虽然在国内社交媒体上，不乏一些对微短剧出海的夸张表述，但不可否认的是，微短剧作为一种源自中 国的原创叙事，正在海外内容市场撕开一个缺口。从跨文化传播的视角来看，微短剧在海外市场的突 破，不仅体现了叙事模式的可迁移性，也验证了不同市场用户的审美与价值期待的差异化。 在热度与流量之外，更为关键的议题是：微短剧作为一种原创叙事，能否建立起面向全球市场的工业化 生产能力与可靠商业模式，进而在全球范围内逐步塑造为独特的文化符号，参与国际文化市场的话语竞 争。 这不仅关乎微短剧的出海前景，也折射出中国原创叙事在全球内容市场变革中所面临的结构性挑战，包 括产业链条的成熟度、商业模式的确定性，以及跨文化差异所带来的传播张力。 陈雪珂 腾讯研究院助理研究员 刘金松 腾讯研究院资深专家 微短剧出海，正从局部市场突破走向更广范围的扩散，不仅在东南亚等文化壁垒相对较低的地区，已具 有一定的受众基础；同时在中东与北美等文化差异较大的市场，也出现了突破性进展。 短剧出海进入快车道，北美成关键市场 在中国短剧大规模出海之前，美国本土已出现过相关探索案例。2018年成立的Quibi，即尝试构建一个 面向移动端用户的短内容流媒体平台。尽管该项 ...

Core Viewpoint - The news discusses the controversy surrounding the short drama platform ReelShort, which has been accused of systematic plagiarism by other industry players, leading to significant backlash and potential legal ramifications [1][9][10]. Group 1: Company Overview - ReelShort is a short drama platform developed by Maple Studio, a subsidiary of Chinese company Zhongwen Online, focusing on the overseas market, particularly in Europe and the United States [6]. - The platform has achieved significant success, previously topping the U.S. entertainment free charts and generating monthly revenues exceeding $10 million [6]. - As of 2024, Zhongwen Online reported a 324% year-on-year revenue increase for its subsidiary Maple Studio, reaching 2.9 billion yuan [13]. Group 2: Industry Dynamics - The short drama industry is facing a crisis of originality, with many companies resorting to plagiarism as a strategy, which has led to collective action against ReelShort [3][10]. - Approximately 90% of short dramas in the overseas market are adaptations of domestic works, with only 10% being original local productions, yet these original works contribute 75%-83% of in-app purchase revenue [7]. - The practice of "palette" plagiarism, where existing successful narratives are closely replicated, is prevalent, allowing companies to minimize production costs and maximize profits [12]. Group 3: Legal and Ethical Concerns - The short drama industry is grappling with significant copyright issues, including vague legal definitions of what constitutes substantial similarity, leading to low success rates in copyright enforcement [14]. - The recent formation of a micro-drama rights protection committee by the China Copyright Association highlights the industry's struggle with copyright infringement and the need for better protection mechanisms [10][11]. - Legal battles in the short drama sector can be lengthy and costly, with international jurisdiction complicating enforcement efforts, particularly when infringement occurs on foreign platforms [15].

Core Insights - The global short drama market is experiencing high growth, with significant potential for small and medium enterprises (SMEs) to establish a strong presence overseas [6][4][14] - In the domestic market, the independent app "Hongguo" leads the way, while long video platforms are actively transforming [12][4] - The overseas market presents a more favorable competitive landscape, allowing SMEs to potentially become oligopolies [4][14] Domestic Market - Starting from the second half of 2024, independent apps like Hongguo are expected to see rapid growth, with usage time in Q1 2025 increasing by 5.5 times year-on-year [12][4] - Hongguo's monthly advertising ARPU reached 29 yuan, surpassing membership ARPU of long video platforms like iQIYI and Mango [12][35] - The rise of piracy is increasingly impacting the video sector, particularly paid series, necessitating stronger control measures [12][4] - The competition for exclusive content among production companies is intensifying, leading to a temporary increase in profit margins for producers [12][4] Overseas Market - The overseas market is characterized by high revenue growth and reduced risk, with leading platforms like Reel Short achieving a net profit of 7.91 million yuan in 2024 [4][14] - Chinese SMEs are better positioned in the overseas market due to their early entry and competitive advantages in content production and localization through AI technology [2][14] - The payment environment overseas is more favorable, with a mix of IAP and IAA models, resulting in higher average ROI compared to the domestic market [2][14] AI Technology Impact - AI technology is driving upgrades in the short drama industry, with advancements in AI animation, AI transformation, and AI live-action short dramas expected to continue [3][15] - AI animation short dramas are particularly advantageous in terms of cost reduction and user conversion rates in overseas markets [3][15] Market Size and Competitive Landscape - The Chinese micro-short drama market is projected to reach 50.4 billion yuan in 2024 and exceed 68 billion yuan in 2025 [4][44] - The domestic market is dominated by Hongguo, while the overseas market allows SMEs to leverage their technological and content advantages [4][14] Investment Recommendations - Focus on overseas markets where Chinese SMEs are positioned for high revenue growth and manageable competition risks, with companies like Zhongwen Online, Kunlun Wanwei, and Zhangyue Technology showing potential [16][17] - In the domestic market, traditional platforms like Mango Super Media may still have growth opportunities if they can retain existing users while expanding into short dramas [17][16]