Summary of the Core Content in Plain Language
This year’s entertainment industry has witnessed the most incredible “miracle of a human-monkey combination”: the AI-animated series “Post-Journey to the West,” which hardly any ordinary viewer could stick to watching for more than the first few episodes. Thanks to three gimmicks—being the “first AI series to air on a major TV channel’s prime time slot,” the “first series to be broadcast while being reviewed by authorities after policy changes,” and having a production cost that’s only a fraction of that of a high-quality live-action series—Mango Super Media’s stock price soared for two consecutive days, increasing the company’s value by over ten billion in just half a week. However, the reality is that the series’s viewership and ratings are mediocre, and the online discussion forums are filled with investors waiting to sell their shares. Essentially, this is a capital myth that has nothing to do with the actual quality of the content itself.
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A Comprehensive Analysis in Five Dimensions
1. The Absurd Inversion: The Stock Price Soars Before the Show Even Starts
The contrast in this situation is almost unbelievable: on one hand, the content market is struggling; on September 1st, the series’ online viewership accounted for less than 1%, ranking 17th across all platforms, and its TV ratings dropped the next day, even falling behind a lower-quality A-grade drama on the same channel. On the other hand, the capital market went absolutely wild, with the stock price rising from 14 to 20 yuan in just two days, a 45% increase, creating a market value of over ten billion out of nowhere.
Mango had previously claimed that “the number of male users signing up exceeded expectations,” but it was only then that netizens realized these new users were actually stock traders looking to buy shares. Their enthusiasm was evident, as they actively monitored stock market trends rather than discussing the plot. They refused to provide any data about the series and even responded rudely to anyone who criticized it, suggesting they had missed out on the investment opportunity.
2. The Exaggerated Claims About AI-Driven Cost Reductions
Everyone who invested in the stock thought, “AI makes production costs extremely low, so Mango will make huge profits.” However, this is a clever misrepresentation. While the company claimed its costs were only a fraction of those of high-quality live-action series, the series’ viewership was far inferior to that of the weaker A-grade dramas on the same channel. It’s like spending 10 yuan on a mediocre bun and boasting that it’s much cheaper than a lobster costing 100 yuan, but if the bun can’t even compete with a 5-yuan pancake, the savings are meaningless.
More importantly, AI-driven dramas don’t generate revenue. Live-action dramas rely on celebrities for advertising, fans to subscribe, and fan enthusiasm for creating derivative products. “Post-Journey to the West” had no celebrities and struggled to attract viewers or generate revenue from the beginning. The so-called cost reduction is just a story told to investors unfamiliar with the film industry.
3. The True Purpose of AI-Driven Dramas: Filling the Time with Empty Visuals
Many wonder why “Post-Journey to the West” failed to attract viewers despite the AI technology. The truth is that AI is still not adept at creating long-form content. Short AI dramas are popular because they are quick to engage the audience with 30 seconds of setup and intense action. AI-driven long dramas, however, fill the 40-minute runtime with irrelevant scenes—dramatic forests, monkeys staring blankly, and unrealistic landscapes. The combat scenes are also poorly executed, with the villain repeatedly attacking the protagonist in tedious sequences, reminiscent of the repetitive fight scenes in “The Sequel to Journey to the West.” This results in a product that lacks both the excitement of AI dramas and the emotional depth of live-action ones.
4. Capital Is Always Interested in Imaginative Potential
What’s truly driving the market is the potential for profit, not the content itself. Ten years ago, capital invested in celebrity IPs, which at least had fan support and data to back them up. Now, investors are taking advantage of information gaps. Most people don’t watch prime-time TV shows and don’t know how to judge a drama’s success. Hearing that an AI series aired on prime time, they assume the entire industry will follow this trend and that Mango will use AI to reduce costs and make huge profits. They don’t bother to check if the series is actually popular. iQiyi, which launched an AI series earlier and achieved significant success, didn’t generate the same media attention because it didn’t have the “first AI series on prime time” headline. In reality, investors are buying into the idea of AI revolutionizing the film industry, not the series itself.
5. A Warning for the AI Film Industry
This incident highlights a critical issue: the focus is on the potential for profit, not on the quality of the content. Ten years ago, investors invested in popular IPs; now, they’re exploiting information gaps. The bubble will eventually burst. Surveys show that over 40% of viewers don’t want to watch AI dramas without live actors, and the remaining 30% are just interested in the novelty. If all AI dramas rely on superficial visuals, the bubble will burst quickly. Investors won’t continue to support such projects if they realize the hype is unfounded. The industry must return to the basic principle that content must be engaging to attract viewers.
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In summary, this case illustrates how capital markets can be driven by misleading concepts rather than the quality of the content. The “miracle” of “Post-Journey to the West” is a result of clever marketing and capital manipulation, not the strength of the series itself.