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  ·2023-03-06
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  Profitable iQiyi, mixed investors
  曾几何时，爱奇艺的盈利难堪称是互联网的一道难题。而在最近，这个难题似乎是被破解开来。近日，爱奇艺公布了2022年第四季度及全年的业绩数据，全年营收为290亿元，平台在non-GAAP标准下实现了22亿
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Recently, this puzzle seems to have been solved.</p><p>Recently,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Announced the performance data for the fourth quarter and the whole year of 2022. The annual revenue was 29 billion yuan, and the platform achieved a profit of 2.2 billion yuan under non-GAAP standards. Revenue in the fourth quarter of 2022 will be 4.7 billion yuan, a year-on-year increase of 15%; The annual membership service revenue was 17.7 billion yuan, a year-on-year increase of 6%.</p><p><img src=\"https://static.tigerbbs.com/2b509f81d3c8f3d15b7d63954d6ac887\" tg-width=\"594\" tg-height=\"435\" referrerpolicy=\"no-referrer\"/></p><p>At first glance, this is undoubtedly a good report card. However, it has to be said that although iQiyi said that it has achieved operating profit, its net profit still lost 120 million yuan, and its net profit attributable to the parent company lost 136 million yuan. Last year, iQiyi had a net loss of more than 6 billion yuan, and it still didn't earn money for shareholders.</p><p>At the same time, there have been some negative news about iQiyi recently. For example, restricting members to cast screens, membership for 28 days a month, etc. The spread of these news seems to have cast a shadow over its brand image, which may be unacceptable at least in the eyes of onlookers.</p><p><b>1</b></p><p><b>The \"antinomy\" between scale and cost: long videos still cannot escape the \"diseconomies of scale\" of the industry?</b></p><p>The Jianghu of mobile online video platform seems to have been a third of Youaiteng's world for a long time. However, for platforms including iQiyi, making money seems to be a long-awaited \"Godot\", and I don't know when it will come.</p><p>Compared to Youku and<a href=\"https://laohu8.com/S/00700\">Tencent</a>, iQiyi's performance seems to be slightly better. In the past fourth quarter, iQiyi's membership service revenue reached 4.7 billion yuan, the highest single-quarter revenue in history. During the same period, Non-GAAP operating profit was 979 million yuan, an increase of 87% compared with 524 million yuan in the previous quarter.<b>In addition, iQiyi's cash flow has improved significantly, with free cash flow exceeding 840 million yuan, an increase of more than 4.7 times compared with the third quarter. Free cash flow has been positive for two consecutive quarters.</b></p><p>On the content level, the popularity of the new year's drama \"Hurricane\" has really attracted the attention of a large number of users. According to reports, this also broke many platform records such as content popularity and user viewing time.</p><p>It can be seen that iQiyi has made a lot of efforts. This is true both at the content level and at the level of cost reduction and efficiency improvement, and it has indeed achieved certain results. However, it has to be said that some phenomenal laws in the industry, iQiyi still seems to have not found a way to break the situation.</p><p>In the author's opinion,<b>Long video has always been a business with uneconomies of scale.</b></p><p>Why do you say that? Because in many people's cognition, mobile online video platforms belong to Internet companies, and Internet companies usually like to emphasize network effects. With the expansion of enterprise scale, fixed costs will gradually be shared and diluted, and profit margins will naturally increase. It's right to be higher and higher. But this is not the case with mobile online video platforms.</p><p>Mobile online video platform is actually a form of bilateral network connecting content and users. From the perspective of network effect, mobile online video attracts users through high-quality content.