Core Insights - The competition among long video platforms for male-oriented dramas is intensifying as they prepare for the summer 2025 release schedule, with platforms like Youku, Tencent Video, and iQIYI announcing new titles [1][3][12] - The success of these dramas hinges not only on male viewership but significantly on female audience engagement, as platforms recognize that "whoever wins the female audience wins the market" [3][20] Group 1: Upcoming Dramas and Strategies - Youku's "Cang Hai Chuan" has garnered over 9 million reservations, surpassing the previous record set by "Nan Hong" [4] - Tencent's "Zhe Yao" is strategically designed to appeal to female viewers by incorporating romantic elements into its narrative, achieving over 30,000 views within six days of release [11][19] - iQIYI's "Ren Sheng Ruo Ru Chi Jian" is positioned uniquely in the market, focusing on a historical narrative that diverges from typical male-centric themes [6][9] Group 2: Market Dynamics and Audience Preferences - The male-oriented drama market is characterized by a "four-way standoff," with each platform attempting to differentiate itself through unique storytelling and character development [13][16] - Platforms are increasingly aware that merely casting popular male leads is insufficient; they must also engage female viewers through relatable narratives and emotional depth [20] - The success of dramas like "Qing Yu Nian" demonstrates the potential for male-centric stories to resonate with female audiences when they incorporate relatable themes and emotional arcs [19][20]

Group 1 - The recent announcement of three major dramas, "藏海传," "折腰," and "人生若如初见," is expected to revitalize the sluggish drama market, potentially bringing the market back to a viewership level of 300 million [1] - The introduction of Youku's "Annual Bestsellers List" indicates a shift in long video platform strategies, emphasizing member conversion as a key performance metric [2][3] - Youku's improved operational efficiency has led to a positive adjusted EBITA of 36 million yuan in the fourth fiscal quarter of 2025, marking its first profitable quarter after a year of successful drama releases [3] Group 2 - The "Annual Bestsellers List" serves as a showcase of Youku's drama performance over the past year, attracting attention from fans and boosting engagement [5] - Tencent Video's ranking system, which includes various content types, highlights the competitive landscape among platforms, with a focus on user engagement and revenue generation [11][6] - The competition for high-value users among long video platforms is intensifying, with strategies like cloud screenings and exclusive content being employed to attract and retain subscribers [19][20] Group 3 - The "cloud screening" strategy has emerged as a significant tool for platforms to maximize user engagement and revenue, with some productions reportedly covering costs to maintain relationships with platforms [17][12] - Youku's "Annual Bestsellers List" is expected to enhance its influence in the drama market, especially with the upcoming release of "藏海传," which is anticipated to mobilize fan engagement [18] - The long video industry is entering a "stock era," where platforms must innovate and diversify content offerings to attract and retain users [20][22]

Group 1: Company Performance - Alibaba's entertainment segment reported a revenue of 22.267 billion yuan for the fiscal year ending March 31, 2025, representing a 5% year-on-year increase, driven by growth in Alibaba Pictures and Youku [1] - In Q1 2025, Alibaba's entertainment segment achieved a revenue of 5.554 billion yuan, a 12% increase year-on-year, with adjusted EBITA turning profitable at 36 million yuan compared to a loss of 884 million yuan in the same period of 2024, primarily due to Youku's profitability [2] - Youku's profitability is attributed to effective cost control across its entire industry chain, despite the challenges in the long video market [4] Group 2: Industry Challenges - The long video market is facing significant growth pressure, with iQIYI reporting a revenue decline of 14% year-on-year in Q4 2024, and Mango TV also experiencing revenue drops of 3.75% and 12.76% in 2024 and Q1 2025, respectively [3] - Advertising revenue has notably decreased across the industry, with iQIYI's brand advertising revenue shrinking from over 10 billion yuan in 2018 to around 4 billion yuan last year [4] - Despite Youku's recent profitability, the company still faces challenges in sustaining growth within a contracting long video market [5]

