广告行业交流 20251015 摘要 2025 年 9 月，视频号日活跃用户达 6 亿，日均使用时长 68 分钟，每日 播放量 710 亿次，广告加载率 4.4%，广告价格 41 元，推动视频号整 体广告收入增长。 9 月份，朋友圈广告收入 33.1 亿元，同比增长 14%；视频号广告收入 42.1 亿元，同比增长 75%；腾讯音乐广告收入 0.7 亿元，增长 80%。 广点通 QQ 广告收入同比下降 11%，搜狗广告收入同比下降 17%。 广告主行业占比中，电商平台和直营电商占比分别增加 0.6 和 2.5 个百 分点，教育行业增加 2 个百分点，医疗和旅游行业占比也有所上升。游 戏、网服、自媒体、数码电器和汽车行业占比下降。 腾讯广告业务广泛应用 AI 技术，包括电商商品自投系统、本地生活门店 推广解决方案、AI 客服机器人等，并利用混元大模型支持个性化视频素 材生成，降低成本。 第三季度，朋友圈广告收入 99 亿元，腾讯视频广告收入 22.3 亿元，腾 讯新闻广告收入 4.6 亿元，腾讯音乐广告收入 5.8 亿元。游戏、网服、 新媒体等行业广告支出占比较高。 Q&A 9 月份腾讯广告收入及其增速情况如何 ...

Summary of Tencent Advertising Conference Call Industry Overview - The conference call focuses on the advertising industry, specifically Tencent's advertising business performance in Q1 2025 and its future outlook. Key Points and Arguments 1. **Q1 2025 Performance**: Tencent's advertising revenue reached 320 billion RMB, a year-on-year increase of 21%. March saw an absolute ad spend of 117 billion RMB, nearing the peak of November 2024, driven by improvements in video ads and AI technology enhancing click-through and conversion rates [2][1][4]. 2. **Ad Revenue Breakdown (Jan-Apr 2025)**: - Video Ads: 92.3 billion RMB, up 80% - Mini Programs: 38.8 billion RMB, up 48% - Moments: 89.3 billion RMB, up 3% - Tencent News: 4.6 billion RMB, down 20% [1][4]. 3. **AI Technology Impact**: AI has improved ad click-through rates by 12% through precise user behavior predictions and real-time bidding optimizations, increasing Moments ad fill rates to 65% [1][3][5]. 4. **Client Segmentation**: Tencent's advertising clients are categorized into three groups: - Internet-native clients (35%): Less affected by macroeconomic conditions - Online-offline hybrid clients (28%): Moderately affected - Traditional offline clients (30%): Highly affected by economic changes [6][7]. 5. **Video Ads Goals for 2025**: The target is to increase the ad load rate to 5% from 3.6% currently, with a revenue goal of 420 billion RMB, reflecting a growth of over 130 billion RMB from the previous year [1][8]. 6. **Search Functionality**: "Search" has 230 million daily active users, with an average of 2.5 searches per user per day. The ad revenue is close to 10 million RMB, with daily ad exposures at 140 million [11]. 7. **Advertising ROI**: The average ROI in the e-commerce sector is around 1.5, with significant variations across industries. Overall, ROI has improved by approximately 20% [16]. 8. **Market Trends**: The macroeconomic environment is impacting traditional sectors more significantly, while internet advertising remains relatively stable. The demand for AI-related software ads has surged [5][7]. 9. **Live Streaming and E-commerce**: The GMV for video live streaming is approximately 500 billion RMB, but growth is expected to slow down. Internal e-commerce ad spending is currently at 70%, projected to rise to 50% in the second half of the year [9][10]. 10. **Advertising Strategy**: The company is focusing on optimizing product offerings and policies to attract merchants, with a cautious approach to market expansion [22]. Other Important Insights - **Ad Pricing Dynamics**: While AI enhances ad efficiency, it does not guarantee proportional price increases due to changing advertiser expectations and economic conditions [30]. - **User Engagement**: Daily active users for video ads are approaching 600 million, with average usage time increasing from 50-55 minutes to 65 minutes [8][26]. - **Market Competition**: Smaller businesses prefer organic growth through content rather than purchasing public traffic, while larger brands are more inclined to invest in public traffic [19]. This summary encapsulates the essential insights from the conference call, highlighting Tencent's advertising performance, strategic goals, and the impact of AI technology on its operations.