MrCEO personal page - To The Moon

MrCEO

MrCEO

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2021-03-01

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2021-03-19

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2021-06-18

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2021-06-16

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2021-04-02

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2021-03-07

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2021-03-18

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2021-06-17

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2021-04-05

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n up up","listText":"Go n up up","text":"Go n up up","images":[{"img":"https://static.tigerbbs.com/8cfbbb6a421bb6c8bba7c62ec6e54c12","width":"1080","height":"3120"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/357747016","isVote":1,"tweetType":1,"viewCount":1436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":320213808,"gmtCreate":1615112674504,"gmtModify":1704778735262,"author":{"id":"3566503132797575","authorId":"3566503132797575","name":"MrCEO","avatar":"https://static.tigerbbs.com/5571d08645d5b40441a4b13ce1575611","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566503132797575","idStr":"3566503132797575"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/320213808","repostId":"2117655197","repostType":4,"repost":{"id":"2117655197","kind":"highlight","weMediaInfo":{"introduction":"科技趋势  财经动向","home_visible":1,"media_name":"深潜atom","id":"1023838834","head_image":"https://static.tigerbbs.com/07b1d07bb0ae44508e1f39efef07e6ac"},"pubTimestamp":1615097592,"share":"https://ttm.financial/m/news/2117655197?lang=en_US&edition=fundamental","pubTime":"2021-03-07 14:13","market":"us","language":"zh","title":"Qutoutiao makes its first profit, but Wall Street needs new stories to revalue market cap","url":"https://stock-news.laohu8.com/highlight/detail?id=2117655197","media":"深潜atom","summary":"作为曾经的下沉市场明星公司，趣头条在首次实现经营性盈利的同时，正在面对两难的局面：一方面调整撒钱获客的商业模式，另一方面又要正视壮士断腕带来的流量见顶。\n曾经创造了中国企业在纳斯达克最快上市记录的趣头","content":"<p><img src=\"https://static.tigerbbs.com/8151c5f56e9748218b1989c45d874517\" tg-width=\"830\" tg-height=\"548\" referrerpolicy=\"no-referrer\">As a former star company in the sinking market,<a href=\"https://laohu8.com/S/QTT\">Interesting headlines</a>While realizing operating profit for the first time, we are facing a dilemma:<b>On the one hand, we must adjust the business model of spending money to acquire customers, and on the other hand, we must face up to the peak of traffic brought by the strong man's broken wrist</b>。</p><p>Qutoutiao, which once set a record for the fastest listing of a Chinese company on Nasdaq, seems to be getting farther and farther away from the highlight moment of ringing the bell.</p><p>01</p><p><b>Unsustainable models</b></p><p><b>Continued declining traffic</b></p><p>The war of news clients began in 2013, when<a href=\"https://laohu8.com/S/WB\">Weibo</a>The war has come to an end,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>The installed capacity of news clients has exceeded 100 million, making the market face this new battlefield.<b>When Qutoutiao came out in 2016, the market structure of news clients was basically determined, but as a new player, Qutoutiao found a different way and abruptly opened up its own rising path</b>。</p><p>Qutoutiao, initially labeled with the sinking version of \"Today's Toutiao\", launched the operation idea of getting gold coins by watching news. Through<b>Hold high and fight high, quickly motivate customer acquisition</b>The way to appear in the market, focusing on the sinking market. With the exhaustion of traffic within the \"Fifth Ring Road\", going to lower-tier cities and expanding the number of users is the only way for Internet companies to solve traffic anxiety. This also makes<a href=\"https://laohu8.com/S/00700\">Tencent</a>Seeing the value of Qutoutiao, I chose to invest in it.