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　　The size and innovation of the Chinese online-video industry may be unique, but its economics are not.Like all online-video companies that rely on ad revenues, Chinese firms find it hard to make much money, if any.Although the industry had revenues of around 9 billion yuan in China last year, few firms are profitable.This is because their costs are so high. Buying bandwidth to deliver content to so many users is expensive, and so are the rights to license content.As a result there have been nearly as many mergers as there are elimination rounds on The Voice of China, one of China's most popular TV shows.

　　中国网上视频产业的内容和创新可能是独一无二的，但其经济收益却未见得。和所有依赖广告收益的网上视频公司一样，即便是有钱赚，但这些中国公司很难挣到大钱。尽管去年此产业获得90亿的营收，但几乎没有公司是盈利的。这是因为他们的成本太高了。购买带宽来为如此多的用户传送内容实在是太昂贵了，版权也是。这样的结果是，中国最受欢迎的电视节目—中国好声音的淘汰赛有多少轮，那么就有多少兼并案。

　　Last year Youku and Tudou, the most popular online-video sites, merged.In May Baidu, an internet-search giant, bought PPS, a video site, for $370m and merged it with its existing video service, iQiyi.Self-interest has helped change the treatment of copyright in China.Several online-video firms are stockmarket-listed, and as a result they take content licences seriously, especially since as makers of their own shows they now have intellectual property to protect.They are suing those who pirate their content and are thus stealing some of their potential traffic.

　　去年，优酷和土豆，中国最受欢迎的网上视频网站合并。五月，网络搜索巨头百度以3.7亿的价格收购了视频网PPS，并兼并了其现有的视频服务商爱奇艺。自利动机让中国人改变了对版权的看法。一些网上视频公司都是上市公司，他们自然更把版权当回事，尤其是自己做节目后，他们不得不保护知识产权。他们把那些偷走他们流量的盗版行为告上法庭。

　　Youku alone has several hundred copyright lawsuits on the go.Turning the channel.Online-video firms are also setting their sights on the living room.Several firms are designing internet-enabled set-top boxes; LeTV is making an internet-enabled television.By invading TV stations' home turf they can make themselves more valuable to advertisers—and may even be able to start charging subscription fees.However, there is no guarantee that this will make the industry profitable.

　　单是优酷就已经有几百个侵权案正在处理。换个频道网上视频公司还把目光放到卧室里面。一些公司设计了能接入网络的机顶盒;乐视电视制造出互联网电视。通过抢占电视台的后方，他们让自己更受广告商青睐—他们还可能会开始收订阅费。但是，这并不意味着该产业就能盈利。

　　The biggest enemy to the online-video service providers is consumer behaviour, says Mason Xu of Heyi Capital, a venture-capital firm.Because the government runs the television business, consumers are used to paying little for cable—the equivalent of around $3 a month for digital cable.So it is unclear if they will pay much for online video, even if it comes with extra benefits such as ad-skipping.A study by McKinsey, a consultancy, suggests that around 15% of Chinese viewers might subscribe to online video on an internet-enabled TV set if it cost no more than 30 yuan a month.

　　网上视频服务供应商最大的敌人是顾客的习惯，合一资本的徐梅森如是说。因为政府掌管着电视产业，消费者习惯只花一小笔钱—每月的数字信号差不多为三美元。所以，尽管他们能因此享受跳过广告等额外好处，但他们是否愿意为网上电视掏多少钱还尚未可知。麦肯锡咨询公司的研究显示，在每月花销不高于33元的前提下，大约15%的中国观众有可能愿意订阅互联网电视上的网上视频。

　　But even that is probably optimistic.Getting slaughtered in the ratings by online video has prompted China's TV channels to try harder.A wave of singing competitions and dating shows—some of them adaptations of successful Western ones—have come on air in recent years, particularly on provincial satellite channels.Meanwhile CCTV, the central government's giant channel, continues to lose viewers.Last month officials scolded other stations for their vulgar and excessive entertainment and pushed for more morality-building and educational shows.

　　即使这样都可能是过于乐观的。网上视频抢占了收视率，这使得中国的电视台更加卖力。一系列唱歌比赛和相亲节目—一些模仿了西方的成功模式—近年来在荧屏上走俏，尤其是那些省卫视台。同时，中央电视台，中央政府的主要频道，依然在流失观众。上个月，官方指责了其他电台的豪放和过火的娱乐节目，他们推行更多的道德建设和教育节目。

　　Some singing contests are being forced off the air, and from next year satellite stations will be limited to one foreign show a year.This will only accelerate the broadcasters' decline and the switch to online viewing.TV is useless now, one person posted on a Chinese weibo, or microblogging site. Fortunately we still have computers.

　　一些唱歌比赛被迫停止播放，明年起，卫星电视台每年都只能播出一个国外节目。这只能会加速电视台的衰落与向网上观看的转移。有人在微博上说现在的电视没什么用途了，幸好我们还有电脑

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