Core Insights - ByteDance's short drama application, Hongguo, has become a dominant player in the micro-short drama market, surpassing competitors like Bilibili and Youku in monthly active users [1] - The revenue from ByteDance's "Tomato series business" is reported to exceed 30 billion yuan in 2024, with projections to double to 60 billion yuan in 2025 [2] - The micro-short drama market in China has reached a scale of 505 billion yuan in 2024, surpassing the total box office revenue for that year [6] Group 1: Market Position and Growth - Hongguo's daily active users (DAU) have consistently outperformed other video applications since May 2025, indicating a strong upward growth trend [1] - The second-largest competitor, Hemma Theater, only has 50 million monthly active users, highlighting Hongguo's market dominance [1] - The micro-short drama market continues to grow despite regulatory challenges, with a significant increase in user engagement, as evidenced by a 25.9% rise in average daily usage time [7] Group 2: Content Production and Partnerships - Hongguo has established exclusive agreements with numerous short drama production companies, indicating its strong bargaining power in the industry [1][8] - The platform employs two main content production models: high-quality short dramas produced by established brands and a bulk production model to address content supply shortages [8][9] - Recent policy changes have increased the minimum guaranteed script fees and revenue sharing for creators, further solidifying Hongguo's position in the market [9] Group 3: Regulatory Environment - The micro-short drama market has undergone significant regulatory scrutiny, with over 25,000 non-compliant mini-programs removed from circulation [6] - New regulations require micro-short dramas to be categorized and managed based on their content, reflecting the government's tightening control over the industry [6] Group 4: Competitive Landscape - There is anticipation for WeChat's video account to enter the micro-short drama space, as it could provide competition to ByteDance's offerings [11] - Tencent is reportedly taking a more cautious approach, focusing on maintaining the integrity of the WeChat ecosystem while still enhancing its own video platform [12] - The rise of AI-driven content production, such as "manhua dramas," is seen as a potential future trend, allowing for lower production costs and greater creative control [13]

Core Insights - ByteDance's short drama application, Hongguo, has become a dominant player in the micro-drama market, achieving 245 million monthly active users by October 2025, surpassing Bilibili and Youku, and ranking fourth in the online video sector [1][15] - The revenue from ByteDance's "Tomato Business" (including Hongguo) is reported to exceed 30 billion yuan in 2024, with predictions of doubling to 60 billion yuan in 2025, although ByteDance has disputed these figures [2][17] - The micro-drama market in China reached a scale of 50.5 billion yuan in 2024, surpassing the total box office revenue for that year, with a significant increase in user engagement [8][24] Group 1: Market Dynamics - The micro-drama market has undergone a regulatory adjustment, with the National Radio and Television Administration implementing strict oversight, leading to the removal of over 25,000 non-compliant micro-dramas [5][20] - Despite regulatory challenges, the micro-drama market continues to grow, with a notable increase in daily usage time, reaching an average of 120.5 minutes per user [8][23] - Hongguo's free model and substantial financial investment have allowed it to dominate the market, with over 3 billion yuan in revenue sharing agreements with content creators [9][24] Group 2: Competitive Landscape - Tencent's WeChat Video Account has been relatively restrained in the micro-drama space, with no significant investments or platform launches to compete with ByteDance [3][11] - Tencent Video is increasing its efforts in the micro-drama market, launching new initiatives and support programs, but faces challenges in matching the rapid response required in this sector [12][29] - The rise of AI-driven content creation, such as "manhua" (comic dramas), is emerging as a new trend, with production costs significantly lower than traditional short dramas, indicating a shift in creative dynamics [14][30] Group 3: Industry Trends - The micro-drama industry is seeing a shift towards AI-driven production, which allows for lower costs and greater creative control for writers, potentially disrupting traditional content creation models [14][31] - The increasing number of production companies in the manhua sector, from 20 to 60 in just over a year, highlights the rapid evolution and diversification within the industry [14][30] - The competitive landscape is characterized by a concentration of resources with leading platforms like Hongguo, raising concerns about market power and the potential for monopolistic practices [9][25]

21世纪经济报道记者 贺泓源 字节跳动，在微短剧市场越发重要了。 比如，其旗下免费短剧应用红果已经成为行业绝对头部。据QuestMobile，在月活维度，2025年10月，红果短剧为2.45亿，超越B站、优酷跻身第四，在在线 视频赛道仅次于腾讯视频、爱奇艺、芒果TV（2025年10月为2.53亿）。 自2025年5月开始，红果DAU就已超越其他在线视频应用成为TOP1，且仍然保持向上增长趋势。而其他的同类型短剧APP体量较小，排名第二位的河马剧场 10月月活仅为0.5亿。相较于长视频应用的多家搏杀，短剧应用目前仍高度集中于红果一家。 在前端内容上，红果亦是强势。 "跟红果签独家越来越常见，我们想要独立做，但成本越来越高。平台话语权越来越大。"有头部短剧公司人士向21世纪经济报道记者坦承。 多位头部漫剧公司创始人也向21世纪经济报道记者提到，抖音及红果，是最重要的渠道。 从收入上，似乎也能感受到字节跳动在短剧市场的狂奔。有媒体报道称，字节跳动旗下"番茄系业务"（包含番茄小说、红果短剧、番茄畅听及悟空搜索）在 2024年的收入已超过300亿元，整体利润约30亿至50亿元，并预测2025年收入将翻倍至600亿元。对 ...