</p><p>Within Tencent's social system, Qutoutiao has risen rapidly, running all the way in the sinking market ignored by giants, and data has ushered in explosive growth. In 2017, there were more than 70 million registered users and more than 10 million daily active users, second only to Tencent and today's headlines in information products. In September 2018, this two-year-old news and information platform, ahead of many industry predecessors,<b>Successfully landed on Nasdaq-it only took 27 months from establishment to IPO</b>。</p><p><img src=\"https://static.tigerbbs.com/72a68e067c884905b24f8c5a546bf31a\" tg-width=\"956\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><i><b>△ Log in to US stocks</b></i></p><p>However, success also motivates, and sleepiness also motivates. Tan Siliang, the founder of Qutoutiao, invented a brand-new operation model-pulling new traffic with the left hand, and realizing the traffic through advertising with the right hand. This is the long-standing business idea of Qutoutiao. Tan Siliang analyzed it like this:<b>A user's incentive is n yuan, and the ARPU value of advertisements generated by the user is m yuan. As long as m is greater than n, it can generate profits</b>。 This is equivalent to taking the advertiser's money and giving part of it to users, so that users can help complete KPIs and earn the difference.<b>This pure incentive method greatly reduces the value of advertising</b>, this unsustainable operation model has also plagued the further development of Qutoutiao.</p><p>The former \"Sinking Big Three\",<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>The market value is close to US $200 billion, and Kuaishou's market value exceeds US $150 billion. At the close of the latest trading day, Qutoutiao's market value was only US $656 million, which is compared with the peak of US $4.588 billion on the first day of listing on September 14, 2018. Compared with the market value, the market value has shrunk by more than 80% since its listing.</p><p>On March 4, Qutoutiao released its Q4 and full-year financial report for 2020, announcing that it had achieved operating profit for the first time. But under the profitability, Qutoutiao sacrificed the business model on which it relied.</p><p>According to Qutoutiao's financial report,<b>Active users dropped significantly in Q4 2020</b>。 MAU was 124.7 million, a decrease of 9.6% from 137.9 million in the fourth quarter of 2019 and 120.5 million in the previous quarter. DAU was 32.3 million, a 29.4% decrease from 45.7 million in the fourth quarter of 2019 and 39.7 million in the previous quarter.</p><p>In the fourth quarter of 2020, Qutoutiao's marketing expenses decreased by 50.3% simultaneously, from 1.368 billion yuan in the same period last year to 680 million yuan. With the collapse of the interesting headline model,<b>Qutoutiao has fallen into a dilemma that as long as the cost is controlled, the number of active users will decline, and as soon as it is released to attract new users, it will suffer operating losses</b>。</p><p>Of course, there is another way for Qutoutiao, that is, to improve the retention rate of users through content. In the earnings conference call, Tan Siliang said that the value created by Qutoutiao for users comes from high-quality content distributed through intelligent algorithms. For users who come to Qutoutiao platform for the purpose of consuming high-quality content, this proposition is the most valuable. Although Tan Siliang emphasized the importance of content more than once, this has always been a shortcoming of interesting headlines.<b>At the beginning of its establishment, Qutoutiao, which was promoted by making money, was very lacking in the accumulation of content capabilities</b>。</p><p>In addition to weakening the cost of customer acquisition, Qutoutiao has tried to complete the precipitation of core users, support original information, and improve the content ecology. Qutoutiao has launched the \"Fast Lane Plan\", \"Partner Plan\", \"Rest assured Plan\" and \"Cloud Farming Plan\" for original authors, but has never announced the specific amount invested in related plans.</p><p>As an information platform,<b>Since its establishment, Qutoutiao has relied on \"rewarding\" users to achieve growth, and has not established barriers with the content system as the core</b>。 