今年夏天，出于对团播的好奇，我找到几位团播的重度用户和主播，向他们了解团播的情感经济模式。那些对话，被记录在《百亿团播市场的秘密》一文 中。但对于团播是如何一步步发展，最终演变成新的大众娱乐文化，我依然有很多困惑。 团播早已不局限于直播间的舞蹈。10月底，头部MCN机构无忧传媒在三亚隆重举办了一年一度的盛会——无忧之夜2025。在那场盛典上，主播达人与艺 人同台演出，直播对决和现场同步进行。 盛典开幕，无忧选择了公司自主孵化的@宇宙101厂牌、@JOY&金梧引等男团带来团播大秀。来自七个男团的共40位成员，身着白衬衫西服裤，表演抖舞 《火力全开》《万物生》。虽然歌舞仍是直播间里的熟悉曲目，但此时此刻，围绕他们的不再是虚拟的背景板，而是热情的现场观众和挥舞着的荧光棒。 无忧之夜结束两天后，同一地点，@宇宙101厂牌、@JOY&金梧引 的首次线下公演紧接着拉开帷幕。 舞台两侧伫立着巨大的竖屏，像是手机直播间的无限放大版。台下此起彼伏的呼喊、五彩的灯光、精致的妆造，让人仿佛置身于一场偶像选秀的决赛现 场。 图｜厂牌公演 从最初简单的舞蹈直播，到精彩纷呈的直播舞台秀，再到如此盛大的线下演出——团播究竟是如何完成这场蜕 ...

团播需要监管部门的刚性约束、平台的主动作为、团播主体的自我提升，也需要社会各界的共同监督与 支持 近日，中央网信办发布通知，在全国范围内开展为期2个月的"清朗·整治网络直播打赏乱象"专项行动， 聚焦娱乐性团播、私域直播等易滋生直播打赏乱象的重点领域，从严打击低俗团播引诱打赏、虚假人设 诱骗打赏、诱导未成年人打赏和刺激用户非理性打赏等4方面突出问题。 "打赏"点播增加了交互性，也容易"打破"底线，滑向"灰色地带"。一些团播用特定拍摄手法、场景搭 建、着装设计等，渲染烘托低俗氛围，有的将大众耳熟能详的经典文艺作品进行低俗化改编。当低俗团 播靠"擦边"引流快速获利，会吸引更多团队跟风模仿，挤压优质内容的生存空间。从行业信誉来看，观 众对团播行业的负面印象加深，更不利于整个行业的长远发展。 随着互联网飞速发展，文化消费方式不断推陈出新，多人在同一直播间进行舞蹈、唱歌等才艺表演的团 播，便是近两年声量很大的一种新大众文艺形式。据不完全统计，团播日均开播房间数约8000个，全年 营收预计突破150亿元，一些头部团播公司举办的月度比赛中，仅仅一个晚上的单场打赏金额就超过千 万元。 从表现形式上说，团播的表演简洁有力、重复性 ...

"打赏"点播增加了交互性，也容易"打破"底线，滑向"灰色地带"。一些团播用特定拍摄手法、场景搭 建、着装设计等，渲染烘托低俗氛围，有的将大众耳熟能详的经典文艺作品进行低俗化改编。当低俗团 播靠"擦边"引流快速获利，会吸引更多团队跟风模仿，挤压优质内容的生存空间。从行业信誉来看，观 众对团播行业的负面印象加深，更不利于整个行业的长远发展。 团播要健康发展，需要监管部门的刚性约束、平台的主动作为、团播主体的自我提升，也需要社会各界 的共同监督与支持。作为互联网发展的新兴业态，团播以其鲜明的互动性，重构了文化供给与消费的关 系，用户喜好更加受到重视，可以善加利用，赋能文化建设。依托互动性强、及时反馈、情感黏合紧密 等特点，不妨大开"脑洞"，开发更多团播新场景，比如与文艺院团结合，扩大观众覆盖面，提高内容的 贴近性；与非遗结合，让更多人了解优秀传统文化，"打赏"也能改善传承人的生活；与公益传播结合， 将观众的热情转化为实实在在的善举；等等。 唯有多方协同、久久为功，才能让团播成长为兼具社会价值与商业价值的健康业态，为新大众文艺注入 更多正能量。 （文章来源：人民日报） 团播需要监管部门的刚性约束、平台的主动作为、团播 ...

