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ReelShort On Course To Reach $1BN Revenue & First Profit In 2026

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Microdrama platform ReelShort is on track for a 34% increase in revenue to $1.05BN in 2026, according to a report from Asia-based analytics firm Media Partners Asia.

The report, ‘ReelShort/Crazy Maple Studio: Inside the $1BN Micro Drama Machine’, found that ReelShort revenue grew from $97M in 2023 to $400M in 2024 and $785M in 2025. After the bump this year up to just over $1BN, MPA estimates revenue will grow to $1.4BN in 2027 and $1.7BN in 2028. 

After an estimated $12M net loss in 2025, MPA projects EBITDA of $63M and around $40M of net profit in 2026, rising to $306M of EBITDA at an 18% margin and $225M of net profit by 2028.

Looking at the market as a whole, MPA is also predicting that microdrama revenue outside China will grow by 21% CAGR from $3.6BN in 2026 to $9.5BN by 2031. Within that, microdrama revenue in the US will grow from $1.5BN to $3.7BN, while in the Asia Pacific region outside of China it will triple to $2.4BN. 

One reason for ReelShort’s growing revenue and profits is the fact that marketing costs are falling, according to the MPA report. User acquisition and marketing costs are set to decline from 55% of revenue in 2025 to 44% by 2028, a shift worth around $10.5M of EBITDA for every percentage point. 

MPA said this was due to five factors: hit franchises and their sequels draw a growing share of demand without paid support, and supply much of the advertising creative used to acquire the rest; telco and strategic local market partnerships are adding subscribers at little acquisition cost; more billing is moving to ReelShort’s own web store and direct channels; faster creative testing and a hit rate MPA expects to improve raise the return on each dollar spent; and finally, the paid-social auction is maturing after several years of new entrants bidding up prices.

The report also found that consumer payments and subscriptions account for the majority of ReelShort’s business, contribuing around 85-90% of revenue, with subscriptions already making up 60–70% of what viewers pay.

Advertising, a small stream before 2024, is predicted to grow to around 15% of revenue by 2028 – and because it pays no app-store commission, roughly 65-70 cents of each advertising dollar flows through to earnings. 

At the same time, more consumer billing is moving to ReelShort’s own web store, reducing platform and payment fees. Together these two shifts account for close to half of the projected margin expansion.

Asia is contributing around 12% of ReelShort revenue in 2026, and is the fastest-growing region in MPA’s forecast, reaching around $200M and 14% of revenue in 2027, with the AIS partnership in Thailand, live since April, delivering significant subscriber and engagement momentum. 

Latin America and Asia Pacific combined account for around 60% of an estimated 70 million global monthly users in 2026, but only 19% of revenue. North America contributes 59% of revenue with $620M. Narrowing that gap is the main source of upside in MPA’s forecast.

MPA concluded the report by saying that microdrama is a five-player market, with ReelShort leading on an estimated 29% share, ahead of DramaBox on 21%, DramaWave on 13%, NetShort on 10% and GoodShort on 6%. The remainder is spread across some 300 smaller apps.

“Microdrama has begun to be an earnings story rather than a growth story. Marketing costs are coming down as hit franchises bring audiences in without paid support, platform fees are falling as operators move billing onto their own web stores, and advertising is entering the mix at high margin. ReelShort is showing that the model can scale and make money at the same time. What decides the next phase is distribution and unit economics, not necessarily content volume,” said MPA CEO & Executive Director Vivek Couto.

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Piperplay Boards Sales & Unveils Trailer For ‘The City Of The Living’

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EXCLUSIVE: Piperplay has boarded sales on Edoardo Gabbriellini’s true crime drama The City of the Living (La città dei vivi) ahead of its world premiere in Venice’s Orizzonti competition and North American debut in Toronto’s Centrepiece, and also unveiled the trailer.

The feature is freely inspired by Italian writer Nicola Lagioia’s award-winning, best-selling true-crime work delving into the circumstances around the senseless and sadistic murder of a much-loved young man in 2016 that shocked Rome and the wider world.

Gabbriellini’s film frames the events from a tender and poetic perspective rather than reconstructing the crime, to shift the focus to its origins, exploring the human, cultural and emotional dynamics behind it.

The synopsis reads: “Luca is twenty-three years old. He lives with the family that adopted him and loves him. He moves between the suburbs and the city center with his friends and has a girlfriend with whom he shares a young yet deeply significant love. Luca is searching for his path—at an age when everything seems both possible and already lost—and in this quest, he leads a double life. One night, following a seemingly chance encounter, the trajectory of Luca’s life is shattered, broken by an act of blind, senseless violence.”

In his first starring role, rising young actor Emanuele Maria di Stefano plays Luca with the cast also featuring Gaia Merlonghi, Simona Senzacqua, Roberta Mattei, and Valerio Mastandrea (There’s Still Tomorrow).