Compared with the same types of APPs such as \"Huitoutiao\", \"Kuaitoutiao\" and \"Zhongqing Kandian\", there are no differentiated features. Under the business model where the moat is not obvious, whenever another platform has a greater reward than Qutoutiao, the probability of losing its users will be higher.</p><p><img src=\"https://static.tigerbbs.com/2f97f769339b4233939a27cf21d4c260\" tg-width=\"1080\" tg-height=\"1078\" referrerpolicy=\"no-referrer\"></p><p><i><b>△ Fun Toutiao Event</b></i></p><p>How to stimulate traffic from cash subsidies to realize the natural growth of users, Qutoutiao has not yet come up with a reasonable solution, so<b>It's hard to say that Qutoutiao is undervalued with a quarterly profit</b>。</p><p>02</p><p><b><b>Weak innovation,</b></b></p><p><b><b>The market competitiveness of Midu is becoming smaller and smaller</b></b></p><p>In addition to building a content ecosystem, Qutoutiao has also been expanding its product matrix. Judging from this quarter's financial report, the Midu APP, which can read novels for free, is currently the most promising product of Qutoutiao.</p><p>Since Zhu Xian, China's online literature began to explode, and online literature platforms such as Qidian and Jinjiang began to rise rapidly, giving birth to a large number of platinum online writers and establishing a mature online payment system. However,<b>The establishment of payment system and the rise of copyright awareness blocked most netizens' demand for reading, and also left a huge market space for free novels</b>。</p><p>In recent years, with the IP development of online novels, derivatives such as film and television, animation and games have gradually been sought after.<b>The value of online literature is constantly being revalued</b>。 In 2005, the film and television adaptation right of \"Ghost Blowing the Lamp\" series sung by the world only sold for 100,000 yuan, which can be said to be the price of cabbage. Later, the film and television adaptation rights of Nanpai Sanshu's \"Tomb Raiders\" series were sold to 5 million yuan<a href=\"https://laohu8.com/S/000892\">Huanrui Century</a>In just four or five years, the value of online literature has been rapidly amplified. In addition, the rapid rise of short videos also provides a brand-new adaptation channel for online literature.</p><p>Qutoutiao captured readers' reading demand for online novels, and started the application of rice reading in 2018.<b>Without the diversion of interesting headline APP, it broke through the mark of 5 million and 10 million users, and seized the era dividend of free reading. After Qutoutiao App gradually lost its imagination and original aura, Midu may have become Qutoutiao's most imaginative product</b>。</p><p>However,<b>Qutoutiao is not the only company eyeing this market</b>。 Among them, ByteDance launched Tomato Novels, and also invested in Tadu Literature, Wenxiu Technology, etc.; Giant<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>He also personally came to an end, not only launching Zongheng Chinese website in the paid market, but also launching Qimao novels in the free reading market, and making strategic investment<a href=\"https://laohu8.com/S/300364\">Chinese Online</a>； Facing the space of the free market, we have mastered most of the paid market<a href=\"https://laohu8.com/S/00772\">Reading Group</a>Feidu was launched and strategically invested in Chinese Online. According to statistics, although Midu acted earlier, the subsequent free reading applications that appeared on the market have kept up with Midu, and even the active users of Qimao's novels have surpassed Midu.</p><p><img src=\"https://static.tigerbbs.com/372a6a4718cb4f95a14330387d021bc3\" tg-width=\"713\" tg-height=\"374\" referrerpolicy=\"no-referrer\"></p><p><i><b>△ Automobile intelligence</b></i></p><p>Midu received capital recognition again in the fourth quarter of 2020, completing a US $110 million Series C financing. However, in the competition of the novel market,<b>Funding is only one dimension in the competition, and the quality of content is the decisive factor</b>。 