Core Viewpoint - The drama market is experiencing a surge in activity with major platforms releasing new series, but underlying issues suggest a lack of sustainable growth and potential challenges ahead [1][9]. Group 1: Market Dynamics - Major platforms like iQIYI, Tencent Video, and Youku are competing fiercely in the drama market, particularly during the summer season, with significant releases from each [1][9]. - The release of multiple high-profile dramas on the same day has led to a spike in viewer engagement, but the competition is primarily between iQIYI and Tencent Video, as Mango TV struggles with its recent releases [1][4]. Group 2: Individual Drama Performances - iQIYI's "If Life Were As It Was" has faced significant delays and controversies, impacting its promotional efforts and overall market presence [2][4]. - Tencent Video's "Folded Waist" has performed well despite initial concerns over its lead actress's behavior, achieving record viewership on its premiere day [4][6]. - The upcoming drama "Cang Hai Chuan," directed by Zheng Xiaolong and starring Xiao Zhan, is highly anticipated, but it may face challenges due to its dual-platform release strategy [6][9]. Group 3: Industry Trends - The long-form drama market is struggling, with many anticipated series failing to meet expectations, leading to a shift towards shorter content formats [10][12]. - Platforms are increasingly focusing on micro and short dramas, indicating a significant change in content strategy as they adapt to viewer preferences [10][12]. - The lack of blockbuster dramas in the upcoming summer season raises concerns about the overall health of the long video industry, which is currently facing a downturn [13][14].

作者 | 乔悦 编辑 | 江江 值班编辑｜ 宝珠 视觉 | 顾芗 宇宙的尽头是直播带货，连爱奇艺也不例外。 4月23日，在"2025爱奇艺世界・大会"上，CEO龚宇宣布：爱奇艺要做电商了。 不是传统电商，而是"内容电商"——通过剧集、明星、会员资源，把"看内容"和"买东西"结合起来，直 接向观众卖货。 此话一出，引发了颇多爱奇艺的用户不满，有网友觉得又是"割韭菜"。而"通过明星资源"一话，更是引 人想入非非，不少网友问到：以后爱奇艺太子太女要去直播带货了吗？ 爱奇艺"太子太女"，指的是与爱奇艺平台深度捆绑、被平台力捧的艺人，如陈哲远、沈羽洁、曾舜 晞等 人。他们与平台关系匪浅，陈哲远、沈羽洁的经纪公司为爱奇艺旗下直属经纪公司果然娱乐；而曾舜 希、丞磊签约的超级向上，同为爱奇艺旗下公司，企查查显示爱奇艺持有超级向上95%的股份。 爱奇艺"太子太女"，指的是与爱奇艺平台深度捆绑的艺人，如陈哲远、沈羽洁、曾舜 晞等人 龚宇透露，现在直播带货还是试运营状态。现在，打开爱奇艺App，其首页还是以剧集、综艺、体育赛 事等内容为主，直播板块也主要是娱乐节目、体育转播和综艺衍生，很少有直接带货的内容。 除非主动搜索"爱奇艺电 ...

Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].

Core Insights - iQIYI has rebranded its fast version app to "iQIYI Micro Short Drama," becoming the first long video platform in China to launch an independent micro short drama application, responding to the growing demand for "short and refined" video entertainment [1] - CEO Gong Yu highlighted the challenges of long dramas, stating that only 30% to 40% of the 100 dramas produced are profitable, indicating a high risk of loss in the long video segment [3][6] - iQIYI plans to reduce the number of dramas produced and focus on high-quality content, a strategy previously implemented in 2021 to achieve profitability [5][8] Company Strategy - The company aims to adapt to changing viewer preferences by reducing the number of episodes in dramas, with a consensus among major platforms to limit series to 12 episodes if they do not air by the end of the year [8] - iQIYI's introduction of the "Jump Watch" feature is a response to the declining average attention span of users, which has dropped from 2.5 minutes in 2004 to 47 seconds in 2021 [10] - The company is positioning itself to compete with short video platforms by differentiating its offerings, with the iQIYI app focusing on paid long videos and the iQIYI Micro Short Drama app targeting free micro dramas through an ad-based revenue model [12] Industry Context - The long video industry is facing significant challenges, with over 50% of dramas reported to be unprofitable, prompting a shift in strategy among platforms to focus on shorter, more engaging content [12] - The rise of short dramas is seen as a necessary evolution for long video platforms to reclaim user attention lost to social media and short video platforms [10][12] - The competition for user attention has intensified, with the concept of "attention economy" becoming a critical factor in content strategy for video platforms [10]

