Microdrama filings data: company, legal, regulatory
Company filings, court dockets and regulatory measures in the microdrama industry. Each record carries a summary, the basis it rests on, and a link to the original document.
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Company filings
FlexTV / Mega Matrix (NYSE-A: MPU) — FY25 20-F
The only listed pure-play with audited microdrama KPIs: revenue $26.1M (−28%), net loss $34.3M, active users 6.3M and payers 645K (−37% and −36%), ARPU $3.42, US ARPPU $47.81, and 960+ titles. The filing carries a going-concern qualification, and the company is pivoting partly into a crypto treasury. No litigation is disclosed.
Cineverse (NASDAQ: CNVS) — MicroCo joint venture
A 50/50 joint venture with Lloyd Braun's Banyan Ventures, whose principals are former Showtime and NBCUniversal executives, to build a microseries 'infrastructure layer'. The filing describes the model as capital-light, with 'marketing <10% of comparable studio campaigns', and cites a '$10B by 2027' addressable market. EX-99.1 to an 8-K, August 2025.
Crisp Momentum (OTC: CRSF) — microdrama pivot shell
Formerly OpenLocker. Near-zero revenue at $175 in the last quarter, an accumulated deficit of $30.6M and a going-concern qualification. Related-party financing runs through Japan, Korea and Luxembourg (TaleOn app, Banji Step, Nexvers).
COL, Kunlun and iReader (A-shares) — FY2025 segment filings
FY2025 segment revenue lines for duanju: COL short drama and IP CNY 896M, or 54% of revenue; Kunlun short drama and AI drama CNY 1.617bn, +865%; iReader short drama CNY 1.855bn at a 68% gross margin. Each sits alongside deepening group losses.
Litigation and legal instruments
Porcuna v. Crazy Maple Studio — VPPA privacy class action
N.D. Cal. 3:25-cv-02428, before Judge Orrick. Filed 10 March 2025, referred to private ADR in June 2025 and voluntarily dismissed on 24 November 2025 (Dkt. 25 notice of voluntary dismissal, Dkt. 26 order of dismissal), which is consistent with a confidential individual settlement. The complaint alleged that a Meta pixel on reelshort.com transmitted users' Facebook ID and the titles they watched, contrary to the VPPA, 18 U.S.C. §2710. Crazy Maple Studio's own answer confirms on the record that it operates reelshort.com.
Porcuna v. Xandr (Microsoft) — privacy class action
N.D. Cal. 3:25-cv-07385, filed 2 September 2025, with a first amended class action complaint on 6 February 2026. The case is active. The plaintiff is the same as in the ReelShort VPPA suit, and now targets Microsoft's ad-exchange unit Xandr.
Crazy Maple Studio v. RepresentLY — copyright
C.D. Cal. 8:22-cv-00029, with Crazy Maple Studio as plaintiff. The docket's certificate of interested entities names COL Investment Group Limited and Chapter LLC as interested parties of Crazy Maple Studio, court-filed confirmation of the ReelShort and COL ownership tie. Crazy Maple Studio is a repeat IP enforcer, having also sued Branches Interactive (C.D. Cal. 2:21-cv-07132); CourtListener lists about 12 dockets with Crazy Maple Studio as a party.
New Leaf Publishing v. Top Innovations — copyright
C.D. Cal. 2:24-cv-04676, filed June 2024 and terminated 19 November 2025. New Leaf Publishing, identified in the docket as a Crazy Maple Studio subsidiary, sued over 25 screenwriters' scripts that Crazy Maple Studio owns through employment agreements. The court denied the defendants' summary-judgment motion on 21 October 2025, allowing the copyright claim to proceed.
ReelShort plagiarism accusations (not a filed suit)
In July 2025 Dianzhong, the parent of DramaBox, together with Tinghuadao and Maiya, publicly accused ReelShort of large-scale plagiarism, KrASIA reported. Eight titles were flagged and three removed. These were public statements.
Damages precedent — Tencent v. ByteDance and Douyin
Tencent filed 168 copyright claims across 13 provinces in 2021, seeking about RMB 3bn. One verdict awarded RMB 500k plus RMB 100k. It sets the damages framework for short-video content theft on the China side.
SAG-AFTRA Verticals Agreement
The first union contract for vertical micro-dramas, covering budgets under $300k, agreed October 2025. It sets wage minimums, residuals and safety terms, and cites US microdrama revenue of $819M in 2024 rising to $3.8B in 2030.
Regulatory measures
China NRTA — three-tier registration regime
Notice issued February 2025, effective 1 June 2025. Budgets of RMB 1M or more require national review; RMB 300k to 1M provincial review; below RMB 300k platform review. Platforms are barred from distributing or monetising unlicensed micro-dramas, under a white-list system.
China — mass platform takedowns
Douyin removed 223 micro-dramas in April 2025 and Hongguo 205 in February. The NRTA summoned Hongguo in December 2024, which led to a five-day suspension. An earlier campaign in 2022 pulled 25,300 series.
US — FTC click-to-cancel rule vacated
The Eighth Circuit vacated the FTC Negative Option Rule on 8 July 2025. ROSCA and state auto-renewal laws continue to govern coin and subscription auto-billing. The FTC restarted rulemaking in January 2026.
Germany — MedienInvestVG streaming investment obligation
Cabinet-approved on 27 May 2026, with entry into force expected around 2027; the Bundestag held the first reading on 24 September 2026. Providers must invest 8% of annual net turnover, with sub-quotas for European works, productions in German original language and independent producers. Providers below €10M of turnover are exempt, and newly launched services have a grace period that the ministry's summary puts at the third calendar year and law-firm commentary at 25 months. The compensation charge for a shortfall is 75% of the unmet amount.
Correction
: The MedienInvestVG entry said services must invest 8% of their German revenue in local content and that new services are exempt for 25 months. The bill sets 8% of annual net turnover, with sub-quotas for European works, productions in German original language and independent producers; the ministry's summary puts the grace period for new services at the third calendar year, law-firm commentary at 25 months.