2025年综艺市场 洞察报告 击壤科技出品 01 电综市场洞察 02 网综市场洞察 content 目录 数据来源：击壤科技 2024年-2025年 央卫视频道 季播综艺监测（不含新浪、音乐播放器类、场地合作等非商客户） 电综市场洞察 01 层级分布 节目规模 电综市场收缩，新节目份额较高，第三季度上新逆势增长 32 36 28 48 29 31 39 34 20 25 30 35 40 45 50 Q1 Q2 Q3 Q4 Q1-Q4新上线电综数量分布 2024年 2025年 2025年各季度上新节目，仅第三季度实现同比增长，其余三个季度均 较2024年同期有所下滑 平台剧集分布 电综整体规模有所缩减，相较于综N代，新节目在整体 占比上较为突出 • 2025年电综市场新节目与综N 代并存，新节目占比超52%， 可以看出 节 目 从"延续 " 向 "创新"转移，但新节目突破 仍面临挑战。 综N代, 48% 新节目, 52% 2025年节目代占比 192 172 2024年 2025年 在播电综总量 • 2025年在播电综总量为172部， 较2024年减少20部，同比下 降约10.4%，整体呈"减量" 趋势。 2 ...

Core Insights - The long video market in 2025 has shown resilience with a variety of high-quality content capturing audience attention throughout the year [1][3] - Despite challenges from short-form content, the intrinsic value of long video storytelling and emotional resonance remains irreplaceable, highlighting a strong demand from users and society [3] - Platforms are adapting quickly and innovating with differentiated content strategies to explore new market opportunities [3][4] Company Strategies - iQIYI has focused on integrating short and long content while expanding its international presence, achieving significant growth in overseas revenue and a 40% year-on-year increase in membership income [4] - Tencent Video continues to emphasize high-quality content, particularly in IP adaptations and comedy, with several successful series based on novels demonstrating its stable content quality [6] - Youku has excelled in long-form content, producing critically acclaimed series such as "The Human Trafficking Incident," which has achieved a Douban rating of 8.7, indicating a strong foothold in the suspense genre [9] - Mango TV maintains a strong position in the variety show sector, capturing 36.5% of the market share in the first half of 2025, with several shows dominating viewership [11] - Migu Video has leveraged its sports content to create a unique ecosystem, integrating high-profile sports events with diverse entertainment offerings, thus establishing a solid growth path [12][15] Market Trends - The differentiation strategies adopted by platforms have led to a healthy competitive environment, showcasing their production and operational capabilities through a series of high-quality content releases [12] - The integration of online and offline experiences is becoming crucial, with platforms exploring ways to enhance viewer engagement through immersive experiences linked to their content [16][18] - Breaking down barriers between different content genres has proven effective in attracting new audience segments, as seen with Migu Video's cross-promotional efforts between sports and drama [19][21] - The competition is evolving into a resource integration phase, where platforms are leveraging their ecosystem to enhance content production, marketing, and distribution [22][23]

Core Insights - The 2025 variety show landscape is shifting from large-scale cultural programs to deeper, immersive experiences that connect audiences with history and culture [8][9][10] - Programs like "Master's Biography: Song Dynasty Poets" exemplify the integration of narrative and technical aesthetics, focusing on individual poets' inner worlds [9][10] - Emotional observation shows are gaining popularity, with a focus on authenticity and real-life experiences, moving beyond scripted narratives [12][13] Industry Trends - The trend of large-scale cultural variety shows is slowing down, allowing for a focus on more profound cultural exploration [9][10] - Programs such as "Heritage in China" and "Homes Between Mountains and Waters" emphasize the connection between culture and everyday life, shifting focus from static objects to dynamic human experiences [10][11] - The emergence of "Academy Wind" shows like "Chinese Academy" and "Youth Academy" highlights a new space for cultural dialogue, blending ancient wisdom with modern values [11] Emotional Observation Genre - Emotional observation variety shows are increasingly prioritizing authenticity over scripted drama, becoming a core competitive advantage [12] - Shows like "Goodbye Lover" and "Sisters in Charge" explore deeper social relationships and personal growth, reflecting a broader narrative scope [12][13] - The genre is evolving to provide emotional resonance and real-life reflections, moving away from mere topic generation [12] Future Industry Outlook - The variety show industry is navigating between the desire for change and the need for stability, with established series continuing to dominate the market [14][15] - Content strategies are becoming more conservative yet differentiated, with platforms focusing on specific genres like music competitions and comedy [14] - Innovation in content remains crucial for revitalizing the market, as seen with successful shows like "Earth Super Fresh," which has boosted confidence in original formats [15]