<b>The quality of content determines the growth rate of users and paying users, as well as platform activity and other indicators, and the continuous output of high-quality content is the key to the platform's continuous high growth and retention of paying users</b>, this is where the network effect of online video platforms is reflected.</p><p>However, the reason why Youyiteng is criticized for being unprofitable is largely due to the excessive investment in content, because there is only so much high-quality content. This is something that everyone is competing for, and to a certain extent, it has caused industry competition. With the involution, the content side seems to have more initiative in bargaining, which in turn leads to high content copyright costs. In this way, it may be difficult for advertising revenue and membership revenue to cover the copyright cost of the content invested.</p><p>As for iQiyi, we see that its cost reduction seems to be on the content level.<b>According to media reports, iQiyi has significantly reduced content purchase expenditures since last year. According to Yunhe data, iQiyi released 39 new dramas in the third quarter, a year-on-year decrease of 7; There were 25 new variety shows, a year-on-year decrease of 6. Correspondingly, the full-year content cost in 2022 will be reduced from 20.7 billion last year to 16.5 billion.</b></p><p>Costs are reduced by reducing content investment, but users are content-oriented, and there is no platform loyalty to whose content is good to go. Users do not stay because of the product itself. As a result, it seems to feel like spending money to invite users to watch videos on the platform, but there is nothing you can do about it, because the platform needs continuous content output to retain users. From this perspective, is it sustainable for iQiyi to reduce costs by reducing content spending? This may need to be marked with a big question mark.</p><p>In addition, the cost of content purchase has been reduced. Why can Cute Qiyi determine that limited content purchase is an \"explosion\"?</p><p>Essentially,<b>Long video is actually a content product with a high degree of non-standardization, and the fault tolerance rate of created content is very low. Before it is actually released, no one knows whether this show can be popular or not.</b>It is self-evident that the role of head content as scarce content in attracting new traffic to join, but the platform cannot expect every film with high hopes to become \"Hurricane\". In this way, through the coverage of a variety of content, to increase the probability of producing popular movies and televisions on its own platform.</p><p>From this point of view, although iQiyi's financial results are improving, it seems true that it has significantly reduced content purchase expenditures. In this way, is this progress sustainable? Maybe we just have to leave the answer to time.</p><p><b>2</b></p><p><b>From the screen projection storm to the 28-day controversy: How should iQiyi, which is plagued with negativity, choose?</b></p><p>The financial report information that seems to be full of good news seems to be mixed with some worries.</p><p>According to Bowang Finance, iQiyi membership service revenue was 17.7 billion yuan, a year-on-year increase of 6%; Online advertising service revenue was 5.3 billion yuan, a year-on-year decrease of 25%; Content distribution revenue was 2.5 billion yuan, a year-on-year decrease of 14%; Other revenue was 3.5 billion yuan, a year-on-year decrease of 11%.</p><p><b>Membership revenue increased year-on-year, but advertising revenue decreased year-on-year.