【英文】巴克莱报告：中国视频行业报告：繁荣后的未来尚不明朗（88页）

英文研究报告 2022年03月09日 06:49 管理员

Chinese internet users have gradually become more amenable to the subscription model thanks to years of user education by other online entertainment platforms, namely long form videos and online music platforms. That said, medium form players such as BILI has tripled its paying subscribers in two years, but still significantly lags behind long form video peers in terms of total subscriber count or paying ratio. Both Tencent Video and iQiyi had more than 100mn paying subscribers as of 3Q21, vs BILI at only 18mn. Typically speaking, a subscription with a medium form video platform offffers features such as HD video quality, member-only previews, coupons for future purchases etc.

The costs of subscription packages are in the RMB teens per month and ~RMB 150 per year. Going forward, we believe additional premium features or content behind paywalls are needed for medium form video platforms to convert more users to subscribers. For example, BILI’s current subscription package does not include features such as “no ads viewing”, and its premium content behind the paywall is still somewhat limited. As the time of writing this report, among the top ten most popular anime series on BILI, users can watch all of them for free. Only 5 of the 10 series offffer subscribers pre-view options ahead of the offfficial release of these shows.