Hello, I'm your financial news analysis assistant. This report on the transformation of long-video platforms (i.e., Youku, Tencent Video, iQiyi, and Mango TV) towards more "offline" member benefits actually reveals a very profound and controversial shift in the industry.
To help you understand this easily, I will first summarize the key points in plain language, and then break down the business logic, user pain points, and the industry's future from five different perspectives.
📝 Summary of Key Points
In simple terms, long-video platforms (Youku, Tencent Video, iQiyi, Mango TV) have realized that relying solely on selling video viewing rights is no longer enough to generate significant revenue.
Since everyone can watch dramas and advertisements, users no longer see a difference between these platforms, and the rise of short videos and dramas has taken up a lot of people's time, leading to a growth plateau. As a result, these platforms have started to organize "offline events" such as star meet-and-greets, immersive performances, and behind-the-scenes visits to variety shows, moving their member benefits from the screen to the real world.
However, this new model has turned into a "fan economy" that is characterized by high barriers, low chances of success, and lack of transparency. For example, Youku's "Early Spring Clear Sky" event requires fans to pay 788 yuan for a two-year membership to compete for one of only 360 spots. While the specifics vary across platforms, common issues include limited spots, geographical restrictions, and unclear rules. The platforms want to monetize offline activities, but users are paying more while the experience increasingly resembles buying a lottery ticket.
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🔍 In-Depth Analysis: Five Dimensions
1. Why Are Platforms Pushing Users Offline? – Online Benefits Are Exhausted, So They Need New Approaches
[Plain Language Explanation]
In the past, people subscribed to membership to enjoy a quieter experience without ads and to watch content quickly. But now, these platforms can no longer differentiate themselves with these basic features, and users are dissatisfied. Moreover, platforms like Douyin, Kuaishou, and Hongguo Short Drama have taken away a lot of users' time with their short, engaging content.
The data is stark: the monthly active users of these four platforms are all declining, and the membership revenue of iQiyi and Mango TV is also dropping. Realizing that they can't rely on selling video viewing rights to attract more users, the platforms have turned to creating "exclusive offline experiences." If you love watching dramas, they offer meet-and-greets with actors; if you love variety shows, they allow you to attend live recordings. By creating scarcity, they try to make users feel the need to renew their membership or upgrade to a more expensive tier.
2. Youku's "788 Yuan Trap": A Carefully Designed "Probability Game"
[Plain Language Explanation]
The Youku "Early Spring Clear Sky" meet-and-greet is a typical example of this new model and is also the most controversial. Let's do the math:
- Normal Cost: A Youku SVIP membership costs around 200 yuan per year, so two years would be about 400 yuan.
- Event Cost: To get a ticket, you have to pay 788 yuan for a 600-day SVIP.
- Actual Benefit: You spend nearly 400 yuan more, but you don't get longer membership; instead, you get a chance to win one of 360 spots.
- Winning Probability: There are only 360 spots available, while thousands of people are trying to buy tickets.
This isn't really selling a membership; it's more like selling a lottery ticket. The platform takes advantage of fans' obsession with their idols by setting a high entry barrier (paying in advance) and offering a very low chance of winning. For core fans, it's about the hope of winning and the sense of belonging that comes with being one of the few.
This model is clever but also unfair. It turns what should be a public cultural experience into a high-barrier, gambling-like activity. It's unreasonable for most viewers, but for core fans, it's a price they are willing to pay for.
3. The Four Platforms' Different Approaches
[Plain Language Explanation]
Although all platforms are moving towards offline activities, their approaches vary significantly:
- Tencent Video (Most Intensive and Systematic):
They are the most aggressive. They have launched the "OFFLINE" mode, organizing large-scale immersive events (like "Battle of Two Cities"), which are more like independent cultural tourism projects. Their strategy is to involve the general public, with members having priority. Ordinary people can buy tickets, but members get priority or exclusive access. This model is healthier because it's backed by real commercial performances and doesn't rely solely on irrational fan spending.
- Mango TV (Most Linked to Variety Shows and Most Expensive):
They bundle their offline benefits into the expensive "Super Club PLUS" (1599 yuan/year). If you want to attend a "Singer" event or a "Detective" behind-the-scenes visit, you have to pay. Their advantage is their strong variety show IP and rich offline options (music festivals, theaters). However, the barriers are high, and the events are mainly in Changsha, so out-of-town fans have to pay for accommodation themselves.
- iQiyi (Most Fragmented and Most Like a Lottery):
iQiyi doesn't have a dedicated offline membership system; instead, they scatter offline benefits across various events (like the 717 Member Festival, Scream Night). If you want to attend an event, you need to win a lottery or exchange points. Their Yangzhou amusement park sells tickets separately and isn't closely linked to membership benefits. The experience is fragmented and highly uncertain.
- Youku (Weakest and Most Aggressive):
As mentioned earlier, Youku's offline efforts are the weakest, without a systematic brand strategy. They often organize meet-and-greets based on the popularity of a show. This opportunistic approach has led to extreme cases like "Early Spring Clear Sky," with high barriers and poor experiences. They lack long-term planning and are more focused on short-term traffic generation.
4. User Pain Points: Geographical Discrimination, Unclear Rules, and "Fake Inventory"
**[Plain Language Explanation]
This shift to offline activities has caused three major issues for users:
1. Geographical Discrimination (Only Available in Big Cities):
Most offline events are in Beijing, Shanghai, Shanghai, and Changsha. For users in smaller cities, even if they win, they can't afford to attend due to high transportation and accommodation costs. This means that the benefits of these platforms are becoming a privilege for core fans in big cities, excluding the general public.
2. Unclear Rules (Decided by the Platform):
The platforms never clarify how many events will be held or what the winning chances are. The rules are completely in their hands. One day it's a lottery, the next day it's a sale, and the day after that, purchases are limited. Users are at a disadvantage.
3. Fake Inventory and Black Box Operations:
The Mango TV example is typical: the page shows "only 3 spots left," so users quickly buy the 1599 yuan membership, only to find out later that all spots are sold out. Is this really a reflection of actual availability or just marketing? Compared to international ticketing platforms like Ticketmaster, which provide clear waiting lists, domestic platforms are highly opaque. Users don't know how many people are competing or how many spots are available, which greatly undermines trust.
5. Future Outlook: Scarcity Experiences Shouldn't Be About Luck
**[Plain Language Explanation]
The shift to offline activities is a good direction for these platforms because the future competition will be about more than just content; it will be about "lifestyle." Users want not only to watch but also to participate and socialize.
However, the current implementation has serious problems:
- Turning Benefits into Gambling: Users pay for membership to get a guaranteed service, not a chance to win something.
- Lack of Fairness: If offline benefits remain limited to big cities, high barriers, and few spots, it will only benefit a few and won't drive real growth.
Suggestions for the Platforms:
1. Transparency: Make the number of spots, winning chances, and waiting mechanisms public.
2. Inclusivity: Increase events in smaller cities or offer a mix of online and offline experiences.
3. Guaranteed Benefits: Provide a minimum level of offline experience for high-paying members (e.g., at least one behind-the-scenes visit or movie viewing per year) to ensure fairness.
In summary:
The long-video platforms are right to focus on offline activities, as the future competition will be about more than just content. However, if they treat users like targets and turn membership benefits into a lottery, they will lose users' trust. When scarcity becomes a trick, the essence of this offline transformation is lost.