High energy ahead.
On March 28, Bilibili (Chinese name: Bilibili, hereinafter referred to as "Station B"), a post-90s video community, was officially listed on the NASDAQ Exchange of the United States, with the transaction code of "BILI". Its offering price was $11.5. However, because of the overall weakness of the US stock market, its share price fell by 2.26% on the first day.
But people who have been observing Station B for more than 2 years. Xiaohaozi must say that the stock price performance at that time does not represent the real value of the company. When the market is good, it depends on the "trend". When the market is bad, it depends on the "value". From the perspective of business model, the value of Station B is unquestionable. Those who cannot understand it are doomed to be out.
For example, according to the prospectus of Station B, its core user group is Chinese urban young people under the age of 28, accounting for 81.7%. Last year, the average daily use time of users was 76.3 minutes; At the same time, as of the fourth quarter of 2017, the number of monthly active users reached 71.8 million, 2.5 times that of the first quarter of 2016. More importantly, the number of active content creators (UP owners) on Station B reached 748000, a year-on-year increase of more than one time. The videos they produced contributed 85.5% of the broadcast volume of Station B.
In terms of crucial financial data, the revenue of Station B in 2017 reached 2.468 billion yuan, a sharp increase of more than 3.72 times over the same period last year, and the net loss was only 100 million yuan. Its loss rate was only a fraction of that of similar video players (iQiyi, etc.). It was a pioneer and an analyst who brawled about its "huge loss, low income, and difficulty in listing".
To sum up all this, Chen Rui, the chairman of Station B, said that he had received dividends from young people. You should know that the Internet world has always been "young people win the world". Tencent, Alibaba and Baidu have all grown up in this way. In those years, because they stuck to the young people of the post-75 generation, they were allowed to use QQ to socialize, Taobao to shop, and search engines to obtain content. As a result, the post-75 generation became the mainstream of society, and today's popular BAT came into being.
As Greenspan, the former chairman of the Federal Reserve, said, "Go to the history to find experience and apply it to the future, which is an opportunity." Thus, Chen Rui and Xu Yi, the founder of Station B, together upgraded a small website with animation and game fans to a content platform containing music, dance, technology, fashion, ghosts and animals and other diverse cultures, It has formed a community composed of more than 7000 popular cultural circles.
More importantly, with the growth of age and income, the post-90s' growing content consumption capacity will support the commercialization of Station B. After all, as the "Generation Z" of Internet natives, the post-90s are more willing to pay for their spiritual food. Therefore, by sticking to their B stations, they can use games, advertising, e-commerce and value-added services to earn revenue. In addition, according to BAT's experience, the relevant revenue will also grow at a high speed, so that Station B can still be "lucky and protected by bullet screen" after listing.
Therefore, with the rise of the post-90s generation, Station B has obtained the "customs clearance password" for listing, becoming the "first stock of the post-90s generation". At this time, anyone who still sticks to outdated and superstitious common sense and abandons professional and scientific knowledge will be doomed to repeat the tragedy of "being invisible, despised, incomprehensible, and unable to catch up", and will be completely out of the world dominated by the post-90s generation in the future.
Gene: the post-90s generation is in power, and God gives tickets
In the mall, there is a saying that "heroes create the situation, and God issues tickets". At that time, Chen Rui, as the co-founder of Cheetah Mobile, was under great pressure at work. His only leisure was to go to station B to comfort his anime fans. Later, he felt that this small station had great appeal to young people, so he found Xu Yi and became an investor in station B. After Cheetah went public in 2014, he withdrew and officially joined station B as chairman.
Later, Chen Rui and Xu Yi together continued to optimize the user experience, attract external investment, expand the young user group, strengthen the content side, expand the science and technology, life, ghosts and animals and other fields beyond animation and games, so as to involve new users, stick to old users, and obtain the "flywheel effect" of homeopathy and faster development.
After all, the post-90s generation is an impressive generation - most of them are only children, and the two families support each other. They are rich in materials and education. The Internet has greatly expanded their aesthetic and knowledge reserves, making them better than their predecessors in cultural creativity, moral self-discipline, and humanistic cultivation.
Therefore, they are keen to turn rigid video comments into "bullet screens", like bullets in flying shooting games. For example, in the novel adapted animation "Overlord" (also known as "Gu Aotian"), there are always "kind-hearted people" who will use bullet screen to introduce the characters, props, skills and other backgrounds at the critical moment, to clarify the grand narrative that can not be extended.
In addition, the post-90s also love "ghost animals". By creating familiar materials for the second time, they made Zhuge Liang's words against Wang Lang in The Romance of the Three Kingdoms, "I've never seen such a brazen person", popular across the country, and also let Xiaomi's founder Lei Jun's words, "Are you OK?", constantly dominate the screen. This novel deconstruction and reconstruction formed the younger generation's ridicule and interpretation of people and things, Create a new fashion.
