The story of B stations, only halfway

Home > Finance

The story of B stations, only halfway

2021-11-25 14:40:04 3 ℃

[Tidal Business Reviews / Wen]

The B station is a mental habitat that is still living in the girls living alone.

Dining, Judy likes to watch "Gourmet Writers Wang Gang" how to cook delicious food; Judy likes to experience the fun of the pastoral life through the perspective of Harnesse brothers; Judy also like Luo Xiang teacher, often listen to him Analysis of legal cases and the feelings of life; Judy also appreciates "Hello, I am a classmate", the "excellent" of the launde can always make her sigh ...

In order to support B stations, Judy, who has always thrifted even, even a continuous package of 148 yuan. Judy said, "The B station is like a friend who is with her, sharing the world of the world," this is in line with the ideal of the B station - "Make friends with young people." But Judy also found that after she "Amway" B stations and some wonderful videos, colleagues did not seem to be as "indulge in it", and such a situation may reveal the development of B stations.

On November 17th, 哩 哩 (B station) released unrestricted financial reports as of September 30, 2021. The financial report showed that the B station was ranked 521 billion yuan, an increase of 61% year-on-year. But the market side is, its third quarter has reached 2.686 billion yuan, the net loss of 1.1 billion yuan from the same period last year, and expanded 144% year-on-year, plus 2020 million yuan in the first half of the year, B stood in the past three A total of 4.74 billion yuan in the quarter.

The huge loss also allows B to surpass Aiyi (4.422 billion yuan in the first three quarters), and become a "loss king" of the video stream media platform. For B stations, after completing the ideal of "making friends with young people", it is time to find "bread" that can fill full.

01 users grow difficult to prevent the game

If it is a few years ago, the capital market may not care about the "burning" behavior of the Internet company for sustained expansion, whether it is a key "story", but in the current market, the Internet industry is Gradually lose the past aura, Internet companies need to "tell stories" while also requires the results of the results, and the B station seems to be done in the top half.

According to the third quarterly report released by the B station, it reached 267 million in the third quarter, the monthly active user), a year-on-year increase of 35%, DAU (average average active user) is 72 million, strong growth. Chen Rui, chairman of the company, said that the viscosity and participation of the B station in the third quarter increase, and the user's day is used to use 88 minutes, which is an unprecedented record of the domestic video industry.

Figure / B station official micro

In the third quarter, the user size of the B station is still growing rapidly, but the company's operations have a different rhythm in the business level.

On the one hand, with the continuous improvement of the content of the B station, the development of community ecological commercialization is rapidly promoted, and the company's value-added services (including large members, live broadcast services and other value-added services) and advertising business have grown rapidly, with value-added services The revenue increased by 95% year-on-year to 1.908 billion yuan, and the advertising business income increased by 110% to 1.172 billion yuan.

On the other hand, the company's past "cash cow" business-game business is not as good as the market, the third quarter revenue is only 9% year-on-year, which is 1.392 billion yuan. At present, the game business accounts for the total revenue ratio has been listed in 2018. 80% drops to 26.7%.

Since the gross profit margin of the game business is relatively high, the relatively weak game business, causing the gross profit margin of the B station in the third quarter to fall to 19.6%.

In fact, in the past few times, B stood in the mobile game transport, overseas agents, etc., but in the context of the game industry, the B station also opened The road to the research game, and launched "Motor Battle Ji: Gathering" this year, "Swordsman Black Swordsman: Ace", etc.

Figure / network

At the same time, the relevant departments have introduced a new regulations for a large number of underage gamers: can't play online games during school, on Friday, Saturday, Sunday and legal holidays, can only play at night for 1 hour. Under the superposition of multiple factors, the development of the game business in the B station seems to be unfavorable.

It is not difficult to foresee whether the value-added business and advertising business of the B station will be continuously improved in the case of continuous improvement of the user's scale, but if the continuous investment game business cannot be harvested, the future story will be difficult to say.

