如何看 AI 剧的爆发趋势及商业化机会 20260125 摘要 AI 短剧市场细分类型多样，包括动态漫、表情包漫剧、AI 真人和小说漫 解，其中 AI 真人在 2025 年 12 月迎来爆发期，预计 2026 年 1 月投放 量将继续增加，表明 AI 真人短剧市场潜力巨大。 AI 短剧受众以男性为主，但女性受众比例在 2025 年第三季度至第四季 度呈现上升趋势，表明 AI 短剧在吸引更广泛受众方面具有潜力，市场结 构正在发生变化。 抖音在 AI 短剧广告投放规模远超快手和腾讯，12 月广告流水较 6 月增 长超 20 倍，全年播放量达 700 多亿次，显示抖音在 AI 短剧推广和用户 获取方面占据主导地位。 AI 短剧供给端内容丰富，但优质内容和 AI 真人剧仍然稀缺，供给量增长 迅速，但审核速度可能受到平台版权中心合并的影响，这可能影响市场 增长速度。 AIGC 显著降低了内容生产成本，改变了传统生产关系，编导和编剧的 价值提升，核心竞争力在于柔性洞察力和社会情绪把握，高质量 AI 导演 需具备艺术修养和影视语言能力。 Q&A 2025 年下半年以来，AI 短剧行业发生了哪些显著变化？ 从 2025 年下 ...

Summary of the Short Drama and Comic Industry Conference Call Industry Overview - The micro-short drama market is experiencing rapid growth, with total revenue expected to approach 100 billion yuan, while live-action short dramas are growing at a stable rate of approximately 30% [1][2] - The comic drama segment accounts for about 30%-35% of the micro-short drama industry, favored by younger users [1][2] Key Insights and Arguments - Comic dramas are divided into dynamic comics and "silly" comics, with silly comics dominating the market (60%-70% share) due to lower production costs (approximately 500-600 yuan per minute) but lower hit rates [1][3] - Dynamic comics, which are of higher quality, have higher production costs (1,200-1,500 yuan per minute) and are more popular among the ACG (Anime, Comic, and Game) audience [1][3] - Companies with IP resources, such as Yu Wen, Zhongwen Online, and Zhangyue, hold advantages in the comic drama industry by rapidly monetizing through IP adaptations and utilizing AIGC tools to enhance production efficiency [1][4][9] Financial Metrics - The projected total revenue for the comic drama industry in 2025 is estimated to be around 16 billion to 18 billion yuan, down from previous estimates of 20 billion yuan [2] - The current payment ratio for live-action short dramas in China is 8%, while overseas it is 6%, compared to approximately 7% for comic dramas [1][11] Production and Revenue Models - Major IP companies like Zhongwen Online and Dianzhong have different strategies; Dianzhong focuses on mass production, while Zhongwen Online emphasizes quality [12] - Comic drama revenue currently accounts for about 20% of total revenue for these companies, with potential to increase to 30%-40% in the long term [12][13] - The revenue share for dynamic comics is around 30% for IP holders, while for silly comics, it can reach up to 50% for high-quality IPs [12][13] Market Dynamics - The current environment is challenging, with fewer hit productions due to cost-cutting and market share changes [14] - The production capacity for silly comics is significantly higher, but the hit rate is low, leading to higher risks [14][17] - Dynamic comics, while fewer in number, have a higher ROI but also higher production costs and copyright investments [14] User Demographics - The user base for comic dramas is predominantly male, accounting for over 60%, while live-action short dramas attract a majority female audience (about 65%) [19] Future Trends - The industry is expected to transition from a paid model to a free model, similar to live-action short dramas, with free market share anticipated to increase by 2026 or 2027 [20] - AI technology is expected to significantly reduce production costs for dynamic comics, while its impact on silly comics is limited due to lower production requirements [21] Conclusion - The comic drama industry is poised for growth, driven by technological advancements and changing consumer preferences, with significant opportunities for companies that effectively leverage IP resources and production efficiencies [1][4][15]

Core Viewpoint - Huace Film & TV (300133) has launched over a thousand works on its platform DailyShort, including short dramas, TV series, and dynamic animations, utilizing its self-developed AI tools to provide services in 14 languages [1] Company Summary - Huace Film & TV has successfully integrated AI technology into its content distribution, enhancing its reach and accessibility through multilingual support [1] - The company is expanding its content library significantly, indicating a strong growth strategy in the digital media space [1] Industry Summary - The use of AI in the entertainment industry is becoming increasingly prevalent, allowing companies to cater to diverse audiences and improve content delivery [1] - The trend towards multilingual content is likely to drive engagement and viewership in a global market [1]