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【亚搏游戏app官方】养肥的主播,白嫖的用户,难以盈利的斗鱼

The fierce fighting fish has gone through twists and turns and finally listed on the Nasdaq.

凶猛的斗鱼历经波折,终于在纳斯达克上市。

Although he forced to hand in a profit answer sheet that turned negative to positive before going public, he avoided the bloody end of the listing. But market voices generally believe that the difficult battle of Douyu has just begun to complete the real profit target.

尽管在上市前他被迫提交了从负面转为正面的利润答案表,但他避免了上市的血腥结尾。但市场人士普遍认为,斗鱼的艰辛之战才刚刚开始完成真正的利润目标。

In the childhood when the post-80s and post-90s were short of computers, watching other people play games was a happy compromise. It was good to feast your eyes if you didn't have the chance to do it.

在80年代后和90年代后时代缺少计算机的童年时代,看着别人玩游戏是一种令人愉快的妥协。如果您没有机会大饱眼福,那真是太好了。

No one thought that cloud gaming would later become a business.

没有人认为云游戏以后会成为企业。

YY Live Broadcast was the first to focus on this business in China. In 2012, Huya Live's predecessor YY Game Live was officially launched.

YY直播是中国首家专注于这项业务的公司。 2012年,Huya Live的前身YY Game Live正式发布。

At that time, Shandong native Chen Shaojie took over Station A for just two years. A few years ago, the experience of successfully starting a "Master" game battle platform, coupled with the experience of operating station A, gave Chen Shaojie two ideas: gamers love to watch game videos, and new Internet users love to interact through barrage.

当时,山东人陈绍杰接任了A站仅两年的时间。几年前,成功启动“大师”游戏战斗平台的经验,再加上A站的经验,给了陈少杰两个主意:游戏玩家喜欢观看游戏视频,新的互联网用户喜欢通过弹幕进行互动。

Based on this, Chen Shaojie described the general appearance of his new product-live broadcast + barrage. So, following YY's footsteps, in early 2013, the "Sheng Broadcasting" game live channel was launched at station A, and officially became independent on New Year's Day in 2014 and was renamed "Betta TV".

基于此,陈少杰描述了他的新产品现场直播+弹幕的总体外观。因此,跟随YY的脚步,2013年初,“盛广播”游戏直播频道在A站开播,并于2014年元旦正式独立,并更名为“ Betta TV”。

This year, the number of YY game live broadcast users that have been in operation for the past two years has approached 100 million, but the game live broadcast is still a business of spending money to make a lot of noise.

今年,过去两年来运营的YY游戏直播用户已接近1亿,但游戏直播仍然是一项花钱赚钱的生意。

Compared with traditional show live broadcasts that stimulate consumption through "overflowing" appearance and hormones, the newborn game live audiences can be described as the king of prostitutes-they are young, passionate, and love to communicate, but they have no habit of spending money.

与通过“过多”的外表和荷尔蒙刺激消费的传统节目直播相比,新生的游戏直播观众可以说是妓女之王-他们年轻,热情并且喜欢交流,但是他们没有花钱的习惯。

Although still in the fog of the business model, the fighting fish, named after a certain ferocious and aggressive freshwater fish, has already acted unwillingly.

尽管仍处于商业模式的迷雾之中,但以某种凶猛而具侵略性的淡水鱼而得名的斗鱼已经表现出不情愿的行为。

Chaoshan businessman Cai Dongqing’s angel round investment of 20 million yuan gave Douyu ample capital. Before Wang Sicong's Panda TV became a live broadcast spoiler, Douyu was the most aggressive money-burning player.

潮汕商人蔡东庆的天使轮投资2000万元,使斗鱼获得了充裕的资金。在王思聪的熊猫电视成为直播破坏者之前,斗鱼是最凶猛的烧钱玩家。

They first launched a series of marketing operations aimed at gamers.

他们首先针对游戏玩家开展了一系列营销活动。

On the one hand, it is crazy to show up in the audience's vertical e-sports events. From LOL giants such as OMG, WE, Royal Family, to DK, iG, LGD, CDEC and other DOTA 2 powerhouses, the suffix of Douyu TV appears in almost all well-known e-sports projects. Behind the team.

