Breaking the circle to break a loneliness, station B has to make money by "two -dimensional"

Instead of burning money, it is better to return to the original intention, operate a faithful user or a profit strategy.

No company's profitability is as much attention as station B, because in addition to investors, there are hundreds of millions of station B users, they are worried that if the "small broken station" will not make money, they will eventually go down, they will have nowhere to place it. His soul.

To this end, the management of Station B also made all the solutions to create revenue, but the result was not to increase the income. According to the financial report released by Station B on June 9th, the loss of station B in the first quarter of 2022 was 2.284 billion yuan. Last year, last year, last year. During the same period, the loss was 905 million yuan, and the loss continued to expand.

Recently, station B has launched the "Paids to Watch the UP Main Video" function. In the past, the free UP main self -made video is required now. Now you need to pay to watch it. On June 20, the UP owner "Hook Handle Duncan" launched the first paid video -the top ten unsolved mysteries in the world. Users need to open the video through the mobile app and complete the payment before watching it. There are a total of 10 episodes of the video of the video. Users can only buy them at one time. They cannot buy a certain episode separately. The total price of the 10 episodes of the 10 episodes is 30 yuan.

In the case of the user's big members, watching the main video of the UP also pays separately. Station B has aroused heated discussion among netizens and appeared on Weibo on June 21. It can be clearly seen that Station B has a commercial hunger and thirst.

Different from the past, with the changes in the external environment, liquidity has become the most important indicator of investors, and the continuous losses have shaken investors' confidence in station B.

The problem of community commercialization

In the annual report, station B introduced its main business as the iconic brand of the younger generation of China and the leading video community. The word community is very familiar with our Internet native generation. If you have to define the community next, then you can refer to Baidu Encyclopedia "Network Community": The online community refers to the BBS/forum, post bar, announcement bar, personal knowledge Online communication spaces including release, group discussion, personal space, and wireless value -added services, and the same theme of the same theme online community concentrate on visitors with common interest.

When it comes to the community, many people will probably think of Mizuki Tsinghua, which was established in 1995. The cat paps established in 1996 and the end of the world established in 1999. Of course, there are the popular Baidu posts. The community is established based on interest. Mizuki Tsinghua is a small world of college students. The original product form of Cat Putu is the game community, and Tianya is a gathering place for shareholders. Baidu Tieba is based on Baidu search technology. Communication community.

These can be said to be the "martyrs" of the Internet community. They all start with interest and commercialization.

Around 2010, a number of online communities in the mobile Internet era were born in China, including the two -dimensional community established in 2009, the investor community snowball established in 2010, the Q & A community established in 2011, and the founding of 2013 and established in 2013 Overseas shopping sharing community Xiaohongshu, etc., has now become a must -have for our installation.

It is undeniable that more than 20 years have passed, and the commercialization of the community is still unsolved. So why is the community commercialization so difficult?

Community is a form of organization in social and media. Social connection is people and people. The only purpose of people using social products is to find people, so social products do not need any additional information, and they can find people who are looking for. The media connects people and information. The purpose of using the media is to obtain information. The media only needs to distribute enough, timely, and real information. Users are not so sticky for the media. The information content is media stickiness in the media. The only magic weapon for users. The community is between the two, and the community connects people and people to connect people and content. The community users gather together because they are interested in the content of the content. The foundation of communication has been given a reason to become users. Therefore, the stickiness of the community is higher than the media, but it must be lower than social networking, the demand for content is lower than the media, but higher than social.

The different characteristics of social, communities, and media also determine the commercialization path of the three.

The Internet monetizes the carriage, advertising, e -commerce, and games. Among them, advertising is the most direct way of monetization, and the media is the most direct platform for advertising. It is also very convenient to use advertising as an inlet to intervene in e -commerce and games. A certain detours need to be taken on the monetization path. For example, WeChat needs to use functions such as friends circle and public account. Social functions can only be used as drainage tools; the community is between the two, but the community based on interests. Things are often more exclusive. Cat flutter, Tianya, Baidu Post Bar loses user trust because it does not restrain advertisements. This is why Station B has always maintained restraint on advertising.

Another reason for the commercialization of the community is that the content of the community is relatively vertical, which is equivalent to setting a boundary for themselves. In order to ensure the quality of the content and the community atmosphere, the community often sets a high entry threshold. Only the membership exams consisting of 100 multiple topics can become a formal member, and then more interactive and community functions can be used, such as barrage and comments. Users need to answer at least 60 questions correctly to pass member exams. The high threshold of admission has become another major resistance in commercialization in the era of traffic.

