爱奇艺(IQ)今日盘中股价大跌5.21%，引发了市场的广泛关注。
消息面上，爱奇艺近期发布的2025年第四季度及全年财报显示，公司全年营收同比下滑7%，并由2024年的净盈利转为净亏损20.63亿元，经营利润同比暴跌87.3%。同时，其核心的会员服务和在线广告收入均出现下滑，显示出长视频基本盘的萎缩。
分析指出，爱奇艺正面临严峻的行业挑战。一方面，抖音、红果等短剧平台凭借碎片化内容和算法优势，正快速蚕食用户的娱乐时长，导致长视频平台的用户粘性和广告价值下降。另一方面，爱奇艺持续高企的内容成本投入未能换来相应的用户增长和收入回报，投入产出比持续走低。长视频行业依赖高成本军备竞赛和会员付费的传统商业模式，在短剧高效、低成本商业逻辑的冲击下，正面临前所未有的压力。
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