</b></p><p>On the one hand, it is related to the economic environment. Advertising is a barometer of economic development. In 2022, affected by the epidemic, many enterprises will also become under pressure and begin to cut advertising budgets. On the other hand, there seems to be a certain contradiction between membership and advertising revenue. In terms of the number of paid members, iQiyi continues to grow. But to some extent, the more paying members, the more people don't watch advertisements, so will the advertising value of the platform become smaller and smaller? This may be worth thinking about.</p><p><b>On the liability level, iQiyi has total assets of 46 billion and total liabilities of 39.7 billion. In terms of liability structure, there are 28 billion current liabilities out of 40 billion liabilities.</b></p><p>In terms of cash flow, the net cash flow generated from operating activities for three consecutive years in 2020, 2021, and 2022 will be negative, which will be-5.4 billion,-5.9 billion, and-70.57 million respectively. The cash flows generated from financing activities were 9.3 billion,-2.9 billion and 4.4 billion respectively.</p><p>It can be seen that for iQiyi, perhaps the most important thing at the moment is to find a way to open up its own new growth curve and further reduce its dependence on membership revenue. At the same time, however, besides commercialization, some other things may also attract the attention of enterprises.</p><p>Previously, the iQiyi App caused a large number of user dissatisfaction due to the restriction of the screen projection function, especially the change of the user agreement also caused dissatisfaction among some old members, and some members even took iQiyi to court. On January 13, the Shanghai Consumer Rights Protection Committee issued a document pointing out that \"iQiyi App's practice of restricting screen projection and charging additional fees is unkind\", arguing that screen projection is a normal usage scenario for mobile users, and consumers pay for it. It is the right of consumers to watch it on mobile phones or screen projections.</p><p>On February 20, iQiyi issued a statement on the optimization of membership services, clarifying that gold VIP members will resume 720P and 1080P definition screen projection services.</p><p><img src=\"https://static.tigerbbs.com/f8a4bd74f48e60f272525e245e06ff00\" tg-width=\"640\" tg-height=\"1286\" referrerpolicy=\"no-referrer\"/></p><p>Users seem to have won this dispute, but there are also media reports that although the issue of restricting screen projection has changed, it is only targeted at gold and above members, and after the membership order expires, high-definition screen projection cannot be subscribed again. From this point of view, it is indeed the user who won, but it doesn't seem to win much.</p><p>In addition, iQiyi has recently been on a hot search because of its \"28-day membership\". In this regard, iQiyi customer service said that the service time of member monthly card is based on the natural month, that is, the service is opened date, and it will be postponed according to the number of days in the natural month of the opening month.</p><p>At first glance, there seems to be no problem, but according to China Economic Weekly, according to statistics, taking the opening time of membership on February 25th as an example, 6 platforms (<a href=\"https://laohu8.com/S/00700\">Tencent</a>Video, Youku, Mango,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Video, Tencent Sports, PP Video) monthly membership service until March 28, a total of 31 days; The membership service of iQiyi and LeTV video platforms will be until March 25th, only 28 days;<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Membership service until March 29.</p><p><b>This comparison gap exists, and iQiyi members may feel a little dissatisfied, which may be easy to understand.</b></p><p>And a long time ago, # iQiyi was convicted of breaking the law #<a href=\"https://laohu8.com/S/WB\">Weibo</a>The topic has also been on the hot search, causing extensive discussion among users. Some netizens believe that the \"paid advance on-demand\" service infringes on the rights and interests of golden VIP members to \"watch hot dramas first\" in disguise.