Core Insights - The micro-short drama industry is experiencing unprecedented policy and market opportunities, as evidenced by the high-profile "Chasing Light Plan" international competition and government support initiatives [1] - However, creators are facing challenges such as content homogenization leading to viewer fatigue and declining willingness to pay, indicating a shift from a growth phase to a more mature stage [1][2] - The industry is transitioning from a focus on rapid content consumption to a balance between artistic quality and commercial viability, emphasizing the importance of meaningful storytelling [1][3] Development Status - The supply of micro-short dramas has surged, with platforms like Red Fruit and "iQIYI" having a total inventory of 40,000 dramas, but effective viewership growth has slowed from 44% in February to 4.7% in June [2] - The industry is moving towards a new ecosystem where both long and short dramas coexist, with annual investments exceeding 300 billion yuan for long dramas and over 120 billion yuan for short dramas [2] - The focus has shifted from mere traffic to content that resonates emotionally with audiences, as highlighted by industry leaders [2] Creative Challenges - The phenomenon of "viewer fatigue" is emerging as a significant issue, with many viewers losing interest in the previously engaging fast-paced content [3] - The traditional model of content creation is being abandoned, with platforms reporting low script acceptance rates of 2-3% despite receiving over a thousand scripts weekly [3] - The industry is evolving towards a narrative structure that emphasizes character development over plot-driven storytelling, as seen in successful works like "Good Girl" [4] Platform Support - Platforms like iQIYI are categorizing micro-short dramas into vertical and horizontal formats, adapting their content strategies to prioritize quality over quantity [5] - iQIYI is focusing on IP adaptations to combat content homogenization, integrating nearly 30,000 novel IPs into their offerings [5] - Tencent Video is promoting a brand called "Ten-Minute Short Dramas," emphasizing high-quality content and user-centric emotional expression [6] Policy Support - Beijing's government is implementing strategies to promote high-quality micro-short dramas, with 120 dramas selected for national awards in 2024 [7] - The city is also fostering the development of a network audiovisual industry park, aiming for a production value exceeding 1 billion yuan by 2024 [8] - New policies are encouraging international outreach for micro-short dramas, with financial incentives for translation and copyright export [8] National Market Overview - The micro-short drama market in China is projected to reach 50.44 billion yuan in 2024, with a year-on-year growth of 34.9%, surpassing total box office revenues for films [11] - Beijing accounts for approximately 66% of the national market, with a production value of about 33.62 billion yuan [11] - The user demographic in Beijing shows a predominance of female viewers, with a significant portion of the audience aged 25-34 [11] Technological Innovation - The integration of AIGC (Artificial Intelligence Generated Content) is transforming the production process, reducing costs by over 30% and enabling new content forms [12] - The industry is witnessing a rise in creators utilizing AI for scriptwriting and production, indicating a shift towards democratized content creation [9] - Future developments may include AI-generated characters and personalized content tailored to individual viewers [10]

随着短剧造星能力的增强，头部演员也成为短剧的核心资源，演员的流量对于剧集来说越来越重要，是承接短剧商业价值的重要载体。对于头部短剧公司 和MCN来说，签约艺人已经不仅作用于保障内容制作，现阶段制作公司要找新的利润空间，拓展艺人商务成为新的出路，突破演员流量转化的天花板。 对于欢娱、柠萌等长剧公司来说，短剧已经成为其挖掘新人的关键渠道，于正甚至提出演员的表演也要更新换代、需要向短剧学习；对于在长剧市场找不 到机会的新人演员，短剧能缩短其走红的路径，加快向市场展现自己的个人能力和魅力。 经纪环节专业化 今年以来，越来越多从业者感受到，短剧演员在短剧产业中的重要性正在上升。随之而来的是更新换代更快的造星速度，和野蛮生长缺乏规范的演员定价 标准。 内容行业进行到一定阶段会出现更具体的分工。今年2月，「横竖有戏」作为长剧头部选角团队CDHOME旗下专门面向短剧赛道的新部门，从演员经纪出 发，摸索更专业的流程，向短剧行业输送更多专业的力量。CDHOME的联合创始人毕英杰则成为横竖有戏的负责人。 成立不到半年时间，横竖有戏已经签约了100多个短剧演员。在签约前，横竖有戏会根据演员外形、拍摄经历和毕业院校综合进行资料初选，之 ...

