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 trend of "anti-involution" is emerging in ancient costume dramas, with characters adopting a more relaxed and carefree attitude, moving away from traditional heroic narratives towards a "lying flat" philosophy [1][3][4]. Group 1: Character Evolution - The protagonists in recent ancient costume dramas are increasingly portrayed as "not striving," reflecting a shift from ambitious characters to those who embrace a laid-back lifestyle [5][9]. - This new character archetype, often referred to as "lazy fish," embodies a paradox where they appear unmotivated but possess hidden strengths, akin to a seemingly carefree student who excels academically [5][8]. - The "lazy fish" narrative allows for low-energy storytelling that emphasizes sudden bursts of capability rather than a long, arduous journey [8][9]. Group 2: Emotional Resonance - The rise of "lazy fish" characters aligns with contemporary societal pressures, providing audiences with a form of emotional release and self-reflection [3][12]. - Viewers are increasingly drawn to stories that offer a sense of comfort and happiness, moving away from heavy themes towards narratives that celebrate individual experiences and emotional fulfillment [15][19]. - The shift in audience preferences is evident in the success of light-hearted and relatable ancient dramas, which resonate with the current desire for positive emotional experiences [13][15]. Group 3: Narrative Structure - The narrative structure of ancient costume dramas is evolving to focus on individual experiences rather than grand heroic quests, allowing for a more grounded and relatable storytelling approach [19]. - The concept of "returning home" in narratives reflects a broader cultural questioning of traditional success metrics, paralleling the characters' journeys in ancient settings [12][19]. - The balance between relaxation and character growth is crucial, as creators seek to explore themes of self-discovery and personal choice within the context of ancient narratives [18][19].

Core Viewpoint - The controversy surrounding the drama "赴山海" (Journey to the Sea) is primarily due to the incorporation of "light comedy" elements, which are seen as incompatible with the original narrative style, leading to a negative overall viewing experience [2][3][5]. Group 1: Impact of Light Comedy - The introduction of light comedy in "赴山海" has been criticized for disrupting the original narrative rhythm and style, which is rooted in themes of chivalry and national duty during the Southern Song Dynasty [3][4]. - The light comedic elements have not enhanced the drama but rather diluted its martial arts essence, resulting in viewer backlash against the creative team's approach [5][6]. - The trend of light comedy in historical dramas has been prevalent since the success of "庆余年" (Joy of Life), which effectively blended modern humor with a historical setting [7][8]. Group 2: Market Trends and Audience Demand - The success of "庆余年" sparked a wave of light comedy adaptations in the drama market, with subsequent series like "赘婿" (The Son-in-Law) continuing this trend [9][10]. - Light comedy has become a ubiquitous element in various genres, appealing to a broad audience due to its accessibility and ability to provide entertainment amidst real-life pressures [12]. - However, the indiscriminate application of light comedy across all genres has raised concerns about its suitability and effectiveness, as not all narratives can accommodate such elements without losing their core essence [14][20]. Group 3: Creative Challenges - Successful integration of light comedy requires careful consideration of narrative pacing, thematic consistency, and character logic, which is often overlooked in recent adaptations [18][20]. - The failure to appropriately blend light comedic elements with the original story can lead to a loss of emotional depth and viewer engagement, as seen in "赴山海" and "折腰" (Bending Waist) [15][17]. - Even previously successful light comedies like "庆余年" faced criticism in their sequels for excessive comedic content that did not align with the overall narrative tone [19].

Core Insights - The series "赴山海" has become a new flow password in the internet space, marking a significant event in the drama market for the second half of 2025 [1] - Despite high initial viewership and popularity, the series has faced criticism regarding its quality, leading to a complex evaluation of the lead actor 成毅's ability to carry a show [3][12] - The phenomenon of "black-red" (negative publicity leading to increased attention) has emerged, indicating that the series' flaws have generated significant online discussion, overshadowing its actual quality [9][11] Group 1: Series Performance and Reception - "赴山海" achieved over 700 million views within 10 days of its release, topping the drama popularity charts for 10 consecutive days [1] - The lead actor 成毅's character has garnered over 200 million views on iQIYI, showcasing his significant role in driving the series' initial success [1] - However, the series has been criticized for its production quality, with common complaints about the plot, pacing, and technical errors, leading to a decline in audience reception [6][11] Group 2: Actor's Market Position and Future Projects - 成毅 is set to star in the upcoming series "两京十五日," indicating that despite the current setback, he continues to secure high-profile projects [3] - The market's perception of an actor's ability to carry a show has become increasingly complex, with traditional metrics of success being challenged [3][18] - The concept of "single-person approval" has emerged, where top actors can secure projects based on their individual influence, reflecting a shift in how projects are evaluated in the industry [20][22] Group 3: Industry Trends and Actor Dynamics - The dual nature of flow (popularity) and its backlash has created a cycle where actors can quickly rise and fall based on a single project's reception [11][12] - The industry is witnessing a trend where both flow actors and established talent must continuously prove their worth, as the market allows for limited mistakes [29] - The emergence of a new generation of actors who can balance both popularity and acting skills is reshaping the competitive landscape, with a focus on diverse roles and strong performances [30]

