广告业务实现营业收入15.87亿元，第二季度广告比一季度有明显回暖，不过，芒果超媒在财报中 表示，总体而言，广告主投放意愿相对谨慎，品牌广告市场复苏相对滞后、乏力。另外，运营商业务实 现营业收入8亿元，同比增长约7%，重新步入增长通道。 在长视频行业整体面临挑战之下，各大平台均试图在维持传统核心业务稳健发展的同时，寻找新的 增长点。 需要注意的是，行业普遍缩减内容成本的背景下，芒果超媒报告期内逆势布局加大内容、研发投 入。财报数据显示，芒果TV互联网视频业务成本同比上升11.78%，公司研发投入同比增长26.41%，对 公司当期利润造成短期影响。此外，公司在传统电商板块主动调整运营策略，整体营收有所波动。 另外，芒果超媒也在布局动漫和游戏业务。动漫方面，芒果超媒正在通过旗下亲子平台金鹰卡通， 以优质动漫内容IP为核心构建芒系动漫生圈；游戏方面，芒果超媒主要瞄准小游戏市场，芒果TV推出 小游戏平台"芒好玩"，结合平台的热门综艺IP推出多款小游戏，目前有100多个DEMO小游戏处于孵化 状态，30多款优质小游戏确认开发。 当前，流媒体平台的主要营收仍来自于会员业务。上半年，芒果超媒会员业务实现营业收入24.96 ...

Core Insights - The short drama industry is rapidly gaining popularity, with increasing production and investment, indicating a significant market opportunity [1][5][8] - Quality content is emphasized as a crucial factor for success in the short drama sector, with creators transitioning from long-form to short-form content [2][4] - The integration of short dramas with other industries, such as gaming and tourism, is seen as a way to enhance engagement and create sustainable ecosystems [3][9] Industry Trends - The micro-short drama market in China is projected to reach 504 billion yuan in 2024, with expectations to exceed 680 billion yuan by 2025 and surpass 1 trillion yuan by 2027 [8] - The user base for micro-short dramas is expected to reach 662 million by the end of 2024, indicating a growing audience [8] - Various initiatives, such as "micro-short drama + tourism," are being promoted to attract younger audiences and enhance local economies [9] Content Creation and Collaboration - Content creators are focusing on high-quality, original works, with some exploring themes that resonate with social issues, such as disability [2][4] - Collaboration among industry players is becoming more common, with companies seeking strategic partnerships rather than competing directly [6] - The importance of maintaining content quality amidst the rapid growth of the industry is highlighted, as it is essential for long-term sustainability [7] Market Dynamics - The short drama industry is characterized by a mix of established players and new entrants, with a focus on leveraging existing intellectual properties for maximum impact [2][6] - The shift towards shorter content formats is seen as a response to changing consumer preferences and the need for quick, engaging entertainment [1][3] - The industry's growth is supported by government initiatives aimed at fostering cultural exports and enhancing the global presence of Chinese content [5][9]