2025.05. 22 本文字数：1332，阅读时长大约2分钟 作者 | 第一财经 刘佳 在爱奇艺一季度财报后的电话会议上，"微剧"成为爱奇艺CEO龚宇口中频频提及的关键词。 龚宇称，用户在爱奇艺看微剧的习惯正在形成，对比4月和去年12月，爱奇艺的微剧重度用户增长了 3倍。 他还透露，目前在爱奇艺平台有约1.5万部微剧，收费、免费各一半。其中爆款剧《家里家外》和 《请君入我怀》的分账金额一周内快速破百万，超过了100万人民币。通常一部微剧的成本大多低于 100万人民币，投入较大的也在200万元以下。 过去一年，颠覆传统叙事逻辑的短剧严重冲击长剧领域，用户的注意力持续碎片化，长视频平台受到 的影响尤为显著，这在爱奇艺最新的财报中有一定体现。2025年第一季度，爱奇艺总营收为71.9亿 元，同比下滑9%。归属于爱奇艺的净利润为1.821亿元，同比下降72%。不按美国通用会计准则， 归属于爱奇艺的净利润为3.044亿元，同比下降约64%。 爱奇艺CFO汪骏提到，爱奇艺的资产负债表持续改善。过去六个季度，净利息支出持续下降，反映 了公司在优化资本结构和增强财务灵活性方面的努力 。 冲击之下，长视频早已到了不得不转型的 ...

在新时代背景下，影视行业正面临着前所未有的机遇与挑战，如何在变革中找准定位、发挥优势？在 2025首都视听节目春交会上，影视行业的发展趋势成为焦点话题。 在数字时代浪潮的冲击下，电视大屏与微短剧的发展呈现出新态势。国家广播电视总局广播影视信息网 络中心副主任邓向冬介绍，一方面，电视大屏强势回归，用户活跃度显著提升；另一方面，微短剧以迅 猛之势重塑内容生态，不仅在国内市场风生水起，更在海外市场崭露头角。 然而，繁荣背后暗藏挑战：内容质量参差、文化合规风险、技术革新压力接踵而至。国家广播电视总局 发展研究中心党委书记、主任祝燕南表示，行业需精准研判形势，推动长剧与微短剧优势互补，方能在 全球竞争中实现可持续发展。 电视大屏重获青睐微短剧发展迅猛 邓向冬通过一系列数据，展示了电视大屏价值的回归以及长剧和微短剧的发展态势。自国家广电总局治 理套娃收费和看电视操作复杂工作以来，大屏用户的活跃度显著提升。全国有线缴费用户8年来首次实 现正增长，结束了此前连续7年下滑的局面。 在电视终端销量方面，从2024年10月开始，中国电视机市场出货量连续6个月增长，其中大尺寸高性能 的迷你 LED电视机零售量更是暴增300%。邓向冬 ...

Investment Rating - The report assigns a "Buy" rating for iQIYI (IQ US) with a target price of $2.40, indicating a potential upside of 28.3% from the current price of $1.87 [1][18]. Core Insights - The report emphasizes the improvement in long series and the effectiveness of investments in micro-short dramas. iQIYI is focusing on high-quality content while adapting to changing viewer attention spans by increasing micro-short drama investments and reducing the number of long series [2][6]. - The company is exploring content e-commerce based on its content ecosystem and user base, currently in a trial operation phase [6]. - The report anticipates a decline in brand advertising revenue due to market pressures, projecting a decrease of 11% year-on-year and 8% quarter-on-quarter to approximately 1.3 billion RMB [6]. Financial Overview - Revenue projections for iQIYI are as follows: - 2023: 31,873 million RMB - 2024: 29,225 million RMB (down 8.3% YoY) - 2025E: 29,118 million RMB (down 0.4% YoY) - 2026E: 31,063 million RMB (up 6.7% YoY) - 2027E: 32,583 million RMB (up 4.9% YoY) [3][19] - Net profit estimates are: - 2023: 2,838 million RMB - 2024: 1,512 million RMB (down 46.5% YoY) - 2025E: 1,643 million RMB (up 9.5% YoY) - 2026E: 2,158 million RMB (up 31.3% YoY) - 2027E: 2,719 million RMB (up 25.9% YoY) [3][19]. - The report notes a projected adjusted net profit of 3.0 billion RMB for Q1 2025, reflecting a decrease due to increased micro-drama investments [6]. Market Position and Performance - iQIYI's market share in the top 20 series and online variety shows is highlighted, with a 38% share in series and a 14% share in online variety shows for Q1 2025, showing a 14% increase and a 5% decrease respectively compared to the previous year [6][10]. - The company is expected to maintain its revenue expectations for 2025, although adjusted net profit expectations have been lowered by 11% to 1.6 billion RMB due to increased content and promotional investments [6]. Upcoming Content - iQIYI has announced over 400 upcoming long and short series, focusing on high-quality content and leveraging popular IPs for commercial value [6][7]. - The report lists several anticipated series and variety shows set to launch in 2025, indicating a robust content pipeline aimed at attracting viewers [7][8].