Core Insights - The KOL industry is experiencing a multi-dimensional development trend in 2024, with significant user bases in short videos and live streaming reaching 1.04 billion and 833 million respectively, although growth rates are slowing down [1] - The number of KOLs with over 10,000 followers is nearly 15 million, with an annual growth rate of only 5%, indicating a shift towards a stock competition phase in the market [1] - Mid-tier creators (50,000 - 3 million followers) have become the main growth drivers, accounting for 66.2% of the market, while head KOLs (≥10 million followers) represent only 0.2% [1] - The content ecosystem is diversifying, with "lifestyle documentation" leading at 12.4% market share, reflecting user demand for practical and emotional value [1] - The KOL marketing landscape is shifting towards value competition, with brands focusing on practical value and emotional resonance in their campaigns [1] Market Overview - The KOL advertising market is projected to decline to 87.3 billion yuan in 2024, marking the first contraction in KOL investment [4][18] - Advertisers are increasingly diversifying their investments, with beauty and personal care sectors seeing a continuous decline, while home and decor sectors are experiencing growth [4][18] - The top five industries account for over 78% of KOL advertising spending, indicating concentrated investment in key sectors [4][18] Platform Characteristics - Major platforms are competing on decentralization and niche specialization, with Douyin focusing on head KOL conversion and maintaining balance with mid-tier creators [1] - Xiaohongshu is expanding beyond its female-centric image to include lifestyle services, while Bilibili is concentrating on mid-to-long videos and knowledge content [1] - KOLs are becoming essential in brand marketing, with a focus on driving user engagement and sales conversion through diverse content formats [1][18] Future Outlook - The KOL marketing landscape is expected to evolve into a more integrated model, combining short-term content activation with long-term brand building [18] - Advertisers are increasingly valuing KOLs for their ability to drive direct conversion and enhance brand visibility [18] - The demand for KOLs is shifting towards those who can provide multi-faceted value, including content creativity, operational capabilities, and audience engagement [19]

Core Insights - The advertising market is undergoing significant changes in 2024-2025, with a shift in budget allocation towards performance advertising, particularly among emerging brands, while the "platform island" issue remains a challenge [1][6] - The rise of "content advertising" is noted, with a penetration rate of 99%, potentially capturing a larger share of advertising budgets [1][6] - KOL (Key Opinion Leader) spending is projected to decline to 87.3 billion yuan in 2024, with a diversification in KOL collaboration and a shift from "traffic entry" to "integrated marketing hub" [1][6] - The advertising landscape is becoming more complex, with a matrix approach to KOL collaboration and a focus on both short-term conversions and long-term brand building [1][6] Market Overview - The KOL advertising market is expected to see a decline in 2024, with a total market size of 87.3 billion yuan, marking the first contraction in KOL spending [1][6][17] - The beauty and personal care sector has experienced a continuous decline for three years, while home improvement and automotive sectors have seen significant growth, with increases of 32.7% and 32.9% respectively [1][15][16] - The 3C digital sector is also experiencing a surge in spending, driven by government subsidies, with a growth rate of 28.8% [1][16] Platform Characteristics - The KOL collaboration is evolving into a multi-dimensional phase, where KOLs are not only content creators but also play a crucial role in integrated marketing strategies [1][18] - Major platforms like Douyin and Xiaohongshu account for over 60% of the market share, indicating a concentration of KOL marketing efforts on these platforms [1][6] Future Outlook - The Chinese media advertising industry is expected to enter a new growth phase in 2025, with a market size projected to exceed 1.5 trillion yuan and a compound annual growth rate of over 10% [1][6] - Short video and live e-commerce advertising capabilities are expected to strengthen, while new advertising formats in virtual environments (metaverse) are being piloted [1][6] - The lower-tier cities and county economies are identified as new growth areas, with the advertising scale in these markets expected to exceed 30% [1][6]