Core Viewpoint - The report from Zheshang Securities highlights that NetDragon (00777) is expected to perform well in its dual business of gaming and education starting from the second half of 2025, with several key developments exceeding market expectations [1] Group 1: Business Performance - The new game "Code MY" is anticipated to significantly improve the existing gaming business through various technological breakthroughs, expanding the IP portfolio and potentially increasing user payment levels [1] - The North American education equipment sector is entering a renewal cycle, which is expected to drive a recovery in the education business, supported by the company's high market share in international markets [1] - The group broadcasting business, which features IP derivatives and idolized content creation, is expected to outperform traditional live streaming in terms of monetization capabilities, bolstered by content supply chain efficiency, platform collaboration advantages, and a robust host training system [1] Group 2: Market Expectations - Despite market concerns about the live streaming industry entering a phase of stagnant growth, the report argues that group broadcasting will exceed expectations due to its focus on female audiences and interactive elements, which can expand the paying audience and increase payment levels [2] - The core of group broadcasting is its IP, which not only relies on traditional monetization methods but also includes IP derivatives and idolized content creation, enhancing its monetization potential [2] - The report suggests that the prohibition of talent shows does not significantly impact group broadcasting, as the industry has implemented self-regulatory measures to maintain order and reduce external regulatory risks [2] Group 3: Financial Projections - The company is projected to achieve revenues of 4.67 billion, 4.88 billion, and 5.10 billion yuan for 2025-2027, reflecting year-on-year changes of -22.77%, 4.45%, and 4.47% respectively [4] - The net profit attributable to shareholders is expected to be 415 million, 650 million, and 725 million yuan for the same period, with year-on-year growth rates of 33.52%, 56.49%, and 11.63% respectively [4] - The current price-to-earnings ratios are projected to be 15.16, 9.69, and 8.68 times for 2025-2027, with a target market capitalization of 13.46 billion Hong Kong dollars based on a sum-of-the-parts valuation method [4]

在抖音或者小红书，你现在很难不刷到他们： 灯光闪烁，音乐鼓点震耳，一群妆容精致的帅哥美女正在整齐划一地跳着舞。你甚至来不及看清动作，镜头就忽然拉近，怼到一张扑闪着睫毛 的白皙脸庞上。 这是「团播」，一种多人在同一直播间进行舞蹈、唱歌等才艺表演的新型直播形式。 但今天，它已经变得无处不在，随手在抖音或者小红书划拉几下，就会映入视线，大众也开始习以为常。 事实上，团播也已经成为直播行业最热闹的赛道之一。 据《2025 中国网络表演行业团体直播业务现状与发展情况分析报告》，团播 2025 年日均开播房间数达到约 8000 个，同比增长超 20%，预计 今年营收将突破 150 亿元。 从一个边缘的小众文化，到如今被主流文化逐渐接受——甚至成为一个有望达到 150 亿市场规模的产业——这中间到底发生了什么？ 01 百万级灯光，一座「内容工厂」的诞生 从 2022 年开始，团播从一些模糊地带火起，最初只是一种小众文化，现场配置简单——纯色背景、固定灯光和单一机位，四五个主播按虚拟礼物点播顺 序，轮流登场表演舞蹈。 当时，团播只是直播边缘的小众玩法，缺乏成熟的运营模式，内容形式相对简单，往往流于表面。 最开始，团播只是几个 ...