Core Insights - The report indicates that the smart screen (OTT) traffic growth rate is nearly double that of mobile internet users over the past three years, positioning smart screens as a new growth area for traffic in family settings [1][6]. Group 1: Market Overview - In 2024, the number of smart TV households in China exceeds 336 million, with a penetration rate of nearly 70% [6]. - The monthly active family users of OTT and TV box platforms, such as Koomiao, reach 135 million, with daily active users at 51 million, leading the industry [6]. - The average daily activation rate of OTT households in China increases by 4.2% year-on-year, with over half of households turning on their TVs daily to watch video content [6]. Group 2: User Engagement - The daily average usage time for OTT on-demand long videos is nearly 4 hours in 2024, which is double that of mobile devices, indicating high user engagement and stickiness [6]. - The monthly active user growth rates for major OTT video platforms, including Koomiao, Galaxy Qiyi, and Cloud Vision Aurora, have significantly increased, with Koomiao showing a 19% year-on-year growth, the fastest among major competitors [6]. Group 3: Content Consumption Trends - The daily active scale and total viewing time for different types of content on smart TVs are increasing, with children's content seeing the fastest growth in viewing time at 76% year-on-year [7]. - Popular new content such as "The Story of Roses," "Snow Maze," and "I Am a Criminal Police Officer" continues to attract viewer attention, while classic content remains a consistent draw, with 20 out of the top 100 TV dramas accounting for 22% of viewing time [7]. - As mobile traffic growth peaks, the smart screen sector is emerging as a blue ocean market for long video content, seeking new growth and breakthroughs [7].

以下文章来源于第一财经YiMagazine ，作者叶雨晨 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀请你一起探寻明亮的商业世界。 芒果超媒的财报，不好看。 文 ｜ 叶雨晨 编辑 ｜ 倪妮 来源｜ 第一财经YiMagazine（ID:CBNweekly2008） 封面来源 ｜ Pexels 2024年，芒果TV交出了一份亮眼的综艺成绩单。 上半年，5月复播的《歌手2024》推出创新赛制，不仅有网友贡献的「五旬老太守国门」等热梗，还在全国范围内的多个省市收获高收视率，在播放量、收 视率、热度值等多维度上都可称为现象级。下半年，成本较低的综艺《再见爱人4》更是在播出期间一直占据流量高地，形成了一个社会话题的「发酵 场」。 此外，这一年，芒果TV的其他综艺也稳定输出：《大侦探 第九季》豆瓣评分8.4；《快乐老友记 第2季》口碑回升，豆瓣评分8.9；《花儿与少年·丝路季》 年初收官后，该系列迅速追加了《花儿与少年·好友记》《花儿与少年 第六季》，「花学」再次出圈。根据第三方数据平台云合发布的《2024年综艺网播年 度观察》报告，全网网络综 ...

Group 1 - The core focus of the long video industry is shifting from content inventory to content strategy, with a significant emphasis on the trend of shortening series and episodes [1] - Data indicates that the average number of episodes for broadcast and planned series is expected to drop to around 28 episodes in 2024, reflecting a broader industry adjustment due to financial constraints [1] - The transition from long series to shorter formats is becoming a necessity, with mini-series being seen as an evolutionary endpoint in this trend [1] Group 2 - The mini-series format has faced challenges in the domestic market, with many high-profile projects failing to meet expectations, indicating that simply reducing episode count does not guarantee success [3] - International series, particularly from the UK and Japan, have successfully adapted to shorter formats, with typical episode counts dropping to around 10, showcasing a different approach to storytelling [3] - The immersive experience created by international series often stems from high information density, which keeps viewers engaged despite the presence of competing entertainment options [4] Group 3 - The narrative techniques employed in international series, such as continuous shots and non-linear storytelling, enhance viewer engagement and emotional connection with characters [5][8] - Recent successful series have utilized innovative storytelling methods to challenge viewers' attention and cognitive engagement, pushing them to invest more in the narrative [6] - Korean dramas have also evolved by incorporating contemporary themes into traditional storytelling formats, reflecting current societal issues while maintaining audience interest [10][13] Group 4 - Long series are increasingly viewed as a high-cost entertainment option, necessitating more substantial content to justify viewer investment in terms of time and attention [10] - Successful long series have focused on revealing insights into contemporary issues, such as workplace dynamics and societal challenges, thereby enhancing their relevance [11][19] - The ability of long series to foster discussion and create consensus on social issues distinguishes them from short series, which often cater to individual viewer preferences [17] Group 5 - The emotional depth and complexity of long series allow them to address universal themes of human experience, contrasting with the more immediate gratification offered by short series [21] - The narrative approach of long series, which emphasizes character development and relational dynamics, resonates with audiences across diverse cultural backgrounds [21] - The industry recognizes the need for long series to evolve in response to changing viewer expectations, focusing on deeper themes of pain and hope to enhance their artistic value [21]