一方面,出现在观众的垂直电子竞技赛事中非常疯狂。从OMG,WE,Royal Family之类的LOL巨头到DK,iG,LGD,CDEC和其他DOTA 2强国,斗鱼电视台的后缀几乎出现在所有知名的电子竞技项目中。在团队的后面。

On the one hand, the most popular LOL game at the time was to spend money to brush up the sense of existence, and promised to players who hit the king of national service in LOL, as long as the game ID carries the prefix of Douyu TV, and the exclusive live broadcast on the Douyu platform is effective. With 70% of the games, you can get a reward of 10,000 to 200,000 yuan.

一方面,当时最流行的LOL游戏是花钱刷刷存在感,并向打了LOL国服之王的玩家许诺,只要游戏ID带有斗鱼的前缀电视和斗鱼平台上的独家直播是有效的。拥有70%的游戏,您可以获得10,000到200,000元的奖励。

This caused Douyu's voice volume to rise rapidly, and the Baidu index almost doubled month by month.

这导致豆雨的语音量迅速上升,百度指数几乎每个月都翻了一番。

The money did burn quickly, but fortunately, the ammunition replenishment came very timely. In August 2014, the news that Amazon acquired Twitch, a game video live broadcast service provider, for US$970 million returned to China, which strengthened market confidence.

钱确实很快消耗burn尽,但是幸运的是,弹药的补充非常及时。 2014年8月,亚马逊以9.7亿美元收购游戏视频直播服务提供商Twitch的消息传回中国,这增强了市场信心。

In September 2014, Douyu's Series A received US$20 million in financing from Sequoia Capital.

2014年9月,斗鱼的A轮融资从红杉资本获得了2000万美元的融资。

After the capital injection, the aggressive Chen Shaojie directly burned the money to the door of the leader Huya, and began to dig out anchors from Huya at high prices one after another. "Bouyu TV dug 6 people from Huya live broadcast in a month, with a total cost of more than 60 million" reports are overwhelming, including the top LOL anchor Xiaozhi at the time. There are rumors that the signing fee is as high as 15 million.

注资后,好斗的陈少杰直接将钱烧到了领导人虎牙的门上,并开始高价地从虎牙挖出锚。 “播宇电视在一个月内从虎牙挖了6个人,总费用超过6000万”,报道不胜枚举,其中包括当时的大韩民国电视台主播小志。有传言称签字费高达1500万。

Chen Shaojie later said in an interview that Douyu's only idea at the time was to be fast, and to make the market bigger before others could react.

陈少杰后来在接受采访时说,豆yu当时唯一的想法就是要快,在其他人做出反应之前扩大市场。

The effect of burning money to grab the market is indeed very good. By the end of 2014, the number of people on Douyu TV had soared from 50,000 to over 1 million, and the average Baidu search index had doubled by 25 times.

烧钱抢市场的效果确实非常好。截至2014年底,斗鱼电视台的人数已从50,000人激增至100万以上,百度的平均搜索指数翻了25倍。

As of the end of 2016, Douyu TV has ranked among the top 300 global websites and the top 30 in the country. It ranks among the top ten domestic video websites in terms of page views, and ranks first among the live game platforms.

截至2016年底,斗鱼电视台已跻身全球300强网站和全国30强网站之列。就页面浏览量而言,它位居国内十大视频网站之首,在实时游戏平台中排名第一。

We are now used to throwing money at wars, but this offensive method was still shocking at the time. After a long time, the manager of a domestic e-sports club was still excited when he recalled, "It's not that anyone has no money, but no one dares to burn money like this. Everyone thinks this grandson has broken the rules."

现在,我们习惯于在战争中投入金钱,但是当时这种进攻方式仍然令人震惊。很长一段时间后,一个国内电子竞技俱乐部的经理仍然很兴奋,他回忆说:“不是每个人都没有钱,但没有人敢像这样烧钱。每个人都认为这个孙子违反了规定。”

The “rules” are indeed broken. From the beginning of 2014 to 2015, the value of game anchors generally increased by more than 10 times. Huya, Nationwide Live, Panda TV... More and more platforms are participating in the battle, and the poaching wars are becoming more and more exaggerated. The head anchors frequently change jobs and refresh the upper limit of the contract.