In the future, in this content competition, in the face of China Literature and ByteDance, Qutoutiao's achievements and attitude in content seem to restrict the development of Midu.</p><p>In addition, innovative business takes time to accumulate, but what Tan Siliang needs is quick results, so within the Qutoutiao system, it is difficult for another Midu novel to appear, because Qutoutiao can't afford to wait. Whether Qutoutiao's sinking users can support Qutoutiao's new business exploration is also a mystery. After all, the acceptance ability of Internet novices is completely incomparable to that of pioneers' acceptance of new things.</p><p>Under the impact of the epidemic, the online economy began to explode in 2020. Although the annual revenue was 5.285 billion yuan, Qutoutiao's data in the fourth quarter declined, with operating income of 1.302 billion yuan, a decrease of 21.5% from 1.658 billion yuan in the same period last year. Imagination peaks, revenue data declines,<b>After the financial report was announced, the capital market responded quickly. U.S. stocks closed on Thursday, and Qutoutiao's stock price fell more than 25%.</b>。</p><p>Qutoutiao, which rose rapidly within two years, quickly fell into a painful period of growth and retention. In 2020, Qutoutiao made the third structural adjustment of the company, which involved the reorganization of the video division, game division, and innovation BU into innovation centers, growth, and commercialization will be merged. If these problems cannot be solved,<b>Qutoutiao may be at risk of rapid collapse</b>。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Qutoutiao makes its first profit, but Wall Street needs new stories to revalue market cap</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQutoutiao makes its first profit, but Wall Street needs new stories to revalue market cap\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023838834\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/07b1d07bb0ae44508e1f39efef07e6ac);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">深潜atom </p>\n<p class=\"h-time smaller\">2021-03-07 14:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/8151c5f56e9748218b1989c45d874517\" tg-width=\"830\" tg-height=\"548\" referrerpolicy=\"no-referrer\">As a former star company in the sinking market,<a href=\"https://laohu8.com/S/QTT\">Interesting headlines</a>While realizing operating profit for the first time, we are facing a dilemma:<b>On the one hand, we must adjust the business model of spending money to acquire customers, and on the other hand, we must face up to the peak of traffic brought by the strong man's broken wrist</b>。</p><p>Qutoutiao, which once set a record for the fastest listing of a Chinese company on Nasdaq, seems to be getting farther and farther away from the highlight moment of ringing the bell.</p><p>01</p><p><b>Unsustainable models</b></p><p><b>Continued declining traffic</b></p><p>The war of news clients began in 2013, when<a href=\"https://laohu8.com/S/WB\">Weibo</a>The war has come to an end,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>The installed capacity of news clients has exceeded 100 million, making the market face this new battlefield.<b>When Qutoutiao came out in 2016, the market structure of news clients was basically determined, but as a new player, Qutoutiao found a different way and abruptly opened up its own rising path</b>。</p><p>Qutoutiao, initially labeled with the sinking version of \"Today's Toutiao\", launched the operation idea of getting gold coins by watching news. Through<b>Hold high and fight high, quickly motivate customer acquisition</b>The way to appear in the market, focusing on the sinking market. With the exhaustion of traffic within the \"Fifth Ring Road\", going to lower-tier cities and expanding the number of users is the only way for Internet companies to solve traffic anxiety. This also makes<a href=\"https://laohu8.com/S/00700\">Tencent</a>Seeing the value of Qutoutiao, I chose to invest in it.