Core Insights - The mini-game "Living in Longing" has recently shown strong market performance, entering the top 10 of WeChat mini-games popularity list and steadily climbing the sales rankings [1][4] - The game is based on the popular variety show of the same name, which has accumulated over 1.5 billion views in its latest season [2] Market & Product Observation - "Living in Longing" debuted at 8th place on the WeChat mini-game popularity list on October 23 and reached 43rd place on the sales list by October 29, indicating a rapid improvement in rankings [4] - Despite its decent market performance, the game is not particularly outstanding in terms of revenue generation, reflecting the saturation in the mini-game simulation sector [6] - The game emphasizes IP content restoration, featuring a "dual gameplay" core element and recreating various scenes and elements from the variety show, such as the "Mushroom House" [6][7] - The art style employs low-saturation warm colors to create a calming atmosphere, aligning with the show's "slow-paced" theme [6] User Demographics - The game targets a high proportion of female users, primarily aged 20-30, with a significant presence in "new first-tier" cities [7][9] Marketing & Creative Strategy - The game maintained a low volume of marketing materials from July to October, with a peak of nearly 1,000 materials on October 26, followed by a decline [10] - Creative strategies focus on "IP + immersion + lightweight" content, highlighting the unique experience of the variety show and emphasizing a relaxing gameplay experience [10][12][14] - The marketing approach is characterized as "low-key," leveraging the strong influence of the IP to attract initial users and relying on social sharing for further growth [16] Industry Trends - The emergence of mini-games based on variety show IPs like "Living in Longing" suggests a new trend where video platforms are increasingly investing in the mini-game sector to drive user engagement and retention [17][18] - Video platforms see mini-games as a cost-effective way to convert IP resources into revenue, enhancing user interaction and prolonging engagement with their content [17][18] Challenges Ahead - Despite the clear advantages, the cross-industry move into mini-games presents challenges, including potential market saturation and the risk of user attrition if the associated IP loses popularity [19] - The industry must address issues of gameplay innovation and dependency on IP popularity to ensure long-term sustainability and growth [19]

Core Insights - The long video platform industry is facing challenges, prompting companies to focus on strategic resource allocation to weather the downturn [2] - Mango TV's Q3 2025 report shows a decline in revenue and net profit, with Q3 revenue at 3.099 billion yuan, down 6.58% year-on-year, and net profit at 252 million yuan, down 33.47% [2][3] - Despite the overall decline, Mango TV's monthly active users grew by approximately 11.08% from January to September 2025, indicating some resilience in user engagement [2][4] Financial Performance - The decline in revenue is largely attributed to a decrease in traditional e-commerce business, as the company shifts focus to developing Mango IP derivative products [3] - Mango TV's revenue has been on a downward trend over the past three years, with the largest year-on-year decline of 11.82% in the first three quarters of 2025 [3] - The company's net profit has also decreased significantly, with a year-on-year drop of 29.67% in the first three quarters of 2025, following a previous growth of 6.19% in 2023 [3] Cost and Investment - Increased investment in quality content and research and development has led to rising costs, with R&D expenses reaching 174 million yuan, up 35.93% year-on-year [3] - The total profit for Q3 saw a significant decline of 56.24% year-on-year, reflecting the short-term pressure on performance due to rising costs [3] Advertising and User Engagement - Despite challenges in user growth, Mango TV's advertising revenue showed signs of recovery, driven by its popular variety shows [4] - The company reported a net operating cash flow of 674 million yuan in the first three quarters, a substantial increase of 307.14% year-on-year, with cash reserves exceeding 13 billion yuan by the end of September [4] - Upcoming programs, such as the music talent show "Voice of the Future," are expected to enhance brand visibility and attract advertising budgets [5]

