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山风_8300
2021-06-29

Blue City Brothers' "Same Sex" Business Experience

蓝城兄弟作为亚洲LGBTQ群体的隐秘聚集地，在流量到顶后能否走通流量变现的闭环？ 6月中旬，号称“粉红第一股”的蓝城兄弟（Blued）公布了一季度财报，这家专注于LGBTQ垂直社交的企业交上了一份看

Blue City Brothers' "Same Sex" Business Experience

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":159274965,"tweetId":"159274965","gmtCreate":1624972892257,"gmtModify":1703849125725,"author":{"id":3572785300913507,"idStr":"3572785300913507","authorId":3572785300913507,"authorIdStr":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>?</body></html>","htmlText":"<html><head></head><body>?</body></html>","text":"?","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/159274965","repostId":1139578847,"repostType":4,"repost":{"id":"1139578847","kind":"news","pubTimestamp":1624961586,"share":"https://ttm.financial/m/news/1139578847?lang=en_US&edition=fundamental","pubTime":"2021-06-29 18:13","market":"us","language":"zh","title":"Blue City Brothers' \"Same Sex\" Business Experience","url":"https://stock-news.laohu8.com/highlight/detail?id=1139578847","media":"BT财经","summary":"蓝城兄弟作为亚洲LGBTQ群体的隐秘聚集地，在流量到顶后能否走通流量变现的闭环？\n\n6月中旬，号称“粉红第一股”的蓝城兄弟（Blued）公布了一季度财报，这家专注于LGBTQ垂直社交的企业交上了一份看","content":"<a href=\"https://laohu8.com/S/BLCT\">Blue City Brothers</a>As a secret gathering place for the LGBTQ community in Asia, can it go through the closed loop of traffic monetization after the traffic reaches its peak? In mid-June, Blued, known as the \"No. 1 stock in *\", announced its first-quarter financial report. This company focusing on LGBTQ vertical social networking handed in a looking good performance answer sheet.The financial report shows that in terms of the number of users, the overall MAU (monthly active users) of Blue City Brothers reached 8.3 million, a year-on-year increase of 37.5%, and the number of paid members also reached a record high of 640,000, a year-on-year increase of 47.8%.According to Blue City Brothers, its software has the largest market share in the LGBTQ social field in China and other parts of Asia (including India, South Korea, Thailand and Vietnam). In 2021, it will also make efforts in Latin America to continue to explore the international market. The number of users can continue to increase in the future.However, from the perspective of business data, in the first quarter of 2021, Blue City Brothers achieved operating income of 271.1 million yuan, a year-on-year increase of 31%, and a loss of 52.1 million yuan. In the same period of 2020, it was a loss of 7.6 million yuan, and the loss expanded by 585% year-on-year.The year-on-year growth rate of operating income looks good, but the loss has expanded instead. What happened to the Blue City brothers who increased revenue but did not increase profits?Users reach the top, and increment depends on buyingBlue City Brothers, the first stock in * 's economy, still can only rely on the live broadcast business to support the sky, and the vigorously cultivated health business is still in its infancy.Previously affected by the celebrity surrogacy incident, the \"gay\" family surrogacy business, an important part of Blue City Brothers' business closed loop, was also forced to close, and publicly announced the termination of the business in the first quarter report of 2021.Blue City's business development does not seem to be affected by this black swan incident, and the year-on-year growth rate of business revenue is still considerable. In 2020, it will successively acquire two same-sex social platforms, LESDO and FINKA.In the first quarter after the completion of the acquisition, BT Finance re-examined the data of Blue City Brothers and found: Fortunately, Blue City's business has finally emerged from the weak state in 2020.The user increment data of Blue City Brothers in the first quarter looks very gratifying, but by lengthening the timeline, it is not difficult to find that the increase in data is not as optimistic as imagined.Since the second half of 2019, the user growth of Bluetown Brothers has stagnated.In the three quarters from the third quarter of 2019 to the first quarter of 2020, the number of monthly active users of Blue City Brothers continued to maintain a low growth rate, with the quarter-on-quarter growth rate not exceeding 5%.Among them, the number of monthly active users in the fourth quarter of 2019 hardly increased, and the number of users in the first quarter of 2020 only increased by 2% to about 130,000. The sluggish momentum is very obvious.