这些“规则”确实被打破了。从2014年初到2015年,游戏主播的价值总体上增长了10倍以上。 Huya,Nationwide Live,Panda TV ...越来越多的平台参与战斗,而偷猎战争也变得越来越夸张。负责人经常更换工作并刷新合同的上限。

Spend the most money, dig the most expensive person, bring a new wave of traffic, and continue to raise funds... it goes round and round. Under the flywheel effect, the game live broadcast platform has fallen into a capital vicious circle of burning money.

花最多的钱,挖最贵的人,带来新的流量,并继续筹集资金...在飞轮效应的作用下,游戏直播平台已陷入资金烧钱的恶性循环。

Douyu has grown into a leader in this strange circle with a faster rate of burning money and financing.

豆雨已成长为这个怪圈中的领导者,其烧钱和融资的速度更快。

The head anchor, which was personally opened by TA with 60 million yuan, became his own Achilles heel.

由TA亲自开出的6000万人民币的头锚成为了他自己的致命弱点。

It took eight figures for Douyu to snatch the anchor Xiaozhi from Huya. A year later, he joined Wang Sicong's Panda TV, and then moved to National TV and Penguin E-sports.

斗鱼花了八位数从虎牙抢走了主播小志。一年后,他加入了王思聪的熊猫电视台,然后转到了国家电视台和企鹅电竞。

This did not affect Betta's leaps and bounds too much. If you lose a head anchor, then you can support or buy more anchors. The idea of ​​using the main super anchor to increase traffic volume has always been good.

这并没有太大地影响Betta的跨越式发展。如果您失去了主锚,那么您可以支持或购买更多的主锚。使用主超级锚点增加流量的想法一直很好。

According to data from the Douyu Prospectus, as of December 2018, Douyu has signed exclusive live broadcast contracts with 50 of the top 100 domestic game anchors, including 8 TOP 10 anchors.

根据豆豆招股说明书的数据,截至2018年12月,豆豆已与100家国内游戏主播中的50家签署了独家直播协议,其中包括8家TOP 10主播。

However, while maintaining high traffic with radical krypton gold, the operating model centered on anchors and third-party content has problems that are difficult to solve.

但是,在保持高radical基金交易量的同时,以锚点和第三方内容为中心的运营模式存在难以解决的问题。

First of all, the head anchor is too uncontrollable.

首先,头锚太不可控了。

In addition to frequent job-hopping and lower-than-expected traffic after changing platforms, super anchors who lack a professional team will also burst out "black swan" incidents from time to time, causing major damage to the platform.

除了频繁跳槽和更换平台后的交通流量低于预期外,缺乏专业团队的超级锚也会不时爆发“黑天鹅”事件,对平台造成重大破坏。

Beginning in September 2017, the anchors of the Douyu PlayerUnknown's Battlegrounds section have been exposed one after another. The inheritance of the crown of "Chicken Eater" is like passing flowers on drums; in 2018, the first sister of Douyu, Feng Timo, broke out the "Divorce Gate" and "Accounting Gate", the personal design is on the verge of collapse; in July of the same year, Chen Yifa was reported to have openly ridiculed history in the early live broadcast, resulting in the live broadcast room being closed indefinitely...

从2017年9月开始,斗鱼PlayerUnknown的战场区的主播陆续曝光。 “吃鸡者”王冠的传承就像在鼓上传递鲜花一样。 2018年,斗鱼的姐姐冯提莫(Feng Timo)闯出了``离婚门''和``会计门'',个人设计濒临崩溃;据报道,同年7月,陈一发在早期直播中公开嘲笑历史,导致直播室无限期关闭。

Secondly, the over-reliance on the top anchor has kept Douyu's bargaining power low.

其次,过度依赖顶级锚使斗鱼的议价能力低。

Judging from the prospectus data of Douyu, the proportion of revenue sharing fees and content fees (that is, the fees paid to the anchor and the purchase of content) in its operating costs has been rising, from 67.7% in 2016 to Q1 in 2019. 83%-This means that 80% of Douyu's current income is given to the anchor, and the bargaining power of the anchor is still weakening.