Core Insights - Mango TV has optimized its main business structure, achieving operating revenue of 9.063 billion yuan and a net profit attributable to shareholders of 1.016 billion yuan in the first three quarters of 2025 [1] - The company reported a significant increase in operating cash flow, with a net cash flow of 674 million yuan, up 307.14% year-on-year, and cash reserves exceeding 13 billion yuan by the end of September [1] - The company is focusing on the development of Mango IP derivative products while reducing its traditional e-commerce business, which has led to fluctuations in revenue [1] Business Performance - Mango TV's monthly active users increased by approximately 11.08% year-on-year, with a total ecosystem user count reaching 750 million by August [2] - The advertising business showed signs of recovery, with third-quarter advertising revenue experiencing year-on-year growth [1] - The company maintained a leading market share in the variety show segment, with the top 20 variety shows achieving 3.9 billion effective views, a 30% increase year-on-year [1] Content Strategy - Mango TV continues to leverage its strong variety show lineup, with six out of the top ten shows in the first seven months of 2025 being from the "Zong N Generation" series [2] - The company has strengthened its drama content, achieving a 67% exclusive distribution and network broadcast ratio for new domestic dramas in the third quarter, leading the industry [2] - By focusing on high-quality content IP, Mango TV has solidified its market leadership and provided a stable user base [2]

Core Viewpoint - The launch of the singing talent show "Voice of the Future 2025" marks a significant collaboration among multiple major platforms, indicating a new trend in the industry towards joint production efforts [1] Group 1: Program Launch and Collaboration - "Voice of the Future 2025" was globally launched on September 8 in Beijing, created by Hunan TV and Mango TV in collaboration with several leading provincial satellite TVs and online platforms [1] - The program represents a rare multi-party collaboration in the variety show production sector, exploring a new paradigm of joint creation [1] Group 2: Audience Engagement and Growth Potential - In the first half of 2025, the live interaction count for "Singer 2025" exceeded 90 million, indicating strong audience engagement [1] - The peak monthly viewership for "Riding the Wind 2025" increased by over 30% compared to the previous season, showcasing growth in viewer interest [1] Group 3: Content Strategy and Future Prospects - The company is actively expanding its micro-short drama offerings, with 1,179 micro-short dramas launched under the "Big Mango Plan" in the first half of 2025, a nearly sevenfold increase from the same period last year [1] - Upcoming adaptations of popular IPs such as "My Fair Princess" and "New Dragon Gate Inn" into short dramas are expected to generate significant long-tail effects [1] Group 4: Market Position and Investment Outlook - The company is compared with Netflix, Oriental Pearl, and New Media Co., as the long drama market is recovering under new broadcasting regulations [1] - The rich program reserve and the anticipated advertising revenue boost from "Voice of the Future 2025" lead to a positive investment outlook, with an initial "Buy" rating assigned [1]

