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中金 | 互联网下半场增长“三剑客”:兴趣社区、短剧、音乐
中金点睛· 2025-11-04 00:07
Core Insights - The article highlights the emergence of three standout applications in the content platform sector: Xiaohongshu, Hongguo Short Drama, and Qishui Music, which have shown remarkable growth despite a general slowdown in the internet market [2][7]. Group 1: Growth Drivers - Xiaohongshu's rise is attributed to its unique positioning as a "useful" platform, filling a gap in the Chinese market for practical information sharing, particularly among young, urban female users [5][19]. - The commonality behind the rise of the "Tomato Series" applications (including Tomato Novel, Hongguo Short Drama, and Qishui Music) lies in their integration of ByteDance's strengths in personalized recommendation and data-driven operations, creating a demand-driven supply cycle [5][26]. - The article argues that the content consumption landscape is evolving, with a shift from traditional supply-driven models to those that prioritize user demand, allowing for greater market opportunities [5][26]. Group 2: Market Positioning - Xiaohongshu differentiates itself by focusing on text-based content, which aligns with user preferences for "useful" information, contrasting with the video-centric trends seen in platforms like Douyin [15][19]. - The article discusses the potential for free music platforms like Qishui Music to become significant players in the copyright space by leveraging demand-driven strategies rather than traditional supply-driven approaches [6][38]. - The positioning of Xiaohongshu as a community-driven platform allows it to build trust among users through authentic content from everyday users rather than relying solely on influencers [20][44]. Group 3: Content Consumption Trends - The article notes that the rise of short dramas and short videos reflects a broader trend in content consumption, where users prefer formats that deliver high engagement and emotional stimulation [31][34]. - The production model for short dramas has shifted towards a more decentralized and market-responsive approach, allowing for quicker adaptation to user preferences and lower production costs [32][34]. - The article emphasizes that the demand for story-driven content is a fundamental human need, which explains the popularity of short dramas and videos that prioritize narrative engagement [31][34]. Group 4: Commercialization Strategies - Xiaohongshu's brand "grass planting" strategy is rooted in psychological principles that enhance user trust and engagement, making it a unique player in the e-commerce space [46][47]. - The transition of Xiaohongshu to a "buyer’s e-commerce" model reflects its adaptation to community dynamics, where creators act as curators of shopping information, enhancing user experience [47]. - Hongguo Short Drama's success is attributed to its innovative free + advertising revenue model, which has allowed it to capture significant market share in the short drama space [49][35].