Since Mango launched “Singer 2024” on May 10, the popularity has continued to ferment, reaching the top 1 in hot searches, and the traffic surpassed “Ride the Wind 2024”. This time, the feature uses a full-open live broadcast format, and deep innovation in the competition format, integrating various stages such as knockout matches, breakouts, and finals. It also continues to bring suspense and excitement to the program through the “Complementary Singer” competition format.
“The Singer 2024” was broadcast live on Friday night. Calculating the total number of broadcasts of each episode on Friday, Saturday, and Sunday, the first episode reached 230 million broadcasts, and the second episode reached 258 million, an increase of 12% over the first episode.
The second live broadcast had the highest ratings on the four networks on the same day, an increase of 63.43% over the first episode. The online peak of the second edition of “The Singer 2024” by Mango TV members surged 309%. “The Singer 2024” reached international popularity, with more than 2.88 million broadcasts. The cumulative number of online viewers of the second edition of the Mango TV International App was nearly 4 times that of the first installment. On that day, single-day membership revenue surged 153%, reaching a new high during the year. On the night of the second broadcast, there were 447 hits across the Internet. As of May 20, the Weibo topic “Adam Is Really Here to Be a Singer” had been on the list for over 13 hours, with 370 million reads, 11,000 discussions, and 697,000 interactions. “Ride the Wind 2024” has 8 brands, and “The Singer 2024” currently has 9 brands, so it is expected that they will continue to recruit.
According to Een data, the total number of mangos played in April was 11.322 billion, yoy +50.64%, and mom +64.58%. Among them, the TV series had 3.65 billion broadcasts, Yoy +28.38%, and Mom +52.63%. New dramas “When the Stars Shine” and “Babylon the Boy” were launched one after another. The variety show had 7.672 billion broadcasts, yoy +64.19%, mom +70.94%, and the new series “Ride the Wind 2024,” “Splendid Garden,” “Run Warmly,” and “Flowers and Teenagers: Friends” were launched.
The company's popular variety IP matrix continues to expand, and the serial project traffic is stable. The drama side places emphasis on production quality and continues to produce high-quality plays. With AI's support for content production and the Golden Eagle cartoon copyright breaking the circle in the children's community. We expect the company's net profit to be 19.93/23.39/2,678 billion yuan for 24-26, respectively (the original forecast value for 24-25 was 24.76/2.803 billion yuan, and we lowered the profit forecast due to increased cost investment in dramas). Referring to comparable company valuations, we gave the company 28 times PE in 24 years, corresponding to a target price of 29.96 yuan, to maintain the “increase in holdings” rating.
Risk warning
Strict industry regulation, fierce market competition, risk of bad artists