Core Points - Apple has allowed US streaming giants like Netflix to bypass the 30% App Store fee through third-party payment channels, a privilege not extended to Chinese companies, putting them at a competitive disadvantage in the global market [1][3] - The "Apple tax" is expected to extract over 5.2 billion yuan from China's video culture industry by 2025, which could have been invested in quality content production, thereby weakening China's cultural product competitiveness [1][19] - The online video industry in China is facing a downturn, with major platforms like iQIYI and Mango TV experiencing revenue declines, exacerbated by the burden of the Apple tax [10][5] Group 1: Apple Tax Impact - The Apple tax will take approximately 3.7 billion yuan from the long video market and over 1.5 billion yuan from the emerging micro-drama market by 2025 [1][19] - In 2024, the Apple tax burden for iQIYI and Mango TV is projected to reach around 2.2 billion yuan, with expectations to maintain this level in 2025 [10][11] - The total Apple tax for the online video industry is estimated to reach 3.7 billion yuan in 2025, impacting the overall financial health of the sector [12][21] Group 2: Industry Trends - The micro-drama market in China is rapidly growing, with its market size expected to reach 63.4 billion yuan by 2025, surpassing the film box office [17][19] - The introduction of Apple tax on micro-drama platforms could lead to an additional 1.5 billion yuan in fees by 2025, further straining the industry's financial resources [19][26] - The increasing reliance on membership services as a revenue source for platforms like iQIYI and Mango TV is leading to higher Apple tax payments, intensifying cost pressures [10][8] Group 3: Competitive Landscape - Chinese video platforms are facing a significant disadvantage compared to their US counterparts, which benefit from reduced tax burdens and can reinvest more in content creation [19][23] - The disparity in Apple tax policies between China and the US highlights the challenges faced by Chinese companies in competing on a global scale [20][21] - If China were to adopt a similar third-party payment policy as the US, the Apple tax burden could be reduced to 2 billion yuan by 2026, allowing for significant reinvestment in content production [21][22]

Core Viewpoint - iQIYI is launching the "Baodeqi·iQIYI AI Theater" creative camp to explore AI-driven storytelling, inviting global creators to submit ideas for AI films, with 15 selected teams expected to produce films by Q1 2026 [1][3]. Group 1: Creative Camp Overview - The creative camp aims to gather innovative AI film story ideas under the theme "Your Imagination is a New World," with a focus on narrative and visual expression beyond traditional methods [1][2]. - The camp will feature renowned director Baodeqi as a mentor, providing guidance in scriptwriting, cinematography, and AI techniques [1][8]. - Participants are required to create stories based on themes such as "Journey to the West," "Gender, Happiness, and Faith," and "Truth" [2][21]. Group 2: Event Timeline - The timeline for the creative camp includes: - September 10 - October 24: Registration and idea submission - October 25 - November 7: Creative evaluation - November 15 - November 21: Intensive training for selected teams - November 22 - January 21, 2026: Film production - Q1 2026: Film release on iQIYI platform [4][18]. Group 3: Support and Evaluation - iQIYI will provide various support measures, including production subsidies, technical assistance, and promotional resources, along with a profit-sharing model where creators receive 30% of net profits [6][10]. - The evaluation process will assess creativity, artistic merit, and the effective use of AI tools, ensuring a transparent and fair selection [5][23].

Core Insights - A recent discovery by netizens revealed that a video ad labeled as 30 seconds actually played for over 50 seconds, sparking widespread discussion among users [1] Group 1: Advertising Duration Analysis - Black Cat Laboratory conducted tests on four video platforms: iQIYI, Youku, Mango TV, and Tencent Video, measuring the actual duration of ads compared to their labeled times [1] - The results showed that all platforms exhibited some degree of "over time," with the maximum exceeding 3.62 seconds and the minimum exceeding 0.40 seconds [1] - For instance, a 120-second ad on Youku was found to actually last 123 seconds, indicating a consistent trend of extended ad durations across platforms [1] Group 2: User Reactions and Company Response - Users expressed their frustrations, noting that the perception of ads feeling longer was indeed accurate due to the actual extended durations [1] - Some users speculated that the platforms might intentionally increase ad lengths, raising concerns about transparency [1] - Inquiries made to Youku regarding this issue have not yet received a response [1]

