Regardless of the size, it only depends on the income composition. Site B is more like a “mini Tencent” than a video site.
Editor’s note: This article from the micro-channel public number “One observation entertainment” (ID: yiyuguancha) , of: Yiyu Observation Editorial Department.
Text / Great Entertainment
By the time the U.S. stocks suffered a continuous meltdown last week, Bilibili (hereinafter referred to as Station B) released the 2019 Q4 quarter and full-year performance reports.
From the detailed data provided by the financial report, B stands at 74% in Q4 revenue year-on-year, with a net loss of 387.2 million yuan, an increase of 102.9% year-on-year; from the data of the whole year, total net revenue in 2019 It was RMB 6.779 billion, an increase of 64% over the same period last year. Net loss in 2019 was 1.303 billion yuan, compared with a net loss of 565 million yuan in the same period last year. After the release of the financial report, the stock price of the B station fell by more than 3%.
However, the analysis of detailed financial report data is not the subject of this article, and various data will be mentioned later in conjunction with detailed business. In fact, after Station B hosted a well-regarded New Year’s Eve party at the beginning of this year, both the company’s overall appraisal and implementation to the stock price level ushered in a historical peak. At that time, the highest price of Station B’s stock price was close to 30 The U.S. dollar rose by more than 25% in February in a single month. At its highest market value, it was close to 10 billion U.S. dollars.
▲ Stock price at station B
One Entertainment Watch (ID: yiyuguancha) at ” China YouTube “is finally empty, why does iQiyi still want to go alone? The article discusses why Doiqiyi wants to create a new platform for YouTube The discussion also mentioned that if viewed from the content level alone, station B is undoubtedly the most qualified platform in China to become a “Chinese YouTube” platform. In terms of “learning” from YouTube, station B is indeed a spare time, the most typical case There is nothing more than that the new version of the playback interface design has almost engraved YouTube, and even the trophy that encourages UP owners is similar to YouTube.
Everything can be imitated and copied, but it can’t echo the real core and learn the mature business model. Station B wants to become a “China YouTube” seems more like a daydream.
Keeping the “two-dimensional” and kaleidoscopic realization, it is difficult to have both of them at station B
At a time when domestic video websites are still relying on large sums of money, station B can still show a sense of “independence from the world”. The most important point is the most basic content driving force of its platform. Still from PUGC (professional user-produced content).
In the prospectus submitted in March 2018, station B, they specifically introduced two pages for the five UPs who are “the main source of user traffic, as well as the number of users and the key driver of community growth.” In fact, This includes the well-known UP host Elizabeth Rat, who made the phrase “I have never seen such a brazen person” in The Romance of the Three Kingdoms a popular episode of ghosts and beasts.
▲ Contents of Elizabeth Rat B Station
According to the numbers on the B site prospectus, in 2017, there were an average of 204,000 active UP owners per month. They uploaded 835,000 videos per month, accounting for nearly 7% of the total new videos per month at station B. Cheng, the broadcast volume is 85.5% of the total broadcast volume of station B. Three years later, this data continues to grow. The content of station B’s Q4 PUGC content in 2019 is as high as 91%.
However, in the fourth quarter of 2019, when game B ’s revenue dropped to below 50% for the first time after listing at station B, the PUGC content and other related data on which station B depends for a living were all released.The number of monthly active UP masters and their submissions increased by 80% and 66% year-on-year compared to 2018, with 1 million and 2.8 million respectively. The daily average video playback was 710 million times and the monthly average interactions were 2.4 billion . The previous four figures were 1.1 million, 3.1 million, 725 million times and 2.5 billion times.
Of course, it is not uncommon for some data to fluctuate during the quarter, but when such fluctuations occur simultaneously with a series of so-called “breaking circle” actions pushed by Station B, it is difficult to avoid people Questions arise about the correlations that arise.
Iqiyi, Tencent Video, Youku, and even Mango TV never talk about the “breaking circle” problem, because they always occupy the mainstream circle. Now the only thing to do is to try to reach all the users who can reach it. Convert to paying users.
For the B-site of the early “all-in-one” Niconico animation in Japan, the two-dimensional community is the same as PUGC content, and even now, the animation still occupies the first navigation on the B-page homepage The chair. Such a strong cultural attribute separation is no problem in the early accumulation of users. Registered members always need to answer questions is a typical means, especially some questions in the past version are likely to really block those who do not know much about the second-dimensional culture. User.
Whether it is “generating electricity with love” or “little broken station” as a ridicule among users, the size and influence of station B is indeed increasing day by day. After entering into the capital market, all details have been spread and reviewed. For B station, how to make money is always the ultimate problem before it.
Early attempts at station B included patch advertisements that had been played by Aiyouteng (stopped after users made dissatisfied sounds without buying accounts), customized travel services, and launched paid memberships-that is, “large members “System (being questioned by the misrepresentation of the user name), and joint agents to help the brand and the UP advertise, and get their own commissions and ticket sales to the show.
Finally, B station is a mobile game called “Fate / Grand Order”. Throughout 2017 and 2018, game revenue accounted for more than 77% of B station revenue. After a long exploration, station B finally formed a business structure of “games + live broadcast + fan drama”, and the revenue structure of “game + live broadcast + advertising + peripheral e-commerce”. Regardless of the size, only the income composition is considered. Site B is more like a “mini Tencent” than a video site. In addition to game revenue, the explosive growth of other businesses at station B is obviously due to the original base number being too small.
▲ “Fate / Grand Order” mobile game interface
If you take a closer look at the revenue structure and business plan of Station B, you will find that it has made a kaleidoscopic effort and attempt for commercial realization.
In 2019, station B will start to open up large-scale cooperation between UP owners and brands for ad placement, buy the “League of Legends” copyright, sign the former “Sister of Fighting Fish” Feng Timo, and hold the first New Year’s Eve Party ” “The most beautiful night bilibili evening party in 2019”, along with the diversification of the revenue model of station B, its content and tone have become increasingly mainstream. Once station B can no longer rely on “thick community culture” as a barrier, it is essential to face The competition situation of the right will inevitably deteriorate significantly.
YouTube retired after users paid, and patch ads at station B were tied
The road to monetization is long and long. This is not a problem unique to station B. Looking inward, the three major domestic video platforms are asked every year that question that touches the soul—when can I stop losing profits, and like Last year, iQiyi spent more than 20 billion yuan on content procurement alone. In fact, such a “burning money” contest can no longer accommodate new players.
Looking outward, the situation facing Niconico animation, the originator of Barrage video website focusing on two-dimensional content, is also not optimistic. According to the financial report released by Kakugawa last February, Niconico has 75.83 million registered members, but the number of paid members From 2.5 million in 2015 to 1.88 million, the only good news is that its “Niconico Channel”, which imitates YouTube, ushered in the news that in May last year, paid users had exceeded one million.
Even YouTube, which has more than 2 billion monthly active users worldwide, has never publicly stated that it has started to make money. Not long ago, Google disclosed YouTube’s revenue for the first time in its financial report. YouTube generated $ 15.15 billion in revenue last year, accounting for about 10% of Google’s total revenue. These numbers make YouTube’s advertising business one-fifth that of Facebook, more than six times the number of Amazon-owned live streaming platform Twitch. At the same time, Google also revealed that last year, YouTube had more than 20 million YouTube Premium and Music Premium paid members.
