Where is the problem of fast hand?

The latest round of personnel adjustment of Kuaishou, as always.

On August 5th, Kuaishou announced the establishment of a new operation and management committee (referred to as the Economic Management Commission, the highest power agency of the Quick Hand), involving the organizational structure adjustment and personnel changes involving multiple departments. The most remarkable change is that the veteran Ma Hongbin, who is regarded as the "department" of Su Hua and recruited by himself, transferred from the person in charge of the commercialization department to the person in charge of the International Business Department. And his original position was taken over by Liu Feng, the person in charge of the original HR.

Earlier, the person with the largest relationship with Ma Hongbin's business and the work -level work was the fastest executive promoted in recent years. Wang Jianwei, the person in charge of the main station's product operation line.

The interior of Kuaishou was also surprised by this adjustment. The day before, Kuaishou also held an e -commerce service provider conference in Hangzhou. On the next day, there were arrangements for meeting with the merchant to meet with the merchants the next day. As a result, all members were in a hurry. Two years ago, Kuaishou announced that Yan Qiang, then the person in charge of commercialization, was completed within a day when Ma Hongbin, who was in charge of Ma Hongbin, who was the person in charge of the product operation.

According to "Late Latepost", internal predictions are predicted that the commercialization income in the second quarter of this year may decrease by 5%month -on -month, but this is to be finalized at the end of this month's financial report.

According to the previous report of the photon planet, under the premise of the second quarter of the high level, Wang Jianwei studied through a big step towards Pinduoduo, and hesaled the losses caused by some commercialization of commercialization.

In short, the weak commercial growth is likely to be the core reason for Ma Hongbin to be transferred.

Commercial income has stabilized the C position in the overall income of fast hands, and at this time, the Q2 financial report was announced in less than two weeks. Perhaps because of worrying about Q2's performance, after the personnel adjustment, the stock price fell below 78 Hong Kong dollars. The stock price fell all the way in a few days, and closed at HK $ 74.05 on August 10.

On the other hand, from the perspective of market response, the problem of commercialization of fast hands is not in this department itself.

Outer cycle pot?

Based on the various official statements of Kuaishou and financial report information, the commercialization part of Kuaishou can basically be said to be the advertising department.

The commercialization income of Kuaishou is currently divided into two parts: internal and external circulation. Internal circulation refers to the flow of the anchors and merchants on the platform on the platform; the outer circulation refers to brand advertising and effect advertisements.

Since this year, the internal circulation has become more and more important.

Look at the overall situation first. From the perspective of fast -handed financial reports this year, the revenue of online marketing services (advertising revenue, the most important part of commercial income) was 11.35 billion yuan, an increase of 32.6 %year -on -year.

It may be good to look at this result alone, but it cannot be forgotten. In the same period last year, the commercialization of Kuaishou was Gao Gao Gao Gao Gao Gao Gao Gao Gao Gao Gao Gao Gao Gao Gao: 161.5 %year -on -year, surpassing live reward revenue for the first time, becoming a C -position business for fast -handed revenue. Considering that commercial income occupies the company's revenue ratio of more than half of the company, and the slowdown in commercialization means that the growth of fast hands has slowed down. Under the premise that the fast hands still have billions of losses, the impact on market confidence is self -evident.

It must be pointed out that the slowdown in commercialization has slowed down, which is more related to the market situation, that is, the "external cycle" in the fast hands. Judging from the beginning of the year, the proportion of external circulation revenue accounts for about 70 % of commercial income.

According to the AppGrowing Advertising Intelligence Track, in the first quarter of 2021, the game industry's investment accounted for 26 %of fast -handed advertising revenue, followed by 19 %of cultural entertainment, and then 8 %of beauty skin care. In other words, Kuaishou's gold owner is mainly the game industry, cultural and entertainment industry (such as Kuaishou Speed ​​Edition, Tencent Video, Network Platform, etc.) and beauty skin care industries.

By the first half of this year, the proportion of the cultural and entertainment industry rose to the first, accounting for 19.71 %; the game retreated second, accounting for 17.32 %; the third place was social marriage, accounting for 15.42 %.