</p><p>From the past to the present, it has to be said that iQiyi members often seem to have dissatisfied voices.</p><p>Some people say that the Internet is forgetful, and it may not take long for everyone to forget many disputes. But the reality is that once you encounter similar situations, people will soon remember what happened in the past.<b>Because the Internet has memory, and the memory time is unlimited. The so-called quick forgetting may just be that the popularity of netizens' attention has dropped. Once an enterprise encounters similar disputes, the previously experienced disputes may be quickly pulled out.</b></p><p>Profitability is something that any enterprise needs to pursue. Paid membership is destined to have a ceiling, and the lack of a second growth curve may also limit the capital market's imagination of the future of enterprises. However, while designing activities and pursuing profits, enterprises should perhaps improve their own activity rules, so that members are less dissatisfied and respect their rights and interests. This is actually to maintain the company's own brand image.</p><p>When sharing his entrepreneurial experience, Wang Huiwen of Meituan mentioned that the most tragic industry in the Internet industry to this day is long video websites.</p><p>For iQiyi, profitability is a good thing. But there may still be a long way to go to stand out in this bitter war.</p><p></body></html></p>","source":"lsy1590995041990","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>Profitable iQiyi, mixed investors</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\">\nProfitable iQiyi, mixed investors\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">蓝莓财经</strong><span class=\"h-time small\">2023-03-06 09:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Once upon a time,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>The difficulty of making profits is a difficult problem for the Internet. Recently, this puzzle seems to have been solved.</p><p>Recently,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Announced the performance data for the fourth quarter and the whole year of 2022. The annual revenue was 29 billion yuan, and the platform achieved a profit of 2.2 billion yuan under non-GAAP standards. Revenue in the fourth quarter of 2022 will be 4.7 billion yuan, a year-on-year increase of 15%; The annual membership service revenue was 17.7 billion yuan, a year-on-year increase of 6%.</p><p><img src=\"https://static.tigerbbs.com/2b509f81d3c8f3d15b7d63954d6ac887\" tg-width=\"594\" tg-height=\"435\" referrerpolicy=\"no-referrer\"/></p><p>At first glance, this is undoubtedly a good report card. However, it has to be said that although iQiyi said that it has achieved operating profit, its net profit still lost 120 million yuan, and its net profit attributable to the parent company lost 136 million yuan. Last year, iQiyi had a net loss of more than 6 billion yuan, and it still didn't earn money for shareholders.</p><p>At the same time, there have been some negative news about iQiyi recently. For example, restricting members to cast screens, membership for 28 days a month, etc. The spread of these news seems to have cast a shadow over its brand image, which may be unacceptable at least in the eyes of onlookers.</p><p><b>1</b></p><p><b>The \"antinomy\" between scale and cost: long videos still cannot escape the \"diseconomies of scale\" of the industry?</b></p><p>The Jianghu of mobile online video platform seems to have been a third of Youaiteng's world for a long time. However, for platforms including iQiyi, making money seems to be a long-awaited \"Godot\", and I don't know when it will come.