"爆款"难救市 作者丨贺泓源 李音桦 编辑 丨陶力 整个长视频的盈利模式可能都需要迭代。 爱奇艺财报显示，三季度，该公司营收同比下滑7.8%至66.8亿元；净亏损2.489亿元，去年同 期爱奇艺净利润为2.294亿元。 事实上，业绩下滑已经是种行业性趋势。 三季度，芒果超媒营收同比下滑6.58%至30.99 亿元；归母净利润同比下滑33.47%至2.52亿 元。同期，腾讯视频会员数从去年三季度的1.16亿降至今年的1.14亿。 长视频陷入了行业性的迷茫。 需要注意的是，在行业下行中， 爱奇艺们并非不够努力。 在剧集方面，爱奇艺云合总市占率保持第一。 暑期档《朝雪录》《生万物》内容热度值均破 万，《不眠日》内容热度峰值超8800。其中，由杨幂、欧豪领衔主演的《生万物》在2025年 单日云合热播榜市占率第一，并创下中央电视台电视剧频道集均收视新高。 杨幂主演的《生万物》成为当季爆款。图：片方海报 芒果超媒在综艺市场的表现依旧不错，《密室大逃脱第七季》《披荆斩棘 2025》《我家那闺 女 2025》《花儿与少年·同心季》均很有热度。 但这挽救不了高毛利的广告业务下滑。 三季度，爱奇艺广告收入同比下滑7.2%至12. ...

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV reporting declines in revenue and profits, indicating a need for a shift in their business models [1][4][10] Financial Performance - iQIYI's Q3 revenue decreased by 7.8% year-on-year to 6.68 billion yuan, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1] - Mango TV's Q3 revenue fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [1] - iQIYI's advertising revenue dropped by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [4][5] Industry Trends - The long video sector is experiencing a collective struggle, with a notable decline in subscriber numbers for Tencent Video, which fell from 116 million to 114 million year-on-year [1] - Advertisers are shifting their budgets towards short videos and platforms like Xiaohongshu due to better monetization efficiency [5][6] Content Performance - iQIYI maintains the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [4] - Despite successful content, the decline in high-margin advertising revenue remains a critical issue for iQIYI [4][6] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [7] - The company is diversifying its IP consumption strategy, with self-operated and licensed products seeing over 100% revenue growth [8] Policy Environment - Recent government policies, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions, which could benefit iQIYI's content production and distribution [9][10] - iQIYI's Chief Content Officer noted positive developments in project approvals and production under the new policy framework [9]