Core Insights - The Chinese drama market in 2025 is entering a quality transition phase characterized by a consensus on "reducing quantity and improving quality," with a focus on reputation as the core measure of a drama's vitality [1] Historical Themes: "Breaking the Circle" Communication - A series of revolutionary historical dramas have resonated deeply with audiences, achieving high ratings, with shows like "Our Rivers and Mountains," "Blood and Glory," and "Positions" nearing or exceeding 3% in premiere ratings [2] - "Silent Glory" stands out for its rigorous adherence to historical accuracy, portraying real-life revolutionary martyrs and achieving emotional resonance with viewers [2] - "Anti-Human Atrocities" received a high score of 8.7 on streaming platforms, showcasing the human cost of war and the indomitable spirit of the Chinese people [2] Realistic Themes: The Human Experience - "Six Sisters," which began airing on CCTV, achieved both high ratings and social acclaim by depicting the growth of six sisters in a typical urban family [3] - The depth and breadth of realistic themes expanded significantly, with "Northbound" innovatively intertwining the narrative of the Grand Canal's cultural heritage with the individual growth of the post-90s generation [3] - "Life from the Land" represents the epic depth and thoughtfulness achievable in realistic dramas, focusing on the changes in land systems in rural China [3] Suspense Dramas: Quality Endurance - In 2025, Chinese suspense dramas transitioned from "traffic hits" to "quality endurance," achieving breakthroughs in both viewership and reputation [4] - The narrative focus shifted from plot-driven to character-driven storytelling, as seen in "Stationed," which portrays the daily struggles of a police officer [4] - The integration of suspense with humanistic concerns allows these dramas to transcend genre limitations [4] Aesthetic Innovation and Genre Fusion - Suspense creators in 2025 actively break genre boundaries, exploring richer expressions and achieving cinematic quality in storytelling [5] - The trend of shorter, high-quality series is particularly evident in the suspense genre, with many shows like "Dust Storm" and "Secret Showdown" maintaining a compact format of around 12 to 16 episodes [6] Idol Dramas: A "Cold" Reality - Urban dramas successfully explore social issues, with shows like "A Good Life" and "Let Me Shine" achieving high ratings and online discussions [7] - The idol drama market faces challenges, with over 40 notable idol dramas released in 2025, yet many fail to resonate beyond their established audience [7][8] - The fatigue of historical idol dramas is evident, as many fail to maintain viewer interest despite initial hype [8] Short Dramas: A Quality Transformation - The short drama market has entered a critical turning point, shifting focus from scale expansion to quality enhancement and deeper cultural value [9] - The diversity and quality of short dramas have improved, with emotional depth and cultural context becoming prominent features [9][10] - The professionalization of the short drama industry is accelerating, with more established filmmakers and actors contributing to higher production standards [10]

Core Insights - The article discusses how various film and television content in 2025 reflects real-life experiences and emotions, creating a sense of connection and belonging among viewers [1][2][9] - It highlights the growing trend of audience engagement through interactive elements like bullet comments (danmu), which enhance the viewing experience and foster community [4][6][7] Group 1: Audience Engagement - Viewers are increasingly participating in "bullet comment competitions," where they share real-time reactions and humor while watching shows, creating a shared experience [1][2] - The popularity of shows like "Tang Dynasty Mystery" and "Book of Dreams" is attributed to their ability to resonate with contemporary emotions and societal issues, allowing viewers to relate to the characters and their struggles [1][8] - The use of bullet comments has become integral to the viewing experience, with fans actively engaging in discussions and creating memes that reflect their interpretations of the content [4][6][7] Group 2: Themes of Realism - Many shows in 2025 focus on authentic stories that depict the challenges faced by ordinary people, such as the struggles of women in the workplace and the pressures of modern life [9][11][14] - The emotional depth of these narratives allows viewers to connect with the characters on a personal level, often leading to reflections on their own lives and experiences [11][13][16] - Programs like "Comedy King" and "Life on the Farm" illustrate the power of storytelling to evoke empathy and inspire viewers to confront their own realities [9][18][20] Group 3: Cultural Impact - The article emphasizes that the impact of these stories extends beyond entertainment, as they provide a platform for social commentary and can lead to real-world changes, such as adjustments in workplace policies [13][21] - The connection between viewers and the content fosters a sense of community, where shared experiences and emotions can lead to collective support and understanding [23] - As audiences look forward to new content, the expectation is that future stories will continue to reflect and address the complexities of modern life, reinforcing the importance of authenticity in storytelling [23]