21财经《辟谣财知道》注意到，近日，一条关于哔哩哔哩（下称"B站"）致用户的截图在网络流传。截 图内容称，"自2026年3月1日起，哔哩哔哩平台所有视频类资源均需购买B站视频会员方可完整观看， 基础弹幕功能同步绑定会员权益开放。"服务调整核心内容指出，平台无任何免费完整视频类资源开 放，引发社会广泛关注。 对此，12月11日，B站客服回应称："该消息为不实消息，对于造谣者我们将追究法律责任。也请大家 切勿轻信和传播网络谣言。" 公开资料显示，B站2025年第三季度净营业额总额达人民币76.9亿元，同比增加5%；净利润为人民币 4.69亿元，2024年同期则录得净亏损人民币7980万元；经调整净利润为人民币7.86亿元，同比增加 233%。此外，该季度日活用户同比增长9%至1.17亿，月活用户同比增长8%至3.76亿，月付费用户亦同 比增长17%至3500万。 （文章来源：21世纪经济报道） ...

Core Viewpoint - Bilibili (referred to as "B站") has denied rumors that all video content on its platform will require a membership to view starting March 1, 2026, and stated that it will pursue legal action against those spreading false information [1] Group 1 - A screenshot claiming that all video resources on Bilibili will require a paid membership was circulated [1] - Bilibili representatives confirmed that the information is false and urged the public not to believe or spread such rumors [1] - The company emphasized its intention to hold the rumor spreaders legally accountable [1]

Core Viewpoint - Recent rumors regarding Bilibili (B站) requiring users to purchase a video membership to access all video content and basic bullet comments have been deemed false by the company, which plans to take legal action against those spreading misinformation [1]. Group 1 - A screenshot circulating on social media claimed that all video resources on Bilibili require a membership for complete viewing and that basic bullet comment functionality is tied to membership rights [1]. - Bilibili's customer service responded on the 11th, stating that the information is untrue and urged the public not to believe or spread such rumors [1]. - The company emphasized its commitment to addressing the issue legally against those who create and disseminate false information [1].

Core Viewpoint - Recent rumors regarding Bilibili (B站) requiring a membership for full access to all video content have been denied by the company, which stated that the information is false and will pursue legal action against those spreading the rumors [1] Summary by Sections - **Rumor Details** - A screenshot circulated on social media claiming that all video resources on Bilibili require a paid membership for complete viewing, with basic bullet comment functionality also tied to membership rights [1] - **Company Response** - Bilibili's customer service responded on the 11th, clarifying that the rumors are untrue and urging the public not to believe or disseminate false information [1]

Core Viewpoint - A rumor regarding Bilibili's membership policy has circulated, claiming that starting March 1, 2026, all video content on the platform will require a paid membership for full access, along with basic bullet comments being tied to membership rights. Bilibili has stated that this information is false and will pursue legal action against the spreaders of the rumor [1]. Group 1 - A screenshot claiming changes to Bilibili's membership policy has been widely shared [1] - Bilibili representatives have confirmed that the rumor is untrue [1] - The company has warned against believing and spreading such online rumors [1]

Core Viewpoint - The successful conclusion of the 2025 iQIYI Scream Night in Macau marks the end of a three-year collaboration between iQIYI and the Galaxy Macau, leading to a renewed three-year strategic partnership to enhance cooperation in entertainment events, variety shows, and film projects, contributing to the development of Macau as a "City of Entertainment" [1][2]. Group 1 - The iQIYI Scream Night has significantly impacted the entertainment landscape in Macau, attracting a large number of celebrities each year and becoming a representative event for cultural and tourism integration [2][3]. - The first VR immersive experience venue for the show, "Canglan Jue," has become the largest "real scene + full sensory VR" immersive project in Macau, promoting diversified development in the local cultural tourism sector [3]. - The renewed partnership aims to introduce more innovative event experiences and richer collaboration models, injecting new vitality into the construction of Macau as a "City of Entertainment" [3].

文 | 文娱商业观察 德黑兰 播出已过大半，但各种buff层层叠加的《枭起青壤》，似乎还未撑起"尾鱼宇宙"效应。 在开播81分钟即破25000热度值刷新腾讯视频站内现代剧热度纪录后，《枭起青壤》逐渐陷入"高开横盘"的尴尬境地，直至发稿前，站内热度仍停滞在 27000区间难以突破。与此呼应，其虽已获得云合S+评级，但目前的市占率走势也基本是在横盘运动，最高仅13.8%，并且在云合剧集霸屏榜上的排位已 连续多日被《大生意人》反超。 两年后，腾讯视频"尾鱼宇宙"首发作《西出玉门》正式登场。可遗憾的是，尽管该剧的站内热度创下腾讯视频2023探险剧最高纪录（29271），并在完全 没有云包场的情况下跻身平台年度畅销榜TOP10，但由于舆论场里的观众反馈"毁誉参半"，距离"现象级"始终差了一口气。 《枭起青壤》与预期的"压轴剧王"还有距离，而近日腾讯电视剧运营人员回怼观众"外行指导内行"的言论，又挫伤了剧集核心粉丝的热情，对其路人盘也 产生了一定的消耗。 这显然不是腾讯视频所希望看到的。 在今年6月举办的2025腾讯视频影视年度发布上，腾讯视频曾重点披露了自己的IP宇宙系统化打造计划，《枭起青壤》所属的"尾鱼宇宙"正在其 ...