以下文章来源于DT商业观察 ，作者DT商业观察 DT商业观察 . 第一财经旗下年轻态财经商业媒体。关注消费、互联网、电商、文娱、科技、城市等领域，融合媒体和 研究机构的禀赋，厘清趋势和商业间的关系，用年轻化的视角认识商业世界。 2025.05. 20 本文字数：4683，阅读时长大约7分钟 作者 | DT商业观察 短剧的流量和人气，还在飙升。 截至2024年12月， 看微短剧的人已经达到了6.62亿，微短剧独立APP的人均单日使用时长也涨到了 101分钟，接近2小时。 行业也在不断变化。 QuestMobile最新《2025中国移动互联网春季报告》显示， 字节旗下的红果免费短剧3月的月活用户 数达到1.73亿，和优酷的距离只差1200万，同比增长220.28%，增速仅次于DeepSeek和豆包。 长视频平台也发力微短剧的精品化制作，甚至长剧也开始"短剧化"，叙事节奏、集数和单集时长都开始 讲究"紧凑"。 在这样的情况下，现在观众看短剧的习惯是怎么样的？他们看短剧时更在意什么？对于品牌借短剧植入 打广告，他们的种草和消费意愿又是怎么样的？ 《DT商业观察》联合第一财经发布了《"当代男男女女看微短剧"小调研》，最 ...

59分的超级PPT Fast Reading 作者丨高越 4月19日的首个机器人马拉松，20个大大小小的机器人上演了一场略显滑稽的比赛。有的横冲直撞碰 坏了围挡，有的晃晃悠悠走不准直线，还有的刚起步就一屁股坐在地上。 这仿佛是一种隐喻：当火热的AI被各个赛道拥抱，比梦想更先落地的，可能是略显冰冷的现实。 在各个平台上大量涌现的AI短剧也不例外。它们大多以奇幻、玄幻与科幻题材为主，普普通通的职 场打工人可以幻化成各种动物，或者去另一个世界送外卖，甚至作为巨变下的幸存者进入未来世 界。 ■ 许多从业者亲身入局后才发现，看起来很美的AI短剧，与人们的想象存在不小差距。 ■ AI工具的确可以帮助制作者缩短制作周期、降低制作成本，但AI短剧仍被技术和商业化的难 题困住。 ■ 从业者们的集体判断是，如果AI技术在一年内有突飞猛进的变化，AI与短剧也许能碰撞出更 多可能，但提前布局需要大量资金、人才和试错空间。 2025年下半年，将迎来AI短剧的井喷。但在风风火火的热闹之下，更多的是59分的作品和空空如也 的钱袋。 59分的"PPT式短剧" 真刀真枪尝试之后，短剧制作人、导演周鑫（化名）发现，AI短剧跟他想象中的不太一样。 ...

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]

Financial Data and Key Metrics Changes - The company reported revenues of $20.1 million for Q1 2025, a 42.5% increase compared to $14.1 million in Q1 2024 [5][20] - Bookings increased by 13.6% to $22.2 million compared to $19.6 million in the same period last year [22] - The net loss for Q1 2025 was $1.9 million, slightly higher than the loss of $1.8 million in Q1 2024 [21] - EBITDA for the quarter was a loss of $3.2 million, compared to a loss of $1.9 million in the prior year [22] Business Line Data and Key Metrics Changes - Total units sold increased by 45% to 1.5 million, primarily driven by the flagship ARC franchise [5] - The mobile segment saw significant growth, with ARC Ultimate Mobile Edition achieving 4.8 million downloads and an average daily active user count of approximately 144,000 [7][20] Market Data and Key Metrics Changes - PC gaming accounted for approximately 48% of revenue in 2024, compared to 41% from consoles [24] - The company noted that the mobile game segment helps offset broader economic impacts, as it lowers the barriers to entry for new players [24] Company Strategy and Development Direction - The company is focused on expanding its content portfolio and diversifying revenue streams, including a new short drama business [10][19] - Upcoming releases and announcements are planned to celebrate the ten-year anniversary of the ARC franchise, with a focus on engaging a broader audience [26] - The company aims to invest in scalable growth opportunities across adjacent genres and emerging platforms [26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the impact of tariffs on the business, noting that while direct impacts are limited, indirect effects could influence consumer spending [23][25] - The gaming industry has historically shown resilience in the face of economic uncertainty, and the company remains confident in its ability to adapt [25] Other Important Information - The company has signed an MOU with MacMetrix Inc. to co-develop at least 10 short drama series over the next twelve months [10][34] - The company is actively exploring new business opportunities and expanding its indie publishing label, Wandering Wizard [19] Q&A Session Summary Question: Can you discuss your approach to revenue diversification? - The company is exploring and investing in new games and businesses, including a short drama initiative and several new game releases [28][30] Question: What are the revenue implications of the MOU with Mega Matrix? - It is too early to measure potential revenue contributions, but the MOU involves co-developing at least 10 drama series over the next year [31][34] Question: Can you elaborate on the increase in advertising and marketing costs? - Marketing expenditures have increased due to a larger portfolio and participation in events like GDC, but the company does not expect such increases to continue in the upcoming quarters [36][38] Question: How should investors view the approach to achieving positive net income? - The company focuses on cost control and diversified monetization strategies, including outsourcing development and expanding into new revenue streams [39][40]

