Drawing: Yang Jia
As the most popular application among Internet users today, the development of Internet video industry can be described as “long history”. From long video to short video, the popularity continues unabated, and a number of online video platforms have been born. However, in the “Chu Hehan industry” of short video and long video industry, the competition in the market makes video platforms also look for new outlets and growth points in the track, and the emergence of the concept of “Medium video” has become a hot topic in the industry.
There are long and short videos, will there be “medium”? And in the “video” track on the players, will find their own wind outlet?
● Ye Dan, reporter of Nanfang Daily
Both short and long videos are losing money
In the “earnings season” crowded with third-quarter results, the results of the two video platforms appear to be particularly concerned. As a representative of the long video industry, iQiyi posted a net loss of 1.7 billion yuan in the third quarter. Adding the previous two quarters of 1.3 billion yuan and 1.4 billion yuan, iQiyi has recorded a net loss of 4.4 billion yuan this year. B Station, one of the short video platforms, reported a net loss of 2.686 billion yuan in the third quarter. “One long one short” two video platforms, but are to hand over the loss of the report card.
It is not difficult to find from the financial statements of two video platforms that content is still the biggest “black hole” in the loss.
At the end of the earnings conference call and iQIYI founder, director and CEO of gong yu, said the biggest problem is now long video industry, content appear serious shortage of supply, iQIYI, for example, iQIYI movies online quantity are as good as half over the same period in 2019, traditional TV may be only a third of the usual, at the same time, The quality of new online dramas has also been reduced. Another very harsh reality is that short videos are competing like mad for user time. Iqiyi’s lack of high-quality content has directly led to a decline in paid members from the previous month, and also led to a decline in revenue. For the short video content “too much” B station, also encountered “trouble”. In the third quarter, station B’s operating costs were 4.19 billion yuan, up nearly 70 percent year-on-year, according to its financial statement. Among them, the revenue sharing of content creation bloggers (UP bloggers) reached 2.16 billion yuan, UP 83% year-on-year, exceeding the total cost of home-made content and externally purchased copyrighted content of STATION B.
On one side, there are long video platforms that lack content, and on the other side, there are short video platforms that overflow content, and they all end up losing money because of content problems.
Is China Video the new future?
Compared with short video and long video, they encountered difficulties on the original track one after another, and naturally they turned their eyes to more possibilities, while the concept of “medium video” emerged. Data show that as early as last August, Watermelon Video first proposed to define the content form of “Medium video”, meaning real-time video content between 1 minute and 30 minutes.
According to nanfang Daily, platforms such as Watermelon Video, IQiyi, Tencent Video and Douyu have successively launched support plans for China Video. In a broad sense, if defined by length, there are also competitors on China Video track, including B station and Youku.
Watermelon video president Ren Lifeng said in an interview, video space, than imagined even bigger. That confidence comes from data showing that consumption of Chinese video content on TV has increased over the past year. Watermelon Video data shows that the proportion of TV viewing time in total time of Chinese video has grown from 21% in the third quarter of 2020 to 35% in the second quarter of 2021. In the past month, popular science content by well-known creator “Teacher Li Yongle” has been watched more than 50 percent of the total number of views on TV. In the past month alone, 1,539 creators and 8,925 creators of “Fresh Time,” a smart TV product, had more than 10 million viewers and more than 1 million viewers, according to incomplete statistics.
According to nanfang Daily, the reason why Ren Lifeng saw the potential of “big screen” and “Medium video” for CP is that the big screen is also a way to increase revenue for watermelon video itself. Tiktok accounts for 60% of ByteDance’s revenue, while Watermelon Video’s AD revenue is less than 3%, according to previous figures. Robin Li, founder, chairman and CEO of Baidu, once compared the advertising value of various screens and believed that the larger the screen, the greater the advertising value, so we can see the “large screen” of watermelon video, which contains more considerable revenue potential. In addition, according to the data disclosed by STATION B, the monthly active user scale of station B’s TV terminal has surpassed that of the PC terminal. Meanwhile, the users of station B’s TV terminal are mainly distributed in third-tier, fourth-tier and fifth-tier cities, and the overlap rate with the user group of Station B’s APP terminal is less than 20%.
How to pass the video content?
As the most popular Internet application nowadays, the development of online video industry is inseparable from the law of “content is king”. Dramas from long video content to a short video of personal content production, video content is the key to the success or failure of the form of video, and video in the future will become another main track in the field of video, also need to depend on whether to have appropriate content, and rely on behind except like watermelon video through the video animation in the repair measures, More depends on the content creators.
“Chen Daxin”, who has more than 1.6 million followers on watermelon videos, told Nanfang Daily that Chinese video is a suitable format for food creators, and the platform has given more support. According to the watermelon video platform, the food content created by “Chen Daxin” generally lasts less than 10 minutes and has received more than 17 million likes from fans.
In the opinion of insiders, the content layout of The Video platform needs to be significantly different from that of the short video platform in order to have a foothold. Compared with the funny and life video content concentrated on the short video platform, science, knowledge, skills and other fields are the direction in which the video platform can make breakthroughs.
Liu Long, the creator of the travel-themed “A Long Travel”, told Nanfang Daily that with the rise of Chinese videos, there will be adjustments to the length and production of their content. In addition, the development of large screen trend also provides new requirements and directions for Chinese video creators. Liu Long said that the combination of “Medium video and large screen” can provide more time and space for tourism video content, add humanistic and dialogue elements, and improve the affinity of video content. Peng Zhu and Li Guangsen, creators of Pop Science, which focuses on scientific content, also said in an interview with Nanfang Daily that they had not been aware of the proportion of Chinese videos in channels such as TV screens, and this raised new requirements for video content creation in the future. “Traditional animation and presentation may need to be studied and improved according to the characteristics of the larger screen.”