<img src=\"https://static.tigerbbs.com/75346e503d44c0ff1d2cf41ea5b04990\" tg-width=\"938\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Blue City Brothers may also realize that users are beginning to enter the stock crisis, and other methods must be used.After its successful listing in July 2020, Blue City Brothers completed the acquisition of LESDO, a vertical social community for women, and Finka, a social software for men, in August and December 2020, respectively.As a result, the growth rate of monthly active users in the fourth quarter of 2020 and the first quarter of 2021 changed from the previous weakness and increased significantly. In the fourth quarter of 2020, the number of monthly active users reached 7.6 million, an increase of 20.6% from the previous quarter. In the first quarter of 2021, the number of monthly active users reached 8.3 million people, an increase of 9.21% from the previous quarter.Blue City Brothers did not disclose the ratio of monthly active data among Blued, Finka, and Lesdo softwares in the annual report, so we cannot know how much of the increase in users comes from the superposition of the base and how much comes from the growth of endogenous operations.According to reports, Finka, as a vertical social app for men, has more than 3 million registered users; LESDO is a representative of women's vertical social field, reaching 8 million registrations as early as 2018. Based on Blued's own monthly active user ratio of about 1/8, these two apps will contribute about 1.5 million new monthly active users.Therefore, in the past two quarters, most of the net increase of 2 million monthly active users of Blue City Brothers has come from the data merger of the acquisition of LESDO and Finka, and the increase of less than 500,000 has come from endogenous growth. The average quarter-on-quarter growth rate is still less than 5%.According to statistics from Frost & Sullivan, a well-known global growth consulting firm, the proportion of LGBTQ people in the whole is about 6%. Based on this calculation, the number of potential LGBTQ people in China is as high as 84 million, but after excluding non-age people, non-mobile network users and some \"deep cabinet\" people, the number of LGBTQ people willing to use social software is not so large.According to the data disclosed by Blued, the number of registered users of Blued alone has reached 59 million in the third quarter of 2020. Calculated based on half of the foreign population (half of the monthly active users are overseas people), the number of registered users in China is nearly 30 million. It can be said that the coverage of the population has basically been achieved and it tends to be saturated.That is to say, in the LGBTQ social field, user traffic has reached a ceiling.If Blue City Brothers wants to maintain the rapid growth of user scale, they can only choose horizontal expansion: either merge with competitors in the same industry or expand to overseas markets.More and more like<a href=\"https://laohu8.com/S/MOMO\">Momo</a>？After the successful integration with LESD and Finka, the overall MAU data of Blue City Brothers has indeed increased significantly, supporting the imagination of the future, but the business revenue has changed in the opposite way: the fourth quarter of 2020 and the first quarter of 2021 Although the revenue still increased compared with the same period last year, from a quarter-on-quarter perspective, there have been two consecutive declines. Compared with the total revenue of 297 million yuan in the third quarter of 2020, the revenue in the fourth quarter of 2020 fell by about 6.3% from the previous quarter to 279 million yuan, and the revenue in the first quarter of 2021 continued to decline to 271 million yuan.Even from the perspective of year-on-year growth rate, the business growth rate in the fourth quarter of 2020 was only 24%, and the revenue growth rate in the first quarter of 2021 was only 30.7%, which is not only lower than the overall average growth rate of 35.8% in 2020, but also lower than The growth rate in the first quarter of 2020 was 42.7%.Even if factors such as the Spring Festival will lead to seasonal fluctuations in revenue in the first quarter, considering the small base under the impact of the epidemic in the first quarter of 2020 and the new merger and acquisition of the two companies by Blue City Brothers, such revenue performance is really lower than market expectations.