Core Insights - The resurgence of "group broadcasting" (团播) is attributed to its evolution into a professional and collaborative format, moving away from the individualistic approach of traditional live streaming [2][21][22] - Group broadcasting has become a significant market, generating approximately 15 billion in annual revenue, with around 8,000 group broadcast rooms operating daily [21][22] Industry Evolution - The group broadcasting model has gained popularity due to its ability to create a stage for collective performance, allowing for greater audience engagement and interaction [2][20] - The entry of professional talents from various fields, such as performing arts and media, has elevated the quality and standards of group broadcasting [5][12][20] Professionalization - The industry is witnessing a shift towards professionalization, with an increasing number of applicants from prestigious institutions and backgrounds, indicating a higher entry barrier [5][12] - Group broadcasting teams are structured to include a significant number of behind-the-scenes professionals, ensuring high-quality content production and effective collaboration [10][13] Content Quality and Innovation - The focus on quality has led to substantial investments in hardware and production processes, with costs reaching hundreds of thousands for advanced setups [14][15][18] - Diverse content types have emerged, catering to various audience preferences, including genres like pop dance, traditional culture, and instrumental performances [18][20] Market Dynamics - The regulatory environment is becoming stricter, favoring group broadcasting as a more stable and controlled format compared to individual streaming [22] - Successful group broadcasts are evolving into valuable IPs, capable of generating revenue through various channels, including live events and brand collaborations [24]

Core Viewpoint - The article discusses the evolution of the group live streaming industry, highlighting its transition from a simplistic model to a more professional and structured approach, emphasizing the importance of quality content and compliance with platform regulations [2][4][13]. Group 1: Industry Overview - The group live streaming format, known as "团播," involves multiple performers showcasing talents like dance and singing, and is becoming increasingly professionalized [4][5]. - The industry has seen a rise in specialized performances, including traditional Chinese dance and hip hop, requiring a significant investment in production quality comparable to that of major television events [3][5]. - The group live streaming sector is projected to generate over 15 billion yuan in revenue by 2025, reflecting a growth rate exceeding 20% compared to 2024 [13]. Group 2: Platform Dynamics - Platforms like Douyin are implementing strict regulations to ensure content quality and prevent inappropriate behavior, marking a shift towards a more regulated and mature industry [3][6]. - The platform's strategy includes internal support for quality content through traffic boosts and external initiatives like the "Love Broadcast Star Path Plan" to foster professional talent [6][8]. - Compliance with platform rules is emphasized, with clear consequences for violations, ensuring a sustainable ecosystem for group live streaming [6][8]. Group 3: Company Operations - Long Whale Media, a newly established group live streaming agency, has developed a comprehensive operational structure, focusing on quality over quantity in team development [7][8]. - The company invests heavily in advanced equipment and a skilled production team, with initial costs ranging from 300,000 to 1 million yuan for setting up a live streaming studio [8][9]. - A systematic approach to operations includes detailed pre-broadcast rehearsals and post-broadcast reviews to continuously improve content quality [9]. Group 4: Talent Development - The group live streaming industry is attracting a new generation of talent, with many young performers recognizing the career potential within this field [10][12]. - Companies are collaborating with educational institutions to recruit skilled individuals, with a significant percentage of new talent coming from higher education backgrounds [11][12]. - The industry offers diverse career paths for performers, allowing them to explore various artistic avenues beyond live streaming [11][12].

Core Viewpoint - The article discusses the rapid growth and challenges of the group live streaming (团播) industry in China, highlighting both the opportunities for cultural engagement and the need for regulatory oversight to address emerging issues of vulgarity and exploitation [3][10]. Industry Overview - The Central Cyberspace Administration of China has launched a two-month campaign to regulate online live streaming, focusing on "entertainment group broadcasts" and cracking down on "vulgar inducements for tipping" [3]. - The group live streaming market is projected to expand significantly, with an estimated revenue exceeding 15 billion yuan in 2023 and an expected daily average of 8,000 live rooms by 2025 [3]. Audience Engagement - Group live streaming offers an immersive experience akin to mini-concerts, featuring multiple performers and interactive elements that enhance viewer participation [4][5]. - The format has gained popularity due to its professional production quality and diverse content, including various dance styles and themes [5]. Challenges and Issues - The rapid expansion of the group live streaming industry has led to the emergence of problematic behaviors, including vulgar content and exploitative practices by some Multi-Channel Networks (MCNs) [6]. - Reports indicate that some MCNs manipulate content to attract views and revenue, often at the expense of ethical standards [6]. Regulatory Measures - The recent notification from the Central Cyberspace Administration outlines specific behaviors to be targeted, including the use of lowbrow tactics to entice viewers to tip [10]. - Platforms like Douyin are enhancing their content management regulations to combat these issues, including penalties for violating accounts and stricter oversight of MCNs [10][11]. Professionalization and Opportunities - The collaboration between traditional cultural institutions and professional live streaming teams has shown promising results, with successful performances attracting large audiences and generating significant revenue [7][8]. - The industry is creating new job opportunities, with roles for performers, technical staff, and content creators becoming increasingly available as the sector matures [8]. Future Directions - The article emphasizes the need for a balanced approach to foster high-quality content while mitigating negative aspects associated with group live streaming [9]. - Initiatives are being launched to support the development of quality group broadcasts, aiming to cultivate over 100 exemplary projects by the end of 2025 [11][12].