随着国内监管政策持续收紧及市场竞争日趋白热化，短剧行业已进入深度调整期，制作成本和买量成本双双上涨，在此背景下，头部和中 小玩家都在加速转向海外市场。 数据显示： 作为一名在短剧出海领域深耕三年的从业者，我见证了这个行业从小众赛道到风口热点的全过程。 如果你是正在考虑出海的短剧团队，或是对这一新兴赛道感兴趣的投资人，这篇文章一定能帮你少走弯路，抢占下一个五年的市场先机。 01 认知重构：短剧出海的三大市场差异与四大竞争优势 在短剧出海这条赛道上，国内团队首先要打破一个固有认知：海外市场绝不是国内玩法的简单复制。就像咖啡连锁品牌进入中国要调整甜 度一样，短剧出海也需要针对不同市场进行"口味定制"。 1.1 市场差异一：内容爽点的文化过滤 通过对500+国内爆款短剧在海外的表现追踪，我们建立了一套"题材适配度评分模型"： | 题材类型 | 国内表现 | 海外表现 | 适配指数 | 关键差异点 | | --- | --- | --- | --- | --- | | 虐心女频 | ★★★★★ | ★★☆☆☆ | 40% | 文化认同感缺失 | | 霸总题材 | ★★★★☆ | ★★★★☆ | 90% | 普适性情感共 ...

Core Insights - The company, Zhangyue Technology, reported a total revenue of 2.583 billion yuan for 2024, a slight decline of 7.02% year-on-year, while the net profit attributable to shareholders reached 49.2917 million yuan, an increase of 41.46% year-on-year [1][30] - The revenue from derivative businesses, particularly micro-short dramas, surged to 776 million yuan, marking a significant growth of 189.99% year-on-year, and accounting for 30% of the total revenue, establishing it as the company's "second growth curve" [2][30] - In the first quarter of 2025, the company achieved a revenue of 643 million yuan, a decrease of 5.19% year-on-year, with a net loss attributable to shareholders of 74.28 million yuan [2][6] Financial Overview - For 2024, the company reported total revenue of 2.583 billion yuan, a year-on-year decrease of 7.02%, and a net profit of 49.2917 million yuan, reflecting a year-on-year increase of 41.46% [2][30] - The cash flow from operating activities was negative at -75.017 million yuan, a decrease of 413 million yuan year-on-year, primarily due to significant investments in derivative businesses and AI technology applications [5] - The sales expenses for 2024 were approximately 1.5 billion yuan, down 11.86% year-on-year, while R&D expenses were around 200 million yuan, also down 11.51% year-on-year [5] Business Segment Performance - The digital reading platform revenue fell to 1.647 billion yuan, a decline of 25.91% year-on-year, while derivative business revenue reached 776 million yuan, a substantial increase of 189.99% [5][30] - The copyright product revenue decreased to 158 million yuan, down 39.53% year-on-year, and other business revenue dropped to 2.9784 million yuan, down 88.92% [5] - The short drama business has become the company's largest segment, focusing on young audiences with themes such as romance, campus life, and workplace scenarios [6][31] Domestic and International Expansion - The company has developed 1,304 micro-short dramas in the domestic market, achieving a cumulative heat value of 75.4 million, with seven dramas exceeding a heat value of 10 million [7][12] - In the overseas market, the iDrama platform has added nearly 200,000 users since its launch, with a total revenue of approximately 365,600 USD (about 2.665 million yuan) and over 190,000 downloads [15][18] - The iDrama platform is primarily focused on the U.S. market, which accounts for 53.87% of its revenue, while the Philippines, Japan, and Malaysia follow [18]

