Soul's soul dyed the copper smell

@新 新 新

Author 丨 Jiarong

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"Everything is properly arranged for the listing dinner, and the posts have been sent out, and the cancellation will be canceled."

On May 11 last year, Soul, who became popular with the "Soul Society", officially submitted a prospectus to the US SEC. It plans to be listed on the Nasdaq and plans to raise $ 228 million.

If everything goes well, 44 days later, Soul should have landed on Nasdaq as "the first share of the universe". However, the changes in factors such as US stock supervision policies in 2021 poured a pot of cold water for Chinese stocks with enthusiasm.

Regarding the suspension of the IPO in the United States, Soul stated that after the update pricing range, it received a very popular market feedback. In this process, the company also received the possibility of other capital operations. After careful thinking, the management suspended the IPO first. The pricing process, and the major shareholder Tencent also supports this decision.

It can be seen from the latest public prospectus of Hong Kong stocks that this capital operation refers to that in July and August 2021, Soul at a price of $ 9.52 per share to Tencent's wholly -owned subsidiary image structure and new generation game Giant Mihayou, the D-4 series of financing with a total amount of 177 million US dollars.

On June 9 this year, Soul submitted documents to the US Securities and Exchange Commission, withdrew the F-1 registration statement document, and officially terminated the listing process in the United States; Gold Company is a joint sponsor.

Compared with the limited but beautiful data in the prospectus last year, while the new prospectus disclosed more data, Soul's three -year loss of more than 2.2 billion, increasing income and increasing benefits, and burning for customers also floated.

Tencent and Mihayou's investment may to a certain extent to boost the market's confidence in Soul, but this time it goes on the market in Hong Kong, Soul's harvest is not less than applause.

01 The story of the soul loses attraction

In 2007, after graduating from Sun Yat -sen University's English Literature, Zhang Lu went alone to Shanghai. From the data analysts of the Nielson Market Research Company to the general manager of China in the Innext Management Consulting Company.

It sounds a inspirational story surrounded by flowers and applause, but the success flowers are always on the lonely soil.

Zhang Lu once recalled: "At that time, I had some things I wanted to express. I couldn't send it on WeChat, and then I sent it to QQ space and set it up to be visible by myself." Although the idea was recorded, Zhang Lu also realized that he was deep in his heart. Places to interact, need to share with people.

In 2015, Zhang Lu resolutely founded Shanghai Renyimen Technology Co., Ltd., who did not have any experience in the social field, and launched Soul to position the social socialization. Users who open the software need to do a soul test (personality test). Based on the label defined by the test and the user, through the matching of big data, users will be assigned to different planets.

During the period when the photo matching the photos of the photos is prevalent, the way to choose and the selection of real photos is not the way to choose and the selection of real -life photos.

The launch of Soul attracted a lot of young people who needed tree holes. Gao Liang was one of the early batches of Souler.

He told the "new entropy": "At that time, other software needed photos of faxes, it was indeed efficient, but too utilitarian. On Soul, I would pick a virtual avatar that suits me, and don't worry about someone knowing yourself without pressure. Everyone will never be on the spot, and it really has a lot of confidants at that time. "

Zhang Yanyan, who went to the United States, also watched Souler who grew up.

There is an interesting gamified function on Soul. As the time talking to a friend gradually grows, the "Soulmate" letter below the name will slowly be lit one by one. Pacific Securities once pointed out that this makes it easier for users to enter the "heart flow state" throughout the chat process, that is, immersion.

Zhang Yanyan told the "new entropy": "This is a matter of enjoyment and worthy of showing a moment in the square, just like worshiping the handle, the two became good friends."

In order to encourage the production of high -quality content in the community, Soul also launched the "SSR (Super Soul Real)" incubation plan to encourage users to continue to produce Out of high -quality posts. The selected SSR may be rewarded in the form of traffic, cash.

At that time, what was opened with Soul was a fresh picture, all of which were taken from the photography released by the Souler in the square. In order to be this "leader", Gao Liang carefully selects four pictures of his satisfaction every day, hoping to appear on the screen page of Soul.

The simple page and the simple social environment attract young people like Gao Liang and Zhang Yanyan. Two years after launch, the number of monthly active users of Soul exceeded 10 million.

This social story about the soul is also full of temptation in the eyes of capital, attracting a number of institutions such as Tencent, Yuansheng Capital, Wuyuan Capital, DST, GGV, etc. Within five years, Soul has completed seven rounds of financing.

