以下文章来源于Tech星球 ，作者翟元元 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 将投中网设为"星标⭐"，第一时间收获最新推送 究竟是风口还是泡沫？ 作者丨 Tech星球 来源丨 翟元元 直播带货成为风口时，各地争相打造直播电商基地，包括杭州、广州在内的城市，都努力争夺中国直 播电商之都第一的称号。 然而，随着直播带货退潮，行业整体增速放缓，亏损玩家逐渐淘汰出局，为直播带货玩家提供直播场 地的直播基地，也从最开始的遍地开花沦为一地鸡毛。业内甚至有观点认为，90%的直播基地不挣 钱。 直播基地的掘金故事尚未完全落幕，另一个"卖铲人"的故事开始热情上演。 眼下，短剧基地的创业潮如火如荼，除了业内熟悉的西安、郑州两大短剧之都，全国范围内，包括河 北、河南、山东在内的多个省份城市都喊出了打造短剧基地的口号。 人人都想赶上短剧的东风。短剧市场仍在高速增长，数据显示，预计2025年短剧市场规模将达到 634.3亿元。这样一个体量的赛道，能容得下多少个短剧基地？短剧基地兴建潮，究竟是风口还是泡 沫？谁将成为短剧之都第一城？ 横店之后，争做"竖店" 横店，是第一个广为人知的短剧影视基地。"横店变竖店"的 ...

Core Viewpoint - The article discusses the rapid rise of short dramas in China's entertainment industry, highlighting their financial success and contrasting them with traditional long dramas and films, which are currently underperforming in terms of viewership and revenue [2][3][4][8]. Group 1: Short Drama Industry Overview - The short drama market in China surpassed the film market in size last year and is expected to exceed the television drama market by the end of this year [9][10]. - In July 2023, a short drama titled "念念有词" achieved over 1 billion views in just 5 days, with projected revenue between 80 million to 100 million yuan [7][12]. - The short drama market size reached 370 billion yuan in 2023, with a user base exceeding 500 million [12]. Group 2: Financial Performance and Growth - The market size for micro-short dramas is projected to grow significantly, with estimates of 373.9 billion yuan in 2023, 515 billion yuan in 2024, and 634.3 billion yuan in 2025, reflecting growth rates of 267.65%, 35.1%, and 23.2% respectively [13]. - The return on investment (ROI) for top short drama productions can exceed 10 times, while long dramas typically have a much lower ROI, around 2 times [27][28]. Group 3: Production and Cost Efficiency - The production cost for a standard short drama is approximately 500,000 yuan, significantly lower than that of long dramas, which can cost tens of millions [27]. - Short dramas can be produced in a fraction of the time compared to long dramas, with some productions completed in as little as 6 weeks [23]. Group 4: Industry Dynamics and Challenges - Despite the financial success, there are instances of losses within the short drama industry, indicating that profitability is not guaranteed [39][42]. - Traditional actors and directors are increasingly participating in short dramas, but they face challenges due to the fast-paced and high-demand nature of short drama production [46][56]. Group 5: Audience Engagement and Content Consumption - The shift towards short dramas is partly driven by changing audience consumption patterns, where viewers prefer quick, engaging content that fits into their fragmented schedules [85][87]. - The repetitive nature of short dramas does not deter audience engagement, as viewers often seek entertainment without the need for deep cognitive processing [87][88].

Core Insights - The article highlights the rapid success of short dramas on the Hongguo platform, particularly focusing on the achievements of "Nian Nian You Ci" and "Nan Yin Zai Xu," both surpassing 1 billion views, with the former reaching 2 billion views [1][3] - The dominance of Tinghua Island is emphasized, as it holds four out of the 17 short dramas that have surpassed 1 billion views, showcasing its strong market position [3][4] - The article discusses the evolving landscape of the short drama industry, with a shift towards quality content and the emergence of companies like Tinghua Island and Chongqing April Alliance, which are adapting to market demands [10][16] Company Performance - "Nian Nian You Ci" and "Nan Yin Zai Xu" have set new records on the Hongguo platform, with the former being the first to achieve both 1 billion views and a heat value exceeding 1 million [1][3] - Tinghua Island has produced multiple successful dramas, including "Jia Li Jia Wai" and "Shi Ba Sui Tai Nai Nai Jia Dao," all surpassing 1 billion views, indicating a consistent focus on high-quality content [3][4] - The article notes that companies like Chongqing April Alliance are also gaining traction, with a significant number of dramas produced, although many are lower-tier and lack standout performance [10][13] Industry Trends - The short drama market is experiencing a surge in demand, leading to a proliferation of content, particularly from companies employing a volume-based strategy targeting lower-tier markets [10][15] - The article points out that while many companies focus on quantity, there is a growing trend towards producing high-quality content, with companies like Tinghua Island leading the way [16][18] - The competitive landscape is becoming clearer, with a distinction between companies focusing on volume versus those prioritizing quality, as evidenced by the success of Tinghua Island and the challenges faced by others [16][18]