</p><p>Compared to Youku and<a href=\"https://laohu8.com/S/00700\">Tencent</a>, iQiyi's performance seems to be slightly better. In the past fourth quarter, iQiyi's membership service revenue reached 4.7 billion yuan, the highest single-quarter revenue in history. During the same period, Non-GAAP operating profit was 979 million yuan, an increase of 87% compared with 524 million yuan in the previous quarter.<b>In addition, iQiyi's cash flow has improved significantly, with free cash flow exceeding 840 million yuan, an increase of more than 4.7 times compared with the third quarter. Free cash flow has been positive for two consecutive quarters.</b></p><p>On the content level, the popularity of the new year's drama \"Hurricane\" has really attracted the attention of a large number of users. According to reports, this also broke many platform records such as content popularity and user viewing time.</p><p>It can be seen that iQiyi has made a lot of efforts. This is true both at the content level and at the level of cost reduction and efficiency improvement, and it has indeed achieved certain results. However, it has to be said that some phenomenal laws in the industry, iQiyi still seems to have not found a way to break the situation.</p><p>In the author's opinion,<b>Long video has always been a business with uneconomies of scale.</b></p><p>Why do you say that? Because in many people's cognition, mobile online video platforms belong to Internet companies, and Internet companies usually like to emphasize network effects. With the expansion of enterprise scale, fixed costs will gradually be shared and diluted, and profit margins will naturally increase. It's right to be higher and higher. But this is not the case with mobile online video platforms.</p><p>Mobile online video platform is actually a form of bilateral network connecting content and users. From the perspective of network effect, mobile online video attracts users through high-quality content.<b>The quality of content determines the growth rate of users and paying users, as well as platform activity and other indicators, and the continuous output of high-quality content is the key to the platform's continuous high growth and retention of paying users</b>, this is where the network effect of online video platforms is reflected.</p><p>However, the reason why Youyiteng is criticized for being unprofitable is largely due to the excessive investment in content, because there is only so much high-quality content. This is something that everyone is competing for, and to a certain extent, it has caused industry competition. With the involution, the content side seems to have more initiative in bargaining, which in turn leads to high content copyright costs. In this way, it may be difficult for advertising revenue and membership revenue to cover the copyright cost of the content invested.</p><p>As for iQiyi, we see that its cost reduction seems to be on the content level.<b>According to media reports, iQiyi has significantly reduced content purchase expenditures since last year. According to Yunhe data, iQiyi released 39 new dramas in the third quarter, a year-on-year decrease of 7; There were 25 new variety shows, a year-on-year decrease of 6. Correspondingly, the full-year content cost in 2022 will be reduced from 20.7 billion last year to 16.5 billion.</b></p><p>Costs are reduced by reducing content investment, but users are content-oriented, and there is no platform loyalty to whose content is good to go. Users do not stay because of the product itself. As a result, it seems to feel like spending money to invite users to watch videos on the platform, but there is nothing you can do about it, because the platform needs continuous content output to retain users. From this perspective, is it sustainable for iQiyi to reduce costs by reducing content spending? This may need to be marked with a big question mark.</p><p>In addition, the cost of content purchase has been reduced. Why can Cute Qiyi determine that limited content purchase is an \"explosion\"?