长视频行业的复苏依然缓慢。近日，芒果超媒发布2024年年度报告。财报显示，2024年营收 为140.8亿元，同比下降3.75%；归母净利润为13.64亿元，同比大幅减少61.63%，这当中很 大原因是受递延所得税资产的影响。 相较于归母净利润的技术性调整，2024年芒果超媒经 营活动产生的现金流净额同比大幅下降102.32%，财报解释系该公司加大头部内容储备所 致，这增加了预付款的支出。不过，在爱优腾三家为会员增量苦恼的时候，芒果超媒却迎来 了会员同比大增19.3%，会员收入更是首次突破50亿大关，为其互联网视频业务贡献了过半 收入，成为了芒果超媒新的增长驱动力。 图源自芒果超媒2024年财报。 从内容板块来看，综艺方面，芒果TV继续保持着市占率第一的地位。一季度，芒果TV以38%的综艺正 片有效播放市占率蝉联行业冠军。在云合数据全网网络综艺有效播放霸屏榜中，芒果TV十占其六，稳 居各平台首位。其中《大侦探·拾光季》以超10%的市占率领跑2月综艺市场，与《妻子的浪漫旅行 2025》2部综艺播放效果达到云合评级S+。《乘风2025》今年创新节目形式，登顶3月灯塔网综正片播 放市占榜。 同时，芒果超媒在积极卡位大 ...

Core Viewpoint - Mango Super Media reported a decline in revenue and net profit for Q1 2025, primarily due to a contraction in traditional TV shopping and increased investments in high-quality content and technology applications [1] Group 1: Financial Performance - The company achieved operating revenue of 2.9 billion yuan, a year-on-year decrease of 12.76% [1] - Net profit attributable to shareholders was 379 million yuan, down 19.80% year-on-year [1] Group 2: Content and Market Position - Mango TV maintained the highest market share in effective viewership for variety shows among long video platforms, with "Detective Chinatown: Season of Memories" leading the February market with over 10% share [3] - The effective viewership for dramas reached a new high, with a year-on-year increase of 117.7%, featuring popular titles like "National Color and Fragrance" and "Five Blessings Arrive" in the top 10 [4] Group 3: Strategic Initiatives - Mango TV has entered a strategic partnership with Hongguo Short Drama to develop high-quality short dramas, utilizing a dual-platform revenue-sharing model [4] - The company has over 200 high-quality drama and variety show projects in reserve for 2025, with a continued innovation rate of over 40% in variety show production [4] Group 4: Membership and International Expansion - Mango TV's membership revenue surpassed 5 billion yuan for the first time, maintaining a nearly 20% year-on-year growth [5] - The effective membership size reached 73.31 million by the end of 2024, with significant growth in international app downloads from 130 million to 261 million [5]