In "Major Banks," China International Capital Corporation (CICC): The rise of agents will not significantly affect the landscape of mainstream online content platforms

CICC published a report stating that in February, ByteDance officially released the next-generation AI video generation model Seedance 2.0, attracting widespread global attention. The model demonstrates systematic leading capabilities in dimensions such as multi-modal input/output and consistency in shots and narratives, quickly becoming a global phenomenon, with the daily active users of Jiemeng increasing from 3.28 million on February 2 to 5.72 million on February 23.

The firm noted that the image model Nano Banana Pro has shown a significant leap in intelligence, which is also the next stage of evolution for video models. Seedance 2.0 has made breakthroughs in intelligence, accelerating the arrival of the "world model" era for video models. As model capabilities continue to improve, the firm believes that the market space for basic creative tools is expected to reach hundreds of billions of dollars. From a competitive landscape perspective, it is believed that model capabilities will be difficult to become a barrier in the short term, and existing users often use multiple models simultaneously, making it hard for one company to dominate the market. Market positioning is expected to become a key differentiator among different participants.

Regarding the impact of AIGC tools like Seedance 2.0 on the internet landscape, the firm believes that the rise of Agents will not significantly affect the mainstream online content platform landscape, as there are scenario differences; the former belongs to active search, while the latter is passive consumption. If Agents can significantly improve human work efficiency, entertainment time will increase. Additionally, AIGC tools like video models will lower the content production threshold, stabilizing the industry landscape in oversupplied sectors like short videos; while in undersupplied sectors like long videos and music, it is expected to create incremental demand and even give rise to new platforms like Soda Music.

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