Recently, Sohu found itself in eighth place in a mobile application video ranking, boasting 80.44 million active users. This figure represents just a fraction—only one-tenth—of the leading app's active user count. Among the top five platforms, Sohu remains the sole one failing to surpass the 100 million user mark. Even more disheartening is the fact that its monthly data usage averages a mere 5.19MB, a measly 6% compared to the market leader. These statistics paint a grim picture for Sohu, once a pioneer in the domestic internet video space that had nurtured countless talents.
Looking back to 2010, Sohu Video reigned supreme, particularly in the realm of British and American dramas. By securing the rights to a vast array of overseas series, the platform attracted both massive audiences and advertisers, solidifying its position as a trailblazer for portal websites. Later, Sohu capitalized on its acquisition of "The Voice of China," generating over $200 million in revenue. Its original productions like "The Silk Road Man" and "Year of Silence" became breakout hits, while the film "The Pancake Man" grossed $29 million. At that time, Sohu Video was emulated by many competitors, with figures like Gong Yu, the founder of iQiyi, and Gu Yongsheng, the founder of Youku, hailing from its ranks.
"The Silk Road Man" marked Sohu Video's most successful original drama.
By 2014, Sohu had curtailed its investments in copyrights, coinciding with restrictions placed on the distribution of overseas TV series online. Losing its edge in foreign content and facing challenges with self-produced content, Sohu faced a double setback. Furthermore, Sohu missed opportunities in areas like hardware and live streaming, with sluggish market strategies pushing it further behind. Although Sohu Video resumed purchasing copyrights in early 2016, the costs were now far beyond what they used to be. Chairman Zhang Chaoyang announced a renewed focus on original dramas for the remainder of the year.
Regulations limiting online movie and TV releases dealt a severe blow to Sohu.
Zhang Chaoyang also vowed to break free from conventional industry profit models. He declared that Sohu would no longer invest in star-studded blockbusters, aiming to rein in the cost of talent in its original dramas to 30%. His goal was to challenge the prevailing high-price star system.
Contradictorily, Sohu's Q2 earnings report revealed a 41% increase in losses compared to the previous year, reaching $89 million on revenue of $461 million. Brand advertising revenue plummeted by 24% year-over-year, largely due to Sohu Video's underwhelming performance. Recent data indicates that Sohu's video usage lags significantly behind major competitors. Despite its intentions to regain relevance through internal adjustments, doubts persist about whether this strategy can succeed.
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