</p><p>Within Tencent's social system, Qutoutiao has risen rapidly, running all the way in the sinking market ignored by giants, and data has ushered in explosive growth. In 2017, there were more than 70 million registered users and more than 10 million daily active users, second only to Tencent and today's headlines in information products. In September 2018, this two-year-old news and information platform, ahead of many industry predecessors,<b>Successfully landed on Nasdaq-it only took 27 months from establishment to IPO</b>。</p><p><img src=\"https://static.tigerbbs.com/72a68e067c884905b24f8c5a546bf31a\" tg-width=\"956\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><i><b>△ Log in to US stocks</b></i></p><p>However, success also motivates, and sleepiness also motivates. Tan Siliang, the founder of Qutoutiao, invented a brand-new operation model-pulling new traffic with the left hand, and realizing the traffic through advertising with the right hand. This is the long-standing business idea of Qutoutiao. Tan Siliang analyzed it like this:<b>A user's incentive is n yuan, and the ARPU value of advertisements generated by the user is m yuan. As long as m is greater than n, it can generate profits</b>。 This is equivalent to taking the advertiser's money and giving part of it to users, so that users can help complete KPIs and earn the difference.<b>This pure incentive method greatly reduces the value of advertising</b>, this unsustainable operation model has also plagued the further development of Qutoutiao.</p><p>The former \"Sinking Big Three\",<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>The market value is close to US $200 billion, and Kuaishou's market value exceeds US $150 billion. At the close of the latest trading day, Qutoutiao's market value was only US $656 million, which is compared with the peak of US $4.588 billion on the first day of listing on September 14, 2018. Compared with the market value, the market value has shrunk by more than 80% since its listing.</p><p>On March 4, Qutoutiao released its Q4 and full-year financial report for 2020, announcing that it had achieved operating profit for the first time. But under the profitability, Qutoutiao sacrificed the business model on which it relied.</p><p>According to Qutoutiao's financial report,<b>Active users dropped significantly in Q4 2020</b>。 MAU was 124.7 million, a decrease of 9.6% from 137.9 million in the fourth quarter of 2019 and 120.5 million in the previous quarter. DAU was 32.3 million, a 29.4% decrease from 45.7 million in the fourth quarter of 2019 and 39.7 million in the previous quarter.</p><p>In the fourth quarter of 2020, Qutoutiao's marketing expenses decreased by 50.3% simultaneously, from 1.368 billion yuan in the same period last year to 680 million yuan. With the collapse of the interesting headline model,<b>Qutoutiao has fallen into a dilemma that as long as the cost is controlled, the number of active users will decline, and as soon as it is released to attract new users, it will suffer operating losses</b>。</p><p>Of course, there is another way for Qutoutiao, that is, to improve the retention rate of users through content. In the earnings conference call, Tan Siliang said that the value created by Qutoutiao for users comes from high-quality content distributed through intelligent algorithms. For users who come to Qutoutiao platform for the purpose of consuming high-quality content, this proposition is the most valuable. Although Tan Siliang emphasized the importance of content more than once, this has always been a shortcoming of interesting headlines.<b>At the beginning of its establishment, Qutoutiao, which was promoted by making money, was very lacking in the accumulation of content capabilities</b>。</p><p>In addition to weakening the cost of customer acquisition, Qutoutiao has tried to complete the precipitation of core users, support original information, and improve the content ecology. Qutoutiao has launched the \"Fast Lane Plan\", \"Partner Plan\", \"Rest assured Plan\" and \"Cloud Farming Plan\" for original authors, but has never announced the specific amount invested in related plans.