For soul, the most dangerous is more than 1.3 billion years ...

The online social market is like a pool of dead water.

In addition to the Tencent Department, although all kinds of giants and entrepreneurs are constantly trying on this track, they have launched offensives.

But for so many years, only one Momo splashed in this dead water, and a Soul, who is still running desperately.

Even Momo, who is already ashore, can only survive the show live broadcast and even become a hotbed of fraud. Check the details, "I'm in Momo's blind date, it's 28,000 yuan in a blink of an eye!"

Is it successful enough? From the perspective of attention, Soul's attention is not low.

The first is that this market requires a disruption. The social universe composed of WeChat and QQ makes more and more people exhausted.

Many people hope that SOUL can give the market a look and change the inherent cognition of the social dharma in the cognition of everyone's cognition.

The second is the difficult development of Soul itself, and always transports the outside world from time to time, the most of them are all kinds of controversy.

A year ago, Soul had prepared to impact US stocks under the banner of "the first share of the Yuan universe", but it was a bad halberd.

One year later, Soul, who did not die, or lost money, moved to Hong Kong stocks, and once again launched an impact on the capital market.

So Soul was watched by all walks of life.

The reason why it is attention is because the prospectus is further announced in detail, and the real souls hidden in the "Gen Z generation" and "Soul Society" under the "Society of Soul" are shown Essence

If in one sentence, although Soul has received a lot of attention, it is really bad, and it can even be said to be bad.

We take a brief look at the indicators of users, revenue and profits:

Soul was established in 2016 and has been established for 6 years. However, aspects of users, as of 2021, Soul's monthly living users and daily living users have reached 3.1.6 million and 9.3 million, respectively.

What concept? As of December 2021, the entire network users were 1.1.74 billion. Among them, there are more than 1 billion social users, and Soul's monthly survival is 3.1 million, and the daily life is less than 10 million, which is far from matching the attention it has received.

If it is not intuitive enough, we find another set of data to compare. Although Momo has been going downhill for many years, its monthly active households have now exceeded 110 million.

Of course, in SOUL's positioning, its target user is generation Z. According to the "Digital Economy Panorama White Paper" released by Analysys Analysis, the proportion of Chinese Z generation digital users accounted for 17.5 in 2022 %.

Even so, the penetration rate of Soul in the generation of Z -generation users is not high, because in this segment, Soul has head effects and absolute competitive advantages.

Of course, more importantly, in its 3.1.6 million monthly work and 9.3 million daily life, it is difficult to say that it is the generation Z? According to the prospectus data, 74.9%of the monthly active households are the Gen Z group.

At the same time, another BRI station B, which focuses on the young people's market, has a daily analogy of 79.4 million active users and 293.6 million active users in month.

It is worth noting that SOUL's user growth and activity are maintained by burning money.

According to the prospectus data, from 2020 to 2021, Soul's monthly and daily living growth rates were 51.6%and 55.8%, respectively, that is, the year before listing, Soul's data in terms of user scale was very dazzling.

However, behind this set of data, its sales and marketing expenses soared to 1.5 billion. Why did it say that in 2020, this data was 620 million.

That is, it costs more than twice the sales cost, but only about 50%of active users.

If the conversion is, in 2021, the cost of Soul for each new user is about 140 yuan, and the number in 2020 is only 66 yuan, which is more than doubled.

According to the prospectus data, the net losses in 2019, 2020 and 2021 were 353.4 million, 579.1 million, and 1.324.4 billion yuan, respectively. The three -year cumulative loss was 2.256 billion yuan.

From another perspective, although Soul has obvious differentiation in positioning and publicity, and various characteristics and personalized labels.

However, the retention and viscosity of its users are very not optimistic, and they still can't get rid of "we talk well, add a WeChat" and look at the curse of running and freshness.

In addition, in terms of users, in terms of revenue, in 2019, 2020 and 2021, SOUL revenue was RMB 70 million, 498 million yuan, and 1.28 billion yuan. In intuitive, this data is indeed good. The annual compound growth rate is as high as 325%.

This is all in exchange for money, and it is extremely unhealthy.

The prospectus shows that in 2021, the average monthly consumption amount of each paid user of Soul is only 60.5 yuan. In addition, the LTV of Soul (the total value of the user life cycle refers to the total amount made from a user) is only 47 yuan) Essence

In other words, every time SOUL gets a user, it is necessary to spend 3 times the money that can make from the user. Can you say that this is a business?