Group 1: Drama Market Insights - The drama market continues to demonstrate strong brand collaboration capabilities, with significant partnerships for popular series like "生万物" and "藏海传" [1][3] - However, there is a notable decline in the number of series achieving over 40 brand collaborations compared to the previous year, indicating a cautious approach from clients [1][3] - The trend of "全集有广" (full series with ads) has become a critical metric for brand collaboration, with only one series achieving this in August [1][3][7] Group 2: Variety Show Market Trends - The variety show market has shown stability, with new shows demonstrating impressive brand collaboration capabilities, although the peak of over 10 brand partnerships is no longer common [1][10] - Classic variety shows (综N代) have seen a resurgence in brand partnerships, with a 4% increase in sponsorship compared to the previous year [10][13] - New variety shows have attracted significant brand interest, with shows like "一路繁花" and "姐姐当家" securing multiple brand collaborations [15][16] Group 3: Market Dynamics and Brand Strategies - The differentiation in long video content's brand collaboration capabilities reflects a shift in consumer behavior and market trends, with platforms like 淘宝闪购 and 美团团购 gaining prominence [2][19] - The market is witnessing a shift from relying solely on star power to focusing on content quality and brand trust, as evidenced by the cautious investment strategies of brand owners [5][23] - The overall trend indicates a move towards more stable and predictable content, as the industry adapts to economic pressures and seeks sustainable growth [7][23]

Core Viewpoint - The new martial arts drama "Journey to the Mountains and Seas" is set to premiere on September 11 on Tencent Video and iQIYI, featuring a fresh perspective on traditional martial arts while exploring themes of loyalty and heroism in a modern context [1][4]. Group 1: Production and Release - "Journey to the Mountains and Seas" is produced by Tencent Video, iQIYI, Straw Bear Pictures, Ye Hua Films, and Tong Le Films [1]. - The series is adapted from the original work "Shenzhou Qixia" by martial arts master Wen Ruian, aiming to blend classic elements with contemporary storytelling [1]. Group 2: Narrative and Character Development - The plot follows the character Xiao Mingming, played by Cheng Yi, who unexpectedly becomes the protagonist Xiao Qiushui, facing numerous challenges and betrayals that lead to personal growth [1][4]. - The character's journey is depicted as a gradual transformation from a self-preserving individual to a hero who prioritizes righteousness, providing a relatable narrative for viewers [4]. Group 3: Themes and Cultural Significance - The drama emphasizes the essence of martial arts culture, showcasing the camaraderie among different heroes and the fundamental values of loyalty and honor [4]. - It aims to resonate with the audience by presenting a rich tapestry of characters and their struggles, reflecting the enduring spirit of martial arts [4].

Industry Overview - The current state of the drama market is challenging, with only a few shows like "In the Name of the Law" performing reasonably well, while others from major production companies have not made a significant impact [1][9] - The first phase of the summer season has concluded with disappointing results for major players, as many anticipated dramas failed to resonate with audiences [9] Key Productions and Performances - Tencent Video and iQIYI launched "Lychee of Chang'an" and "Lingjiang Xian" respectively, but both shows faced content controversies that hindered their success despite strong production teams [1][3] - Notable dramas such as "The Age of Forging" and "Huan Yu" also struggled, failing to meet audience expectations due to weak storytelling and character development [3][6] - The summer drama landscape is expected to become more competitive as new productions are set to debut, including "Justifiable Defense," which focuses on self-defense cases and features a strong cast [10][12] Upcoming Projects - Several new dramas are scheduled for release, including "Justifiable Defense" on July 9, which is anticipated to be a standout due to its unique theme and high-profile cast [10][12] - New productions from established companies like New Classics Media and Zhengwu Media are also on the horizon, with a variety of genres being explored [14][18] - The upcoming dramas from Noon Sunshine and Lingmeng are expected to contribute to the summer lineup, with "Cherry Amber" and "Midnight Return" respectively [14][16] Market Trends - Compared to the same period last year, the overall quality of summer dramas has declined, with no standout series capturing a wide audience [20] - The industry is looking for high-quality productions to emerge in the coming months to reverse the current downward trend [20]