Core Insights - The 2025 drama market has seen a blend of positive energy and emotional resonance through various series, with creators seeking new solutions amidst a changing landscape [1][11] - Realism in storytelling has become a dominant trend, with many series focusing on historical themes and character development, particularly in the context of the 80th anniversary of the victory in the Anti-Japanese War [3][13] - The emergence of new policies has opened up opportunities for historical and long-form narratives, allowing for a resurgence of classic storytelling styles [7][17] - The short drama market is transitioning from rapid growth to a more refined phase, with a focus on quality and character depth, moving towards a "short drama long-form" approach [9][19] Group 1: Realism and Historical Themes - A significant number of high-quality dramas have been produced that reflect on the Anti-Japanese War, showcasing heroic figures and historical accuracy [3][13] - Series like "The Silence of Glory" and "Our Mountains and Rivers" have successfully connected historical narratives with contemporary values, appealing to modern audiences [3][13] - The trend of realism extends to various genres, including suspense dramas that delve into human nature and emotional narratives rather than just plot-driven cases [4][14] Group 2: Market Dynamics and Policy Changes - The overall production volume of dramas in 2025 has stabilized, but there is a noticeable gap between critical acclaim and viewership ratings, with few series achieving both [6][16] - The "Guangdian 21" policy introduced by the National Radio and Television Administration has lifted restrictions on drama length and content, fostering a more diverse production environment [7][17] - Upcoming historical dramas are set to capitalize on this policy shift, with several new series announced for 2026 that promise to explore rich historical narratives [7][17] Group 3: Short Drama Evolution - The short drama sector is experiencing a rational adjustment after years of explosive growth, moving towards higher quality content and more sophisticated storytelling [9][19] - Trends indicate a shift from simplistic narratives to more complex character-driven stories, with a notable influence from international formats like Korean dramas [9][19] - The rise of IP series in short dramas is evident, with successful sequels and high viewership records indicating a growing market for quality short content [10][20] Group 4: Economic Impact and Local Development - The short drama boom is positively impacting local economies, with cities actively supporting the industry through policy initiatives [11][21] - Beijing leads in the number of short drama-related enterprises, significantly outpacing other cities, indicating a concentrated growth in this sector [11][21] - The combination of short dramas with cultural tourism and local industries suggests a potential for reshaping regional economic models [11][21]

巨变之下，平台与公司都需要寻找"更确定性的增长"直面挑战，穿越周期。沧海横流，方显英雄本色。今年，娱乐独角兽将继续推进"年度盘 点"和"年度专访"，从短剧、长剧集、综艺、音乐等多维度盘点年度行业事件和标杆公司，试图记录和追寻行业的发展趋势和变化脉络。我们 将在"年度盘点"系列文章中，分享一系列产业观察。 本文为"年度盘点"专刊第三篇。2025年的长剧市场，超头消失、平台剧王登场，市场水位下行已无可回避，内容、演员、制作公司洗牌更加激 烈，我们也试图在今年的作品中找到一些"确定性"答案。 《藏海传》是优酷剧王，是云合、猫眼、灯塔等全网播放量冠军；《许我耀眼》是腾讯视频剧王，云合集均TOP1，在小红书、抖音上断层登顶；《生万 物》是爱奇艺剧王，多平台日峰值年冠/史冠；《国色芳华》是芒果剧王…… 无论这一年里长剧市场曾多少次陷入到爆款缺失、短剧上行的"焦虑"里，都在岁末转化成了一份"热闹"。"剧王之争"，正在成为当下最火热的文娱议题。 2025年的文娱行业，形势更加复杂多变。电影市场终破500亿票房大关，动画电影撑起半壁江山，女性观众成主要观影力量；剧集市场"长短相 融"趋势显著，冷热起伏，古装剧，年代剧，都市剧有 ...