</p><p>As an information platform,<b>Since its establishment, Qutoutiao has relied on \"rewarding\" users to achieve growth, and has not established barriers with the content system as the core</b>。 Compared with the same types of APPs such as \"Huitoutiao\", \"Kuaitoutiao\" and \"Zhongqing Kandian\", there are no differentiated features. Under the business model where the moat is not obvious, whenever another platform has a greater reward than Qutoutiao, the probability of losing its users will be higher.</p><p><img src=\"https://static.tigerbbs.com/2f97f769339b4233939a27cf21d4c260\" tg-width=\"1080\" tg-height=\"1078\" referrerpolicy=\"no-referrer\"></p><p><i><b>△ Fun Toutiao Event</b></i></p><p>How to stimulate traffic from cash subsidies to realize the natural growth of users, Qutoutiao has not yet come up with a reasonable solution, so<b>It's hard to say that Qutoutiao is undervalued with a quarterly profit</b>。</p><p>02</p><p><b><b>Weak innovation,</b></b></p><p><b><b>The market competitiveness of Midu is becoming smaller and smaller</b></b></p><p>In addition to building a content ecosystem, Qutoutiao has also been expanding its product matrix. Judging from this quarter's financial report, the Midu APP, which can read novels for free, is currently the most promising product of Qutoutiao.</p><p>Since Zhu Xian, China's online literature began to explode, and online literature platforms such as Qidian and Jinjiang began to rise rapidly, giving birth to a large number of platinum online writers and establishing a mature online payment system. However,<b>The establishment of payment system and the rise of copyright awareness blocked most netizens' demand for reading, and also left a huge market space for free novels</b>。</p><p>In recent years, with the IP development of online novels, derivatives such as film and television, animation and games have gradually been sought after.<b>The value of online literature is constantly being revalued</b>。 In 2005, the film and television adaptation right of \"Ghost Blowing the Lamp\" series sung by the world only sold for 100,000 yuan, which can be said to be the price of cabbage. Later, the film and television adaptation rights of Nanpai Sanshu's \"Tomb Raiders\" series were sold to 5 million yuan<a href=\"https://laohu8.com/S/000892\">Huanrui Century</a>In just four or five years, the value of online literature has been rapidly amplified. In addition, the rapid rise of short videos also provides a brand-new adaptation channel for online literature.</p><p>Qutoutiao captured readers' reading demand for online novels, and started the application of rice reading in 2018.<b>Without the diversion of interesting headline APP, it broke through the mark of 5 million and 10 million users, and seized the era dividend of free reading. After Qutoutiao App gradually lost its imagination and original aura, Midu may have become Qutoutiao's most imaginative product</b>。</p><p>However,<b>Qutoutiao is not the only company eyeing this market</b>。 Among them, ByteDance launched Tomato Novels, and also invested in Tadu Literature, Wenxiu Technology, etc.; Giant<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>He also personally came to an end, not only launching Zongheng Chinese website in the paid market, but also launching Qimao novels in the free reading market, and making strategic investment<a href=\"https://laohu8.com/S/300364\">Chinese Online</a>； Facing the space of the free market, we have mastered most of the paid market<a href=\"https://laohu8.com/S/00772\">Reading Group</a>Feidu was launched and strategically invested in Chinese Online. According to statistics, although Midu acted earlier, the subsequent free reading applications that appeared on the market have kept up with Midu, and even the active users of Qimao's novels have surpassed Midu.</p><p><img src=\"https://static.tigerbbs.com/372a6a4718cb4f95a14330387d021bc3\" tg-width=\"713\" tg-height=\"374\" referrerpolicy=\"no-referrer\"></p><p><i><b>△ Automobile intelligence</b></i></p><p>Midu received capital recognition again in the fourth quarter of 2020, completing a US $110 million Series C financing. However, in the competition of the novel market,<b>Funding is only one dimension in the competition, and the quality of content is the decisive factor</b>。 