Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV experiencing revenue declines and increasing losses, indicating a need for a shift in their business models [1][9][14]. Group 1: Financial Performance - iQIYI reported a 7.8% year-on-year revenue decline to 6.68 billion yuan in Q3, 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 revenue also fell by 6.58% to 3.099 billion yuan, with a net profit drop of 33.47% to 252 million yuan [1]. - iQIYI's advertising revenue decreased by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan, highlighting a shift in advertiser preferences [7]. Group 2: Content and Market Position - iQIYI maintained the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [3]. - Mango TV performed well in the variety show market, with shows like "Escape Room Season 7" and "Flowers and Youth" gaining significant popularity [6]. - Despite successful content, iQIYI's advertising revenue decline indicates that high-quality content alone is insufficient to attract advertisers [7]. Group 3: Strategic Initiatives and Future Outlook - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [11]. - The company is also diversifying its IP consumption model, with self-operated and licensed products seeing over 100% revenue growth [11]. - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to positively impact the industry, allowing for more flexible content production and distribution [12][14].

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]