Picture source: visual China
Author: Ke Xiaobin
Editor: Shu Qi
Tiger teeth listed on the night of CEO Dong Rongjie red eyes, several times choked.
The tiger tooth is the fiercest competitor of the fighting fish. The broadcast platform, which began in 2014, has been gradually clear after the capital advance, barbarous growth, unordered competition, and thousands of sowing wars, and few players on the table are left. In the live broadcast platform, fighting fish and tiger teeth belong to one of the head players.
Compared with fighting fish, tiger teeth are slightly inferior, regardless of data or financing limit. Even by the beginning of March this year, according to the valuation given by Tencent investment, the fighting fish is still far away from tiger tooth. In June 7th, according to the news of the South China Morning Post, the fish fighting plan was $700 million IPO in Hong Kong in the third quarter, which was three times less than 200 million dollars to raise money for the tiger teeth.
Why are there so many differences between tiger teeth and fighting fish belonging to the head players? An unnamed market investor told the interface news reporter that, at the moment, the MAU (the moon active user) is nearly seventy million higher than the tiger's tooth. At present, the MAU of tiger tooth is close to 93 million, while that of fighting fish is close to 165 million. At the same time, in the revenue structure, because of the early games started to play game, its revenue frame is also more healthy, the income of the total revenue of 80% of the total revenue, and the tiger tooth is 95%.
Now, tiger tooth has taken the lead in listing and grabbed the first name of the live broadcast live. A silent fighter can only choose silence. The unicorn, which is at a high capital and ready to take off, is cautious on the eve of listing.
At the beginning of this year, the news about the listing of fighting fish and tiger teeth was spread.
As the head player of live broadcast, the IPO of fighting fish is in full swing. According to sources close to the fighting fish, the Wuhan side was interested in arranging backdoor listing for fighting fish in the second half of last year. But the top figures of the fighting fish told reporters on the interface that the cost of Internet Co backdoor is too large to be considered.
An anonymous fish fighting investor told the news of the interface. At present, the fighting fish has submitted the IPO document, but the timetable can not be disclosed.
However, when the fighting fish was ready, tiger tooth took the lead in the US market. At 9:30 a.m. on the morning of May 11th, tiger tooth took the lead in landing at the New York Stock Exchange for $15.50. Within two hours of opening, its share price was more than $17, or nearly 42%.
On the night of Tiger Tooth's launch, Douyu employees did not talk much in public, but their staff revealed that they were speaking on an anonymous social platform.
Before that, Tencent invested 461 million 600 thousand dollars and $630 million respectively into the tiger teeth and fighting fish respectively. From the amount of investment given by Tencent, the fighting fish was still higher than the tiger tooth. According to the prospectus of tiger tooth, Tencent's investment in tiger tooth's $460 million directly accounted for 34.6% of the shares. Accordingly, the estimated value of tiger teeth should be around 1 billion 330 million dollars.
And the investors of the fighting fish also disclosed to the outside world that Tencent had estimated the value of fighting fish for us $24-25 in the US $630 million financing for fighting fish. But according to the interface reporter, from the fight fish management side, this round of financing, Tencent valuation of fighting fish is far higher than 2 billion 500 million U.S. dollars.
An unnamed industry person to the interface news reporter analysis, live platform ushered in the tide of listing, partly due to early investors in return for investment requirements, or because of the platform side operating funds pressure, in the case of slow financing, it wants to pass the two level market to risk the risk. But many investors who have participated in the live broadcast track remain silent on this view.
Cui Jinyuan, assistant general manager of value-added products Department of the Tencent Inc social network business group, told the interface reporter that the company is listed and needs to prove that the business model of its business is operational. If it is not listed, the losses are all investors. Once the market is listed, it needs to be announced to the public. This is capital upside down. This industry is more standardized, it is also capital to arbitrage, let the public capital come in, this is the process of business development.
With the help of capital, the short window period of direct seeding race is only four years from brutal growth to today's collective listing tide.
In 2014, after Amazon was buying Twitch for $970 million, the following year, a large number of live platforms, such as tiger teeth, fighting fish, panda, dragon ball and so on, came into being, and the live broadcast platform was in the ascendant. Under the wind, the amount of financing of the live platform of only one year was over 100 billion yuan.
In 2016, according to incomplete statistics, there were more than 300 live broadcast platforms of all kinds.
The data show that the size of the live market in 2017 has reached 4 billion 420 million yuan. The market competition has come to an end. The market direction has been fixed and gradually improved. It is expected to still have considerable growth in 2018 to reach 5 billion 880 million yuan.
In the second half of 2017, live broadcast financing was cold. The single mode of revenue and the over reliance on the anchorperson's reward have become the fact that the live broadcasting platform has to face.
Exploration of multiple commercialization
Games, host and advertising are the main revenue sources of the present live broadcast platform. The core of the three is the flow, the host is the entrance of the flow, the live platform relies on a set of flow distribution mechanism to achieve the host, and the moat is built, and they are symbiotic and thrive.
As a result, the head anchorman has become an important object of contention for the game live broadcast platform.
According to public information, in 2017, 23.5% of tiger tooth income was contributed by its top 100 most popular anchors. In its prospectus, in 2017, its live revenue accounted for over 94% of total revenue, and advertising and other revenue amounted to 115 million 300 thousand yuan. At the same time, in its risk hint, if we can not continue to attract talented and popular anchor, the future will also be negatively affected.
Indeed, the head anchorman is indeed the game live broadcast platform uncontrollable variables. Last August, Zhang Tai Sin moved from Penguin e-sports to Douyu, a moment of uproar.
