Watching the live broadcast on the line, I rushed to the fourth place in the real-time ranking of the peak anchor in the platform. This time, she invited the star friend Lin to update. In the remaining sessions, the number of viewers did not exceed one million.
Obviously, the net red goods at this time have already reshaped the map.
According to Zhongxin Jingwei, Zhao Yuanyuan, the person in charge of Taobao live broadcast, told the media: In April this year, Taobao lived DAU with 9 million, Weiya alone accounted for more than 3 million, Li Jiaqi accounted for more than 2 million, and the remaining more than 60,000 The live room can only divide the remaining cake.
“Newcomer” Zhang Dazhao, try his best.
3,End of Net Red
Listing, obviously not the end of the net red.
At least from the story of Zhang Dazhao and Ruhan, the “China Network Red E-Commerce First” encountered Waterloo on Wall Street.
As we all know, if the stock price plunged 37% on the day of listing, it became a rare stock in the history of US stocks with a drop of more than 30%. Within 7 trading days, the stock price fell 45.57% to close at 6.26 US dollars. Since then, Ruhan has never lost the hat of “plunging”.
As of the close of the US East on October 21, if Han accepts the income of 4.79 US dollars, the market value is more than 60% higher than the highest point. The value of Zhang Dawei, who holds 15% of the shares, has also shrunk from $155 million to $59.4 million.
Obviously, there is only one “Zhang Dawei”, and the imagination is too small to impress investors on Wall Street.
According to the previous prospectus, it can be seen that more than half of the revenue of the company is derived from the contribution of Zhang Dazhao.
In the 2017 fiscal year, 2018 fiscal year, and the first three quarters of 2019, the top KOL contribution of Ruhan accounted for 60.7%, 65.2%, and 55.2%, respectively. Among them, in the 2018 fiscal year and the first three quarters of 2019, in the top KOL, Zhang Dazhao ranked first, and the contribution of GMV was respectively50.8%, 52.4%, 53.5%.
This kind of investment structure with a high investment risk has been relieved to some extent after the listing, but the results have been minimal.
The fourth quarter of 2019 reported that the proportion of GMV contributed by top KOL fell to 47.87%; the first quarter of 2020 reported that the figure rose back to 48.68%. The company’s dependence on head net red is still too heavy.
After Zhang Dazhao, one of the more than one hundred kol of Han Han, none of them can play.
The incubation cost is high. According to the disclosed financial figures, the marketing expenses such as Hanwanghong increased year by year, from 9.92 million in Q2 in 2016 to 70.84 million in Q4 in 2018, an increase of 614%; per capita net marketing expenses, also from 45 in 2017 Q1 Ten thousand yuan / person, increased to 630,000 yuan in 2018 / person.
In addition to this, there is also a high cost of operating its own stores, directly copying the model of Zhang Dazhao, and the model is too heavy for Ruhan. Therefore, the latter will gradually turn to the “platform business” model, which is now the most popular branded goods model such as Li Jiaqi and Wei Ya.
But at least so far, no one can assert that their own network red model is a test of the capital market.
The vitality of Net Red is all maintained in a “red” character, but the number of roads such as Zhang Dazhao and Li Jiaqi is not the same. If the capital is supported by capital, it will not be able to mass produce “Zhang Dazhao”. The second “Li Jiaqi” has not yet been born in the market.