从斗鱼的招股说明书数据来看,收入分成费和内容费(即支付给主播和内容购买的费用)在其运营成本中所占的比例从2016年的67.7%上升到2019年第一季度83%-这意味着斗鱼当前收入的80%被分配给了锚点,而锚点的讨价还价能力仍在减弱。

Combining the above issues, Douyu needs a steady stream of 亚搏游戏app官亚搏官网app登录录口方money to maintain such a flow level.

结合以上问题,斗鱼需要稳定的资金来维持这种流量水平。

At this point, the opponent Huya seems to be doing better. TA's dependence on the super anchor is not as strong as Douyu. In Huya’s earnings call this year, Huya CEO Dong Rongjie said: “Compared with the head anchor, the continuously growing waist anchor is the real driving force for the platform’s development."

在这一点上,对手虎牙似乎做得更好。 TA对超级锚点的依赖程度不如豆雨。在Huya今年的收益电话中,Huya首席执行官董荣杰说:“与头锚相比,持续增长的腰锚是该平台发展的真正动力。”

For Douyu, obviously it is difficult to change the situation of over-reliance on the head anchor within a period of time.

对于斗鱼来说,显然很难在一段时间内改变对头锚的过度依赖的状况。

And this is not the most serious problem.

这不是最严重的问题。

Over the years, opponents have fallen behind. Douyu has proved that he is superior in speed and execution; but in terms of profitability, its "brave and relentless" has never been able to bring back real money.

多年来,对手一直落后。豆雨证明了自己在速度和执行力方面都比较出色。但就盈利能力而言,其“勇敢无情”从未能够带回真正的钱。

From 2016 to 2018, Douyu lost a total of RMB 2.271 billion, and the loss in 2018 was the highest in history, reaching 876 million. Unable to narrow the loss and frequent negative news, the industry's No. 1 Douyu abruptly missed the crown of the first share of game live broadcast.

2016年至2018年,斗鱼共亏损22.71亿元,2018年亏损创历史新高,达到8.76亿元。无法缩小损失和频繁的负面消息,该行业的头号斗鱼突然错过了比赛现场直播第一份额的桂冠。

Huya, which was listed first, has already turned negative to positive in 2018, recording an operating net profit of more than 267 million yuan.

排名第一的虎牙在2018年已经从负转正,营业净利润超过2.67亿元。

The reason why Douyu has been difficult to make a profit is easy to see some clues from financial and business-related data.

从财务和业务相关数据中可以看出一些线索,斗鱼之所以难以盈利,是因为它很容易被发现。

The operating cost of Douyu is higher than that of Huya, which is reflected in the fact that it has more anchor and content expenses and sales expenses. This is what we mentioned earlier. Douyu is trapped in a vicious circle created by itself and can only rely on these two money-burning campaign To maintain rapid user growth.

斗鱼的运营成本高于虎牙,这是因为它的主播和内容费用以及销售费用更高。这就是我们前面提到的。豆雨陷入了由自身创造的恶性循环,只能依靠这两次烧钱运动来维持用户的快速增长。

Not only that, but TA also encountered the problem of low human efficiency, which is often encountered by aggressive companies. From the latest financial report data, Huya has saved nearly half of its employees compared to Douyu

不仅如此,技术援助还遇到了效率低下的问题,激进公司经常遇到这种问题。从最新的财务报告数据来看,与斗鱼相比,虎牙挽救了近一半的员工

However, higher costs did not bring more revenue to Douyu, mainly because users' willingness/capabilities to consume were not strong enough.

但是,较高的成本并没有为豆yu带来更多的收入,主要是因为用户的消费意愿/消费能力不够强。

Business data directly reflects this. Douyu has 6 million paying users, 600,000 more than Huya, but its average monthly gift income is only 70% of Huya's-when converted to an individual, the consump亚搏官网app登录录口tion power of a single user of Douyu is only 60% of that of Huya users.

业务数据直接反映了这一点。斗鱼有600万付费用户,比虎牙多60万,但其平均每月礼物收入仅为虎牙的70%-转换为个人后,斗鱼的单个用户的消费能力仅为虎牙用户的60%。

This may have something to do with relying too much on head anchors, insufficient waist anchors, and relatively weak union ecology - but the seemingly similar consumption power data reflected in the financial statements is a world of difference.