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 将投中网设为"星标⭐"，第一时间收获最新推送 如今一部短剧分账超过百万元的屡见不鲜。 作者丨 林小葵 编辑丨 李不清 来源丨 财经天下WEEKLY 短剧行业的持续火爆，已经从各个维度改写了视频内容生态，并吸引了爱优腾等长剧"霸主"入局。 在红果短剧App平台利器的加持下，爆款短剧的吸金神话，也强烈吸引着行业的目光，外界更传 出"爆款微短剧编剧收入高达一两百万"的热议话题。 为此，《财经天下》对话了知名短剧编剧彭雨虹、资深短剧制作人兼出品人王子姣。 最近几年，彭雨虹已有《我家三爷超宠的》《爱不自知》《执他之手》等20几部大热爆款短剧在 手。其代表作品《闪婚后豪门老公马甲藏不住》，在付费平台充值破亿元 。今年4月，其编剧的《心 动还请告诉我》在免费平台成为现象级爆款，登上了红果周榜第一，播放量破十亿。 对于薪酬传闻，彭雨虹坦言：红果爆款剧给到编剧的分账，最高确实可达百万元。 而在长剧赛道已有多部代表作品的王子姣，曾是晋江顶流女频IP《有匪》的制片人、国 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 来源丨财经天下WEEKLY（ID：cjtxweekly） 作者丨林小葵 编辑丨李不清 图源丨Midjourney 对于薪酬传闻，彭雨虹坦言：红果爆款剧给到编剧的分账，最高确实可达百万元。 而在长剧赛道已有多部代表作品的王子姣，曾是晋江顶流女频IP《有匪》的制片人、国漫头部IP《虎鹤妖 师录》的发行人，以及多部影视长剧的负责人。 2022年下半年，王子姣转型进入短剧赛道，创建了巨东微影付费短剧平台，并跟随行业发展成立了"高兴 饺子"短剧品牌，公司制作的《龙王令2之风起洪城》《幻颜》《家人们读我心后人设崩塌》等爆款短 剧，全网播放已超50亿。 王子姣表示，如今一部短剧分账超过百万元的屡见不鲜，这也给制作人、编剧们带来了丰厚回报。但当 下行业也正在进入高度内卷和分化期，未来高成本的精品短剧或将成为主流，也会有大量实力薄弱的玩 家"呛水"出局。 剧本保底5万，分账最高百万 近日，爱奇艺CEO龚宇在中国网络视听大会上的发言，引发了行业热议。"如今短视频已远比 ...

曾几何时，五一档还是尊贵电影圈的专属用语。如今观众人走茶凉，影院盛况不复，但这"五一档"的玩法，却结结实实传了下去。 这回，轮到短剧接了盘。 相较长剧、电影，体量较小的短剧制作周期短、在内容排播运营方面也更加灵活。不过随着入局短剧的平台、公司的与日俱增，短剧市场规模指数级增 长，竞争日渐激烈，也开始倒逼各路玩家拿出更细分的运营策略抢夺用户。 档期运营，便成了头部平台不约而同的发力点。 通过在节假日等假期节点打造档期排播，一方面能够通过优质内容的集中释出吸引观众注意力，另一方面也能够借助对类型题材的侧重排播来强化档期属 性，为重点项目撬动更大的市场空间。 这不，春节档才刚组队"小试牛刀"一番，各平台在五一档又打起了档期战的主意。虽说最后躺赢的还是红果短剧，但这热闹劲，好歹比院线市场强。 档期排播成短剧新"标配" 另一头部短视频平台快手则更精准瞄向了短剧市场最热门的男频、女频题材，策划了高燃逆袭、热血竞技、古风甜宠以及霓虹秘语四大类型项目在内的15 部新短剧。 快手短剧五一片单推荐 77 -27 独占妹色 t V 高能逆袭 娇娇心上月 晚来天欲雪 我，跑出租多年 强一点点怎么了 君王何不配吴钩 官锁棠梨 三宝赐福 ...

今天分享的是：2024年微短剧行业发展研究报告 报告共计：45页 《2024年微短剧行业发展研究报告》聚焦微短剧行业，呈现出其在产业规模、市场竞争、商业模式、用户消费、品牌营销等多方面的发展态势。 1. 产业增长迅速：2024年微短剧播出总数量超4万部，内容产能高速增长带动产业规模扩张，2025年产业规模预估突破600亿元。政策扶持、资金奖励、产业 链健全以及商业模式的丰富，共同推动了行业的发展。 2. 市场竞争加剧：长短视频、电视媒体、电商平台等多端主体涌入微短剧赛道，形成以短视频媒体为首的三级竞争格局。长视频媒体走精品化路线，短剧 APP多采用用户付费模式，而其他参与者也在通过微短剧实现自身的转型与商业变现。 3. 商业模式进化：行业从IAP转向IAAP混变模式，百余头部玩家探索该模式，带动微短剧营收高幅增长，IAA成为微短剧经济新增长点。这种模式既能延长 作品生命周期，又能提升收益，如《绝世红颜》通过先IAP后IAA的模式，实现了IP价值的最大化。 4. 跨屏与出海发展：2024年四大卫视播出32部微短剧，微短剧跨屏上星渐趋常态化，推动了大、小屏媒体融合发展。同时，海外微短剧市场规模和APP用户 规模加 ...