Core Insights - The rise of video podcasts is becoming a significant trend in the content industry, with platforms like Bilibili, Xiaohongshu, Douyin, and Ximalaya investing heavily in this format [1][2][10] - Video podcasts combine deep dialogue with visual presentation, moving from the periphery to the center of content consumption [1][10] Group 1: Platform Strategies - Bilibili is a major proponent of the video podcast trend, launching initiatives like the "Video Podcast Out of the Circle Plan" and recruiting various celebrities and institutions to create content [2][10] - Xiaohongshu has adopted a lighter, community-focused approach, encouraging user-generated content through its "Anytime, Anywhere Video Podcast" initiative [4][10] - Ximalaya has also entered the video podcast space, showcasing successful series like "Walking Thoughts," which has garnered significant viewership [10][19] Group 2: Content Evolution - Video podcasts are diverse and still in the exploratory phase, with Bilibili's content relying heavily on celebrity influence and professional production [11][17] - Notable viewership statistics include 2.49 million views for a show featuring Yu Qian and 3.28 million for a conversation between Lu Yu and Yi Li Jing, highlighting the initial draw of celebrity-led content [13][17] - The transition from audio to video is seen as a way to reach broader audiences, enhancing engagement through visual elements [15][19] Group 3: User Engagement and Market Demand - The demand for long-form content is evident, with Bilibili reporting a 270% year-over-year increase in video podcast consumption time, reaching 25.9 billion minutes [19] - Video podcasts fulfill modern users' needs for "digital companionship," allowing for real-time interaction and deeper connections between users and content [19][20] - The format also opens up new avenues for monetization, including natural content integration and subscription models, allowing creators to focus on content quality rather than just view counts [19][20] Group 4: Future Outlook - The success of video podcasts hinges on the ability to prioritize content value over celebrity appeal, with a focus on deep, meaningful discussions [20] - A sustainable video podcast ecosystem requires collaboration between creators and platforms to enhance content quality and establish effective recommendation systems [20]

Group 1 - Bilibili's stock price increased by over 5% in pre-market trading on September 10 [1] - The previous trading day saw a nearly 7% rise in Bilibili's stock [1]

Core Viewpoint - Recent reports indicate that certain long video platforms are misleading users by extending the actual advertisement playback time beyond what is displayed, leading to a phenomenon referred to as "time theft" [1][2][4]. Group 1: Advertising Practices - Users have discovered that platforms like Youku, Mango TV, and iQIYI have discrepancies between the advertised and actual ad durations, with examples showing ads marked as 119 seconds actually playing for 123 seconds, resulting in a 4-second discrepancy [2][4]. - Mango TV acknowledged that the extended ad duration is due to the time required for loading and buffering multiple video ads, claiming that the ad duration is aligned with the actual content [5]. Group 2: Legal Implications - Legal experts suggest that the practice of misleading countdowns may constitute fraud, violating consumer rights as outlined in the Advertising Law and Consumer Rights Protection Law of China [7][8]. - The misleading nature of the countdowns infringes on consumers' right to know the true duration of advertisements, potentially leading to uninformed purchasing decisions [8]. Group 3: Industry Response and Consumer Sentiment - There is a growing sentiment among users that many platforms are engaging in similar misleading practices, with some ads showing discrepancies of around 1 second, which are often difficult for consumers to detect [5]. - Commentary from media outlets highlights that these practices not only harm user rights but also threaten the long-term credibility of video platforms in a highly competitive market [9][10].

Core Viewpoint - Internet advertising platforms are reportedly extending the actual playback time of ads beyond the indicated duration, effectively "stealing" users' time [1][3][20]. Group 1: Findings from Video Platforms - A survey by Hongxing Capital found that platforms like Youku, Mango TV, and iQIYI have ads that play longer than the time displayed [3][20]. - On Youku, an ad marked as 119 seconds actually played for 123 seconds, resulting in a 4-second discrepancy [5][7]. - Mango TV's ad labeled as 80 seconds played for 83 seconds, leading to a 3-second overrun [8][10]. - iQIYI's ad marked as 120 seconds played for 123 seconds, indicating a 2-3 second excess [12][14]. Group 2: Responses from Platforms - Customer service from Youku acknowledged the issue but did not provide a clear resolution [7]. - Mango TV claimed that the discrepancy was due to loading and buffering times, asserting that the ad duration was aligned with the actual content [11]. - iQIYI's response suggested that users should rely on the front-end display, without addressing the timing issue directly [17]. Group 3: Legal Interpretations - Legal experts argue that the misrepresentation of ad durations constitutes false advertising and violates consumer protection laws [20][21]. - The discrepancy in ad timing can mislead consumers regarding the effective duration of the advertisement, infringing on their rights [21][22]. - The lack of clear units (like "seconds") in the countdown may lead to consumer confusion, further complicating the legal standing of these practices [22][23].