Core Viewpoint - The article discusses the rising trend of "short drama star-making" in the entertainment industry, highlighting the efforts of platforms like Tencent and iQIYI, as well as production companies like Tinghua Island, in promoting short drama actors and their commercial potential [3][4][7]. Industry Development - The "short drama star-making" phenomenon is a direct reflection of the industry's rapid growth, indicating that only content products with sufficient consumer demand can create stars [7]. - The success of short drama actors is evidenced by the signing of popular actors like Han Yutong by Tinghua Island, which has also signed several other successful short drama actors [28][31]. Actor Development Paths - Current trends show that popular actors are generally following two paths: establishing themselves in short dramas or transitioning to long dramas. Each path presents its own challenges, such as repetitive scripts and typecasting for short dramas, and intense competition for long dramas [8][9][43]. - Despite the promising outlook, short drama actors face a period of "growing pains" in their career development, influenced by both individual choices and the broader industry environment [9][10]. Industry Dynamics - The phenomenon of "fan wars" has begun to emerge in the short drama sector, indicating a shift towards a more competitive and star-driven environment [13][16]. - The article notes that the industry is witnessing a "resource rush," with various production companies actively signing popular short drama actors to secure talent for future projects [31][32]. Platform Strategies - iQIYI has taken significant steps in the industry by signing potential star actors and hosting events like the "Glow Night" to elevate the status of short drama actors, thereby increasing their commercial viability [39]. - In contrast, Tencent and Youku's strategies appear to focus more on project-based collaborations rather than long-term commitments to short drama actors [42]. Future Considerations - The choice between signing with short drama production companies or established film and television companies reflects different future aspirations for actors, with the former focusing on short drama success and the latter aiming for opportunities in long dramas and films [43]. - The article emphasizes that while short drama actors may enjoy a close connection with fans, this can also lead to challenges in maintaining a distinct star persona as they transition to larger platforms [46].

Core Insights - The short drama market in China is rapidly expanding, with annual production reaching 40,000 episodes and revenue for producers hitting 12 billion yuan, narrowing the gap with traditional long dramas which generate 31 billion yuan [1] - The market size for short dramas is projected to soar to 50.4 billion yuan in 2024, with user numbers surpassing 660 million, indicating a significant growth opportunity [3] Group 1: Market Dynamics - The emergence of hit short dramas through seasonal releases has maintained user engagement, with total viewing time sometimes exceeding that of long dramas [3] - User behavior shows that traditional horizontal dramas reach 77% of users, while vertical short dramas reach 61%, with 38% of users switching between formats, creating a unique "dual-ecology" [3][33] - The competition among over 10 platforms in the short drama space is intensifying, with various strategies being employed to capture market share [3] Group 2: Key Players and Strategies - The short drama landscape is categorized into four main factions: - "Web Literature Platform Faction" includes players like Hongguo, Hema, and Qimao, leveraging IP resources for content creation [6][8] - "Video Platform Faction" consists of Douyin, Kuaishou, and Tencent Video, focusing on video content and user engagement [12][14] - "Vertical Ecology Faction" includes Xiaohongshu and Bilibili, targeting niche audiences with tailored content [16] - "E-commerce Cross-border Faction" features platforms like Taobao and Meituan, integrating content with commercial strategies [18] - Hongguo is currently leading the market with 173 million monthly active users, supported by its parent company ByteDance's resources [10] Group 3: Trends and Future Directions - The industry is shifting towards "cooperation for mutual benefit," with major platforms collaborating to enhance content quality and production efficiency [20][21] - Content quality is being prioritized, with platforms like Tencent Video and iQIYI investing in high-quality short dramas and classic IP adaptations [22][25] - User acquisition strategies are evolving, focusing on building strong community ties and targeting high-value user segments [27][30] Group 4: Business Model Evolution - The short drama industry is witnessing a transition from reliance on user payments to a mixed monetization model combining advertising and user payments, indicating a shift in revenue generation strategies [31][33] - The relationship between horizontal and vertical dramas is becoming complementary, with both formats coexisting and appealing to different audience preferences [33][34]

