不出意外的话，2025年的长剧市场大约是会"惨淡"收场。 还记得犀牛君在去做年终盘点时曾把2024年剧集市场的运行轨迹比喻为"过山车"，那么今年似乎还未真正品尝过到达"山顶"的感觉。 不过既然大环境如此，我们不妨先卸下包袱来总结过去这一年的得与失。光是站在剧集公司角度，就可窥见行业格局经过2025年的发展又发生了剧烈的洗 牌。 从剧集播出效果来看，上半年一头一尾上线的《国色芳华》和《锦绣芳华》同属一个IP，为公司业绩立下汗马功劳，只是后者在播放量、口碑等综合表现 较前者尚有一定差距；而下半年的"独苗"《我们的河山》为主旋律抗战剧，受众辐射面有限。 在2024几乎风光了一整年的新丽传媒同样是大幅减产，若是不算上跨年档的《大奉打更人》，2025年内上新的长剧仅有暑期档的一部《扫毒风暴》，虽说 是以近29000的热度峰值成功入选了腾讯视频的"必看俱乐部"，但比起去年《庆余年2》《与凤行》《玫瑰的故事》个个皆是"王炸"级别的传播声量实在是 相形见绌。 正午阳光和柠萌影视则均基本维持产能的稳定，分别播出了《淬火年代》《樱桃琥珀》《命悬一生》和《书卷一梦》《子夜归》《三十而已曼谷篇》。 具体来看，正午阳光今年推出的这三部 ...

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV experiencing revenue declines and increasing losses, indicating a need for a shift in their business models [1][2][3][14]. Revenue Performance - iQIYI reported a 7.8% year-on-year decline in revenue for Q3, totaling 6.68 billion yuan, and a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1]. - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a 33.47% drop in net profit to 252 million yuan [2]. - iQIYI's advertising revenue decreased by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [10]. Content and Market Trends - iQIYI maintained the highest market share in the drama segment, with popular series like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [5][8]. - Despite successful content, the decline in high-margin advertising revenue indicates a shift in advertiser preferences towards more effective short video platforms [10]. - Bilibili's diverse advertising client base and effective customer acquisition strategies contrast with iQIYI's challenges in attracting advertisers [11]. Cost Management - iQIYI's content costs decreased by 1% to 4.04 billion yuan, reflecting efforts to manage expenses amid declining revenues [13]. Strategic Initiatives - iQIYI is expanding its overseas business, achieving significant growth in international membership revenue, particularly in markets like Brazil and Mexico, with some regions seeing over 100% growth [16]. - The company is also diversifying its IP consumption strategy, with a 100% increase in overall revenue from self-operated and licensed products [17]. - iQIYI is leveraging AI to enhance cost efficiency and improve advertising targeting and conversion rates [17]. Regulatory Environment - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to benefit the industry by relaxing content restrictions and supporting high-quality productions [18][19]. - iQIYI's content team is adapting to the new regulatory environment, with ongoing projects benefiting from government support [19]. Future Outlook - The company must undergo transformation to adapt to the changing landscape, with supportive policies potentially aiding this transition [20].

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV reporting declines in revenue and profits, indicating a need for a shift in their business models [1][4][10] Financial Performance - iQIYI's Q3 revenue decreased by 7.8% year-on-year to 6.68 billion yuan, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1] - Mango TV's Q3 revenue fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [1] - iQIYI's advertising revenue dropped by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [4][5] Industry Trends - The long video sector is experiencing a collective struggle, with a notable decline in subscriber numbers for Tencent Video, which fell from 116 million to 114 million year-on-year [1] - Advertisers are shifting their budgets towards short videos and platforms like Xiaohongshu due to better monetization efficiency [5][6] Content Performance - iQIYI maintains the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [4] - Despite successful content, the decline in high-margin advertising revenue remains a critical issue for iQIYI [4][6] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [7] - The company is diversifying its IP consumption strategy, with self-operated and licensed products seeing over 100% revenue growth [8] Policy Environment - Recent government policies, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions, which could benefit iQIYI's content production and distribution [9][10] - iQIYI's Chief Content Officer noted positive developments in project approvals and production under the new policy framework [9]

Core Insights - The long video industry's profitability model may need iteration as companies face declining revenues and increasing losses [2][10] Revenue and Profitability - iQIYI's Q3 revenue decreased by 7.8% year-on-year to 6.68 billion yuan, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [2] - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [2] - iQIYI's advertising revenue dropped by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [6] Content Performance - iQIYI maintained the highest market share in drama series, with popular shows like "Chao Xue Lu" and "Sheng Wan Wu" achieving high content popularity scores [5] - Bilibili's diverse advertising client base includes gaming, e-commerce, and automotive sectors, which enhances its revenue stability compared to iQIYI [7] Membership and Costs - iQIYI's membership revenue fell by 3.5% to 4.2 billion yuan, while content costs decreased by 1% to 4.04 billion yuan [8][9] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [11] - The company is also focusing on micro-dramas, which have seen a 140% quarter-on-quarter revenue increase, and is developing local self-produced content in multiple languages [12] Regulatory Environment - Recent favorable policies from the National Radio and Television Administration, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions [13] - iQIYI's Chief Content Officer noted positive progress in project approvals and production under the new policy environment [13] Conclusion - The company must undergo transformation, with supportive policies aiding this process [14]

Core Viewpoint - The article discusses the transformation of Hong Kong's cultural representation in Chinese dramas, particularly focusing on the series "不眠日" (Sleepless Day), which illustrates how Hong Kong has become a stylized module for mainland productions, losing its original narrative significance [1][8]. Group 1: Cultural Transformation - "不眠日" utilizes Hong Kong as a stylized element, detaching it from its geographical identity and instead presenting it as a modular component for storytelling [3][4]. - The series blends mainland and Hong Kong elements, creating a unique narrative that reflects both cultures while highlighting the disconnection from traditional Hong Kong storytelling [2][11]. - The portrayal of Hong Kong in "不眠日" signifies a broader trend where its cultural essence is reduced to a mere aesthetic, serving as a template for mainland productions [6][8]. Group 2: Industry Trends - The collaboration between mainland platforms and Hong Kong production companies has institutionalized the co-production model, leading to a gradual commodification of Hong Kong's cultural elements [6][7]. - The shift in production dynamics is evident as mainland companies increasingly take the lead in creating content that incorporates Hong Kong's aesthetic without relying on traditional Hong Kong media channels [7][11]. - The article notes that this trend reflects a larger movement in the global and Chinese film industry towards modular storytelling, where geographical locations serve as interchangeable narrative devices [11][12]. Group 3: Audience Perception - The mixed cultural representation in "不眠日" evokes a sense of familiarity and novelty, creating an "异托邦" (heterotopia) experience for viewers [2][9]. - The series' narrative structure, which oscillates between traditional Hong Kong cinematic elements and contemporary mainland storytelling, challenges audience expectations and perceptions of cultural authenticity [5][10]. - The article suggests that while this transformation may seem like a loss for Hong Kong's cultural identity, it also represents a survival mechanism within the cultural industry, allowing for continued relevance in a changing landscape [8][11].