The poor ability to make money is that although it is a social APP with infinite boundaries as a business model, Soul's revenue is very single. According to the SOUL prospectus, the current Soul's revenue is mainly added to value -added services, advertising, and good -looking malls. However, it is worth noting that the proportion of value -added services is as high as 93.9%, the advertising business accounts for only 6.1%, and the business income of the mall is almost available.

From 2019 to 2021, the average monthly income of Soul per month is only RMB 21.9, 43.5 and 60.5 yuan; at the same time, the paid ratio of Soul's user payment in 2021 was 5.2%.

Whether it is the payment rate, or the average monthly contribution of each paid user is much lower than Momo, who has already gone downhill.

Such a single revenue also means that SOUL's ability to make money is deeply tied to the rope of user activity. If the money is stopped, the active user decreases, and the ability to make money will be weaker. Do you say this contradiction?

In this contradiction, Soul has also been questioned by users, and it is getting more and more golden. It is suspected that it is to spend money to buy a user experience in Soul. This model is also full of contradictions everywhere.

Obviously, today's Soul has actually fallen into a vicious circle in terms of specific business. If the external blood transfusion is missing, Soul's soul story is obviously unable to tell.

This is also the reason behind Soul's anxiety.

After the listing of the US stock market last year, Soul was also exposed to 30%of the business layoffs on the entire line. The shareholder Tencent Unite Mihayou invested $ 177 million in the back of it, which has eased the financial difficulties.

In 2020, Tencent continued his life to Soul, investing in a subsidiary's image structure to $ 135 million.

The so -called small and beautiful, only small, without beauty.

For so many years, the dead water of the social dharma is still a dead water, and the ripples that look like they are still have not broken away from the heavy sediment in the existing pattern.

Even if the label and differentiation of the Z era, retail, maybe it is only the differentiation of the strong competition in the brand operation process. After all, the Gen Z will eventually become a migrant worker from nine nights and six, and will eventually grow up.

So what should I do if these grew up users are ready? Losted them, or break the circle? This is a fatal contradiction that Soul is unavoidable.

For soul, it is clear that such a vicious circle is terrible enough. But what is even more terrible is the soft porn and piglets that are repeatedly banned, which is why Soul has repeatedly attracted attention.

But whether it is pornography or killing pigs, it is the target of the key supervision, and it is fatal.

On the one hand, according to media reports, now Soul et al., The social platform of strangers has gradually developed into a hotbed of "killing piglets". It is obviously to make friends, and eventually cheated.

According to media statistics, in the past two years, the public security department alone disclosed that there were more than 10 cases of pig killing on the Soul platform, and the amount involved ranged from tens of thousands to millions. The highest amount is even as high as 3.68 million yuan.

What does it mean to kill a pig? It is a crime for society; for Soul, it may also become the cause of user loss.

However, it is worth thinking that as long as there is social attributes, it will become a place for criminal acts such as piglets, but then again, there are countless social platforms, and they are troubled by densely killed pig plates. In addition to the marriage platform, soul, but soul It is the only one.

There are even media reports that such issues have been flooded in Soul, and even derived into professional collective fraud organizations.

What is the reason behind this? Perhaps there is a relationship with the positioning of Soul itself.

In addition to killing pigs, Soul's soft pornographic problem has been criticized. In June 2019, Soul was removed by the regulatory agency for illegal content such as obscene pornography;

In addition, Soul users posted publicly: "If you want to raise a loli, you are willing to give 10,000 living expenses a month" caused heated discussion.

The unfamiliar identity allowed countless people to throw morality and public order into the trash, showing the side.

For example, Z in the chat room, all kinds of obscene words, jelly panting seem to be another symbol of Soul,

Killing the piglet and soft pornography also makes the platform too sensitive to supervision. It is forbidden and names to become the focus of Soul's complaints. This is the favorability of users.

On the whole, today's soul is a huge contradiction. It is full of contradictions everywhere, and listing may only solve the problem of Soul's lack of money.

What about other questions? Still no solution ...

Chai Dogsky 夫 ️ ️

Author ｜ Xiao Chai No. 1

Edit ｜ Tan Song

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