Shanghai, June 16- Recent years have seen the boom in web dramas as new capital and companies are continuously entering the sector. Its business models and cooperative mechanisms are maturing and an increasing number of professional production teams are entering this field. Web dramas are now enjoying a golden age.

During the 23rd Shanghai TV Festival, the Magnolia TV Forum arranged a session to discuss new business models and the future development of web dramas.

Statistics show that web dramas and TV shows have been on an upward trend and revenue from web dramas is this year expected to surpass that of TV shows for the first time. The growth of TV shows will begin to decline, and a turning point in the copyright market is coming.

Continuous growth of China’s entertainment market and online paid subscriptions has also given the industry great confidence. Over the past year, show content has led the whole entertainment industry with 30% growth. Entertainment market revenue will hit 1 trillion Yuan by 2020, almost triple that of last year’s valuation.

During the forum, iQiyi put forward the rationale of the “transitionally innovative” business model and suggested the innovative integration between online video platforms and TVs. Platforms should at the same time explore new business models suitable for the Internet+ development.

However, really innovative and outstanding web dramas have not been produced yet. The majority are still following the traditional production of TV shows. The production cost of web dramas is rising due to the excessive investment and enthusiasm in the market, according to iQiyi’s CCO Wang Xiaohui.

Wang estimated that leading web drama is expected to cost 60 million per episode by 2020. But he also noted that the price of web dramas will make adjustments as supply increases and market regulation is strengthened. In other words, the price bubble of web dramas will not continue.

Several suggestions were also offered by Wang, including the diversification of paid modes and the interconnection of online video platforms and TVs. He also pointed out that the current production mode should be more innovative, “long series, short series and seasonal series should be provided to increase audience choice.”

Only original content can drive ecological gains and only open platforms, that welcomes innovation can truly change the traditional market mode. According to iQiyi’s founder and CEO Gong Yu, web dramas with more seasons and fewer episodes like American dramas are much more popular among current netizens.

Content is king. Professionals and experts in the field of web dramas have reached the above consensus. Besides good IPs and good stories, the key to success is production teams and cooperative mechanisms.

In Bai Yicong’s, CEO Shili Film & TV’s view, only dramas produced by a professional team can turn a good IP into a good web drama. The founder of Give Me Five Wu Bai also agreed on the importance of production. He also noted that patience is needed to create excellent work.

Notably, The Hunting Genius, a web drama produced by Bai Yicong’s team aired on the same day and the original IP was co-created into online fiction by iQiyi and Drama Apple Limited. Netizens can choose both or one alternative, which can be seen as an innovative integration in the new web drama era.