“The Sister Who Rides the Wind and Waves” detonated the summer of 2020 and also successfully delivered mango super media to the market value of 100 billion yuan. This article from the micro-channel public number: Wall Street News (ID: wallstreetcn), Author: see wisdom, from the title figure: Vision China
Just now, #万茜发文报平安# topped the Weibo search list.
However, what we are going to talk about today is not “The Sister Who Rides the Wind”, but the mango supermedia behind it.
At present, the total market value of mango super media is 129.7 billion yuan, which has exceeded iQiyi’s $16.9 billion (RMB 118 billion).
However,
1. The number of paid members of Mango TV is less than 1/5 of iQiyi. How does the small size support the huge market value?
2. In the current long video field, the first echelon Ai You Teng is not yet profitable. How did the fourth-ranked mango hypermedia achieve a profit of 1.2 billion in 2019?
3. How did Mango Supermedia emerge in the world of the long video ruled by Ai Youteng?
This article will elaborate on the company’s business model of extending to the entire industry chain, and reveal the answers to the above questions through the comparison of Mango Hypermedia and Aiyouteng.
First, past and present
Mango Hypermedia, formerly known as Happy Shopping, is a TV shopping company. In 2008, it became a subsidiary of Golden Eagle Holdings, that is, before the name change, Mango Media. Currently Mango Media holds a 64% stake in the listed company Mango Hypermedia.
The famous Hunan TV station behind Mango Media became the actual controller of Mango Hypermedia.
In 2018, Mango Media will include video playback platform assets-Happy Sunshine, artist brokerage assets-Tian Entertainment Media, content production assets-Mango Movies, Mango Mutual Entertainment and Mango Entertainment, a total of five companies into the happy purchase , And officially changed the company name to mango super media.
Since then, Mango Hypermedia has completed asset reorganization, from a humble TV shopping company to a video platform-based entertainment industry chain company that covers content production, artist brokerage and IP-derived, capital market The story begins smoothly.
Company Development History Source: Company Announcement, see Chi Research Institute
Second, based on content realization
After the reorganization, Mango Hypermedia, as a whole, mainly consists of four parts of the business, of which the new media platform operation, that is, the video platform business that benchmarks against iQiyi has the largest proportion, followed by variety shows, film and television production, and artist brokerage. And new media interactive entertainment content production services such as IP peripherals.
Mango Hypermedia Business Division Source: Company Announcement, see Chi Research Institute
Source: Company announcement, see Zhizhi Research Institute
From the difference in revenue share with iQiyi, we can clearly see that although both are long video companies, there are qualitative differences between the two:
Mango Hypermedia is based on content production and monetizes with content production and distribution. On this basis, it has extended other monetization models such as operator business and media retail. Based on traffic monetization, iQiyi extends to monetization channels such as advertising and content distribution based on membership services.
That’s why even when the user base is far less than iQiyi, Mango Hypermedia still has the capital to exceed the market value of iQiyi. The foundation of the company lies in content production, not simplyRely on user size to monetize.
Source: Company announcement, see Zhizhi Research Institute
Three, business collaboration to create a closed-loop industrial chain
And the business of the reorganized Mango Hypermedia subsidiaries is highly coordinated, forming a closed loop of the industrial chain:
1. The upstream mainly includes entertainer brokerage and variety production, film and television production business;
2. Relying on strong content self-made ability and high-quality content product matrix, Midstream carries out content operation and distribution through multiple channels of Internet video platforms;
3. The downstream content IP classification of the mango system was adapted and developed to realize online and offline multi-channel derivative realization.
Company Industry Chain Closed Loop Source: Company Announcement, see Chi Research Institute
We believe that the business model of mango hypermedia extending to the entire industry chain is significantly better than the model where Aiyouteng focuses on the video platform.
The high professional requirements and strict review of long videos directly lead to the low quality supply of long videos, and also make long video suppliers have higher bargaining power.
So what is the company’s production capability?
Mango Supermedia has sufficient production staff to ensure the continuous output of content production. The company’s own content production staff exceeds 1500 people.
In terms of variety show production, Happy Sunshine has 16 variety production teams; in TV drama production and investment, there are 15 self-owned and external film and television studios.
For specific output, we can take a look at the film and television variety list:
Although Mango Supermedia performs generally in film and television dramas, it can be said to be a leader in variety shows, and it is quite talented, especially in terms of online variety shows. Nine of the top ten network shows are broadcast on Mango TV. There are 8 solo network variety shows.
Top 10 TV Play Net Plays in 2020 Source: Guduo Film and Television, see Zhizhi Research Institute
Top 10 Variety Shows in 2020 TOP Source: Guduo Film and Television, see Chi Research Institute
From the perspective of effective broadcasting on various platforms, under the influence of the epidemic at the beginning of the year, the variety production of all platforms has slowed down. Therefore, the overall effective broadcasting of variety has declined, but only the effective broadcasting of Mango TV has risen against the trend16 %.