Group 1 - Tencent Video recently released a list of high-quality short dramas featuring strong casts, including works like "Parrot" and "Zhuque Hall" [1] - The short drama market is experiencing a trend where the boundaries between short and long dramas are becoming increasingly blurred, with some short dramas adopting extreme and absurd themes [3][5] - The popularity of short dramas is driven by their potential for profitability and impactful content that captures user attention, leading to a collective pursuit of quality in the market [5][10] Group 2 - Major companies in the short drama sector are shifting from sensational content to more refined storytelling, with examples like "Tinghuadao" achieving over 1 billion views with a focus on female narratives [10] - Companies like "Majiang" and "Xianwen" are also producing high-quality short dramas that resonate with audiences, moving away from traditional tropes [12][13] - The competition in the short drama space has intensified, with major platforms like Douyin and Kuaishou launching their own short drama initiatives, emphasizing a move towards quality content [16][18][20] Group 3 - Traditional media companies are entering the short drama market, with examples like Ningmeng Media and Perfect World focusing on specific demographics and themes [22][24] - Companies are leveraging existing long drama IPs to create short dramas, indicating a trend towards brand extension in the industry [27] - Despite the rapid changes in the short drama landscape, companies are optimistic about capturing audience attention during fragmented viewing times, although they face challenges in maintaining viewer engagement [29]

Core Viewpoint - The short drama industry is facing criticism for producing content that is increasingly bizarre and illogical, as exemplified by the recent drama "Kirin Sends Children" where a character gives birth to 99 sons, highlighting a trend of low-quality and sensationalist storytelling [1][3][6] Group 1: Industry Trends - The short drama market has been criticized for its lack of quality control, with many productions violating basic moral and ethical standards [4][6] - Despite calls for stricter regulation, the short drama market continues to grow chaotically, with many shows featuring absurd plots that defy common sense [3][6] - The industry has seen a rise in lowbrow content that prioritizes shock value over narrative quality, leading to a perception of short dramas as "low" entertainment [7][8] Group 2: Audience Reception - The bizarre content of short dramas, such as the aforementioned 99 sons, has sparked outrage among viewers, leading to discussions on social media and calls for accountability [6][9] - While some high-quality short dramas have emerged, they remain the exception rather than the rule, as the majority of content continues to be formulaic and sensationalist [6][8] Group 3: Economic Models - The profitability of short dramas relies heavily on user engagement, with two main revenue models: IAP (In-App Purchase) and IAA (Ad-Supported Free Viewing) [8] - The industry's focus on maximizing viewer engagement through extreme and sensational content has become a prevalent strategy, often at the expense of narrative integrity [8][9] Group 4: Future Outlook - The short drama industry is at a crossroads, needing to shift from a focus on shock value to a more sustainable model that emphasizes quality content [9][11] - The current trend of prioritizing low-quality, sensationalist content poses long-term risks to the industry's health and reputation, as audiences may become desensitized to extreme narratives [11]

Core Viewpoint - The phenomenon of "multiple adaptations from a single script" has become a common practice in the short drama industry, leading to both diverse viewing experiences and concerns over content homogenization and lack of innovation [2][18][19]. Group 1: Industry Trends - The trend of "multiple adaptations" is characterized by different production teams creating various versions of the same story, often resulting in similar dialogue and filming angles, with only minor differences in details and emotional presentation [2][19]. - This practice has led to a dynamic and interactive creative ecosystem where production teams incorporate current trends and audience feedback into their adaptations, enhancing viewer engagement [4][10]. - The short drama industry has seen a significant increase in the number of adaptations, with some stories being adapted into over ten versions, reflecting a market demand for familiar narratives [2][14]. Group 2: Audience Reception - Audience reactions to the "multiple adaptations" phenomenon are mixed, with some viewers appreciating the unique elements added to each version, while others express fatigue from the repetitive nature of the content [6][18]. - The incorporation of audience feedback into new adaptations has been noted as a strategy to keep the content fresh and appealing, allowing for quick adjustments based on viewer preferences [3][10]. Group 3: Production Strategies - Production companies are increasingly opting for low-cost, high-return strategies by adapting already popular scripts, which minimizes risk compared to original content creation [9][11]. - The competitive landscape has led to a "trial and error" approach, where successful elements from previous adaptations are retained and refined in new versions, enhancing their market viability [10][11]. - Platforms are investing heavily in IP licensing and script adaptation incentives, with significant funds allocated to support quality short drama creation, further fueling the "multiple adaptations" trend [14][16].

