With 2024 coming to a close, the flourishing micro drama industry has surged to a market size of 50.44 billion yuan ($6.91 billion), showcasing an impressive 34.9 percent year-on-year growth and outpacing the film industry's annual box office revenue for the first time, according to a report by Tencent News unveiled at the Beijing Music Industrial Park on Wednesday.

Moreover, over 3,000 micro dramas have either been produced or are slated for release this year, with more than 700 projects already available online. The report also reveals that 16,100 new companies associated with micro drama enterprises were registered in 2024, marking an 80 percent increase compared to the previous year.

In contrast to the booming micro drama industry, the TV sector has undergone a period of transition in 2024, airing 236 dramas, marking a consecutive decline over four years and 33 fewer than the previous year.

On a positive note, the variety show segment continues to exhibit positive momentum, with 111 online variety show projects produced reflecting an 11 percent year-on-year increase along with 73 variety shows produced for satellite channels, a figure almost identical to the previous year.

Additionally, the growth rate of online music consumption has decelerated, with the number of subscribers reaching 729 million, representing 67.6 percent of all internet users in China.

In addition to the report, a total of 27 awards were presented during the Tencent Entertainment Annual Gala and White Paper Release event.

Jia Zhangke, who won Best Filmmaker of the Year, mentioned that he had organized 84 promotional events nationwide for his latest directorial work Caught by the Tides and expressed his appreciation for the 260,000 audience members who visited theaters to watch it.

The Most Popular Film Actress award went to Liu Haocun, and actor Zu Feng took home the Best Actor of the Year honor. Li Guangjie, known for his compelling portrayal of a perfect husband and father in the popular series Romance in the Alley, won Best TV Actor of the Year.