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]