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Interpretation of Station B Financial Report: "Atypical Game Company" Change Driver Engine

via:博客园     time:2018/11/22 14:05:59     readed:588

Sina Technology · Li Nan

After a month of downswing, station B surrendered its third-quarter results.

In the morning of November 21st, B station released its third quarter results, with a total net revenue of RMB 1.078 billion, a year-on-year increase of 48%; not in accordance with US GAAP, a net loss of RMB 202.7 million Compared with the net loss of RMB 2.9 million in the same period last year, the loss has expanded significantly.

In terms of specific business, the B-station game business contributed 744 million yuan, a year-on-year growth rate of 24%, and the chain fell. In the overall revenue share, it was further reduced to 69%. The revenue of live broadcast services and advertising is still growing rapidly. Among them, live and value-added services contributed revenue of 169.4 million yuan and advertising revenue reached 137.3 million. In the overall revenue, the proportion of the two increased to 15.7% and 12.7% respectively.

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Chen Rui, chairman of the B station, described the B station as “atypical game company”, but in the third quarter, the live broadcast and advertising business drove revenue growth.

At the same time, despite the downswing, the average monthly users of station B increased by 25% year-on-year to 92.7 million. Mobile monthly users increased by 33% year-on-year to 80 million.

The revenue structure has changed again, and the growth rate of live broadcast and advertising is obvious.

The entire game market is welcoming this year. Earlier, Tencent released its earnings report, and the game business revenue experienced a rare year-on-year decline of 4%. As far as station B is concerned, the performance of the game business has also declined.

In the third quarter, the revenue from station B from mobile games was RMB 744 million, an increase of 24% compared with the same period last year. The increase was mainly due to the increase in the number of paying users of mobile games. In the third quarter, the average monthly paying users of mobile games at station B reached 900,000, an increase of 23% compared with the same period last year.

Although the year-on-year growth, the growth rate has also slowed down. In the first two quarters of this year, the revenue of mobile games of station B increased by 97% and 64% respectively, and the corresponding average monthly user growth rate was 79% and 40% respectively. At the same time, compared to the previous quarter's figure of 791 million, the revenue of mobile games in the third quarter fell.

However, other businesses at Station B are expanding rapidly. In the third quarter, revenue from station B and live value-added services increased to RMB 169.4 million, a year-on-year increase of 292%. Revenue from advertising was RMB 137.3 million, a year-on-year increase of 179%. In terms of overall revenue, live broadcasts and advertising are becoming new engines for the growth of Station B.

According to Station B, relying on the healthy development of live and big member business, the total number of paid users in the third quarter reached 3.5 million, a year-on-year increase of 202%. As for the performance of advertising revenue, Chen Rui believes that there is still a lot of growth potential.

According to Chen Rui, the number of advertisers in the third quarter of the B station reached 664, an increase of more than 1500%. He believes that the number of advertisers at station B will continue to increase, and the optimization of the algorithm will continue to improve. At the same time, the total number of performance advertisements is currently only 5%, and there is still much room for growth in the future.

In the conference call after the release of the first quarter of this year's earnings report, Fan Xin, a CFO at the B station, said that in the next three to five years, 50% of the total revenue of the B station will probably come from online games, and 30% of the revenue will be contributed by the advertising business. The remaining 20% ​​of revenue comes from the live broadcast business. At present, this forecast is gradually being realized, but the revenue of the live broadcast business may be higher than the forecast.

User growth is steady, but maybe it’s better

In the third quarter, the average monthly users of station B reached 92.7 million, a year-on-year increase of 25%. The number of mobile monthly active users reached 80 million, a year-on-year increase of 33%. The proportion of mobile users has further expanded. Chen Rui said that this just proves the quality of the monthly data of the B station users.