In the future, in this content competition, in the face of China Literature and ByteDance, Qutoutiao's achievements and attitude in content seem to restrict the development of Midu.</p><p>In addition, innovative business takes time to accumulate, but what Tan Siliang needs is quick results, so within the Qutoutiao system, it is difficult for another Midu novel to appear, because Qutoutiao can't afford to wait. Whether Qutoutiao's sinking users can support Qutoutiao's new business exploration is also a mystery. After all, the acceptance ability of Internet novices is completely incomparable to that of pioneers' acceptance of new things.</p><p>Under the impact of the epidemic, the online economy began to explode in 2020. Although the annual revenue was 5.285 billion yuan, Qutoutiao's data in the fourth quarter declined, with operating income of 1.302 billion yuan, a decrease of 21.5% from 1.658 billion yuan in the same period last year. Imagination peaks, revenue data declines,<b>After the financial report was announced, the capital market responded quickly. U.S. stocks closed on Thursday, and Qutoutiao's stock price fell more than 25%.</b>。</p><p>Qutoutiao, which rose rapidly within two years, quickly fell into a painful period of growth and retention. In 2020, Qutoutiao made the third structural adjustment of the company, which involved the reorganization of the video division, game division, and innovation BU into innovation centers, growth, and commercialization will be merged. If these problems cannot be solved,<b>Qutoutiao may be at risk of rapid collapse</b>。</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8151c5f56e9748218b1989c45d874517","relate_stocks":{"QTT":"趣头条"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117655197","content_text":"作为曾经的下沉市场明星公司，趣头条在首次实现经营性盈利的同时，正在面对两难的局面：一方面调整撒钱获客的商业模式，另一方面又要正视壮士断腕带来的流量见顶。\n曾经创造了中国企业在纳斯达克最快上市记录的趣头条，似乎离敲钟那一瞬高光时刻越来越远。\n01\n不可持续的模式\n持续下滑的流量\n新闻客户端的战争始于2013年，彼时微博大战已经告一段落，搜狐新闻客户端装机量的破亿，让市场开始直面这一新的战场。趣头条在2016年问世时，新闻客户端的市场格局基本已定，作为新选手的趣头条却另辟蹊径，硬生生打通了自己上升的道路。\n趣头条，最初以下沉版的“今日头条”为标签，推出看新闻得金币的运营思路，通过高举高打、快速激励获客的方式出现在市场，主攻下沉市场。随着，“五环内”的流量枯竭，往低线城市走，扩大用户数量，是互联网企业解决流量焦虑的必经之路。这也让腾讯看到了趣头条的价值，选择了对其投资。\n在腾讯的社交体系内，趣头条迅速崛起，在被巨头忽视的下沉市场中一路狂奔，数据迎来爆发式增长。2017年注册用户已经超过7000万，日活跃用户超过了1000万，在资讯类产品中仅次于腾讯与今日头条。2018年9月，这家成立2年的新闻资讯平台，先于一众行业前辈们，成功登陆纳斯达克——从创立到IPO仅仅用了27个月。\n\n△登录美股\n然而，成也激励，困也激励。趣头条创始人谭思亮发明了全新的运营模型——左手拉新获取流量，右手将流量通过广告变现，这是趣头条长期以来的经营思路。谭思亮如此解析：一个用户的激励是n元，用户产生的广告ARPU值是m元，m只要大于n，就能产生利润。这就相当于，拿广告主的钱，再分一部分给用户，让用户来帮着完成KPI，从中赚取差价。这种纯靠激励的方式，大大降低了广告的价值，这种不可持续的运营模型，也困扰了趣头条的进一步发展。\n曾经的“下沉三巨头”，拼多多市值已经接近2000亿美元，快手市值超过1500亿美元，而趣头条在最新一个交易日收盘时，市值仅为6.56亿美元，与2018年9月14日上市首日最高峰时期的 45.88亿美元的市值相比，上市以来市值缩水超过八成。\n3月4日，趣头条发布2020年Q4及全年财报，宣布首次实现经营性盈利。但盈利之下，趣头条牺牲的却是其赖以发迹的商业模式。\n根据趣头条财报显示，2020年Q4活跃用户大幅度降低。MAU为1.247亿，较2019年第四季度的1.379亿减少了9.6％，上一季度为1.205亿。DAU为3230万，较2019年第四季度的4570万减少了29.4％，上一季度为3970万。\n2020年四季度，趣头条的营销费同步减少了50.3%，从去年同期的13.68亿元，压缩至6.80亿元。随着趣头条模式的崩塌，趣头条陷入到了一个只要控制成本，活跃用户就下滑，一放开拉新，就经营亏损的困境。\n当然，趣头条同样存在有另外一条道路，那就是通过内容提高用户的留存率。在财报电话会上，谭思亮表示，趣头条为用户创造的价值来自通过智能算法分发的优质内容，对出于消费优质内容目的来到趣头条平台的用户来说，这一主张是最有价值的。虽然谭思亮不止一次强调内容的重要性，但是这一直是趣头条的短板，成立之初，就是打着赚钱方式推广的趣头条，在内容的能力积累上十分欠缺。\n在削弱获客成本外，趣头条曾试图完成核心用户的沉淀，扶持原创资讯，改善内容生态。趣头条针对原创作者推出过“快车道计划”、“合伙人计划”、“放心看计划”与“云耕计划”，然而从未公布过在相关计划上投入的具体数额。\n作为一家资讯平台，趣头条自创立起便靠“打赏”用户来获取增长，并未建立起以内容体系为核心的壁垒。与“惠头条”、“快头条”、“中青看点”等同类型APP相比，没有差异化特点。在护城河不明显的商业模式下，但凡有另外一家平台的打赏力度较趣头条更大，其用户的流失概率便也越高。\n\n△趣头条活动\n如何从现金补贴刺激流量，到实现用户的自然增长，趣头条尚未拿出合理的解决方案，所以很难拿一次季度盈利就说趣头条被低估了。\n02\n创新乏力，\n米读市场竞争力日趋变小\n除了构建内容生态，趣头条也一直在扩大旗下的产品矩阵。从本季度财报看，免费阅读小说的米读APP是趣头条系目前最有希望的产品。\n自从《诛仙》之后，中国的网络文学开始爆发，以起点、晋江等网络文学平台开始快速崛起，催生出一大批白金网络作家，并且建立了成熟的网络付费体系。然而，付费体系的建立和版权意识的崛起，阻隔了大部分网友对于阅读的需求，也为免费小说留下了巨大市场空间。\n近年来，随着网络小说的IP化发展，影视、动漫和游戏等衍生品逐渐被人追捧，网络文学的价值也在不断被重估。2005年天下霸唱的《鬼吹灯》系列影视改编权，仅仅只卖出10万元人民币，可以说是白菜价。后来南派三叔的《盗墓笔记》系列的影视改编权，500万卖给欢瑞世纪，仅仅四五年，网络文学的价值被迅速放大。此外，短视频的快速崛起，也为网络文学提供了全新的改编渠道。\n趣头条则抓住了读者对于网络小说的阅读需求，在2018年冷启动米读应用。在没有趣头条APP导流的情况下突破500万和1000万用户的大关，抓住了免费阅读的时代红利。在趣头条App逐渐失去了想象力和原有的光环后，米读，或许已经成为了趣头条最有想象力的产品。\n然而，盯上这一市场的企业并非趣头条一家。