</p><p>Essentially,<b>Long video is actually a content product with a high degree of non-standardization, and the fault tolerance rate of created content is very low. Before it is actually released, no one knows whether this show can be popular or not.</b>It is self-evident that the role of head content as scarce content in attracting new traffic to join, but the platform cannot expect every film with high hopes to become \"Hurricane\". In this way, through the coverage of a variety of content, to increase the probability of producing popular movies and televisions on its own platform.</p><p>From this point of view, although iQiyi's financial results are improving, it seems true that it has significantly reduced content purchase expenditures. In this way, is this progress sustainable? Maybe we just have to leave the answer to time.</p><p><b>2</b></p><p><b>From the screen projection storm to the 28-day controversy: How should iQiyi, which is plagued with negativity, choose?</b></p><p>The financial report information that seems to be full of good news seems to be mixed with some worries.</p><p>According to Bowang Finance, iQiyi membership service revenue was 17.7 billion yuan, a year-on-year increase of 6%; Online advertising service revenue was 5.3 billion yuan, a year-on-year decrease of 25%; Content distribution revenue was 2.5 billion yuan, a year-on-year decrease of 14%; Other revenue was 3.5 billion yuan, a year-on-year decrease of 11%.</p><p><b>Membership revenue increased year-on-year, but advertising revenue decreased year-on-year.</b></p><p>On the one hand, it is related to the economic environment. Advertising is a barometer of economic development. In 2022, affected by the epidemic, many enterprises will also become under pressure and begin to cut advertising budgets. On the other hand, there seems to be a certain contradiction between membership and advertising revenue. In terms of the number of paid members, iQiyi continues to grow. But to some extent, the more paying members, the more people don't watch advertisements, so will the advertising value of the platform become smaller and smaller? This may be worth thinking about.</p><p><b>On the liability level, iQiyi has total assets of 46 billion and total liabilities of 39.7 billion. In terms of liability structure, there are 28 billion current liabilities out of 40 billion liabilities.</b></p><p>In terms of cash flow, the net cash flow generated from operating activities for three consecutive years in 2020, 2021, and 2022 will be negative, which will be-5.4 billion,-5.9 billion, and-70.57 million respectively. The cash flows generated from financing activities were 9.3 billion,-2.9 billion and 4.4 billion respectively.</p><p>It can be seen that for iQiyi, perhaps the most important thing at the moment is to find a way to open up its own new growth curve and further reduce its dependence on membership revenue. At the same time, however, besides commercialization, some other things may also attract the attention of enterprises.</p><p>Previously, the iQiyi App caused a large number of user dissatisfaction due to the restriction of the screen projection function, especially the change of the user agreement also caused dissatisfaction among some old members, and some members even took iQiyi to court. On January 13, the Shanghai Consumer Rights Protection Committee issued a document pointing out that \"iQiyi App's practice of restricting screen projection and charging additional fees is unkind\", arguing that screen projection is a normal usage scenario for mobile users, and consumers pay for it. It is the right of consumers to watch it on mobile phones or screen projections.</p><p>On February 20, iQiyi issued a statement on the optimization of membership services, clarifying that gold VIP members will resume 720P and 1080P definition screen projection services.