The long -monetization path, the characteristics of small vertical users have made the community face commercial problems from the date of birth. To this end, community companies have also conducted a series of breaking attempts, and station B is no exception. Costing the labeling journey of the capital market

Station B was born in 2009. At that time, his founder Xu Yi was just 20 years old. As a fanatic two -dimensional enthusiast, high school began to obsessed with various anime. Station A has a serious problem of operation. Even because the conflict of internal staff is one month, this seriously affects the experience of a group of A station fans such as Xu Yi, so Xu Yi developed itself. A website called Mikufans, which was later famous B.

Chen Rui, who is also a two -dimensional senior enthusiast, is a hardcore fan at station B. In 2011, Chen Rui met Xu Yi and cast a angel wheel at station B.

Prior to 2013, station B was still under the leadership of Xu Yi. Although it also started the company's operation, station B was the two -dimensional community of the first ACG (total name for animation, comics, and games).

In October 2013, Station B received a $ millions of dollars in Series A financing. At the same time, Bilibili Co., Ltd. was established in the Cayman Islands.

In the involvement of capital, station B can no longer be at "quiet", but Xu Yi, who has just entered the society at a young age, is obviously not prepared for the future of station B. So he invited the co -founder of Cheetah Mobile in 2014 Chen Rui joined Station B and officially became the chairman of station B.

Compared with Xu Yi's immature, Chen Rui is a mature businessman. His joining is to actively introduce more capital for Station B. In October 2014, the Series B IDG again invested in Station B tens of millions of dollars. In August 2015 Interesting funds were 1.222.72 million yuan to participate in Series and C financing. In November, the B of the D -station D financing, Tencent, CMC Capital, Zhengxingu and other investment of hundreds of millions of yuan, and landed in Nasdaq in March 2018.

On the other hand, Chen Rui actively promoted the commercialization of station B and successively launched the Internet to monetize the carriage. At the beginning, the two -dimensional base color of station B was based on the game business. In January 2014, the game business began to act as an agent to publish games. Data show that in 2017, Fate/Grand Order contributed more than 80 % of the revenue of the B station game business. Before listing, the game is the most successful business of the commercialization of station B. In 2017, the game business revenue was 2.058 billion yuan, accounting for 83.38%of the total revenue. "game company".

In 2016, Station B held an advertising investment for the first time and named the CBA Shanghai Men's Basketball Team. In December 2017, the effect advertisement was launched. Seeing that many seniors declined because of the failure of the advertising business, Station B was particularly cautious and explicitly stated that it refused to patch the advertisement. Considering the user experience, the advertising products of station B are mainly divided into three forms, brand marketing, effect marketing and content marketing.

In November 2017, station B launched the e -commerce business Bilibili member purchase, which is mainly focused on ACG derivatives sales, including hand -made, peripherals, exhibition movies, books and comics, etc. The core user base is pan -second -dimensional population. In January 2018, Station B launched a large member service. The business is paid through the payment of VIP privileges, which is similar to a long video paid member.

At this point, before the listing, Station B has completed the three commonly used Internet monetization methods. Although the user B users have a lot of spitting on the commercialization of station B, it can also explain that after all, how can a company without income be able to do What about users with good services?

However, the label of station B after listing is not satisfied with the labels of the "two -dimensional" and "game company" on themselves. In order I don't understand more and more.

The just -listed station B was recognized by the capital market. This two -dimensional community was a scarce target even in U.S. stocks. Especially at that time, the BRC was still a conscience company in the user's mouth. The reputation was quite good. At that time, the Internet investment logic of capital recognition was Aarrr model, namely Acquisition, Activation, RETENTION, Revenue, and Refer (recommended users), respectively. In the five important links in each link, we take corresponding operations to obtain user growth. Various "U" and other "U" such as DAU (daily life), MAU (monthly), ARPU (income per user contribution) have become the core indicators to evaluate an Internet company. Investors are not so concerned about whether Internet companies' profitability.

In order to pursue these indicators, Station B has continued to break. The first is to accelerate the circle through a series of "big events" marketing. The most beautiful night New Year's Eve party in Station B was a milestone event, which successfully attracted widespread group attention. In 2020, the Trilogy of "Houlang", the variety show "Singing New Generation", the online drama "The Sky of the Wind Dog", etc., also further pushed the B station to the public vision, and became a more comprehensive video community. Essence Secondly, Station B has become a propaganda medium for official institutional numbers and corporate numbers to settle in. CCTV News, Communist Youth League Central Committee and other official propaganda institutions settled in Station B; major universities and enterprises also play stalks at station B, nailing "Ding Nail", Tencent's "I am the puppet penguin who eats fake chili sauce 》 All typical brand propaganda cases. Finally, in terms of content, station B is also increasingly diversified. At present, life, games, entertainment, animation, technology and knowledge have become the top five content categories that are most popular with users. The living area is the current largest area of ​​station B, accounting for about 30%; games and entertainment are second and third regions, respectively, with a playback volume of about 20%; the animation area accounts for about 10%. In addition, Station B is constantly extending to various segmented categories. Among them, the humanities, emotions, animal circles, science science science and other subdivisions such as social sciences have grown rapidly.

