ReelShort Revenue 2026: CNY 5.72B (≈ $796M) in 2025

ReelShort's revenue, as reported in the accounts filed by COL Group (300364.SZ):

• 2023: CNY 686M (≈ $97M) — proof of concept, coin-unlock model validated
• 2024: CNY 2.91B (≈ $404M) — +324% in yuan; net profit of CNY 56.7M (≈ $7.9M)
• 2025: CNY 5.72B (≈ $796M) — +96.6% in yuan; net loss of CNY 85.8M (≈ $11.9M)
• Q1 2026: CNY 1.57B (≈ $227M)
• 2026 (MPA projection): $1.05B of revenue, about $63M of EBITDA and $40M of net income

A separate measure circulates: consumers spent $1.2B in ReelShort in 2025, according to Appfigures (reported by TechCrunch on 23 January 2026). That is gross spending through the app stores, before commissions. It is neither revenue, nor a run rate, nor a cumulative total.

The acceleration is driven by compounding network effects: more revenue funds more content, which attracts more users, which generates more coin purchases. ReelShort consistently ranks in the top 10 US entertainment downloads, indicating that user acquisition machinery is operating at full capacity.

Sources: COL Group filings (revenue and net result, 2023 to Q1 2026); Appfigures via TechCrunch (2025 consumer spending); Media Partners Asia (2026 projection). Yuan figures converted at the annual average rate (Federal Reserve G.5A: 7.1957 CNY/USD in 2024, 7.1875 in 2025; Q1 2026: 6.93, OECD).

ReelShort runs a coin-based in-app purchase model borrowed from mobile gaming economics:

• Coin bundles: Users purchase coins in bundles, then spend coins to unlock episodes at $0.20–$0.50 per episode
• Gross margins: Estimated 60%+ after app store fees (Apple/Google take 30%)
• ARPU: Average $15–$20/month across all users; peak $80/month from power users ("whales")
• Weekly pass: ~$17–$20 equivalent via coin bundles

The model is deliberately designed around impulse purchases. Cliffhangers are engineered at episode 8–10, the exact point where free episodes end. The psychological trigger of needing to know what happens next drives conversion rates that traditional subscription models cannot match.

An estimated 90% of ReelShort's revenue comes from the United States. This concentration is both a strength and a vulnerability:

• Strength: The US is the highest-ARPU market globally for mobile entertainment. American users pay more per coin, convert at higher rates, and have higher LTV.
• Vulnerability: Single-market dependency means regulatory changes, competitive saturation, or rising UA costs in the US disproportionately impact the entire business.

ReelShort is beginning expansion into MENA and Southeast Asia, but these markets contribute marginally to revenue. DramaBox's 84-market strategy provides a useful contrast: lower per-user revenue but significantly lower geographic risk. And the American premium itself is eroding: US revenue per download fell to $3.40 in July 2026, half its January 2026 level, while the US share of global short-drama in-app revenue slid from 60% in 2024 to 49% in Q1 2025 and 37% in Q1 2026 (Sensor Tower, App Store and Google Play in-app purchases, advertising and web payments excluded), with Europe growing 88% year over year.

ReelShort's user metrics paint a picture of high-velocity mobile entertainment:

• 70M MAU — predominantly US-based, 18–35 demographic
• LTV: Estimated $42 per acquired user
• Churn: Over 50% of paying users drop off within a week — similar to mobile gaming
• Content velocity: One new show per day to maintain engagement and reduce churn
• UA spend: 5–9x production budget, primarily on Facebook, Instagram, and TikTok ads

The marketing-heavy model explains why the profit stays so thin: a net profit of CNY 56.7M (≈ $7.9M) in 2024, a net loss of CNY 85.8M (≈ $11.9M) in 2025, and $40M of net income on $1.05B of 2026 revenue in the MPA projection. With UA spend at $500M–$900M and production costs above $100M, the margin compression is significant despite the headline revenue figure.

Crazy Maple Studio is ReelShort's parent company, operating with a Chinese/US dual presence. The company was founded in the Bay Area with Chinese capital backing. ReelShort is their primary revenue product, though the company also operates other entertainment apps. Key facts:

• Profitability status: A net profit of CNY 56.7M (≈ $7.9M) in 2024, then a net loss of CNY 85.8M (≈ $11.9M) in 2025, per COL Group filings. A Media Partners Asia projection (August 2026) puts 2026 at $1.05B of revenue, with roughly $63M of EBITDA and $40M of net income: a 3.8% net margin — a distributor’s margin, not a publisher’s.
• Production model: US-based productions with Hollywood-adjacent talent, Chinese capital and technology infrastructure
• Corporate structure: Dual-entity model that enables operation across both markets but adds complexity for potential public listing

The critical questions for ReelShort's trajectory:

• Can the growth hold? ShortMax is growing at 3,888%. JioHotstar is offering free alternatives in India. The monthly panel kept by 短剧自习室 tracked 1,549 overseas apps in July 2026; consolidation down to 5–8 survivors will create both casualties and concentration benefits.
• Profitability path: Revenue converts to profit only barely: CNY 56.7M (≈ $7.9M) in 2024, a loss of CNY 85.8M (≈ $11.9M) in 2025, and $40M on $1.05B (3.8%) in the MPA projection for 2026. The UA-heavy model leaves very little room between a good year and a bad one.
• IPO speculation: Revenue that nearly doubled in yuan in 2025 makes ReelShort a plausible IPO candidate. No confirmed plans as of 2026, but the Chinese-US dual structure and an unstable bottom line are hurdles.
• Geographic expansion: Reducing the 90% US dependency is strategically necessary but will dilute ARPU as the app enters lower-monetization markets.

For the complete financial analysis of ReelShort and 65+ competitors, see the Vertical Invasion 2026 intelligence report.