“Everyone knows that for young people today, mobile phones are devices that they use for a long time every day. For us, most of our monthly activities are mobile phones, which fully proves that B station It’s really their portable, long-term use. ”

At the same time, according to the data released by the B station, the average daily usage time of the B station users has increased significantly from 75 minutes in the second quarter to 85 points. User activity has further increased, with an average daily video playback of 450 million times and an average monthly interaction of 1.1 billion, up 120% and 305% respectively. As of the end of September, the number of “official members” of the B-station passing 100 community exams reached 42 million, a year-on-year increase of 45%.

Actually, compared with the previous quarter, the growth rate of user data of station B has also slowed down, but it is worth noting that in the third quarter, the application of station B was removed for one month. On July 26th, the National Network Office and other five departments launched the network short video industry centralized rectification action, “哔哩哔哩 哔哩哔哩 rd rd 等 等 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 The store was taken off the shelf.

After the B station issued an announcement, it said that the temporary removal will not affect the existing users, but it will inevitably affect the growth of users. At the same time, Station B indicated that it is necessary to strengthen the construction of the website audit team, expand the manpower more than doubled, and continue to expand the scale of the “Guide to the Discipline Committee”, which will undoubtedly increase operating costs.

For Station B, rich and interesting content and a unique community atmosphere have become the advantage of distinguishing between general video websites and online communities, and the control of content has become a key factor affecting its further growth. If there is no downwind, the user's financial data and users in the third quarter may be more eye-catching.

According to the prediction of station B, its MAU will reach 110 million to 120 million in 2019. By 2020, it will reach 140 million to 150 million.

Focus is still on young people, ACG layout expansion

According to financial report data, in the third quarter, the revenue of station B was 882.4 million yuan, a year-on-year increase of 60%. Total operating expenses were 453.6 million, an increase of 120% year-on-year. These two growth rates are higher than revenue growth and stimulate the expansion of losses. However, with the cooperation with Tencent, the content cost of the next B station will decrease.

Chen Rui said in a conference call that in the third quarter, Tencent made a strategic investment in Site B and reached strategic cooperation with B in both animation and games. He believes that the cooperation between the two parties can enrich the content of the B station and effectively reduce the cost of the content. According to the previous announcement, the two parties will open each other's cartoon libraries under the conditions of the copyright party's conditions, and establish a deep joint mechanism in the procurement, participation and self-production of animation projects. In terms of game intermodality, the two will also discuss more possibilities for cooperation.

The cooperation with Tencent can be seen as a further alliance between two companies that focus on young people. Station B claimed to enrich the daily life of the younger generation in China. From the perspective of the layout of the third quarter, it still revolves around young people. In September, Station B announced actions in animation, documentary, and virtual idols.

On September 13, B Station announced the acquisition of a partial stake in the Japanese company Fun-Media. The company has three animation studios, namely Feel. Studio, ZEXCS Studio and Assez Finaud Fabric. The corresponding representative works include "Southern Three Sisters I Come Back", "Earing Island", "Blood ABO" Wait.

On September 17th, Site B announced an in-depth cooperation with Discovery and officially launched the Discovery zone. The collaboration includes 145 documentaries, 200 hours of exclusive content and a plan for content co-production. B Station Vice Chairman and COO Li Wei said that Station B is looking forward to exploring a new mode of cooperation such as content co-production, and jointly launching more high-quality original content based on the preferences of young users for documentary content.

On September 21, Station B announced that it would increase its shareholding in Zenith Holdings Limited and become a controlling shareholder. Ze Lishi has a wholly-owned subsidiary Shanghai He Nian, and Shanghai He Nian has developed virtual idols Luo Tianyi, Yanhe, Le Zhengyi and so on.

The documentary is an important part of the B station ecology. Animation and virtual idols are basically the exclusive culture of the younger generation. According to QuestMobile's previous report, animation has attracted a lot of attention from young people. From August 2017 to August 2018, anime users under 24 years old increased by 12 million. With the expansion of B's ​​position in related fields, it will continue to attract the attention of young people.

Currently, users born in the “Z Generation” from 1990 to 2009 accounted for 82% of the B stations.

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