The annual report on the development of China’s audiovisual industry debuted yesterday at the 11th China Internet Audio and Video Convention 2024 in Chengdu. Below are our 3 key takeaways from the report.
1. Shorts and livestreams continue to fuel consumption, including domestic tourism
Chinese internet users spent an average of 187 minutes, or over 3 hours, on audio-visual applications (including streaming platforms like iQiyi, podcast platforms, and social media sites like Douyin) last year.
A whopping 71.2% of users say they have purchased products after watching short videos or livestreams, and 40% agreed with the statement “short videos and livestreams have become my main consumption channel”.
The number of users who say they regulatory watch travel videos almost doubled, from 28.1% in 2022 to 44.4% in 2023. Importantly, 27.9% said they had travelled or would travel to a destination because of watching content.
2. The volume of microdramas online has doubled
Microdramas are television series revamped for the social media age. Chinese television producers have taken note of the dominance of short video content and started producing series whose episodes are typically only a few minutes long, and posting them on social media platforms to great success.
Last year was a key growth year for the bourgeoning entertainment format. A total of 557 microdrama series were registered with the official regulator in 2023. 384 microdramas successfully went online throughout the year, doubling the number that went online in 2022.
According to the report, 39.9% of internet users said they frequently watch microdramas and 31.9% said they have paid to watch microdrama content.
3. The fastest-growing viewership segment is rural
The past 12 months also saw the continuation of a trend that became apparent in 2022: rural viewership is now growing at a faster rate than urban viewership, thanks to China’s 77.5% internet penetration rate.
In 2023, the number of rural viewers accessing audio-visual content hit 320 million, representing around 67% of the total rural population and 6.8% growth on the previous year.
