At Goa’s Waves Film Bazaar on 24 November, a Knowledge Series panel discussion entitled “The Micro Drama Economy: One of the Fastest-Growing Content Categories Worldwide” brought together leading industry names to dissect the rise of microdramas – short, serialised stories designed for mobile consumption. Moderated by Variety journalist Naman Ramachandran, the discussion featured The Viral Fever producer Vijay Koshy, Seriesly Berlin director and former European Film Market head Dennis Ruh, and Tarun Sawhney of Shorts TV.

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Introducing the session, Ramachandran shone a light on staggering figures from China. “In 2024, for the very first time, the microdrama market in China exceeded the movie theatre business by a few million,” he said. With box office revenues projected at $6 billion and microdramas at $7 billion, the sector is expected to grow to $26 billion by 2030. He noted that while the format originated in the US as a failed experiment by Jeffrey Katzenberg, it has since been perfected in Asia. “China is the market leader, with Korea and Japan not far behind. India is the sleeping giant who’s waking up very quickly.”

To ground the conversation, Ruh described the phenomenon from a European perspective. “For many people in Europe, the concept of microdrama is still very new,” he said. “It’s a sub-genre of the vertical drama - serialised, short-form stories of two to three minutes per episode, usually spanning 60 to 70 episodes per season.” Platforms like ReelShort and My Drama, he explained, have pioneered the model of offering 10 to 20 episodes for free before users pay through tokens, games, or ads. “Some are making over a million dollars per day, and this is about to grow.”

Ramachandran likened it to a “gateway drug model,” noting that once audiences are hooked, they tend to pay more than a standard streaming subscription. “Once you’re hooked, you’re hooked,” he said, adding that India’s heavy mobile-led consumption - about 80% of viewership - makes it a natural market for growth. He estimated the average season budget would be between $100,000 and $200,000, though “S-class” productions with big-name actors can reach $600,000.

Sawhney added further nuance, pointing out that, in practice, most productions are far cheaper: “The majority of microdramas are in the $50,000–$60,000 range - about $100 per minute in China and India.”

Turning to the creative side, Ramachandran asked how storytelling adapts to such condensed formats. “It’s not for the faint-hearted,” Sawhney warned. “You have to make sure the story is written so that there’s a cliffhanger every two minutes. If there’s no engagement, there’s no viewer - and no money.”

Ruh confirmed that platforms commissioning such content often issue “very clear guidelines on how to create strong emotions in a very short time frame.” Writers’ rooms increasingly recruit creators from influencer or YouTube spaces, “people who already know how to engage young audiences online.”

From the production side, Koshy shared that data-driven storytelling remains crucial for The Viral Fever. “We’ve always had to depend on either a brand or someone else to commission us, so data has been very important,” he stressed. “Data and writers’ insight have to meet somewhere in the middle.” Using Panchayat as an example, he recalled that whilst data suggested no one wanted “a show about a village where nothing happens,” their instincts persuaded Amazon to take a chance.

Condensed storytelling, he continued, forces creators to unlearn certain instincts. “In the microdrama world, you don’t have the luxury of time - the first few seconds have to reel the viewer in.” The Viral Fever has not yet entered the microdrama field, he reminded us, “but platforms have been approaching us. We’re being cautious, though big announcements may come soon.”

When asked about audience trends, Sawhney observed that “our attention spans are dwindling. We no longer want to commit to 45 or even 30 minutes.” He noted a growing demand for thrillers, horror, and mystery: “They’re easier to structure around cliffhangers.”

Koshy agreed, noting that TVF’s signature “slice-of-life” and satirical tone was “harder to achieve in shorter formats.” Many microdramas, he added, have been “designed to appeal to women aged 24–34 - aspirational stories that offer a sense of escape,” humorously hinting at the CEO and secretary secret relationship trope as something increasingly widespread across the category.

Ruh observed regional variations: “We’re starting to see local stories commissioned in Europe, with the first instance of public funding for a microdrama secured in Germany last year, based on a historic tale and made for TikTok.”

The panel also discussed the challenge of building sustainable business models. Ruh explained that “platforms invest heavily in marketing, not just production.” While daily revenues can exceed $1 million, “many still end up with losses.” Sawhney noted that for some major players, “for every $1 million spent on content, $10 million goes to marketing.” Retaining customers for at least six months is key to recouping costs. “If pushed toward an ad-supported model, the market could really take off,” he predicted.

As the conversation turned to artificial intelligence, Ramachandran asked how it was reshaping the sector. “AI will play a huge role,” said Sawhney. “It allows content built locally, produced locally, but made for the world. It enables customization and engagement at scale.” Ruh added that for European producers, “AI is also about reducing production costs.”

Koshy admitted that his team remained cautious: “Ask anyone at The Viral Fever about AI and they’ll throw the kitchen sink at you,” he joked. Still, he acknowledged its practical benefits in post-production and dubbing. “We’re using AI to build efficiency. It’s not yet part of the creative process - the core thinking still has to come from the human mind.”

Concluding, Sawhney asked whether microdramas are here to stay. “A big resounding yes,” Sawhney enthused. Ruh added, “As long as we have phones with screens, yes.” For Koshy, the evolution is inevitable: “Like cricket — from five-day matches to 20 overs — storytelling will get shorter and smaller. Microdramas, in some form or another, are here to stay.”