The topic, learn this spicy chicken report.
This article is divided into the following sections:
The heat map in MAU, “something”
Copyright distribution revenue, why did wolfpack misjudge?
Impossible triangle: deferred revenue, revenue recognition, and number of members
Member income confirmation: the fun of accounting
The heat map in MAU, “something”
In the first part, the most talked about in the report is MAU fraudulent fraud. But it’s not interesting to talk about the data from the advertising display system and QM.
Just not see. In the past two years, Kuaishou and Douyin, because MAU, DAU have fought many times.
Why, because the statistical caliber is different.
Take a simple example: In the first 18 years, when users of Douyin downloaded the video and played it on Weibo, they actually played it once and counted it as a DAU.
The question is: can this be counted as a DAU? This is a Hamlet-style question, and the benevolence is different.
Whether it is QM, Northern Lights data, or unreliable iResearch data, unless the company ’s data base is picked up again, relying on so-called technical statistics data is basically only used to judge trends.
So the data of various organizations found in this so-called report, used for absolute numerical judgment, is simply funny and very unprofessional.
Of course, this is not to say that the first part is all spicy chicken, there is still a merit. The reason lies in Click Farm Activity.
This means that iQiyi is falsifying traffic.
I specifically log in to the iQIYI website and check the keyword: idol trainee
“Idol Trainee” is popular in iQiyi (full data can be checked on iQIYI website)
The total population of Tibet is only 3.44 million,p> The core logic of the short report: iQiyi ’s revenue from selling dramas is obviously higher than the market cap of 20,000 yuan per episode.
For iQiyi’s drama, one episode will sell for six or seven thousand and one episodes.
In this part, the least rigorous logic is: during the analysis, I forgot how many times the analysis was sold.
An example: a “Yanxi Raiders”, iQiyi sells a family, maybe the unit price is 20,000 episodes, but the problem is that since they have chosen to distribute, they should be sold to Tencent Video. Selling to Youku may even sell to Netflix the best.
The unit price thinking is correct, but the number of sales cannot be ignored.
The account cannot be calculated like this.
Look at other people ’s explanations: the quality of the play is related to the price, 10,000 or 20,000 is the price of the TV station, etc.;
In fact, the simplest, is it not clear to ask people in the industry? Even do peer comparison analysis. But there is no such thing in the report, just find a former employee. Research and data, I’m too lazy to find it, I’m interested in studying it myself.
……
Subsequent questions about deferred revenue and revenue recognition need to be analyzed in conjunction with the explosion of the season.
Deferred income is linked to explosive dramas and variety shows; while income recognition is related to accounting revenue recognition standards; there is a non-linear relationship between the two.
In addition, the number of members is the data at the end of the period, that is, the last day of the disclosure period; and the deferred income and accounting income confirmation are the period data. “Cross-section data” and “period data” must be clearly distinguished.
(This will be too lazy to write, write it next time, write a verbal check first.)
Regarding the income recognition of joint members, this is just the different treatment of net confirmation income and gross confirmation income in accounting. It’s not interesting, the management chose this kind of data disclosure only to present a good-looking aspect—maintain the APPRU value.
Summary:
The market has given the answer to this short report.
I have to say that market pricing is very effective.
By borrowing the words of a golfer: I can only say that at a good time I have chosen a company with weak management recently and want to make a fortune. What is the key to iQiyi?
Basically, I do n’t make any money. It ’s good to say that Luo Luo said, maybe cabbage money is also money.