02 investment results to be inspected

In the third quarter of the B station, another data worthy of attention is the 24.4 billion yuan of cash reserves on the company's book. How to use good cash reserves to test the business capabilities of the company, but B stood in this regard.

Figure / network

According to incomplete statistics, since 2013, the B station has accumulated more than 140 investments. This year, this year, it has accelerated investment rhythm. As of the end of the three seasons, B stood has completed more than 40 investments this year, and the investment frequency is comparable to professional VC. , PE institutions, but unfortunately, the investment of B stations is "dumb gun."

It is understood that the investment scope of the B station includes games, animation, film and television, clothing, cars, food, corporate services, etc., is involved in extensive but insufficient focus. If B station investment games, animations, film and other content can also be understood, but invested in food, automobiles, enterprise services, etc., and there is a very far from business, and it is really somewhat can't touch the head of the head. For example, B stood in August 2021 to China Telecom and Geely Automotive Brand's investment, standing in the perspective of investors, it is difficult to see the main business of B stations to B stations. What role and impact bring.

What is more confusing is that in the case of holding a large number of cash reserves, the B station has released the three-quarter report, which announced the launch of the $ 1.4 billion convertible bonds. At the same time, the company will give the underwriters for 30 days. The option is to purchase up to $ 200 million of bonds.

哩 哔 哩, the fundraising will be used to enrich the content, R & D and general enterprise use. The company plans to use funds with the net income equal to this commission, provide financing to projects that meet the sustainable financial framework. The project mainly includes green buildings, energy saving and emission reduction and social welfare.

This can't help but doubt, is the B station is ready to learn from Tencent, will the investment business become the core competitiveness of the company? The B station seems to communicate with this company to the outside world.

On November 19, the B station disclosed that he had a wholly-owned Orifang's 原 平 平. This acquisition price is 600 million yuan, there is a demon website, the copyright of App and original comics IP will return all of the B station.

It is understood that there is a demon creation in 2006. It is one of the earliest online original comic platforms in China. A series of classic domestic comics. After the acquisition of demon, the B station will have these high-quality national reforms, and improve the content ecology of the supplemental B station.

Figure / B station official micro

At the same time, the B station also spent the $ 118 million acquisition licensed payment agency Zhejiang Yude Electronic Payment Co., Ltd. (referred to as the 易 支) 65.5% of the equity, became a controlling party, and took a payment license.

According to industry, in the context of WeChat payment and Alipay occupies an absolute market share, the payment license can reduce the dependence on third-party payment agencies, but the business payment business is very high, and the major platforms are more important should be a regulatory compliance.

Whether the investment of the B station can still be inspected.

03 B station in the future

For B stations, the current maximum is the continuous growth of the size of the user and the continuous improvement of the user's viscosity, which shows that the company's "broken" effect is remarkable.

B. Chairman and CEO CEO Chen Rui said in an interview with the media: "The B station will eventually be a cultural brand company, just like Disney is the first comic or film company, but in the end it is a cultural brand company. "

Figure / network

In recent years, the B station has continuously advanced toward such a goal. From the surprise full of online Spring Festival Evening, to the "Shou" of the brush and hot search, then to the "life," "" but there is a book "and other documentary, the B station constantly" breaks the circle ", and did it in the industry. Unique, more and more young people are attracted by the B station, everyone discusses each fun screen in the barrage, then gives a "point, coin, collect" one-button three-purpose.

"You are interested in the video in the B station" is both slogan, and it is also looking forward to the B station, I hope to make friends like a hairstyles and fast hands, and people in different ages and different regions, but for the entry of China video track The B station said that it is a difficult and correct thing to work.

When I look back, Judy's colleagues are keen on the use of short video to build a time, the content of the trick and the quick hand is faster and more refined, but Judy's enthusiasm is still in the B station, some stories may need slow down.

"Tidal Business Review" Original product, do not reprint without permission.