07/03 2024 399
Long videos have changed.
Being controversial or hated can still generate traffic, which in turn can be explained to advertisers. Therefore, regardless of the quality of the script or the actors' performance, as long as there was overwhelming marketing and fans of popular stars shouting "it's a hit!" everywhere, it seemed like a victory.
In other words, the content quality and popularity were very mismatched.
This approach is no longer effective this year.
On the one hand, there are more dramas with both good reputation and popularity, such as "Prosperity" and "Celebration of the Remaining Years 2" broadcast on Tencent, "My Altay" on iQiyi, and "Newborn" and "Mo Yu Yun Jian" on Youku;
On the other hand, there are also more dramas that have used popular stars and aggressive marketing but failed due to poor plot and acting, a typical example being "Fox Demon Little Red Bride - Moon Red Chapter" broadcast on iQiyi.
As an S+ ancient romance drama and a big IP, "Fox Demon Little Red Bride - Moon Red Chapter" was highly anticipated, thinking it could compete with "Celebration of the Remaining Years 2," and the number of partner brands was twice that of "Celebration of the Remaining Years 2." However, it turned out to be a flop, and even "Mo Yu Yun Jian" couldn't beat it in the later stages, and even the fans of the stars couldn't hold up the bottom line of viewership.
What stands out on social media is not the plot but the line "Tushan, I've got your back, got it?" and the reason for going viral is not very positive.
Some netizens joked that once the top stars are secured, everything else can be settled for.
I. The audience is the only client
In the past, long video platforms had to compete for IP reserves and popular stars internally, and compete for user attention with more eye-catching short video platforms externally. They faced both external enemies and internal worries.
Big IP + big traffic was the formula for creating hits, so IP prices and star actors' prices became increasingly outrageous. After costs soared, drama producers resorted to other tricks to make more money, namely plot watering. Once the sets were built and the actors were signed at a packaged price, more episodes meant more money. After all, long video platforms and TV stations had the money.
High-priced dramas purchased by broadcasting platforms require more advertisers and viewers. Some TV stations would re-create dramas, such as repeatedly showing flashbacks, previews of previous episodes, and teasers for the next episode, all of which shortened the effective plot broadcast daily.
Some dramas were stretched out to 80-90 episodes, a typical example being "Legend of Wu Meiniang".
Later, salary caps were introduced, and there were regulations on the number of episodes, which seemed to herald better days for video websites, but short videos became popular again.
No matter how refined, condensed, or fast-paced long video content is, it can't compete with short videos that offer a thrilling moment every minute and a hook to keep watching every three minutes. The restrictions on long dramas, such as cautious rebirth, time travel, and becoming a spirit, have all been lifted on short dramas, making them "hard tech" that can quickly evoke emotions in people's limited leisure time.
In the competition with short video platforms, long video platforms have long lost ground, losing a lot of attention. The growth of short dramas on short video platforms has further exacerbated the disadvantages of long video platforms.
Under such internal and external troubles, long video platforms must undergo changes.
Long video platforms have been forced to take the path of intensive cultivation.
Through layoffs, reducing non-core businesses, raising membership prices, and producing self-made dramas to reduce content costs, the number of new dramas in 2023 decreased by 16% compared to 2021. Long video platforms are doing better, with iQiyi and Tencent Video both turning a profit, and Youku continuously reducing losses.
From a business model perspective, long video platforms did not have a clear idea of who they wanted to earn money from in the past, aiming for both advertisers' money and user subscriptions. Ideally, good content should attract both user payments and advertisers.
This is actually a detour taken by video platforms during the transition from the past advertising model to the membership model.
However, the approach of "using popular stars to attract users and more episodes to win more advertising" was wrong, which also led to a certain opposition between the two mainstream monetization methods, such as ad-free membership.
Now, long video platforms have a clear idea of who they want to earn money from.
At a recently launched variety show "Xi Ren Qi Miao Ye," Ma Dong was asked a question about why Mi Wei's variety shows, which have been broadcast on iQiyi from "Pi Pa Shu" to the annual drama competition, were switched to Tencent Video this year. Why did the client change? Ma Dong answered that no matter which platform broadcasts, the audience is the only client.
Earning money from C-end users is the path taken and succeeded by Netflix, the predecessor.
On the path of following the predecessor, Tencent Video has taken another step forward recently. Sun Zhonghuai, CEO of Tencent Online Video, mentioned that the company has begun to promote a post-verification incentive cooperation model internally, where the total project amount includes a fixed amount and a portion that will be directly linked to the broadcast results, rather than a one-time deal.
The wind of KPI assessment has finally blown into the entertainment industry.
II. Taking the strengths of short dramas to complement the weaknesses of long dramas
Short dramas were once seen as the biggest threat to long videos, and the attitude of long video platforms towards short dramas was to join if they couldn't compete.
Moreover, long video platforms have tried short dramas very early on. For example, "Life Attacks Me" starring short video influencers such as Lamu Yangzi and Liu Beishi was broadcast on iQiyi in 2018. Seeing the good market response, iQiyi then launched vertical screen theaters and Suike APP. In 2013, Youku's hit web drama "Unexpected" also had short drama genes.