Director and actor Gabbriellini previously played in Toronto’s Centrepiece sidebar with last film Holiday, which also revolved around the fallout and human consequences of a crime.  One of the producers on the film was Luca Guadagnino. Gabbriellini had previously starred in Guadagnino’s I am Love, as well as served as second-unit director on Guadagnino’s TV miniseries We Are What We Are.

The City Of The Living is produced by Eagle Pictures, Cinemaundici and Lungtafilm with the participation of HBO Max. Top distributor Eagle Pictures, which also handles Paramount and Sony Pictures releases in Italy, will bring the film to Italian cinemas.

Rome-based Piperplay is a joint venture formed in 2025 between Italian production and distribution powerhouse PiperFilm and Playtime, within the Vuelta Group.

Its summer and fall festival slate also includes Locarno International Competition title Ketticè by Giovanni Tortotici, the Venice Orizzonti Competition title Children of the Monkey and Venice’s closing film God Laughs (Dio Ride) by Giovanni Veronesi.

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‘Revolutionaries Never Die’ Film Homage to Lebanon Director: Locarno

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In late Lebanese filmmaker and war reporter Jocelyne Saab’s 1982 film Beirut My City, she can be seen standing in front of her house after it was bombed and destroyed. Belgium-based Palestinian filmmaker Mohanad Yaqubi (R21 AKA Restoring Solidarity, Off Frame AKA Revolution Until Victory) can relate — his family’s house in Gaza was bombed in April 2024. It is just one connection between the two. Another is an invitation that Yaqubi received from the female pioneer to collaborate just two months before she died, which he didn’t answer at the time.

So it’s perhaps fitting that Yaqubi decided to explore the work of Saab during her first decade of filmmaking, from 1973 to 1983. And he does so in his new film Revolutionaries Never Die, which will premiere in the Filmmakers of the Present competition program of the 79th edition of the Locarno Film Festival on Aug. 9.

Yaqubi, who is also the Palestine Film Institute’s public programmer and whose company Idioms Film produced Revolutionaries Never Die, describes the film, a cinematic letter to Saab, this way: “Jocelyne Saab’s film archive from 1973 to 1983 brought forward several questions about the striking resonance between her historical depictions and our contemporary realities five decades later, when no answers can ever be given.” Square Eyes is handling international sales.

‘Revolutionaries Never Die,’ courtesy of Locarno Film Festival

Locarno artistic director Giona A. Nazzaro, in an interview with THR, lauded the film as paying homage to “the legacy of the magnificent Lebanese filmmaker,” and Saab for documenting “with an uncanny eye for the future the onset of the Iranian revolution” and more. “She was this living memory of what was going on, and the film is basically about the work and the life of Jocelyne Saab as a living archive,” he concluded.

Yaqubi never met Saab. Before diving into his new archive film, he wasn’t even too familiar with much of her work. “I knew a bit about her work, some of the famous films, like Letter From Beirut and others, before she passed away,” Yaqubi tells THR. “My work is really focused on this militant cinema period in the ‘60s and ‘70s. Her name always comes up, but I was more focused on what is considered Palestinian and on the topic of militant cinema itself. There was nothing much written about her. So, I really didn’t know much about her until we did a film program with the collective I work with and with the Courtisane Film Festival. The program was called ‘Out of the Shadows,’ and it was about five female filmmakers from the Arab world, with the others [being] Heiny Srour, Atteyat Al-Abnoudy, Selma Baccar and Assia Djebar. These are filmmakers from the Arab world, pioneers, politically committed, making films beside their male colleagues.”

Yaqubi recalls wondering why Saab and her work, as well as others, weren’t more widely known and recognized. “The question is always: Why don’t we know about these things and these people?” he shares. “It’s also related to this society that is based on the male gaze at the end of the day, even when it comes to topics of liberation.”

Mohanad Yaqubi

Courtesy of Mohanad Yaqubi

At first, his dive into Saab’s archive was “a restoration project,” he explains. “Mathilde Rouxel, who was her assistant in the last seven, eight years before she passed away, approached me, and because I had a film scanner in my office, we said, let’s do the scanning,” Yaqubi shares. “This is how I got to know her work.”

And then, shared experiences became obvious. “The parallels started to show up after my house in Gaza was destroyed,” Yaqubi tells THR. “And I was invited by the Cinematek in Brussels to present this film, and it was three or four days after our house was destroyed in Gaza. And I saw this on the screen, and suddenly I couldn’t take it. And I thought, let me check out these parallels.”