At that time, according to the issuance price in the U.S. stock market, although the loss was lost, the valuation of Soul was nearly 2 billion US dollars, or about 13.3 billion yuan. In the same period, Momo, a veteran social player with considerable profitability, has achieved 24 consecutive quarters of profit. The net profit of the previous year was over 2 billion yuan, but the market value was only more than 3 billion US dollars. A person close to Soul said: "Most of the Soul in the market is also classified as a stranger's social track, which is a misunderstanding and deviation. In fact, all the product design and functions of Soul are trying to avoid the so -called 'Momo Momo "Exploration". "

However, no one in the world was willing to make a loss of money. Gao Liang and Zhang Yanyan gradually discovered that the former soul habitat gradually changed. With the addition of more and more users, Soul has gradually launched more features, love bells, face -based, werewolf kills, pet planets, etc., but followed by dazzling interfaces and various need to recharge soul coins. How to play.

The community atmosphere is gradually unfamiliar. Some of the talked Soulmate have already become a WeChat friend. Gao Liang unloaded Soul. Zhang Yanyan's mobile page still kept Soul's software, but he no longer had desire to open this window.

Perhaps Soul also realized that the story of the soul was not good, so the new story line was extended to the Yuan universe. In June 2021, the company's Slogan changed from "following the soul to find you" to "the social Yuan universe of young people."

Unfortunately, the excitement of the Yuan universe cannot make up for the hollow of the soul.

02 Forestable commercialization

On the lively square of Soul, some posts have labels such as#old users,#miss the previous soul, and choose the early soulers left to warm up here.

The contrast with the old users gradually withdrew. From 2019 to 2021, Soul's monthly active users were 11.5 million, 20.8 million, and 31.6 million, respectively, and gradually rose.

Regarding commercialization, Zhang Lu once said that making money is not priority: "In essence, I think as long as your product is done right, the result will naturally happen." Zhang Lu believes that commercial monetization is a natural thing, and there are many points to dig, but at the moment, the focus is still optimizing the product experience.

But in order to attract more new users, Soul can no longer follow its nature and must take the initiative. Following the square, Soul has joined voice matching, facial foundation, group chat and amusement parks, and is currently tested planet experiments and facial base party.

With the launch of more gameplay, it is also possible for Soul's commercialization. Twenty -25 yuan per month becomes a super -star person to enjoy more nicknames, background maps, and functions that can realize chat messages and see who has visited themselves. Before that, only a few months of chat can you light up to light up The logo of the "SOULMATE" can be accelerated at 2.5 times at a rate of 25 yuan.

In addition, the recharge SOUL currency reward gifts, buy avatars, extend the voice time, and launch the mall function, and can send physical gifts in the virtual world.

In recent years, there have been many sounds in the market that SOUL has "Momo". It is questioned that although it focuses on "the good -looking skin is the same and the interesting soul is picked up", while applying virtual avatars, the square and private chat can still post photos. And launch a video chat function, conflict with its positioning.

The above -mentioned people who are close to Soul said that Soul does not drain the user who posted selfies, because the official does not encourage this behavior, and the video matching function will have a foundation of the face to cover it.

However, "New Entropy" found that after Soul carefully performs the face -based video matching function, when it meets certain conditions, the hood can be removed.

The commercialization of sewing pins has caused SOUL's revenue water to rise. From 2019-2021, it was 70.707 million yuan, 498 million yuan and 1.281 billion yuan, respectively, an increase of 604.3%and 157.26%year-on-year. The gross profit margin also increased from 48.6%to 85.2%.

Soul's main source of revenue In addition to the value -added services including selling virtual items and membership subscription services, there are also advertising services.

(From left to right: Earlier screening form, current screen advertisement, information flow advertisement)

Open the Soul App, the once fresh screenbursing, has been replaced by advertisements. Another major advertising position is the position in the information flow. For the way of launch, operators who have experienced cooperative experience said: "SOUL information flow advertising positions are mainly based on the position of information flow position, and the effect is the best. Sound, so the overall effect of the video advertisement in SOUL information flow advertising position is not as effective as the picture material. "

In addition, SOUL also sees the commercial value of SSRs as a high -quality content pool provider.

The commercialization of commercialization is in full swing, and the average monthly income of each paid user is gradually increasing, but Soul still falls into huge losses. From 2019 to 2021, Soul's net loss reached 353 million yuan, 579 million yuan, and 1.324 billion yuan, respectively, and lost 2.256 billion yuan in three years.

Among them, the most burned money is the cost of advertising plus promotion. From 2019 to 2021, Soul spent 197 million yuan, 602 million yuan, and 1.456 billion yuan, respectively. The information flow of subway entrances, variety shows, and video websites is full of advertisements of "coming to Soul if you don't be happy". Zhao Yiran was attracted by the advertisements in Tencent's video. He told "New Entropy" that there are many functions and gameplay here, but too bloated. "I have entered a group chat party, not only boring, but the content is messy, and I will come out immediately."

Now Zhao Yiran has registered SOUL for almost four months, but he is only nostalgic for the two basic functions of the moment of hair and shopping square. For recharge SOUL coins, he said that the sectors he needed are free and do not need those boring features that spend money. "If it is for these functions, I don't use it for sOL."

