进入2026年，短剧行业将会走向何方？ 不难给出的判断是，今年将很有可能出现一批突破50亿 播放量 的头部作品，短剧的行业位置也随之完成进一步上 移。 从高举高打、蒙头往前冲的"野蛮人"变成擅长稳定运营、生产固化的"职业经理人"， 这一变化意味着短剧已经从阶段性爆发转入建制化生产阶段。 "短剧春节档"到"短剧暑期档" 与此同时，行业参与者结构也发生了明显调整。最早进入赛道的小规模创作者和短视频团队正在退场或转型，取而代之的是具备制片能力、投放能力与项 目规模管理能力的成熟公司。 专业且形成规模的短剧制作团队，以及 拥有投资驱动力的平台自制 部门， 正在主导产能扩张。 结构性变化带动了短剧规模提升以及所谓的"精品化"，但显然也会削弱其原有"小快灵"的优势。 值得注意的是，规模扩张并未带来相应的商业或内容创新，短剧的发展路径正逐步被传统影视生产逻辑重塑。 制作筹备周期变长，参与人员增多，预算配置向演员、宣发和场景消耗倾斜。短剧原本的低成本优势正在减弱， 而其叙事结构则呈现高度规律化与模板 化倾向。 中国网络视听协会《中国微短剧行业发展白皮书（2025）》 短剧曾经被视为从传统影视逻辑中跳脱的一条新路径，但目前看这 ...

在线综艺营销趋势 丨白皮书 核心摘要： 本报告聚焦在线综艺行业核心参与者，通过艾瑞自研的第三方网民网络行为监测系统和视频内容监测系统的 大数据分析，系统的呈现2024-2025年中国在线视频综艺市场的用户规模、内容创新及营销趋势。并结合 定量调研与行业专家访谈，深度解析热门赛道的内容创作逻辑，以及全域生态营销、品牌角色共创等前沿玩 法。报告旨在为平台方及品牌主提供综艺IP开发、技术赋能与商业变现的决策参考，推动行业从流量竞争向 精品化、长效化转型。 在线视频用户规模 整体用户数量已达 10 亿级规模，年同比小幅增长，平均增幅达 3.4% ，行业出现显 著回暖迹象 2024 年以来在线视频出现回暖迹象，月独立设备数同比呈现小幅增长，尤其在 2024 年 Q2 和 Q4 两季度同比增幅较高，全年月平均同比增长率达到 3.4% 。 在线视频综艺频道用户趋势 综艺用户市场规模稳定在 5-6 亿水平； 2024 年度在热门档期加持下，用户数在 6 月 和 10 月达到小高峰 综艺市场整体处于相对稳定的发展阶段，每月月独立设备数达到 5-6 亿的活跃量级。受益于暑期档 学生用户的涌入、热门节目排播和高温宅家需求的旺盛， ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 200.9 million, a 22.3% increase year-on-year from RMB 164.3 million [9] - Net advertising revenues reached RMB 159.3 million, reflecting a 7.3% increase year-on-year from RMB 148.4 million [10] - Paid services revenues surged to RMB 41.6 million, marking a 161.6% increase year-on-year from RMB 15.9 million [10] - Loss from operations improved to RMB 13.3 million, compared to RMB 25.9 million in the same period last year [10] - Net loss attributable to the company was RMB 4.9 million, down from RMB 18.5 million in the same period last year [10] - Cash and cash equivalents totaled RMB 1 billion, approximately $140.5 million as of September 30, 2025 [11] Business Line Data and Key Metrics Changes - The company achieved solid progress in commercialization and user engagement through high-quality original content and innovative product experiences [4] - The Star Anchor Program, which helps train new content creators, tripled its revenue this year, indicating strong demand for content creators [14][15] Market Data and Key Metrics Changes - The company successfully hosted significant events such as the Shanxi Cultural and Tourism Development Promotion Event, generating over 2 billion online impressions [5] - The Phoenix Bay Area Finance Forum 2025 achieved over 720 million total impressions, showcasing the company's strong brand influence [6] Company Strategy and Development Direction - The company aims to prioritize content innovation and IP creation, enhance brand influence, diversify monetization channels, and improve operational efficiency for sustainable long-term growth [9] - Strategic cooperation with HarmonyOS is expected to yield further benefits, with the Phoenix News App being showcased at Huawei's new product launch [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the advertising market, noting that many clients remain cautious with their budgets [14] - The company plans to focus on innovation and improving service capabilities to maintain steady performance amid intense competition in Q4 [15] Other Important Information - The company’s media influence and resource integration capabilities supported significant growth in public and regional sectors [5] - The number of followers on Phoenix Video accounts grew by nearly 500,000 in Q3, indicating strong traction on video platforms [8] Q&A Session Summary Question: How did the advertising business manage to grow in Q3 despite market pressure? - Management highlighted close collaboration between sales units and content teams, which allowed for quicker and more precise responses to client needs. They also emphasized the importance of following marketing trends and connecting with key clients through events like the Shanxi Culture and Tourism Promotion Event [14][15] Question: What is the outlook for the ad market in Q4? - Management indicated that competition will remain intense and cost control will be critical. They will continue to focus on innovation and improving service capabilities to maintain steady performance [15]