The filmmaker also felt he had to think about how to continue Saab’s work. “She made all these films and then somehow condensed all of her experience in one film, so for me the question was how do I continue that?” Yaqubi says. “It’s still only my third film. I’m working on cinema, but at the same time, I’m carrying this heavy feeling. What does it mean to be a committed filmmaker? It’s as if a decision has been made that I can’t make anything unless I’m committed to films for liberation, in a sense. But how do you do that? Where do you learn that? If you go to any film schools, they will not teach you these things. This is something that you have to explore and research. I feel that this film, even though it’s my third feature, is really my first film.”

The question of whether he wanted to or could even continue making films weighed on Yaqubi amid the latest escalations in the Middle East. “I made a decision on how I’m going to continue making films,” he tells THR. “But after October 7 and these whole atrocities that happened, why do we make films? I teach my students about the Frankfurt School, [the group of philosophers, sociologists and other thinkers who created Critical Theory and analyzed Nazism and more]. They all talked about the genocide, the Holocaust, violence and all of those things and Western ideologies. It is the same ideologies that enable these atrocities. So how are we going to move on from here?”

‘Revolutionaries Never Die,’ courtesy of Locarno Film Festival

Concludes the filmmaker: “So there was a real need to reconstruct and re-deal with everything in a way that makes sense somehow. And this film is my answer for this beginning.”

Revolutionaries Never Die indeed sees Yaqubi call his cinematic letter to Saab his attempt to “cut through the repetition and disrupt it,” while not losing the belief that you can make films.

“It’s this idea of time as a loop, and everything is looping,” he explains to THR. “The same images keep coming again, even inside the same film. So, in my film, I felt that these repeating images, such as some scenes of Jocelyne writing, capture this feeling. Time and space collapse. This is our feeling as filmmakers today. So a chronology of shot after shot doesn’t work anymore.”

Revolutionaries Never Die highlights how there was always a positive outlook in Saab’s work. “What is very special about her is that hope she always has,” Yaqubi says. “Even with her house destroyed, she’s like, ‘It’s okay. At least nobody has died. We can continue. We can rebuild. And I think this is the feeling and the sense that I wanted to get across, and I want to project that hope to audiences.”

The filmmaker had the title Revolutionaries Never Die from the first minute. “I never changed it,” says Yaqubi. “It comes from [an autobiographical] book of conversations between Palestinian political leader George Habash and French journalist Georges Malbrunot about the revolutionary practices in the Palestinian struggle. My idea was that we always have to keep on making or thinking of revolution, even in the darkest times, because that’s the only way for us not to disappear.”

‘Revolutionaries Never Die,’ courtesy of Locarno Film Festival

Concludes the filmmaker: “Jocelyne Saab was a revolutionary not only in the classical sense, but she’s also a revolutionary on a social level. And she is also a revolutionary for being a woman film pioneer. She was a revolutionary in many senses. That makes her — I don’t want to say eternal — but it makes her somebody who never dies. I heard this Arab proverb: You die three times. You die when you die. You die when you’re buried. And the third time you die when nobody remembers you.”

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‘The Sacrifice’: Alexander Johnson Steven Berkoff Lead Thriller

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EXCLUSIVE: Alexander Johnson, the British actor who starred in Kristen Stewart’s The Chronology of Water, has written and will lead UK indie The Sacrifice.

Filming has wrapped on the psychological thriller, which also features Saffron Burrows (Troy), Steven Berkoff (The Girl with the Dragon Tattoo), Michael Landes (Cruel Summer) and Hugo Stone (Prisoners of Paradise).

Directed by Steven Fairman from a screenplay by Johnson, The Sacrifice follows Dr Charles Reed (Johnson), a respected clinical psychologist whose work with vulnerable young men is thrown into turmoil after an emergency call from a teenage patient (Stone). The phone call draws him into an increasingly disturbing mystery, in which Reed is forced to confront questions of truth, responsibility and the limits of reason.

Johnson’s other credits include The Wizard of the Kremlin, starring Jude Law and Paul Dano. Behind the camera, he previously served as associate producer on The Chronology of Water and Minotaur, winner of the Grand Prix at the Cannes Film Festival. He will next appear opposite Riley Keough in Out Of This World.

Johnson said: “The Sacrifice is a psychological thriller, beneath that it’s an exploration of identity, belonging and the choices people make when they’re searching for meaning.”

Produced by Alexander Johnson and Peter Bulbrook, with Stefan Boehm serving as executive producer, The Sacrifice was filmed on location across the UK in London, Devon, Surrey and Buckinghamshire, and has now entered post-production. Festival and release plans will be announced.

Johnson is represented by Affirmative Entertainment. Burrows is represented by Saskia Mulder & Roger Charteris at The Artists Partnership, Innovative Artists, Berwick & Kovacik and Yorn Levine.

Berkoff is repped by Thomas Bowington from Bowington Management. Landes is represented by Roger Charteris at The Artists Partnership and Mark Armstrong at Principal Entertainment LA. Stone is represented by North Star Management. 

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