From the perspective of the game category, according to the QueStmobile statistics, the trend of advertising costs in the online game industry this year can almost be said to be a sudden turn. The version number is tightened, and the game company has all turned to the sea, and the proportion of release in the domestic market has decreased significantly. Under the premise of collecting collectives to the Internet advertising, the maximum gold master has reduced the speed, and it is difficult for fast hands to find out from other industries.

Facing the severe situation, Ma Hongbin chose to accelerate the internal cycle and try to promote the most likely to develop the most likely independent development. Beginning in the second half of last year, he began to push "Xinshijing Commercial", hoping to accelerate the upgrade of the industry with white cards, upgrade them to "fast brand", and increase the merchants in the fast -handed ecology after making a profit in the station.

But obviously, the effect of Shinshijing's business is difficult to resist the reduction of external circulation. Judging from the financial report in the first quarter of this year, although the number of advertisers increased by 60 %year -on -year, it only drove an increase of 32.3 %year -on -year. This shows that the quality of these small and medium -sized businesses newly added by Kuaishou is not as good as previous advertisers.

According to the report of "Late Latepost" in February this year, the income target of Kuaishou's advertising this year is 59 billion, and it plans to achieve a profit and loss balance at the end of the year.

To achieve this, Kuaishou improved the advertising loading rate and the accuracy of push, and plans to focus on developing industries with lower penetration rates before. Now, less than half a year before the end of this year, the fast hand seems to be reluctant to give Ma Hongbin.

Run with the environment

The realization of the fast -handed monetization has been running with the macroeconomic environment and regulatory policies.

In the process of repeated supervision of the live broadcast industry, the live broadcast -the basic market of this fast -handed original revenue has been seen. In the second half of 2020, the live broadcast business revenue began to grow negative growth. Quick hand management needs to find the next support point that can grow rapidly -to seize the market for online advertising.

It is also at this time. In May 2020, the largest organizational change since its establishment was founded: Yan Qiang, the person in charge of the original commercialization, replaced the post with the former operation person, Ma Hongbin, and one of the former product leaders Xu Xin. He is responsible for the user experience center, and Wang Jianwei, one of the original product leaders, is the highest person in charge of the product.

In the past, the relatively "release" content and community ecology have become the biggest obstacles to making advertising fees for fast hands. After Ma Hongbin was transferred to the person in charge of the commercialization department, he no longer had tenderness to the large anchor "section" formed on the platform. It changed the mechanism of interest and decentralization in the past, and entered the flow of traffic. The right to dominate. The frequent anchors such as Simba and the platform began to sound with the platform.

In the past two years, Ma Hongbin is responsible for the commercialization department. If his grades are insisted, then creating an efficient and accurate digital marketing mechanism should be its core.

At this stage, the business strategy of other departments is relatively consistent. It is relatively clear. In terms of product form, it is listed to improve the capacity of advertising loading. Community operations encourage content to attract advertisers. Anchor, big industry belt ...

Ma Hongbin's new push Xinshijing Business

However, if an analogy friend, the cruelty of fast -moving commercialization is that there is a post -development disadvantage based on the algorithm -based advertising engine. In addition, the possible "commercial engine radiation multi -product matrix" mode failed. Except for overseas business, it has not been able to do it. ACFUN, a sweet camera, fast -moving point, Dou field, electric meow live broadcast, fast -handed electric balls and other products, either tepid or completely disappeared.

From this perspective, it occurred at the same time as the end of the third quarter of 2021 and the end of the fast -handed dual -core governance was the process of shrinking the fast -hand strategy to focus on the main station. The production and transportation line of the Lord Wang Jianwei has essentially became the senior vice president with the largest number of managers below Cheng Yixiao.

Although the number of fast -hand users and the use time of users have increased significantly in the past year, from the perspective of the growth of resources and performance between different businesses, the commercialization of Kuaishou seems to enter the situation of the tube of the snail shell.

In the current environment, advertisers have become more harsh on conversion. Prior to the layoffs of Kuaishou's various lines at the end of 2021, the sales team of LA (local customers), which was commercialized, had been abolished in October.

