芒果超媒上半年会员收入近25亿元，小芒电商首次盈利，加大内容、研发投入致净利润同比降28%。 8月22日晚间，芒果超媒股份有限公司（芒果超媒，300413.SZ）披露2025年半年度报告，上半年公司实现营业收入59.64亿元，同比下降14.31%；归属于上 市公司股东的净利润7.63亿元，同比下降28.31%。 据半年报，芒果超媒主营业务板块包括芒果TV互联网视频、新媒体互动娱乐内容制作和内容电商等。具体来看，报告期内，芒果TV互联网视频业务实现营 业收入48.83亿元，同比下降1.5%；新媒体互动娱乐内容制作营收6.06亿元，同比下降4.34%；内容电商营收4.46亿元，同比下降67.09%；其他业务营收 2844.66万元，同比增长127.69%。 | | 本报告期 | 上年同期 | 本报告期 | | --- | --- | --- | --- | | 营业收入(元) | 5.963.683.329.69 | 6,959,926,553.07 | | | 归属于上市公司股东的净利润(元) | 763,397,450.94 | 1,064,832,991.18 | | | 归属于上市公司股东的扣除非经常性损 ...

Core Viewpoint - The article discusses the evolving nature of offline drama promotion events, highlighting a shift from genuine engagement between creators and audiences to a focus on "CP" (couple pairing) marketing, which may detract from the original intent of promoting the drama itself [5][14][27]. Group 1: Evolution of Offline Promotion - Offline drama promotion events, originally intended to foster direct communication between creators and fans, have increasingly become dominated by CP marketing, where the focus is on romantic interactions rather than the drama's content [5][14]. - The rise of offline drama promotion has been driven by the saturation of online channels, leading to a new promotional model that emphasizes live interaction and emotional engagement [7][9]. - The effectiveness of this offline marketing strategy is evident, as it has transformed from an optional addition to a necessary component of drama promotion, with significant investment from production companies [7][9][10]. Group 2: Impact on Audience Perception - The shift towards CP marketing has led to a change in audience expectations, where viewers are more interested in the romantic dynamics between actors than the actual storyline or character development [21][24]. - This trend has resulted in a disconnect between the promotional activities and the actual content of the dramas, often leading to viewer disappointment when the on-screen chemistry does not match the promotional hype [24][27]. - The increasing demand for "sugar" (romantic content) in promotions has created a cycle of escalating expectations, where audiences continuously seek more intense displays of affection from actors [24][27]. Group 3: Risks and Future Directions - The current trajectory of offline drama promotions raises concerns about the sustainability of this marketing approach, as it risks alienating viewers who seek substantive storytelling rather than superficial interactions [22][27]. - The industry faces a dilemma: whether to continue down the path of CP-centric promotions or to refocus on the core elements of storytelling and character development that truly resonate with audiences [19][27]. - Ultimately, the article suggests that while CP marketing can be a valuable tool, it should not overshadow the fundamental purpose of drama promotion, which is to engage audiences with compelling narratives and character arcs [27].