</p><p><img src=\"https://static.tigerbbs.com/f8a4bd74f48e60f272525e245e06ff00\" tg-width=\"640\" tg-height=\"1286\" referrerpolicy=\"no-referrer\"/></p><p>Users seem to have won this dispute, but there are also media reports that although the issue of restricting screen projection has changed, it is only targeted at gold and above members, and after the membership order expires, high-definition screen projection cannot be subscribed again. From this point of view, it is indeed the user who won, but it doesn't seem to win much.</p><p>In addition, iQiyi has recently been on a hot search because of its \"28-day membership\". In this regard, iQiyi customer service said that the service time of member monthly card is based on the natural month, that is, the service is opened date, and it will be postponed according to the number of days in the natural month of the opening month.</p><p>At first glance, there seems to be no problem, but according to China Economic Weekly, according to statistics, taking the opening time of membership on February 25th as an example, 6 platforms (<a href=\"https://laohu8.com/S/00700\">Tencent</a>Video, Youku, Mango,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Video, Tencent Sports, PP Video) monthly membership service until March 28, a total of 31 days; The membership service of iQiyi and LeTV video platforms will be until March 25th, only 28 days;<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Membership service until March 29.</p><p><b>This comparison gap exists, and iQiyi members may feel a little dissatisfied, which may be easy to understand.</b></p><p>And a long time ago, # iQiyi was convicted of breaking the law #<a href=\"https://laohu8.com/S/WB\">Weibo</a>The topic has also been on the hot search, causing extensive discussion among users. Some netizens believe that the \"paid advance on-demand\" service infringes on the rights and interests of golden VIP members to \"watch hot dramas first\" in disguise.</p><p>From the past to the present, it has to be said that iQiyi members often seem to have dissatisfied voices.</p><p>Some people say that the Internet is forgetful, and it may not take long for everyone to forget many disputes. But the reality is that once you encounter similar situations, people will soon remember what happened in the past.<b>Because the Internet has memory, and the memory time is unlimited. The so-called quick forgetting may just be that the popularity of netizens' attention has dropped. Once an enterprise encounters similar disputes, the previously experienced disputes may be quickly pulled out.</b></p><p>Profitability is something that any enterprise needs to pursue. Paid membership is destined to have a ceiling, and the lack of a second growth curve may also limit the capital market's imagination of the future of enterprises. However, while designing activities and pursuing profits, enterprises should perhaps improve their own activity rules, so that members are less dissatisfied and respect their rights and interests. This is actually to maintain the company's own brand image.</p><p>When sharing his entrepreneurial experience, Wang Huiwen of Meituan mentioned that the most tragic industry in the Internet industry to this day is long video websites.</p><p>For iQiyi, profitability is a good thing. But there may still be a long way to go to stand out in this bitter war.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzA3OTk0MjcxMg==&mid=2647829594&idx=1&sn=9bda81fa5f81b4ff0be5cce34cef877d&chksm=878dc90db0fa401b294958bb15b0411d2399d5630fc1d2c2e4c38d49f4fe8aba17fc9b02df11#rd\">蓝莓财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1381fbe767d2d5a2d71590c11e4464d5","relate_stocks":{"LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","BK4526":"热门中概股","BK1587":"次新股","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","BK1609":"ChatGPT概念","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","BK4108":"电影和娱乐","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","BK4552":"Archegos爆仓风波概念","IQ":"爱奇艺","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","BK4505":"高瓴资本持仓","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","BK1588":"回港中概股","09888":"百度集团-SW","BK1095":"互动媒体与服务","BK1575":"同股不同权","BK4531":"中概回港概念"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzA3OTk0MjcxMg==&mid=2647829594&idx=1&sn=9bda81fa5f81b4ff0be5cce34cef877d&chksm=878dc90db0fa401b294958bb15b0411d2399d5630fc1d2c2e4c38d49f4fe8aba17fc9b02df11#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123499836","content_text":"曾几何时，爱奇艺的盈利难堪称是互联网的一道难题。