are shifting from betting on blockbuster hits to ensuring content quality and return on investment (ROI), emphasizing the need for a higher success rate in projects [6][7]. - Tencent Video is encouraging creators to focus on quality storytelling and project viability, while iQIYI aims to reduce the number of episodes but increase the overall budget for projects [6][7]. - The industry is seeing a decline in opportunities for mid-tier and emerging writers, as platforms prefer established creators with proven track records [9][10]. Group 3: Impact of Short Dramas - Short dramas are emerging as a potential growth area, with platforms like iQIYI and Tencent Video actively developing short-form content to compete with traditional long dramas [13][14]. - Despite the rise of short dramas, there are concerns about their ability to generate significant revenue compared to long dramas, as the latter still forms the core of major platforms' business models [17][18]. - The competition from short dramas is prompting long video platforms to enhance their content quality and explore new monetization strategies [16][17]. Group 4: Technological and Market Innovations - AI is being increasingly integrated into content production and user experience, with platforms like Tencent Video and iQIYI investing in AI technologies to improve efficiency and creativity [18][19]. - International expansion and IP monetization are also key strategies for platforms, with iQIYI and Tencent Video establishing partnerships and operations in various global markets [20][21]. - The current profitability of major video platforms relies heavily on cost-cutting and membership fee increases, indicating a fragile balance rather than sustainable growth [22].

Core Insights - The CEO of iQIYI, Gong Yu, emphasized the growing user habit of watching "micro-dramas," with heavy users increasing threefold from December to April [2] - iQIYI currently has approximately 15,000 micro-dramas on its platform, with popular titles quickly surpassing 1 million RMB in revenue within a week [2] - iQIYI's total revenue for Q1 2025 was 7.19 billion RMB, a 9% year-over-year decline, with net profit dropping 72% [2][3] Revenue Breakdown - Membership service revenue accounted for over half of total revenue at 4.4 billion RMB, down 8% year-over-year due to a decrease in content release [3] - Online advertising revenue was 1.33 billion RMB, down 10% year-over-year, primarily due to a decline in brand advertising [3] - Content distribution revenue fell to 630 million RMB, a 32% decrease, attributed to reduced income from TV series and film distribution [3] - Other revenue increased by 16% to 830 million RMB, driven by the international influence of Chinese dramas [3] Cost and Financial Health - Total costs for the quarter were 5.41 billion RMB, a 4% year-over-year decline, with content costs at 3.79 billion RMB, down 7% [3] - Sales and management expenses rose by 11% to 1.03 billion RMB, while R&D expenses decreased by 4% to 410 million RMB [3] - The company's balance sheet has improved, with net interest expenses declining over the past six quarters, indicating efforts to optimize capital structure [3] Strategic Shifts - iQIYI announced a rebranding of its "极速版" to "iQIYI Micro-Short Drama App," focusing on free micro-dramas [4] - The company aims to attract new members, especially in underpenetrated markets, through micro-dramas and enhance monetization opportunities in advertising and e-commerce [4] - iQIYI will continue to invest in long-form content but will adjust its approach by reducing episode counts and durations to focus on high-quality productions [5] Cash Position - As of March 31, 2025, iQIYI's cash balance totaled 5.7 billion RMB, including cash, cash equivalents, and short-term investments [5]

以下文章来源于娱乐硬糖 ，作者顾韩 娱乐硬糖 . 有温度的泛娱乐产业自媒体。娱乐人物的商业解读，资本客厅的莎士比亚。 从《苦尽柑来》到《混沌少年时》， 海外从业者如何捍卫长剧。 文 ｜ 顾韩 编辑 ｜ 李春晖 来源｜ 娱乐硬糖（ID：yuleyingtang） 封面来源 ｜ 《混沌少年时》剧照 进入Q2的长视频发布季，第一次，最受关注的不再是片单储备，而是各家对内容策略的重新梳理，对剧集长短的最新判断。 4月23日的2025爱奇艺世界大会上，高管一边肯定"长视频为战略核心、微剧为增量业务"，一边提出"短是内容领域2025唯一关键词"，承认长剧处在"转型阵 痛期"，集数与时长的缩短势在必行。 而优酷自去年的10集迷你剧《新生》起，就在为自家"限集令"做铺垫。随着全行业的缺金断粮，这种调整更是自发自觉。数据显示，2024年播出剧集与备案 剧集的平均集数双双下降到28集左右。 在这个长短之争白热化的特殊阶段，长剧变短已成定局，问题是怎么变？如果说横屏中短剧是长剧向短的权宜之计，迷你剧（只缩集数，单集可能还会加 长）就是大家从《纸牌屋》时期就提出要发展、如今全面提上日程的进化终局。 然而，在国剧最先"迷你化"的悬疑赛 ...

Group 1 - The core focus of the long video industry is shifting from content inventory to content strategy, with a significant emphasis on the trend of shortening series and episodes [1] - Data indicates that the average number of episodes for broadcast and planned series is expected to drop to around 28 episodes in 2024, reflecting a broader industry adjustment due to financial constraints [1] - The transition from long series to shorter formats is becoming a necessity, with mini-series being seen as an evolutionary endpoint in this trend [1] Group 2 - The mini-series format has faced challenges in the domestic market, with many high-profile projects failing to meet expectations, indicating that simply reducing episode count does not guarantee success [3] - International series, particularly from the UK and Japan, have successfully adapted to shorter formats, with typical episode counts dropping to around 10, showcasing a different approach to storytelling [3] - The immersive experience created by international series often stems from high information density, which keeps viewers engaged despite the presence of competing entertainment options [4] Group 3 - The narrative techniques employed in international series, such as continuous shots and non-linear storytelling, enhance viewer engagement and emotional connection with characters [5][8] - Recent successful series have utilized innovative storytelling methods to challenge viewers' attention and cognitive engagement, pushing them to invest more in the narrative [6] - Korean dramas have also evolved by incorporating contemporary themes into traditional storytelling formats, reflecting current societal issues while maintaining audience interest [10][13] Group 4 - Long series are increasingly viewed as a high-cost entertainment option, necessitating more substantial content to justify viewer investment in terms of time and attention [10] - Successful long series have focused on revealing insights into contemporary issues, such as workplace dynamics and societal challenges, thereby enhancing their relevance [11][19] - The ability of long series to foster discussion and create consensus on social issues distinguishes them from short series, which often cater to individual viewer preferences [17] Group 5 - The emotional depth and complexity of long series allow them to address universal themes of human experience, contrasting with the more immediate gratification offered by short series [21] - The narrative approach of long series, which emphasizes character development and relational dynamics, resonates with audiences across diverse cultural backgrounds [21] - The industry recognizes the need for long series to evolve in response to changing viewer expectations, focusing on deeper themes of pain and hope to enhance their artistic value [21]