On August 8, Kuaishou Big Data Research Institute released the "2025 Kuaishou Short Drama White Paper." In July 2024, Kuaishou's short drama daily active users exceeded 300 million, representing an 11% year-over-year increase. The platform's heavy user base reached 146 million, growing 55.3% year-over-year, indicating significantly improved user stickiness. In terms of viewing duration, Kuaishou short drama users' daily average viewing time increased 44% year-over-year, with enhanced single-session viewing depth and content attractiveness.

Since 2025, competition in the short drama market has intensified as content gains access to more platforms, with major players launching comprehensive incentive programs:

**Free Short Drama Platforms:** In August 2025, Red Fruit comprehensively upgraded its platform collaboration script policies. In July 2025, Hema Theater upgraded its partnership program.

**Internet Content Platforms:** In May 2025, Douyin comprehensively upgraded its premium short drama support policies for the entire industry chain. In July 2025, KUAISHOU-W launched the Star Dream Creation Plan script activity. In June 2025, Xiaohongshu partnered with FIRST to launch the Red Mirror Short Drama Plan.

**Long Video Platforms:** In January 2025, iQiyi released its Premium Micro-Drama Thousand Series Plan, with a comprehensive upgrade to horizontal short drama revenue-sharing models in July. In September 2024, Youku published revenue-sharing rules. In June 2025, Tencent Video announced upgraded vertical short drama collaboration strategies. In February 2025, Mango TV released the Big Mang Plan, with Red Fruit Short Drama and Mango TV reaching a deep cooperation agreement in April. In March 2025, Bilibili launched the Dawn Light Plan, followed by the Awakening Plan for premium animated short drama support in June.

**E-commerce Platforms:** In April 2024, Taobao announced the Billion Yuan Drama Plan. In March 2025, JD.com released its first-phase short drama promotion policy. In March 2025, Pinduoduo updated its "Duoduo Has Good Dramas" program, upgrading to the 2025 Short Drama Co-creation Plan in July.

The 2025 platform competition for short dramas has reached a white-hot stage, with platforms universally adopting a combination of "guaranteed payments + traffic support + tiered revenue sharing." Guaranteed amounts and revenue-sharing rates continue to rise, with substantial cash incentives designed to attract and retain premium content creators.

Free short drama platforms compete directly for premium content and production capacity through high guaranteed payments and revenue sharing, aiming to rapidly capture market share and user engagement time. Internet content platforms leverage their strong traffic distribution advantages through traffic incentives and advertising revenue sharing, deeply integrating short dramas into their content ecosystems to enhance user stickiness. Long video platforms generally pursue premium content, viewing short dramas as important drivers of membership growth and content ecosystem diversification, with revenue-sharing models favoring long-term benefits for both platforms and producers. E-commerce platforms focus on serving their commercial ecosystems, using short drama content to attract users, increase dwell time, and ultimately drive product conversion and transactions, with incentive policies closely aligned with platform traffic and business objectives.

Following initial commercial model innovation and rapid expansion phases, the domestic short drama industry's competitive landscape is becoming clearer. We are optimistic about investment opportunities in the domestic short drama industry, with two directions worth attention:

**Platform Companies:** Short dramas have become key drivers for user growth and ecosystem development across platforms. Focus on companies with stable traditional business traffic that can effectively convert short drama traffic into core business value.

**Production Companies:** Focus on leading production companies in the domestic market with sustained capability to produce hit content and premium IP.

**Investment Recommendations:** KUAISHOU-W, China Online, Kunlun Worldwide, iReader Technology, Mango Excellent Media, and others.

**Risk Warnings:** Intensified market competition, stricter policy regulation, industry progress falling short of expectations, and risks of untimely research report updates.

**Kuaishou Short Drama Performance Highlights**

The "2025 Kuaishou Short Drama White Paper" shows that as of July 2024, KUAISHOU-W's short drama daily active users exceeded 300 million, up 11% year-over-year. Heavy users reached 146 million, growing 55.3% year-over-year with significantly improved user stickiness. User daily average viewing time increased 44% year-over-year, with enhanced single-session viewing depth and content attractiveness.

Currently, 100% of new short dramas on Kuaishou's Star Platform are original, with original script quantities growing 51.3% year-over-year. As of July 2024, Kuaishou's Star Platform has launched over 1,000 short dramas cumulatively, including 26 series exceeding 500 million views, 92 series exceeding 300 million views, and 378 series exceeding 100 million views.

In 2024, leveraging increasingly sophisticated marketing channels, Kuaishou short dramas attracted numerous brands, with commercial short drama collaborations exceeding 180 series and client numbers surging to 33, achieving 175% significant growth. Collaborative productions jumped from 29 to 135 series, representing a 365% growth rate. Brand short drama collaboration repeat purchase rates reached 38%, demonstrating high satisfaction with Kuaishou's commercial partnerships.

Specifically, e-commerce industry brand collaborations grew 200%, healthcare achieved 400% breakthrough growth, and food and beverage industry partnerships increased 300%.

The competitive landscape shows platforms adopting different strategies based on their core strengths, with the industry moving toward greater professionalization and differentiation. The substantial financial commitments and comprehensive support programs indicate strong confidence in the short drama market's growth potential and strategic importance across China's digital entertainment ecosystem.