Core Insights - DataEye research indicates that ReelShort, an overseas short drama application under Maple Interactive, has significantly increased its advertising efforts, ranking in the top 3 for material investment growth among overseas micro-short drama apps for the week of May 12-18 [1] Group 1: Download Trends - Over the past 30 days, ReelShort's estimated global downloads exhibited a "V" shaped trend, initially around 650,000 daily downloads, dropping to a low of under 300,000 on May 9, before rebounding to approximately 660,000 [4] Group 2: Advertising Trends - In the last 30 days, ReelShort has accumulated a total of 24,000 advertising materials, showing an overall upward trend. Daily material submissions rose from about 2,500 to a peak of 4,500, then briefly dipped to 2,500 before climbing again to over 5,000 by mid-May, with a slight decline to around 3,400 on May 19. Compared to the last week of April, the material submissions increased by 4,912, representing a 73.1% month-over-month growth [7][9] Group 3: Media Distribution - The majority of ReelShort's advertising materials were distributed through Facebook (26,856 materials, 90.90%) and Instagram (26,694 materials, 90.35%), with Messenger and Facebook Audience also contributing significantly [8][9] Group 4: Material Characteristics - The top short dramas promoted on ReelShort include "How to Tame a Silver Fox" with 1,630 materials, followed by "Move Aside! I'm the Final Boss" with 576 materials. Female-targeted dramas dominate, accounting for 70% of the materials, while male-targeted dramas make up 30% [10][11] Group 5: Advertising Strategy - ReelShort's advertising strategy focuses on local adaptations of short dramas, emphasizing urban emotional themes. The platform has successfully integrated Western cultural elements into female-targeted dramas, such as cowboys and firefighters, to enhance appeal [17][18] Group 6: Market Positioning - The combination of female emotional themes with Western cultural labels appears to be an effective strategy for ReelShort's international expansion. The platform's focus on relatable emotional narratives, rather than solely on cultural tropes, is seen as key to its success [19][20] Group 7: Content Evolution - The evolution of emotional narratives in short dramas has led to more complex character development and diverse storylines, moving away from simplistic tropes. This shift is evident in the increasing popularity of female-led narratives and varied character archetypes [21][24] Group 8: Competitive Landscape - Compared to competitors like DramaWave and NetShort, which recently launched 208 and 133 new short dramas respectively, ReelShort's output of 50 new dramas highlights the challenges of maintaining a rapid content release while focusing on quality and localization [24]

Group 1: Market Overview - In April 2025, the total download volume of short drama apps in overseas markets reached approximately 100 million, with a month-on-month increase of about 5.03 million downloads [1] - Estimated in-app purchase (IAP) revenue for April is approximately $126 million, reflecting a month-on-month growth of about $6 million [1] - The overseas micro-short drama market has shown signs of recovery since February, with both downloads and revenue surpassing 100 million in April [1] Group 2: Regional Analysis - In April 2025, the highest download volume for overseas short drama apps came from other regions (non-key regions) at approximately 34.73 million downloads, followed by Latin America with 28.18 million and Southeast Asia with about 22.85 million [4] - The United States remains the best-performing region for IAP revenue, generating approximately $61.16 million, accounting for 49% of total overseas micro-short drama app revenue [7] - In Japan, while download volume increased to approximately 2.27 million, revenue saw a slight decline due to a shift from paid to free apps amid economic challenges [12] Group 3: Revenue Insights - In April, the estimated IAP revenue from Southeast Asia was about $11.85 million, ranking third, while the revenue from other non-key regions was approximately $23.23 million [7] - The revenue growth in South Korea is notable, with an increase in IAP revenue despite a decline in download volume, indicating strong user engagement and willingness to pay for membership services [14] - Latin America experienced significant growth in both downloads and revenue, attributed to a young population and the popularity of free short drama apps [20] Group 4: Advertising and Content Trends - The number of advertising materials for overseas short dramas reached approximately 500,000 in April, marking a month-on-month increase of 9.3% and a year-on-year surge of 10 times [22] - The number of participating overseas short drama apps increased to 274 in April, reflecting a 15.6% month-on-month growth and a twofold increase compared to the previous year [26] - Emotional themes accounted for the largest share of advertising materials, with approximately 370,000 pieces, representing 22.7% of the total [29] Group 5: Popular Titles and Trends - The top three overseas short drama apps by advertising material in April were NetShort, DramaWave, and DramaBox, with 90,000, 87,000, and 67,000 materials respectively [36] - The most popular short drama in April was "The Missing Master Chef," achieving a high heat value of 20.78 million, followed by "Falling for a SUPERSTAR" and "CEO Wants My Little Rascal" [42] - The trend indicates a strong preference for urban emotional themes, with 15 out of the top 20 dramas falling into this category [44]