When the fast -moving commercialization falls its gravity under the Internet advertising market, it is better than many Internet companies. The growth rate of Q1 advertising revenue is the fastest among companies with a number of advertising revenue levels. But from the perspective of splitting, this results are quite difficult. The growth rate of 32.6%year -on -year advertising business continued to lose a growth rate of 50%+ of fast -handed user traffic; and from the previous month, the growth rate was a sharp decline of 14%.

E -commerce has become the role of single -riding savior. The maximum increase in marketing income comes from the "internal cycle" mentioned by Cheng Yixiao, that is, the merchants and anchors who live broadcast and bring the goods in order to obtain more exposure advertising, which is closely related to e -commerce business.

20 Agency observed that starting in the first half of the year, Kuaishou Commercial has given more and more assistance to e -commerce business. When Ma Hongbin's fast -handed e -commerce conference platform, Ma Hongbin emphasized that "commercialization is a supporting facilities for Xinshijing e -commerce." The new strategy of "Big Fast Brand" proposed by the e -commerce conference is also an incremental rely on fast -moving commercial advertising revenue, which can bring more internal circular advertising revenue, but the position of the commercialization itself is further weakened. Essence

Quick hand real problem

How to say, whether it is the commercialization of fast hands or Ma Hongbin's adjustment of business, each choice looks very reasonable. But at present, the results are unsatisfactory.

In fact, the commercialization of fast hands is more like being pushed away by the outside world. When the first advertising demand arrived, such functions could not be achieved on the fast -hand app, and the product department was required to dock. But the business model has always been considered the entire system, not linear adjustment.

In the advertising market, most Internet companies are both buyers and sellers. On the whole, the problem of fast hands is that it is not enough.

On the "Fortune" in mid -July this year, the Fortune 500 list was released. In 2021, Kuaishou became the king of losses with 78.077 billion, and the previous year's result was 116.6 billion.

These two numbers include stock costs. However, the cost of removing this cost, that is, the adjustment of the net profit in the financial report, was also 7.948 billion yuan and 18.852 billion yuan, respectively, and the loss expanded amazing year -on -year.

The financial report shows that the sales and marketing expenses of fast -handed in 2021 were 44.17 billion yuan, accounting for half of the income. In other words, if the fast -handed business is simplified to buy and sell traffic, its income cannot offset costs.

The fast -hand management layer obviously also realized this problem, and the expenses were greatly lowered in the first quarter of this year. According to the financial report, due to the control and more effective control of acquisition and maintenance of users, its sales and marketing expenses decreased from 11.7 billion yuan in the same period in 2021 to 9.5 billion yuan, and the percentage of total revenue decreased from 68.5%in 2021 to 68.5%to to 68.5%to the decrease of 68.5%in 2021 to to 68.5%to to 68.5%to to 68.5%to the decrease of 68.5%in 2021 to to 68.5%. 45%. However, Kuaishou seems to be unable to get rid of the big marketing expenditure. Appgrowing data shows that the top 20 promotion list in June this year, the top rankings are fast hands, Douyin Speed ​​Edition, Anjuke, Xiaohongshu, Taobao, Love Chat, Alipay, etc. The number of advertisements is ahead.

Back to the fast -loop advertisement, it can basically correspond to the brand advertisements of other Internet companies. Generally speaking, including crown advertisements, information flow advertisements and location display advertisements.

Among them, information flow advertisements and display advertisements are facing fierce competition from Tencent, Douyin and Baidu. A new consumer company person told 20 that the company has been put on Douyin and Kuaishou in the past two years, but later it turned into Douyin. Evaluation of the effect. "

In fact, ordinary users brush their hands and vibrato, and it is also easy to find the difference between the number of two APP ads.

The crown advertisement requires greater IP support. In the past few years, the investment of Kuaishou's introduction of IP is top -level, not only including CCTV Spring Festival Gala, "Double Olympics", Jay Chou, etc., but also homemade variety shows "Super NICE Conference", "Yue Yue Fortunately", "Sleep at 11 o'clock" And other content, as well as the "Kuaishou Xingmang Plan" launched 240 solo -broadcast customized short dramas, and so on.

But from the final effect, its breaking effect is limited.

The old iron economy is still the basic disk of fast hands.

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