Core Insights - iQIYI has enhanced and repaired nearly 120,000 ultra-high-definition 4K programs through AI technology, representing a growth of 157.4% over the past two years [1] - User search frequency for iQIYI's classic HD content increased by 10.3% during this summer compared to the period before the summer [1]

Core Viewpoint - Bilibili (B站) is heavily investing in video podcasts as a strategic move to attract users and enhance its content ecosystem, aiming to establish video podcasts as a new brand IP for the platform [13][26]. Group 1: Video Podcast Development - The video podcast sector on Bilibili is experiencing significant growth, with many celebrities joining, marking it as a "video podcast year" [12][19]. - Notable figures like Yu Qian and Luo Yonghao are leading discussions on various cultural topics, attracting substantial viewership [9][18]. - The platform has launched the "Video Podcast Out-of-Circle Plan," offering substantial incentives to creators, including a 1 billion-level cold start traffic incentive [13][15]. Group 2: Competitive Landscape - Bilibili's push into video podcasts is a response to stagnating user growth across content platforms and competition from short video platforms like Douyin and Kuaishou [15][19]. - The long video sector is also competitive, with platforms like iQIYI and Tencent Video dominating through extensive copyright content, putting Bilibili at a disadvantage [15][19]. Group 3: User Engagement and Content Quality - Video podcasts on Bilibili are designed to enhance user engagement, with features like real-time comments and discussions, which traditional podcasts lack [18][22]. - The platform's average user watch time is 108 minutes, indicating a strong acceptance of longer content formats like video podcasts [22]. Group 4: Commercial Potential - Video podcasts have high "accompaniment attributes," making them suitable for extended listening, which can increase daily user engagement and provide a solid foundation for monetization [18][19]. - The audience for podcasts is predominantly young and educated, with a high purchasing power, making them an attractive demographic for advertisers [18][19]. Group 5: Community and Ecosystem - Bilibili's unique community culture and user habits align well with the deep content nature of video podcasts, fostering a rich environment for this format [19][26]. - The platform has a history of similar content, indicating a natural evolution towards video podcasts, which could become a significant part of Bilibili's brand identity [23][25].

Core Insights - The online video industry is experiencing a new competitive landscape in 2025, with active user numbers reaching 815 million by July 2025, driven by policy relaxation and a trend towards content innovation and quality [1][10] Group 1: Market Positioning - Tencent Video and iQIYI remain the leading platforms in the long video market, with monthly active users of 365 million and 358 million respectively, while Mango TV and Youku follow with 284 million and 202 million [1][3] - Tencent does not disclose user scale and monthly active data in its reports, focusing instead on paid membership numbers, which were 117 million and 114 million in the first two quarters of 2025 [3] - iQIYI has shifted its focus from disclosing specific membership numbers to emphasizing the core value of its membership business, although its membership revenue has declined year-on-year due to reduced content scheduling [3] Group 2: Competitive Dynamics - Mango TV has gained significant traction, surpassing Youku by over 80 million monthly active users, with its membership business revenue showing a slight year-on-year increase to 2.496 billion yuan [5] - Youku's underperformance is attributed to its non-core status within Alibaba Group, which has undergone a restructuring that places Youku under the "other" category [5] Group 3: Content Trends - The number of new series released in the first seven months of 2025 has increased by 12.9%, with exclusive broadcasts becoming a core competitive focus for major platforms [7] - The proportion of exclusive broadcasts has risen across all platforms, with Youku leading at 87.5%, followed by iQIYI and Tencent Video at 78.8% and 78.5% respectively [7] - Despite industry speculation about reducing the number of episodes for long series, the average number of episodes for new series has not shown significant change, with 21-40 episodes still dominating [7] Group 4: Short Video Competition - The competition in the short video segment is intensifying, with Tencent Video and iQIYI leading in the number of new short series released, at 88 and 64 respectively [9] - iQIYI has significantly increased its short series output from 25 to 64 compared to the previous year, while Youku has reduced its new short series by 20 [9] Group 5: Regulatory Environment - The recent regulations from the National Radio and Television Administration, known as the "21 measures," aim to boost industry confidence and provide greater creative space for content innovation and diversification [10]