<img src=\"https://static.tigerbbs.com/6363c81e8155b159ce04b825b11f8807\" tg-width=\"943\" tg-height=\"569\" referrerpolicy=\"no-referrer\">Similarly, socializing with strangers, one is heterosexual socializing with mainstream groups, and the other is vertical LGBTQ socializing. Momo and Blue City Brothers have a lot in common. Some people even say that Blue City Brothers are just like Momo two years ago.In 2018, Momo acquired Tantan; In 2020, Blued acquired Finka, and Tantan and Finka are both screening and matching social software with swipe left and right mode, which has become an important business supplement to Momo and Blued.From the perspective of revenue business composition, Momo and Blued are also very similar-the main source of revenue is the live broadcast business.Although Momo's live broadcast business revenue only accounted for about 64% of the total revenue in 2020, in 2018, Momo's live broadcast revenue accounted for as high as 79.8%. In 2020, Blued's live broadcast business accounted for 84% of total revenue.From the perspective of input-output ratio, the benefits of Blue City Brothers are far less than those of Momo.In 2015, Momo's annual revenue was also about 1 billion yuan. The difference is that Momo had already started to make profits at that time, while Blued is still in a state of loss, and there is a tendency to expand losses.<img src=\"https://static.tigerbbs.com/3cb0d61d309e04fd4220418281f041d7\" tg-width=\"895\" tg-height=\"540\" referrerpolicy=\"no-referrer\">From the perspective of input and output of expenses, the current sales investment ratio of Blue City Brothers is lower than that of Momo in 2015, and the R&D investment ratio is equivalent to that of Momo in 2015, but it has not achieved the same profit as Momo in 2015, let alone compared with the low investment and high return of Momo now.<img src=\"https://static.tigerbbs.com/307be7e9d23e2eea272836073efe91f3\" tg-width=\"895\" tg-height=\"539\" referrerpolicy=\"no-referrer\">In short, the high amount of money invested by Blue City Brothers not only failed to help itself achieve a rapid increase in revenue, but also failed to help itself achieve a profit from negative to positive.Burning money ineffectively is the most terrible thing.Due to the ceiling problem of the stock market, Blue City Brothers has to continue to enter the international market. Every country and every region needs a matching software version, and it needs to be promoted and operated to cultivate carefully.As a result, the R&D expenses and sales expenses of Blue City Brothers have always been maintained at a high level, but the return on business income and the realization effect of traffic are not good.Secret New Business-\"Comrade\" HealthIn the revenue structure of Blue City Brothers, live broadcast revenue is the absolute bulk, accounting for more than 80% of the share.According to the changes in live broadcast business revenue in the past year, live broadcast business revenue, like the original number of Blued users, has encountered a ceiling bottleneck.In the fourth quarter of 2020 and the first quarter of 2021, live broadcast business revenue showed a downward trend, with business revenue in the fourth quarter falling by 12% month-on-month.The increase in users brought about by mergers and acquisitions did not have a beneficial direct impact on the live broadcast business.<img src=\"https://static.tigerbbs.com/fee5deefcc0dedb711c8362b17f048c3\" tg-width=\"820\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Due to the particularity of same-sex social interaction, its live broadcast business has repeatedly been exposed to \"edge ball\" incidents.According to media reports, many of Blued's live broadcast rooms violate the rules for live broadcast. \"Some anchors open live broadcasts during the day with the theme of 'Men's Team Catwalk', and the 'models' on the 'T-stage' wear uniform white underwear.\"\"In the process of interaction between anchors, there is no lack of suggestive chat content\".Such a live broadcast scale is an absolute red line of rules on other live broadcast platforms, and it is basically impossible to pass the review. Once it faces regulatory intervention in the future, it is unknown whether Blue City Brothers' live broadcast business revenue will encounter the risk of business shrinkage.In contrast, the membership payment business and health business are booming.<img src=\"https://static.tigerbbs.com/ee09bddab4899653070924311ac37533\" tg-width=\"817\" tg-height=\"495\" referrerpolicy=\"no-referrer\">In the first quarter of 2021, the number of paying users increased significantly, with a quarter-on-quarter increase of 23.55% and a year-on-year increase of 47.8%, which directly affected the membership service business revenue to increase by 75.9% year-on-year to 26.4 million yuan.This shows that with the regional monopoly position and intensive cultivation of the LGBTQ vertical field, the user stickiness of Blue City Brothers continues to increase.On the one hand, user stickiness is the moat for Blue City Brothers to resist risks in the future development process. On the other hand, these paying users also provide a consumer base for the health product consumption business.To realize the change of the core of the business, we cannot ignore the rapidly growing and high-hoped Hall Health product sales business of Blue City Brothers.In the first quarter of 2021, the commodity sales revenue from Hall Health was 11.4 million yuan, a year-on-year increase of 297.7%.Previously, Blued's e-commerce business content was mainly limited to male health products and sexual appliances, and the exploration of user needs was not in-depth.But after 2019, Blue City Brothers launched an independent health service brand \"Hall Health\", which took HIV detection, blocking, prevention and treatment as the breakthrough point, and deeply approached the unspeakable \"health needs\" of gay men.