From last year to now, short dramas broadcast on Youku, such as "Lock of Love: Three Lifetimes," "Provocation" and "Writing" on Tencent Video, and "Blind Young Master's Little Maid" and "Accidentally Stealing the General" on iQiyi, have all achieved good viewing results and economic benefits.
Due to their low production costs, a large number of homogenized short dramas have emerged, and refinement has become an encouraged direction.
Long dramas are now also borrowing from short dramas to evoke audience emotions and satisfy some thrilling moments for the audience. Recently broadcast on Youku, "Mo Yu Yun Jian" is adapted from the novel "Di Jia Qian Jin" and combines popular elements such as rebirth, domestic struggle, comedy, power struggle, and revenge. The plot pace is incredibly fast, with the first episode already covering the heroine's framing for "adultery" by her mother-in-law and sister-in-law, being buried alive by her ex-husband, discovering the truth, and rebirth.
One of the screenwriters and directors of this drama, Ma Shige, has a rich background in short drama creation.
According to media reports, "Mo Yu Yun Jian" started with 3 ads per episode and increased to 8 ads per episode, with advertising revenue increasing by 3.5 times in 5 days since its launch.
In the future, long dramas and short dramas will definitely complement each other and meet the content consumption needs of users from different circles in a differentiated manner.
Similarly, the previous relationship between long dramas and short videos was mainly competitive, leading to some conflicts surrounding copyright between long and short video platforms. However, mutual attacks cannot create benefits, so cooperation has gradually become the main relationship between long videos and short videos. iQiyi, Tencent Video, and Mango TV have successively reached cooperation agreements with Douyin for second creation and other areas.
Social media platforms like Douyin have extremely high dissemination efficiency. Discussions about "Crazy Number 1 and 2," whose combined screen time in "Mo Yu Yun Jian" does not exceed 5 minutes, and the line "Who is in Beijing after all?" from Fang Xiewen in "The Story of Roses" are frequently used as transition shots by users and local cultural and tourism departments, becoming new memes even for those who haven't watched the dramas.
Drama marketing often focuses on "plot, makeup, and character setting." Later, resonant lines in the dialogue are also widely disseminated, and "XXX is my internet mouthpiece" has also become a marketing method.
The two memes mentioned earlier from "Mo Yu Yun Jian" and "The Story of Roses" provide new ideas for drama marketing on short video platforms.
III. Users pay for good content, and advertisers pay for good creativity
Shifting from a traffic-centric to a content-centric approach, the new business model also has difficulties, namely the ceiling on the number of members. iQiyi and Tencent Video have long reached the ceiling in terms of membership numbers, so getting users to pay more has become the only solution.
There are two ways to get users to pay more. One is to convert monthly members to quarterly members and quarterly members to annual members, which effectively extends the user's membership period. The other is to raise prices.
The former requires normalization of quality content. This year, Tencent Video has had more quality content, Youku has also had dramas that have continuously gone viral, and iQiyi is slightly inferior, with only "My Altay," "Journey South to North," and "The Wind Chaser" standing out. "Fox Demon Little Red Bride - Moon Red Chapter" and "Harbin 1994" did not meet expected levels.
All three platforms have tried raising prices, but after a certain point, the disadvantages of member loss outweigh the benefits of price increases. Therefore, long video platforms have come up with other ideas, such as VIP tiering, where only higher-level VIPs can cast to TV, and maximizing the willingness of loyal viewers of a drama to pay, such as through early access or paying to unlock the finale in advance.
Users who like a drama more and have a stronger willingness to watch it are less sensitive to price. Therefore, we often see comments like "I have a little money, give me more episodes" on bullet screens or other platforms discussing a drama.
Users' willingness to pay for good content is not low, and the key lies in how to explore and provide sufficient value.
Whether VIP tiering infringes on consumers' rights is relatively ambiguous, and advanced viewing has also been criticized. However, long video platforms have become much more sophisticated now. In the ending preview package, they usually offer additional benefits such as bonus episodes and watching with the main creative team, enhancing the sense of interaction.
The difference between VIP and regular users lies in the update schedule, while SVIP further distinguishes VIP by providing benefits such as offline events or merchandise sales. This member system construction and innovation may have even greater business potential in the future.
Although advertising revenue has taken a back seat to member subscriptions, it is still very important.
Advertisers now implant their products in a more natural and original way. In "Celebration of the Remaining Years 2," Wang Qinian sneaks into Fan Xian's breakfast and invites Deng Ziyue to eat yogurt. This Anmuxi yogurt advertisement is integrated into the effective plot, and many fans believe that "Deng Ziyue sneaking yogurt is the beginning of trust in Fan Xian."
This interpretation forms secondary dissemination on social media, resulting in better advertising effects.
In the end credits, the skincare product recommended by Wu Zhu corresponds to the plot in the first season where Haitang Duoduo praised his good skin. Compared to简单粗暴地植入, customizing advertisements based on the plot is more acceptable to viewers.
Users are willing to pay for good content, and advertisers are willing to pay for good creativity. Providing good content and creativity is the core competitiveness that long video platforms should strengthen the most.