而在最近，这个难题似乎是被破解开来。近日，爱奇艺公布了2022年第四季度及全年的业绩数据，全年营收为290亿元，平台在non-GAAP标准下实现了22亿元的利润。2022年第四季度的营收为47亿元，同比增长15%；全年会员服务营收177亿元，同比增长6%。咋一看，这无疑是份不错的成绩单。然而不得不说的是，爱奇艺虽然说实现了经营性盈利，但净利润仍亏了1.2个亿，归属母公司的净利润亏了1.36亿，去年爱奇艺净亏损60多亿，仍没给股东挣到钱。而与此同时，最近爱奇艺还有一些负面消息传出。譬如限制会员投屏、一个月会员28天等，这些消息的传出，似乎也给其品牌形象蒙上了一层阴影，至少在围观大众眼里可能是难以接受的。1规模与成本的“二律背反”：长视频仍难逃产业“规模不经济”？移动在线视频平台的江湖，似乎很早就已经是优爱腾的三分天下。然而对于包括爱奇艺在内的平台而言，挣钱这件事，似乎成为等待许久的\"戈多\"，不知道什么时候才能到来。相对于优酷和腾讯，爱奇艺的表现好像还略胜一筹。在刚刚过去的第四季度，爱奇艺会员服务收入达到47亿元，创历史单季收入最高。同期，Non-GAAP运营利润9.79亿元，与上一季度5.24亿元相比，增长87%。此外，爱奇艺的现金流明显改善，自由现金流超8.4亿元，较第三季度增长超过4.7倍，自由现金流连续两个季度为正。而在内容层面上，开年大戏《狂飙》的热播，也着实为其吸引了一大批用户的注意力。据报道，这也打破了内容热度值、用户观看时长等多项平台记录。看得出来，爱奇艺付出了不少努力。无论是内容层面还是降本增效层面都是如此，也确实取得了一定的成效。然而不得不说的是，行业的有些现象级规律爱奇艺似乎仍未找到破局的方法。在笔者看来，长视频一直都是一门规模不经济的生意。为什么这么说？因为在很多人的认知中，移动在线视频平台属于互联网公司，而互联网企业通常喜欢强调网络效应，应该随着企业规模的扩大，固定成本会逐渐被分摊和稀释，利润率自然也就越来越高才对。但移动在线视频平台实际情况却并不是如此。移动在线视频平台其实是一个连接内容与用户的双边网络的形态，从网络效应的效果来看，移动在线视频通过优质的内容吸引用户，内容的优质程度决定了用户量和付费用户量增长的幅度以及平台活跃度等多项指标，而持续的优质内容输出则使平台不断保持较高付费用户增长以及留存的关键，这是在线视频平台网络效应体现的地方。然而优艺腾们之所以因为不盈利而为人诟病，很大程度上也是由于内容方面的投入过高，因为优质内容就那么些，这是各家都在争夺的东西，在一定程度上造成行业竞争的内卷，内容方在议价方面似乎更具备主动权，进而引发内容版权成本高的结果。而这样一来，广告收益会员收益可能难以覆盖投出的内容版权成本。而爱奇艺方面，我们看到它的降本似乎就发力在了内容层面上。据媒体报道，从去年开始爱奇艺就大幅缩减内容购买支出，据云合数据显示，爱奇艺在三季度上新剧集数量39部，同比减少7部；上新综艺25部，同比减少6部。相应的，2022年全年内容成本从去年的207亿减少到165亿。靠缩减内容投入来降低成本，可用户是内容导向型的，谁家的内容好去谁家，并没有什么平台忠诚度，用户不是由于产品自身的原因留下来。如此一来，这似乎有种花钱请用户来平台看视频的感觉，但又无可奈何，因为平台需要持续的内容输出留住用户。从这个维度来看，爱奇艺通过缩减内容支出来降低成本是否可持续呢？这一点或许需要打上一个大大的问号。除此之外，降低内容购买成本了，可爱奇艺凭什么能确定有限的内容购买就是“爆款”呢？从本质上看，长视频其实是一种非标准化程度高的内容产品，创作内容的容错率很低。在真正上映前，没有人知道这部剧到底能不能火。头部内容作为稀缺内容对于吸引新流量加入的作用是不言而喻的，但平台不能指望每一部被寄予厚望的片子都可以成为《狂飙》，这样一来只能通过广撒网的方式，通过多种内容的覆盖，来提高自己平台爆款影视产生的概率。如此看来，爱奇艺的财报成绩虽然在进步，但大幅缩减内容购买支出好像也是事实。如此一来，这种进步是否可持续呢？或许我们只有把答案交给时间了。2从投屏风波到28天争议：负面缠身的爱奇艺该如何抉择？看似喜报连连的财报信息，却似乎也夹杂着一些忧虑。据博望财经报道，爱奇艺会员服务营收177亿元，同比增长6%；在线广告服务营收53亿元，同比减少25%；内容分发营收25亿元，同比减少14%；其他营收35亿元，同比减少11%。会员收入同比增长，但广告营收却同比减少了。一方面，与经济环境有关。广告是经济发展情况的晴雨表，2022年受疫情影响很多企业经营也变得承压，开始削减广告预算。而另一方面，会员和广告两种收益似乎一直存在一定的矛盾，付费会员数量方面，爱奇艺持续增长。但从某种程度上讲，付费会员越多，不看广告的人也变得越来越多了，那么平台的广告投放价值是不是也会越来越小呢？这一点可能值得我们去思考。负债层面上，爱奇艺总资产460亿，总负债397亿。负债结构上，400亿的负债中有280亿的流动负债。而在现金流方面，2020年、2021年、2022年连续三年经营活动产生的现金流净额为负，分别为-54亿、-59亿、-7057万。而筹资活动产生的现金流金额分别为93亿、-29亿以及44亿。看得出，对于爱奇艺而言，眼下最重要的或许还是需要想办法开辟自己的新增长曲线，进一步减少自己对会员营收的依赖。然而与此同时，在商业化以外，一些其它方面的事情或许也应该引起企业的注意才对。此前，爱奇艺App因限制投屏功能引发大量用户不满，尤其是变更用户协议的行为也引起了一些老会员的不满，有会员甚至将爱奇艺告上法庭。1月13日，上海市消费者权益保护委员会发文直指“爱奇艺App限制投屏加收费用的做法不厚道”，认为投屏是移动端用户正常的使用场景，消费者付了钱，在手机上看还是投屏看都是消费者的权利。而在2月20日，爱奇艺发布关于会员服务优化情况说明，明确黄金VIP会员恢复720P和1080P清晰度投屏服务。此次争议用户好像是赢了，但也有媒体报道称，虽然限制投屏问题有所改变，但针对的仅是黄金及以上会员，且会员订单到期后，再订阅也无法高清投屏。如此看来，确实是用户赢了，但感觉似乎赢的并不多。除此之外，爱奇艺最近还因为“28天会员”上了热搜。对此，爱奇艺客服表示，会员月卡服务时间以自然月为统计单位，即自服务开通日期，根据开通当月自然月天数做顺延。乍一听似乎是没什么问题，可据中国经济周刊报道，据统计，以开通会员时间同样是2月25日为例，6家平台（腾讯视频、优酷、芒果、搜狐视频、腾讯体育、PP视频）月会员服务到3月28日，共计31天；爱奇艺和乐视视频两平台会员服务到3月25日，仅28天；哔哩哔哩会员服务到3月29日。这种对比差距存在，爱奇艺会员心里或许会有些不满，这一点可能也容易被理解。而在很早之前，#爱奇艺超前点播庆余年被判违法#微博话题也登上过热搜，引起了用户的广泛讨论。有网友认为“付费超前点播”服务则变相侵害了黄金VIP会员的“热剧抢先看”权益。从过去到现在，不得不说，爱奇艺会员似乎经常有不满的声音传出。有人说，互联网是健忘的，很多争议可能用不了多久大家都会忘掉。可现实是一旦遇到类似的情况，人们很快又会想起过去发生的事。因为互联网是有记忆的，并且记忆时间是无限的。所谓的很快忘掉，可能只是网友关注的热度降了罢了。一旦企业遇到类似的争议，此前经历的争议可能也会很快被人扒出来。盈利，是任何企业都需要追求的东西。付费会员注定是存在天花板的，缺乏第二增长曲线可能也会限制资本市场对企业的未来想象力。但在设计活动、追求盈利的同时，企业或许更应该完善自己的活动规则，让会员少些不满，尊重会员权益。而这其实也是为了维护企业自身的品牌形象。美团王慧文分享自己创业经历时提到过，互联网行业到今天，最惨烈的行业是长视频网站。对于爱奇艺而言，盈利是件好事。但要想在这场惨烈的战争中脱颖而出，可能还有很长一段路要走。","news_type":1,"symbols_score_info":{"IQ":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":1186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}