In January, Douyu TV COO Cheng Chao said that Douyu would invest 1 billion yuan in 2018 to build
However, Douyu, which started with games, was relatively conservative and lagged behind the next game, Honor of Kings, when it received the League of Legends live dividend.
Photo source: the Internet team of the Yangtze River Securities media
By the end of 2016, the glory of the king has become the draught of mobile phone games. At this time, with the glory of the king, tiger tooth data has increased rapidly. Wuhan's local broker, Voda media (Zhang Daxian's first economic company), told reporters that the company wanted to let fish flower 5 million complete the transfer of Zhang Daxian, the company's owner, but the negotiations were fruitless. Until August 2017, the fighting fish signed Zhang Da Xian, which cost nearly 30 million.
In addition to increasing the support of the anchor, in order to increase the reward of playing games, the commercialization of fighting fish is also constantly exploring. In 2015, with the advent of the pan entertainment live platform, the fighting fish continued to expand the live broadcast of the show.
In 2016, doubles 11, Douyu and Taobao teamed up for the first time to implement an ecommerce scene while watching and buying, embedding Taobao links under Feng Timo's room. In May of the following year, Douyu officially launched the online e-commerce platform.
At the same time, the aurora data showed that the size of APP was 220 million people in February 2018, with a user penetration of 21.4%, but only 4.4% over the same period last year; and Quest Mobile published data that the size of short video users in January 2018 had reached 461 million.
With the rise of short video tuyere, Douyu also set up a short video team, although Douyu did not win Zhang Tai Sin's short video contract.
In November 2017, after the completion of the D round of financing, the fighting fish announced that it had been profitable. According to the tiger's book, the fourth quarter of 2017, the tiger teeth have realized the two quarter profit. In the fourth quarter of last year, the total net income was 741 million yuan and turned to profit. In 2017, the net revenue of tiger teeth was 2 billion 185 million yuan, but it still lost 80 million 960 thousand yuan in the year. Compared with 2016, the loss narrowed.
Tencent Inc general manager Liu Xiankai, the general manager of the value-added products Department of the social network enterprise group, said in an interview with the interface reporter that people called the direct live industry as the mode of burning money, and the follow-up slowly converged. If a company entered the normal operation, it should be able to return the return, otherwise it was not necessary to do it. That's the matter.
Similarly, Liu Min, a C investor in fishes and general manager of deep venture Wuhan, told the interface news reporter that the game industry broke out in the last three years. The game value added service is a lot of Internet Co's cash cow.
The regret of the investor and the key man
Lost fights B round financing, Liu Min regrets.
According to public information, as of now, the fighting fish got a total of 6 rounds of financing, the amount of financing has reached 7 billion 300 million yuan, which is the most financing player in the present live platform.
In 2014, the fighting fish signed the world champion club's 10 star game anchors with 700 thousand yuan, allowing them to upload their video games to the TV live platform of the fighting fish, and to promote the fight fish TV through a high play. The Baidu search index of the fighting fish increased dramatically. In October of that year, the number of fighting fish increased to 1 million at the same time, and 6 months ago, the figure was only 50 thousand.
Two years ago, Chen Shaojie said in an interview that the $20 million of the A wheel was planned to finish half a year, but the result was burnt out less than 2 months and lent the company to 40 million in his own name.
Douyu fierce hit, the high-speed growth of DAU to bring confidence to investors.
Meanwhile, FA, a B financing company for fighting fish, is a friend of Huaxing capital, so he plans to wait for FA to make sure that the main investor will wait for the investment again. Unexpectedly, the development speed of the fighting fish was very fast, which directly led to the involvement of Tencent and other looting and looting. Finally, he missed the B round.
A year later, deep venture capital investment style changes, dare to invest large amount, so C round, it or follow-up investment 200 million yuan.
In the financing of the C round, Cai Dongqing, chairman of the capital founding partner of Nanshan, Cao Xi, the director general of the China fund of Redwood capital, played a very important role. Of course, the fighting fish on the eve of the listing also become an important part of their investment plans.
When the fighting was only a primary project, only five minutes after only five minutes with the chairman of the chairman of Austria, Chen Shaojie succeeded in taking 30 million yuan of angel investment. A month later, Cao Xi, managing director of Sequoia Capital China fund, found a fighting fish and grabbed $20 million in the A round.
In subsequent investments, Tencent became Douyu's most critical partner, and in Douyu's round B, Tencent became the lead investor. He Jia, founding partner of Nanshan Capital
In March 7th this year, Ma Huateng said that Tencent is also exploring new social platforms such as short video and live broadcast. According to the tiger's book, the Tencent has the right to buy extra shares from March 8, 2020 to March 8, 2021 with a fair market price at that time to reach 50.1% of the direct voting rights of the tiger teeth.
According to Liu, Tencent's game is not just live, it is a branch of the big investment strategy, even without investing in Douyu and Tiger Tooth, Tencent's game had already contributed Douyu and Tiger Tooth's main live broadcast content.
Indeed, in the 6 financing of fighting fish, Tencent was heavily in charge 3 times. As the main revenue from value-added services Tencent, the emergence of live and short video, the layout game live track is still looking forward.
However, as the common shareholder of the two existing live gaming platforms, Tencent is probably the biggest variable. Earlier, on many occasions, Zhang Wenming said there would be no merger. Liu Min also believes that unlike other racetracks, the live gaming platform has stable cash cows and no need to merge.
Now, the dust settled, Tiger teeth ahead of the Douyu listing, Douyu is also in the eve of the market, the two rivals will continue to struggle.