Zhang Yanyan recently opened a few times because of boredom. The increasingly complicated interface made her very uncomfortable. After a few moments, after walking around the square, she chose to uninstall this time.

When the user experience and commercialization are contradictory, the choice is not easy to imagine, but it is not a long -term score for burning to get customers.

03 There is no "any door" on the road to listing

When the foam is extremely prosperous, Soul is immersed in the optimistic emotions of pride.

This is first reflected in the expansion of personnel. In the past year, Soul's employees have doubled. As of the end of the first quarter of 2022, the number of all employees reached 1910, while the number was only 884 in the same period last year, and the number of people increased by more than doubled.

Among them, the fastest -growing employee category is neither the most expected marketing department, nor the technology and development department that gives future growth potential, but general and administrative staff. 200%, the proportion of all employees exceeded 60%.

Reverse bulls quickly. In May this year, Soul was exposed to 30%of the layoffs. It is reported that the large layoffs involved all business lines, and the annual award of the layoffs was only one fold, and the employee's annual end award was 50 % to 70 % off.

In fact, after the announcement of the suspension of U.S. stocks, Du Xin, the first angel investor of Soul, said: "The current Soul is like a" juvenile class to college ', which is not suitable for premature contact with the IPO's celebrity. If the future is the sea of ​​stars, In the case, small twists and turns in the short term and market disturbances will not cause too much problems to Soul. "

But Bole, who was down -to -earth, couldn't hold a thousand miles long for rushing. Less than a month after the termination of U.S. stocks, Soul was seamlessly connected to Hong Kong to go public.

Perhaps it is eager to prove yourself, or maybe it is a last resort. As of December 31, 2021, Soul's cash and cash equivalents were 910 million yuan. According to the current loss rhythm, if this time could not be successfully listed, this money may not be able to support it for too long.

Not as good as in the early years, a novel soul can win the confidence of capital. At present, this soul is gradually heavier. Soul needs to tell new stories, so he looks at the Yuan universe.

As early as June 2021, Shanghai Renyimen Technology Co., Ltd. has begun to apply for a series of trademarks about the "Yuan Universe". The company's Slogan has since become "young people's social Yuan universe". But unfortunately, as of now, there have been no relevant applications.

(Data Source: Enterprise Check, Drawing: New Entropy)

For how to continue to develop and invest in the social Yuan universe in the future, Soul claims that investment technology is the key to the development of the company's social Yuan universe. In the future, it will continue to improve the proprietary NAWA engine, as well as custom body Avatars with 3D modeling technology. In addition, SOUL also stated that it will explore and invest in integrated applications of extension reality (XR) technology.

In the improvement of the NAWA engine, it is undoubtedly a need for technical investment. For Soul, which still needs to burn money in marketing, it has to face technical financial pressure.

The current facial Avatars launched by Soul has been used as a facade virtual cover. While extending video forms for users, it protects the social distance of SOULER, and now it can take off the hood when meeting conditions. From this point of view, the systematic system of 3D modeling technology for subsequent SOUL plans to develop, and the development process may be the same.

The Yuan universe itself is a world that connects virtual and reality, but from the virtuality of the virtuality, it is difficult to enter the virtuality.

As a soul, which starts with the virtual world, is a difficult problem to complete the grafting of the technical bottom and user needs on the way to explore mature business models. At present, Soul has not splashed too much water except for the virtual image and the exploration of the real -world mall module.

"In a certain state, you find that there are only a bunch of hot questions and answers on the Internet. After leaving the essence of the development of things, it has achieved a completely fragmented but attractive effect. And you don't know, there is a pure self -retained place, it is quietly quiet It is calm, but slowly drifting away. So you are welcome to come and find the other self that the world in the world through the pictures and music of the inner scene. "

This is the first Weibo released by Soul on November 30, 2015. At that time, Soul did not expect that on the way to chase the six peculiar princes later, he slowly farther away from that pure self -retained land. Where does SOUL's road to the Hong Kong Stock Exchange go? No one can give an exact answer yet. And watching this saplings slowly growing up, do you want to know, will the once utopia still come back? Gao Liang didn't know, but he knew that he might not be able to wait.

A rainy night recently, Gao Liang remembered this software again. The moment of the early release was still there. The homepage clearly marked the word "1661 days", which was his time to join Soul.

The homepage of the friends who chatted all night had been covered with dust, dazzling interfaces and new features that needed soul coins, which reminded Gao Liang, which is no longer the former self -retained place.

"In the soul I miss, no one labels themselves, that is the era when everyone has a mask dancing." Will you download it again? "Maybe."

Perhaps the Indian proverb is justified: "Don't go too fast, wait for the soul." Unfortunately, the second IPO is imminent, and Soul may not be able to wait.

(Gao Liang, Zhang Yanyan, and Zhao Yiran are all pseudals

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