这可能与过度依赖头锚,腰部锚固件不足以及工会生态相对薄弱有关-但是财务报表中反映的看似相似的消费能力数据之间存在很大差异。

Douyu is very anxious about this.

豆雨对此很着急。

After losing the title battle of "Live Broadcasting First Share" in May last year, Chen Shaojie replied to the barrage in the live broadcast room of Douyu DOTA2 brother YYF: "I don't want to give gifts. I don't want to see it. I want to go public?! "

在去年5月失去“直播第一股”的冠军争夺战后,陈少杰回答了斗鱼DOTA2兄弟YYF直播室的弹幕:“我不想送礼物。我不想看到了。我要公开吗?

Before the listing, Douyu really handed over a profit answer sheet. In the first quarter of 2019, Douyu's net profit finally turned from negative to positive, reaching 18 million yuan.

上市之前,斗鱼确实交出了利润答复表。 2019年第一季度,斗鱼的净利润最终由负转正,达到1800万元。

But if you look at the data carefully, you will find that this is not because users have awakened their conscience and started to consume hard. Douyu's operating conditions have really improved. If you deduct the 34 million yuan of interest generated from the cash on the account and the 32.1 million yuan gain caused by a shareholder repaying the company's US dollar loan, Douyu actually suffered an operating loss of 48.5 million yuan in the first quarter of 2019.

但是,如果仔细查看数据,您会发现这不是因为用户已经唤醒了自己的良心并开始辛苦消费。斗鱼的经营状况确实得到改善。如果扣除账户现金中产生的3400万元利息和股东偿还美元贷款所产生的3210万元收益,斗鱼在2019年第一季度实际上遭受了4850万元的经营亏损。

And this is the result of a lot of costs: the anchor, content and sales costs have been reduced, the user growth rate has slowed, the Douyu Shenzhen team has laid off nearly 70 people, and the business in Southeast Asia has also experienced different degrees of salary arrears. optimization"……

这是大量成本的结果:降低了主播,内容和销售成本,降低了用户增长速度,斗鱼深圳团队裁员了近70人,东南亚业务也经历了不同的变化。欠薪的程度。优化”……

When the panda was dying at the beginning of the year, many people borrowed the words of Wang Sicong’s father, Wang Jianlin, to conclude: “If you don’t find a profit model, you will definitely not survive by burning money.”

当大熊猫在年初死亡时,许多人借用王思聪父亲王建林的话来得出结论:“如果找不到盈利模式,那肯定不会靠烧钱生存。”

However, in the past five years, Douyu has used a steady stream of financing to quickly get out of its advantage, proving that as long as it runs fast enough, death cannot catch up with me.

但是,在过去的五年中,斗鱼利用稳定的资金来源迅速摆脱了自身的优势,事实证明,只要运转足够快,死亡就无法追上我。

But now, a new story begins. They rely on and used to be quite effective "fast and combative", but they have been unable to help them enter a new chapter of profitability.

但是现在,一个新故事开始了。他们依靠并且曾经是非常有效的“快速和好斗的”,但是他们无法帮助他们进入盈利的新篇章。

Qianbo Miao has returned from a hundred battles; what is in front of Douyu is the growing room for growth and strong opponents from other tracks. Just recently, Kuaishou announced the number of daily active users of its mobile game live broadcast-35 million, far more than the combined of Douyu + Huya.

千千苗已从一百场战斗中返回。斗鱼眼前是成长空间和来自其他领域的强大对手。就在最近,快手宣布其手机游戏直播的每日活跃用户数量为3500万,远远超过了斗鱼+虎牙的总和。

Six years after the arrow has been shot, how can the fighting fish that stepped on the Nasdaq fight again?

箭射出六年后,踩在纳斯达克的霸王鱼又该如何战斗?

作者 | 黄元恺

作者 | 黄元恺

Editor Tang Yeqin

editor tang Y哦亲

亚搏游戏app官方设计 | 邹   磊

设计 | 邹   磊

 

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