Group 1 - The long drama market is regaining vitality with the release of "Cang Hai Chuan" and "Zhe Yao," both achieving rapid viewership milestones, indicating a prelude to the upcoming summer season [1][2] - "Zhe Yao" has shown impressive performance, breaking 20,000 in viewership within 10 minutes of its release on Tencent Video, and reaching a peak of 26,712 on its first day, setting a record for the fastest to break 26,000 in 2025 [2][3] - "Cang Hai Chuan" also performed well, achieving over 8000 in viewership within 5 hours and surpassing 10,000 in 38 hours, setting a new record for the highest premiere ratings in 2024 on Youku [5][6] Group 2 - Both dramas have attracted significant advertising interest, with "Zhe Yao" increasing its ad count from 2 to 7, while "Cang Hai Chuan" also saw a rise in ad numbers, reflecting their popularity [3][5] - The success of both series can be attributed to their strong male leads, with Liu Yuning from "Zhe Yao" and Xiao Zhan from "Cang Hai Chuan" drawing large audiences, particularly among female viewers [5][6] - The current market environment and the quality of the content in both dramas are crucial factors for their success, as they meet the audience's demand for high-quality productions [8][9] Group 3 - Despite the success of "Zhe Yao" and "Cang Hai Chuan," the overall drama market is still struggling compared to the previous year, with fewer standout titles available for the summer season [11][13] - Other dramas airing concurrently are unlikely to significantly impact the market, indicating that the upcoming months are critical for revitalizing the long drama sector [13][15] - The ability of "Zhe Yao" and "Cang Hai Chuan" to maintain their momentum will be essential for lifting the overall market performance ahead of the summer season [9][15]

Core Insights - The anticipation for the male-oriented dramas "Fu Shan Hai" and "Cang Hai Chuan" has been overshadowed by controversies surrounding the cast, particularly the female lead of "Fu Shan Hai" [1] - "Cang Hai Chuan" has already aired, while "Fu Shan Hai" remains without a release date, indicating a shift in the competitive landscape of male-oriented dramas [1] - Despite setbacks, the upcoming male-oriented dramas are not significantly impacted, with several high-profile actors still having multiple projects lined up for release [1] Industry Trends - The upcoming male-oriented drama battle in 2025 is characterized by a sense of stability, with many projects drawing inspiration from past successful series [4] - A significant portion of the upcoming dramas are historical martial arts, with titles like "Shui Long Yin" and "Ying Xiong Zhi" reflecting a trend towards familiar themes and narratives [4][5] - The male-oriented drama market is facing challenges similar to those in 2024, where only "Qing Yu Nian Season 2" received critical acclaim, highlighting ongoing quality issues [3][12] Audience Dynamics - The disconnect between the fan bases of male-oriented drama leads and the target audience is a persistent issue, as many actors gained popularity through female-centric narratives [12] - The attempt to balance male and female audience preferences in male-oriented dramas has not yielded satisfactory results, as seen in the mixed reception of shows like "Da Feng Da Geng Ren" [12][13] Actor Strategies - Prominent actors like Yang Yang, Cheng Yi, and Luo Yunxi are strategically taking on multiple male-oriented projects to navigate the shifting market dynamics [8][9] - The transition of these actors from romantic dramas to male-oriented narratives reflects a broader industry trend where traditional genres are declining, necessitating a shift in actor roles [8][9] Competitive Landscape - The emergence of new historical dramas, such as "Feng He Jin Qi Zhang Ju Zheng," poses a competitive threat to traditional male-oriented dramas, as they attract a broader audience base [15] - The success of upcoming dramas may hinge on their ability to innovate and differentiate themselves from existing narratives, as seen with the anticipated "Shui Long Yin" [15]

Core Viewpoint - The recent controversies surrounding foreign artists in China, particularly the incidents involving Li Kaixin and Zheng Naixin, highlight the risks associated with their public statements and behaviors, prompting a call for stricter background checks during casting processes to avoid potential fallout for productions [1][10][17]. Group 1: Impact on Productions - The upcoming series "Journey to the Mountains and Seas" faces significant challenges due to the fallout from Li Kaixin's recorded statements, leading to her removal from promotional materials and potential delays or reshoots, resulting in substantial financial losses [1][10]. - Media criticism has emerged regarding the series' passive response to the controversy, suggesting that merely removing Li Kaixin's content without a clear stance is insufficient [3][10]. Group 2: Public Reaction and Cultural Sensitivity - Li Kaixin's derogatory remarks about Chinese people have sparked widespread outrage, with media and public discourse emphasizing the importance of respecting national dignity and the consequences of foreign artists' negative comments [7][10]. - The incidents have led to a broader discussion about the growing foreign artist community in China and the need for greater scrutiny of their public conduct, as the public's tolerance for "double-faced" behavior diminishes [3][10][16]. Group 3: Industry Trends and Future Implications - The influx of foreign artists into the Chinese entertainment industry has been driven by various factors, including popular talent shows and the demand for international collaboration in productions [11][13]. - As the industry evolves, there is an increasing expectation for foreign artists to demonstrate cultural respect and integrity, with a clear message that disrespectful behavior will not be tolerated [16][17].