持续的长短之争，俨然形成了又一轮关于娱乐话语权的抢夺战。 短剧只要稍微点缀精致，就有人在键盘上打出"这可比现在的长剧好多了"，而长视频被动陷入了要接受"你老了，不够新了"的论调里，百口莫辩。 然而，在纠结了追不追随近一年之后，长视频也找到了应对之招——用"传统"回应"传统"。 特别是在年底的剧集市场上，这一招被无限放大。 《唐朝诡事录之长安》的单元叙事框架，让网友再度找回小时候看剧的感觉，那些有关《少年包青天》《神探狄仁杰》等经典剧集的回忆不断翻涌，甚至 也引发了回看潮；紧接着登场的《大生意人》，更是直接甩出了#大生意人 传统长剧##陈晓不愧是受过长剧质检的男主#的高位热搜，强调该剧的叙事方 式、美学质感与时代格局；而《沉默的荣耀》《风与潮》《反人类暴行》《老舅》等剧集选题视角，也是传统长剧经常提起笔的方向 …… 长视频在这一当口拿出自己擅长的"传统"盾牌，核心也在于狂奔了近一年的免费短剧在同质化大潮以及靠着 CP 、续集化、知名演员拉动等固定流量保底 方法论之下，观众也明显出现了疲软。 短剧CP 于是，在这一轮长视频营销里，市场也经常出现#看短剧丢的脑子在水龙吟找回来了##狙击蝴蝶重拾长剧信心#等用来回击短 ...

Core Insights - The long drama market is expected to face a "bleak" end in 2025, with significant changes in industry dynamics anticipated due to a challenging environment [1] Group 1: Industry Trends - The traditional "Big Six" production companies are experiencing a decline in both output and market share, with Huace Film and TV significantly reducing its new releases from seven to three this year [2] - New releases from New Classics Media have also decreased, with only one major drama expected in 2025 compared to multiple successful titles last year [3] - The overall production capacity of companies like Noon Sunshine and Ningmeng Media has remained stable, but their new releases have not matched the success of previous years [5] Group 2: Emerging Players - New players in the industry are fiercely competing, with companies like Changxin Media and Jiaxing Media gaining attention through successful new releases [14][16] - Quantum Pan Entertainment and Chunyu Media's collaboration on "Cang Hai Chuan" has emerged as a leading title in the male-oriented drama category, showcasing the potential of new entrants [21] - Other emerging companies like Xixi Film and Xinglian Film have also produced new works, indicating a slight recovery in their performance compared to last year [23] Group 3: Performance Metrics - The performance of dramas has varied significantly, with some productions achieving high ratings while others struggle to gain traction, reflecting the competitive nature of the market [9][11] - The drama "Xu Wo Yao Yan" from Jinhe Media has achieved notable success, marking a significant comeback for the company after a period of fewer hits [18] - The overall sentiment in the industry suggests that even successful productions are facing challenges in achieving blockbuster status, indicating a tough market environment [30]