Core Insights - The rise of group broadcasting (团播) in China has transformed the live streaming landscape, with significant growth in market revenue and the number of broadcasting agencies [1][8][12] - Group broadcasting has evolved from individual streaming to a more collaborative and industrialized format, attracting a diverse audience and creating new emotional consumption patterns [3][6][9] Industry Overview - The Chinese live streaming industry is projected to reach a market revenue of 212.6 billion yuan in 2024, with a stable growth trajectory [1] - As of May 2025, there are approximately 29,000 broadcasting agencies in China, with a remarkable 87% growth rate in group broadcasting accounts [1] - The average user viewing time has increased by 35%, indicating a growing engagement with group broadcasting content [1] Group Broadcasting Dynamics - Group broadcasting offers a "low-cost variety show" experience, moving away from individual charisma to a more stage-like presentation involving multiple hosts and elaborate setups [3][4] - The emergence of group broadcasting has provided opportunities for mid-tier and new hosts to gain visibility and break the dominance of top-tier streamers [4][6] - The industry has adopted an industrialized production model, incorporating rapid iteration and high-quality production techniques similar to those in traditional media [6][9] Audience Engagement - Group broadcasting has become a cultural fast-moving consumer good, fulfilling emotional needs for companionship and entertainment in a fast-paced society [11][12] - The average daily number of group broadcasting rooms on platforms like Douyin is around 8,000, with an expected revenue of over 15 billion yuan in 2025 [8][12] Challenges and Regulations - The industry faces challenges related to labor conditions, including lack of contracts and job security for hosts, as well as the pressure to maintain viewer engagement through long hours and high-stakes competition [16][17] - Recent regulations introduced by Douyin aim to curb inappropriate practices and ensure a healthier broadcasting environment, addressing issues like excessive beauty filters and inducement to consume [18][19]

Core Insights - The "group broadcasting" format in live streaming has gained significant traction in platforms like Douyin and Kuaishou, with the industry size reaching 15 billion yuan and approximately 5,000 to 7,000 group broadcast rooms nationwide, with Douyin accounting for about 50% of this market [1][2] Industry Development - Group broadcasting is evolving from a crude content phase to a more professional and high-quality stage, with various types of groups emerging, such as dance, traditional culture, and gaming [2][3] - The integration of professional equipment and production standards comparable to television shows is becoming common in group broadcasts, enhancing the overall quality of content [2] Professionalization and Quality Improvement - Professional arts troupes, such as the Shaanxi Song and Dance Theatre, are adopting group broadcasting, significantly elevating the artistic standards of the content produced [3] - Platforms are implementing stricter management regulations to combat low-quality content and ensure a healthier industry environment, including a "health score" system for streamers on Douyin [5][6] Regulatory and Self-Management Efforts - Various platforms are enhancing their management norms to address issues like vulgar content and chaotic management within live streaming agencies [4][5] - Established group broadcasting agencies are developing standardized operational procedures to maintain content quality and ensure consistent performance from new streamers [6] Future Opportunities - The group broadcasting industry is expected to expand into various sectors, including film, tourism, and e-commerce, with a focus on high-quality content [7] - The potential for integrating new technologies, such as the metaverse, could further broaden the commercial landscape of group broadcasting [7]