其中字节跳动推出番茄小说，还投资了塔读文学、闻秀科技等；巨头百度也亲自下场，既付费市场推出纵横中文网后，在免费阅读市场推出七猫小说，并且战略投资中文在线；面对免费市场的空间，已经掌握了付费市场大半江山的阅文集团推出了飞读，战略投资了中文在线。根据数据统计，虽然米读行动更早，但是后续出现在市面上免费阅读应用已经跟上了米读的脚步，甚至七猫已经小说的活跃用户已经超过了米读。\n\n△汽车智能化\n米读在2020年第四季度再次获得资本认可，完成了1.1亿美元C轮融资。然而在小说市场的竞争中，资金只是竞争中的一个维度，内容的质量则是决定性因素。未来，在这场内容的竞争中，面对阅文和字节跳动，趣头条在内容方面的建树和态度，似乎将会是制约着米读的发展。\n此外，创新业务需要时间积累，但谭思亮需要的是快速见效，所以在趣头条体系内，很难再出现另一个米读小说，因为趣头条已经等不起了。趣头条的下沉用户，能否支撑的其趣头条的新业务探索也成谜。毕竟互联网小白，接受能力和先驱对于新鲜事物的接受能力完全不能相比。\n疫情的冲击下，2020年线上经济开始爆发，虽然全年营收52.85亿人民币，但趣头条第四季度的数据却出现了下滑，营业收入13.02亿元，较去年同期16.58亿下滑21.5%。想象力见顶，营收数据下滑，财报公布后，资本市场快速做出反应，美股周四收盘，趣头条股价跌超25%。\n在两年内快速崛起的趣头条很快就陷入了增长和留存的阵痛期，2020年，趣头条对公司进行了第三次架构调整，其中涉及视频事业部、游戏事业部、创新BU改组为创新中心、增长和商业化将合并。如果不能解决这些问题，趣头条可能面临快速崩塌的风险。","news_type":1,"symbols_score_info":{"QTT":0.9}},"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324544542,"gmtCreate":1616020792586,"gmtModify":1704789739606,"author":{"id":"3566503132797575","authorId":"3566503132797575","name":"MrCEO","avatar":"https://static.tigerbbs.com/5571d08645d5b40441a4b13ce1575611","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566503132797575","idStr":"3566503132797575"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324544542","repostId":"1196631643","repostType":4,"repost":{"id":"1196631643","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615995642,"share":"https://ttm.financial/m/news/1196631643?lang=en_US&edition=fundamental","pubTime":"2021-03-17 23:40","market":"us","language":"zh","title":"Disney's short-term gains, California Disneyland will reopen","url":"https://stock-news.laohu8.com/highlight/detail?id=1196631643","media":"老虎资讯综合","summary":"3月17日，华特迪士尼短线拉升，接近抹平日内跌幅。华特迪士尼CEO察佩克：加州迪士尼乐园将在4月30日正式重新开放，届时将限制客流量。","content":"<p>March 17, Walt<a href=\"https://laohu8.com/S/DIS\">Disney</a>The short-term pull-up is close to smoothing out the intraday decline. Walt Disney CEO Chapek: California Disneyland will officially reopen on April 30th, when the passenger flow will be restricted.</p><p><img src=\"https://static.tigerbbs.com/f24e10f7fca1e4b7c3fe4315d597e71f\" tg-width=\"840\" tg-height=\"470\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney's short-term gains, California Disneyland will reopen</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney's short-term gains, California Disneyland will reopen\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-17 23:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>March 17, Walt<a href=\"https://laohu8.com/S/DIS\">Disney</a>The short-term pull-up is close to smoothing out the intraday decline. Walt Disney CEO Chapek: California Disneyland will officially reopen on April 30th, when the passenger flow will be restricted.</p><p><img src=\"https://static.tigerbbs.com/f24e10f7fca1e4b7c3fe4315d597e71f\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24a5c9ee763bdd068795172812d82227","relate_stocks":{"DIS":"迪士尼"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196631643","content_text":"3月17日，华特迪士尼短线拉升，接近抹平日内跌幅。华特迪士尼CEO察佩克：加州迪士尼乐园将在4月30日正式重新开放，届时将限制客流量。","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163685600,"gmtCreate":1623883085300,"gmtModify":1703822199312,"author":{"id":"3566503132797575","authorId":"3566503132797575","name":"MrCEO","avatar":"https://static.tigerbbs.com/5571d08645d5b40441a4b13ce1575611","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566503132797575","idStr":"3566503132797575"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[{"img":"https://static.tigerbbs.com/677fdb44bf49da65c433da42f9060ecd","width":"1080","height":"3120"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163685600","isVote":1,"tweetType":1,"viewCount":2641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":349375120,"gmtCreate":1617565852560,"gmtModify":1704700406340,"author":{"id":"3566503132797575","authorId":"3566503132797575","name":"MrCEO","avatar":"https://static.tigerbbs.com/5571d08645d5b40441a4b13ce1575611","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566503132797575","idStr":"3566503132797575"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349375120","repostId":"1185840581","repostType":4,"isVote":1,"tweetType":1,"viewCount":1103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}