Core Insights - The report highlights that the "Guochao" culture has deeply integrated into the daily lives of contemporary youth, with film and television works being the most popular medium at 73.21% [1] - The report indicates that Guochao films and dramas serve as dual carriers of cultural confidence and emotional resonance, with major themes being revolutionary subjects (54.44%), contemporary urban themes (48.85%), and ancient legendary themes (47.72%) [1] - iQIYI's productions have sparked widespread discussions among the youth, with specific titles like "Tang Dynasty Mystery" and "My Alashan" gaining significant attention [1] Film and Television Performance - iQIYI's dramas such as "Tang Dynasty Mystery" have integrated elements of Tang architecture and art into suspenseful narratives, achieving over 100 million interactions on bullet screens [1] - "My Alashan" has resonated with audiences through its portrayal of Kazakh nomadic culture, contributing to a tourism boom in Xinjiang [1] - "Love You" introduces traditional Chinese medicine culture, educating young viewers about herbal medicine through its episodic structure [1] - "Life of All Things" reflects the changing fate of farmers in China, showcasing local cultural practices during traditional festivals [1] Variety Show Success - Guochao variety shows have also performed well, with historical interpretation (53.24%), music competition (51.87%), and cultural exploration (46.18%) genres being particularly popular [3] - iQIYI's variety show "Let's Farm 3" promotes rural revitalization by engaging in local agricultural activities, instilling a sense of resilience and teamwork among contemporary youth [3] - "Ha Ha Ha Ha" showcases China's infrastructure capabilities and cultural output through a special episode on the China-Laos Railway [3] - "A Journey of Blossoms 2" presents a panoramic view of China's cultural landscape, fostering a healing journey through cultural dialogue [3] Audience Engagement and Cultural Connection - iQIYI's Vice President Wang Xiaoyan emphasized that young viewers are not just consumers but co-creators, with 52.59% of respondents discussing Guochao elements through bullet screens and comments [5] - The interactive model allows for continuous revitalization of content based on audience feedback, enhancing viewer engagement [5] - The popularity of Guochao dramas is attributed to creators' thoughtful innovation and transformation of traditional culture, making it relevant to modern life [5] - iQIYI's commitment to delivering quality content has successfully established a deep connection between Guochao culture and young users [5]

Core Insights - The long video platform industry is facing both opportunities and challenges in 2025, with user growth reaching 752 million, a new high since 2018, and a notable shift towards younger and more educated users [2] - iQIYI is leading the industry by establishing a "long + short" content ecosystem and leveraging AI and globalization as dual engines for growth [2][3] User Growth and Content Strategy - The user demographic for long videos is becoming younger and more educated, with an 86% usage rate among users aged 20-29 and those with a bachelor's degree or higher, which is nearly 20 percentage points higher than the overall average [2] - iQIYI's successful content, such as "Sheng Wan Wu" and "Chao Xue Lu," demonstrates its ability to resonate with audiences by addressing deeper themes beyond mere entertainment [4][5] Financial Performance - iQIYI reported total revenue of 6.68 billion RMB in Q3 2025, with a stock price increase of 6.34% following the earnings announcement [3] - Membership service revenue reached 4.21 billion RMB, a 3% quarter-over-quarter increase, highlighting its role as a core revenue driver [4] IP and Commercial Expansion - iQIYI is expanding its IP ecosystem through self-operated and licensed merchandise, achieving over 100% year-on-year revenue growth in this segment [6] - The company is also developing offline experiences with the opening of its third amusement park in Beijing, following successful projects in Yangzhou and Kaifeng [6][7] AI Integration and User Experience - AI technology has become integral to iQIYI's operations, enhancing content production and user experience, with total costs decreasing by 3% year-on-year [9] - Features like the "Jump Look" function and the "Peach Bean" personal assistant are designed to improve user engagement and content personalization [10][11] International Expansion - iQIYI's international version has seen daily membership numbers reach a historical high, with membership revenue growing over 40% year-on-year in markets like Brazil, Mexico, and Indonesia [14] - The company is focusing on localized content, achieving significant success with Thai dramas and collaborations with local production teams [15][16] Conclusion - iQIYI is evolving from a video platform to a comprehensive entertainment ecosystem centered around IP, driven by technological advancements and a global strategy [18]

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]