The once vertical two -dimensional community has gradually evolved into a melting furnace of "The videos you are interested in at station B".

From the perspective of the number of users, the number of users at station B has already exceeded the small circle of "two -dimensional". It can be said that the "two -dimensional" label of station B has successfully torn off. According to the financial report released on June 9, 2022Q January active households reached 294 million, an increase of 31%year -on -year, and the number of paid users was 27.2 million, an increase of 33%year -on -year; Keep above 80%. PUGV content accounts for 94%of the overall video playback volume of the platform. The average monthly active content producers rose to 3.8 million, an increase of 75%year -on -year, and the average monthly high -quality video contribution reached 12.6 million, a year -on -year increase of 63%. It reached 95 minutes, an increase of 16%year -on -year, and the average daily video playback reached 3.3 billion times, an increase of 84%year -on -year, and the average monthly interaction was 12.3 billion times, an increase of 87%year -on -year. ) 44%year -on -year.

From the perspective of income composition, Station B has successfully torn off the "game company" label. The proportion of mobile game business revenue in Station B has dropped from 83.38%in 2017 to 26.87%of Q1 in Q1 in 2022. The live broadcast and value -added service business became the most income -to -share business. From 7.15%in 2017 to 40.60 of 2022Q1 %, The proportion of advertising business has continued to rise, but the speed is much lower than the live broadcast and value -added services.

Radon the label B still profit and hunger

Chen Rui, CEO of station B, said at the annual report conference call that "income growth will become a more important job than in the past this year." In this regard, Station B started from two levels of open source and throwing.

In terms of open source, there are two major measures in Station B. One is the "Story-Mode" mode that launched a short video last year. This mode is questioned by users. Continuous, but it is really fragrant for station B. While increasing the number of users to station B, it also explored a new advertising model. At the first quarter of the financial report, Chen Rui, chairman and CEO of Bilibili, mentioned that the Story-Mode model brought pure increase in station B, which expanded the new consumption time and scene of users.

The financial report data also shows that in the first quarter, Story-Mode's vertical screen video accounted for more than 20%of the total playback volume, and the overall continued upward trend. Station B, which once explicitly rejected the advertisement, has increased significantly in the acceptance of advertising in the vertical screen mode. In April this year, Station B launched the Story-Mode vertical screen advertising product to explore new advertising models and expand the advertising form in the station. The COO Li Yi of the advertising business of station B stated at the telephone meeting that Story-Mode's ECPM (advertising income per 1,000 display) was also significantly higher than all the original video scenarios, and the conversion efficiency was very high.

The other is the function of paying the main video content of the main video of UP in the recently mentioned article. From the report of the current netizens, this "just rice" method of station B is not allowed to be popular. Observed.

From the perspective, Station B facing the most precious asset "UP Lord" waved the sickle.

On March 20, some media reported that many B station UPs stated in Zhihu that since the creators at Station B have incentive to revise the revenue, the revenue has declined significantly, and some UP owners have fallen by 90%. The theory of "salary viscosity" tells us that it is easy to raise wages and difficult to reduce wages. In the face of such a large incentive reduction, the creative enthusiasm of the UP master is afraid that it is difficult to continue. What is left at station B, it is worth thinking about.

Since the beginning of this year, the news of the "layoffs" of the Internet factories has frequently appeared in people's vision. The low salary level B station B, which has a low salary level, has also learned layoffs. According to media reports, Station B has opened a round of layoffs since mid -May. , Mainly concentrated in games, live broadcasts and commercialization; optimized business departments' layoffs were about 20%, and paid by "N+1" was paid. It is worth mentioning that the game sector of station B has a layoff of 20%-30%. In terms of pulse, a game department employee said that the proportion of layoffs may be half, and even the project team has all been abolished. In August 2017, the first self -developed mobile game was launched in Station B. Since then, it has gradually increased in self -research. The data of 2021 reported data from the 2021 annual report, "In order to meet the needs of the next generation of games, we are committed to establishing our internal game self -development capabilities. , Fully use our deep understanding and rich game operation experience for user preferences. As of December 31, 2021, we have 6 game studios with more than 1,000 members to develop our project. "

I once tasted the sweetness of the agent game, I felt that I could do the game by knowing that I knew that the user, but many years have passed. Seeing that my game business is getting more and more, and competitors such as Mihayou and Eagle Horn Network swept the market Station B also recognizes reality.

Perhaps in the short term, the open source throttle strategy of station B can be used to decorate the report to a certain extent, but this "drinking and quenching" method destroys the endogenous growth power of station B.

After many years of hard work, I found out that they were willing to spend money on station B or the most user of the user B. As a community, station B has the most loyal fan group. Instead of burning money to attract new users, it is better to develop development around loyal users and tap the consumption potential of loyal users.

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