All these have also fulfilled the key rule of the "fan economy" - the super fans who are powerful and three-dimensional. They are both typical content consumers and content producers. As a result, all the experts gradually become content providers (UP owners) of Station B, producing "Professional User Generated Video (PUGV)", continuously delivering high-quality content for Station B, attracting more fans to join, and then fans encourage the UP owners to create, so that content producers and consumers can promote each other on the platform of Station B, Form a virtuous circle.
Based on this, by the third quarter of 2017, Station B had received 3.2 million content submissions, a year-on-year increase of 1.39 times, and the number of UP owners with more than 10000 fans also increased by 3 times. Recently, Station B also learned from various content platforms and began to subsidize the active UP owners with real money and silver. At the same time, it opened a cooperative promotion mechanism similar to "Taobaoke" and "Baidu Alliance" to provide the UP owners with commercial realization paths, thus strengthening the content creation ecology of Station B.
In this way, when the post-90s become the mainstream responsibility of society, the post-90s are destined to become the mainstream culture from the subculture. Station B, which has no worries about content and fans, can naturally walk out of the mud, leap through the vicissitudes of life, and enjoy the beauty of "coming from time to time, all the world working together".
Business: post-90s "love support" ”
However, when it comes to business, there is no normal business model that can lie in the halo of innovation without talking about revenue and profitability, and Station B is no exception. In essence, all business models in the world are trying to seize people's time. Since the "wise people change according to the times" of Station B firmly sticks to users, its commercialization should be easy to catch "wise people make things happen".
According to the data, in 2017, the average daily use time of users at Station B was 76.3 minutes, contributing more than 200 million broadcasts every day, and the annual retention rate of official members reached 79%, which was many times higher than the industry average. In this mode, Station B can use the most classic "games, advertising, e-commerce, value-added services" on the Internet to realize. After all, with BAT in the front, the predecessors can stand up and the posterity can stand up.
First, Station B has natural advantages in games.
Take its exclusive agent Fate/Brand Order (FGO) as an example. Previously, Station B introduced relevant animations, forming a phenomenal effect, and even stimulated more post-90s generation to "donate money" to the platform and purchase animation copyright. Therefore, Station B decided to spend a lot of money to win the FGO game. As a result, it became popular and quickly became the "cash cow" of Station B.
With this precedent, Station B began to speed up the opening of the game market, cooperated with game manufacturers, and jointly operated popular games such as Blue Route and Yin Yang Shi, all of which achieved remarkable results.
In addition, with its strong stickiness to users, Station B depicts more and more detailed "user profiles" through user behavior and big data analysis to more accurately match target users and specific games, such as recommending FGO to fans of Fate animation, and recommending female games such as Dream Kingdom and 100 Sleeping Princes for young women who like TFBoys, So as to complete the transformation from platform users to game users to efficient users.
As of the third quarter of 2017, the number of monthly active users of games operated by Station B exceeded 10 million, with a year-on-year growth of more than three times. 90% of game users came from Station B. It can be said that "the game depends on borrowing strength to help it go to the green cloud".
Secondly, accurate "user profiles" can bring new value to advertising.
Compared with iQIYI, which recently submitted the prospectus, Station B is also the animation "Your Name". The former plays only 1/8 of the latter, but the number of comments is nearly 7 times that of the latter, with 356000 more bullet screens. With such a large amount of data, Station B has more basic analysis of user preferences, and accurately matches advertisements to users. In this way, advertisements are targeted to the needs of users, It is no longer low-end marketing that harms the user experience. In 2017, the advertising revenue of Station B was 160 million yuan. Compared with peers, it has more imagination in the future.
Thirdly, with high stickiness and high growth, Station B can also get rewards from users by live broadcast, and sell all kinds of secondary derivatives through e-commerce.
Of course, all this has just started, and the corresponding revenue is not much, but as Professor Zeng Ming of Lakeside University said, "The key to winning the future lies in how many resources you can mobilize." With a lot of user resources in hand, the live broadcast and e-commerce of Station B can fully wait for the upcoming consumption peak of the post-90s generation, and then expand their ambitions.
In a word, using the bullet screen of station B's old guns, we can say: "station B will not fall down, and youth will not grow old". There are various "love supports" for post-90s people. Station B's commercialization does not lack "price earnings ratio", nor does it lack "market dream ratio". Even if it is listed on Wall Street, which "only kowtows to success and money", it can be able to do everything without consulting.
Yes, no matter for the post-90s or station B, the future has come, and is accelerating its popularity. Do your best. The world will remember that time does not deceive people. Let's wait and see.
Author: Hao Zhiwei
Link: https://www.jianshu.com/p/6218a8e30437
Source: brief book
The copyright belongs to the author. For commercial reproduction, please contact the author for authorization, and for non-commercial reproduction, please indicate the source.
