This document is the "2024 H1 China Short Drama Overseas Market Insight Report" released by Diandian Data, mainly analyzing the development overview, current status, platform cases, trends, and related risks of China's short drama overseas market in the first half of 2024.
1. Overview and Current Status of Short Drama Overseas Development
- Development history: Overseas sprouting in 2022, some platforms focusing on overseas markets; in 2023, multiple platforms launched and expanded rapidly, domestic market entered multi-channel and premium development stage, overseas market attracted attention; in 2024, focus on content and marketing, a large number of IP holders going overseas, emerging markets are valued.
- Market size: In the first half of 2024, the total overseas short drama revenue exceeded $2.3 billion, with the full year expected to reach $4 billion, and multiple growth is expected in the next 3 - 5 years. The US is the main revenue contributor, accounting for over 50%; Southeast Asia is the core market for downloads.
- Competitive landscape: The leading pattern is stable, with DramaBox, ReelShort, and ShortMax as the top three, contributing over 80% of downloads and revenue; mid-tier platforms are rising rapidly.
- Industry chain: Includes upstream IP holders, midstream overseas short drama platforms, and downstream promotion channels. Upstream script supply is gradually scarce, and the importance of downstream marketing platforms is highlighted.
- Platform model: Mostly pay-per-episode as the main model, supplemented by subscriptions. Leading platforms are becoming more diversified, and advertising placement may become an important component in the future.
- Paid user acquisition: Efforts are increasing, channels are concentrated on Meta (over 80%), TikTok channels are rising rapidly, and the paid user acquisition market size continues to grow.
- User value: User scale is rising but ARPMAU is fluctuating downward. Monetization level of leading platforms needs improvement, and user value varies across platforms.
2. Overseas Short Drama Platform Case Analysis
- ReelShort: Went overseas in 2022, content mainly focuses on abusive romance, werewolves, etc., with rich IP reserves. Revenue continues to grow, North America is the main source, South America grows rapidly; Southeast Asia leads in downloads, Japan/Korea and South America show growth trends. MAU exceeds 8.8 million, growth is sluggish, and active user growth slows down. Female-oriented features are significant, focusing on young female users, striving to retain users with self-produced dramas, but some content loses popularity and user attention is diverted. Backed by Chinese Online, expected to drive CMS revenue growth.
- DramaBox: Launched in 2023, backed by Dianzhong, with rich content reserves covering multiple categories. Based in Southeast Asia, expanding to North America, male-oriented dubbed dramas perform well in North America, and downloads in Japan/Korea have risen in the past three months. Overseas dubbed dramas account for nearly 90%, females are core users, and efforts are gradually made in the male-oriented segment. Per capita data is higher than the industry average, short-term decline due to new market impact, expected to rebound in the future. Will transform from dubbed dramas to self-produced dramas and increase investment in the future.
- Mid-tier platforms: Platforms such as MoboReels are developing steadily. Although their scale is limited, they contribute certain revenue and downloads to the leading platforms. In 2024, some emerging platforms have risen, and mid-tier platforms are catching up significantly, with their share expected to rebound.
3. Short Drama Overseas Trends and Summary
- Globalization trend: Some leading platforms are shifting focus overseas, with revenue growth in Japan/Korea, Europe, etc., and the pace of globalization is accelerating.
- Impact on long-form video: Short drama downloads and views are increasing, influence is strengthening, and will continue to impact the overseas streaming media market, with overseas giants possibly entering the layout.
- Domestic experience going overseas: Domestic short dramas have new trends in genres and audiences, such as horizontal screen short dramas, middle-aged and elderly short dramas, etc., and experience is awaiting to go overseas.
- Intensified promotion competition: Leading platforms are increasing material investment, material selection and editing have become key competition points, and related talents are in high demand.
- Risk management: Short drama overseas faces legal and compliance risks. Enterprises need to pay attention to compliance in terms of entity, content, operation and promotion, data security, etc., and prevent their own operational risks.
