【Xinda Securities: Rapid Growth of Short Dramas Going Global, Download Volume and In-App Purchase Revenue Continue to Increase】Jinshi Data, November 28 - Xinda Securities' research report believes that the short drama industry has been incorporated into industry regulation to ensure stable, healthy, and sustainable development. Under the influence of tighter policies and platform regulations, the escalating demand for content quality from users, and internal adjustments caused by market competition, the overall industry scale continues to show a growth trend driven by market demand. With multiple positive factors overlapping, the trend of premium short drama content is increasingly prominent, which is also a key factor driving high-quality development in the industry. The rapid growth of short dramas going global has led to continuous increases in download volume and in-app purchase revenue. From November 2022 to October 2024, over 100 short drama applications are active in overseas markets. Excluding applications with no download data for three months, 83 overseas short drama applications have accumulated over 287 million downloads and generated $490 million in in-app purchase revenue (equivalent to 3.547 billion yuan). From the perspective of the growth trend curve of short dramas going global, the download volume of overseas short drama applications has surged this year. The business model for short dramas going global is generally divided into three types: pay-per-episode, membership subscription, and advertising monetization. (Source: Jinshi Data)