Built for feeds, powered by algorithms, and consumed in minutes, microdramas are finding audiences in unexpected places. This serialized format’s most engaged viewers aren’t entirely Gen Z, and its audience isn’t dominated by women. Microdramas didn’t come from Hollywood, yet Hollywood is chasing them. Driven by FOMO, major streaming services have already launched vertical video experiences of their own, laying the groundwork for future distribution of microdramas. But can streamers pull microdrama consumers away from YouTube Shorts? Unlikely. This report examines who watches microdramas, how they discover them, and why the format forces streamers into the feed.