Revenue and Profit Decline - In the first half of the year, the company achieved operating revenue of 5.964 billion yuan and a net profit attributable to shareholders of 0.763 billion yuan, representing year-on-year declines of 14.31% and 28.31% respectively, with a fully diluted EPS of 0.41 yuan [1] - In Q2 2025, the company reported revenue of 3.063 billion yuan and a net profit of 0.385 billion yuan, down 15.74% and 35.09% year-on-year [1] - The decline in revenue is primarily due to the contraction of the traditional TV shopping business, while the drop in net profit is attributed to increased investments in top-tier film and television content, ecological layout, and technology applications [1] Core Platform Performance - In the first half of the year, Mango TV's internet video business generated revenue of 4.882 billion yuan, a slight year-on-year decline of 1.5%, maintaining overall stability; the average monthly active users increased by 14.24% year-on-year, and the average daily usage time per user remains among the industry leaders [1] - Membership revenue reached 2.496 billion yuan, continuing to grow; advertising revenue was 1.587 billion yuan, showing significant recovery compared to the first quarter but still facing considerable pressure [1] - The operator business revenue was 0.8 billion yuan, marking a year-on-year increase of 7%, recovering after a significant decline in 2024 due to industry governance factors [1] Content Ecosystem Development - The variety shows continue to maintain industry-leading advantages, with Mango TV's variety show effective playback volume ranking first in the industry [2] - The show "Singer 2025" innovatively combines vertical and horizontal screen viewing modes, achieving over 90 million total interactive live sessions; "Riding the Wind 2025" broke the traditional studio recording mode by setting the stage outdoors, with peak monthly playback volume increasing by over 30% compared to the previous season [3] - In terms of drama series, effective playback volume for Mango TV's dramas increased by 69% year-on-year, with "The National Color of Elegance" achieving an average playback volume exceeding 40 million; the company has a reserve of nearly 100 dramas, and the latest policies from industry regulators are expected to support the production of more high-quality hit dramas [3] - The strategy for micro-short dramas is accelerating, with 1,179 micro-short dramas launched under the Big Mango plan, a nearly 7-fold increase year-on-year; the self-produced horizontal short drama "Jiang Song" topped the short drama effective playback ranking in May [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4][17]. Core Insights - The company's revenue and profit have declined, with a reported revenue of 5.964 billion yuan and a net profit of 763 million yuan for the first half of the year, representing year-on-year decreases of 14.31% and 28.31% respectively [10][1]. - The decline in revenue is primarily attributed to the contraction of the traditional TV shopping business, while the decrease in net profit is due to increased investments in high-quality film and television content, ecological layout, and technology applications [10][1]. - The core platform business remains stable, with Mango TV's internet video business generating 4.882 billion yuan in revenue, a slight year-on-year decline of 1.5%, while user engagement metrics show a 14.24% increase in monthly active users [12][2]. - The content ecosystem continues to improve, with Mango TV's variety shows maintaining industry leadership and a 69% year-on-year increase in effective viewership for its dramas [16][3]. Summary by Sections Revenue and Profit Performance - In the first half of the year, the company achieved a revenue of 5.964 billion yuan and a net profit of 763 million yuan, with respective year-on-year declines of 14.31% and 28.31% [10]. - For Q2 2025, the company reported a revenue of 3.063 billion yuan and a net profit of 385 million yuan, reflecting year-on-year decreases of 15.74% and 35.09% [10]. Core Business Performance - Mango TV's internet video business generated 4.882 billion yuan in revenue, with a 1.5% year-on-year decline, while the user base showed a 14.24% increase in monthly active users [12]. - The membership revenue reached 2.496 billion yuan, continuing its growth trajectory [12]. - The advertising business saw a revenue of 1.587 billion yuan, showing signs of recovery compared to the previous quarter but still facing significant pressure [12]. Content Development - The variety shows on Mango TV continue to lead the industry, with significant viewer engagement and innovative formats [16]. - The effective viewership for dramas increased by 69% year-on-year, with notable successes in specific titles [16]. - The company has accelerated its strategy for micro-short dramas, launching 1,179 new episodes, a nearly sevenfold increase from the previous year [16].

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 5.964 billion yuan, down 14.31% year-on-year, and a net profit of 763 million yuan, down 28.31% year-on-year [1] - Membership business showed steady growth, with revenue of 2.496 billion yuan, and an increase in monthly active users by 14.24% [1][2] - The company is focusing on diversified IP development and enhancing international communication effectiveness, with a significant increase in international downloads [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 5.964 billion yuan, a year-on-year decrease of 14.31%, and a net profit attributable to shareholders of 763 million yuan, down 28.31% [1] - In Q2 2025, the company reported revenue of 3.063 billion yuan, a decline of 15.74% year-on-year, and a net profit of 385 million yuan, down 35.09% [1] Membership and Content Strategy - The membership business generated revenue of 2.496 billion yuan, showing slight growth, while the average monthly active users of Mango TV increased by 14.24% [1] - The company’s original content, including popular shows, has led to a significant increase in effective viewership, with a 69% year-on-year growth in drama viewership [1] IP Development and International Expansion - The company is enhancing its IP development through a full industry chain approach, including the creation of a dual IP ecosystem with "program + animation" [2] - The international version of Mango TV has seen a cumulative download of 295 million, an increase of 13.8% since the beginning of the year [2] Future Outlook - The company anticipates that its content investments will yield long-term returns, supported by recent policy changes in the industry [2] - Projections for net profit from 2025 to 2027 are 1.394 billion yuan, 1.626 billion yuan, and 1.898 billion yuan, with corresponding PE ratios of 36x, 31x, and 27x [2]