<img src=\"https://static.tigerbbs.com/9dacdcffc26e47e705848fcf3e4a0b48\" tg-width=\"1055\" tg-height=\"515\" referrerpolicy=\"no-referrer\">The earliest transmission of HIV began among gay men in the United States in the 1980s. Because of the special sexual behavior, gay men have always been the hardest hit area of HIV-infected people. In the United States and Europe, gay and bisexual men are the main HIV-infected groups.According to the China Health Commission, of the 96,000 new cases identified in the first three quarters of 2016, 28% were MSM (male gay sexual contacts), compared with only 2.5% in 2006.The threat of AIDS to gay men is far higher than that of ordinary people, so this group has a higher demand for AIDS protection, detection and blocking.Blue City Brothers has seized this \"unspeakable\" health segment. After taking AIDS health services as the entry point, Hall Health has also expanded other \"unspeakable\" health services such as sexual dysfunction and hair loss. With the accurate docking and in-depth binding of its user groups, it has opened up a unique, niche but irreplaceable health business path.Compared with the sale of health care products and sexual appliances through e-commerce, Hall Health's business has higher consumption frequency, greater consumption potential, and deeper consumption binding.In less than two years since the establishment of Hall Health Business, the business has developed rapidly and is expected to become the Blue City Brothers' next live broadcast<a href=\"https://laohu8.com/S/ABCD\">newly born</a>The core business has truly opened up the closed business loop from traffic to consumption, and the story of * 's economy has finally become complete.Although compared with traditional heterosexual social platforms such as Momo, the traffic pool of Blue City Brothers' business is naturally at a disadvantage. Therefore, Momo only needs to deeply operate in the domestic region, and it can gain much more than the Blue City brothers' hard work to develop overseas markets.However, with a relatively niche field + absolute market share, Blue City Brothers has gained more sticky users, stronger market barriers and business growth with clear paths.From obtaining user traffic to binding user consumption, from realizing live broadcasts to realizing health services, the business story of Blue City Brothers may be \"difficult to tell\", but it also exudes its unique brilliance of \"small but beautiful\".","source":"lsy1588993976395","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>Blue City Brothers' \"Same Sex\" Business Experience</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\">\nBlue City Brothers' \"Same Sex\" Business Experience\n</h2>\n<h4 class=\"meta\">\n\nBT财经2021-06-29 18:13\n\n</h4>\n</header>\n<article>\n<a href=\"https://laohu8.com/S/BLCT\">Blue City Brothers</a>As a secret gathering place for the LGBTQ community in Asia, can it go through the closed loop of traffic monetization after the traffic reaches its peak? In mid-June, Blued, known as the \"No. 1 stock in *\", announced its first-quarter financial report. This company focusing on LGBTQ vertical social networking handed in a looking good performance answer sheet.The financial report shows that in terms of the number of users, the overall MAU (monthly active users) of Blue City Brothers reached 8.3 million, a year-on-year increase of 37.5%, and the number of paid members also reached a record high of 640,000, a year-on-year increase of 47.8%.According to Blue City Brothers, its software has the largest market share in the LGBTQ social field in China and other parts of Asia (including India, South Korea, Thailand and Vietnam). In 2021, it will also make efforts in Latin America to continue to explore the international market. The number of users can continue to increase in the future.However, from the perspective of business data, in the first quarter of 2021, Blue City Brothers achieved operating income of 271.1 million yuan, a year-on-year increase of 31%, and a loss of 52.1 million yuan. In the same period of 2020, it was a loss of 7.6 million yuan, and the loss expanded by 585% year-on-year.The year-on-year growth rate of operating income looks good, but the loss has expanded instead. What happened to the Blue City brothers who increased revenue but did not increase profits?Users reach the top, and increment depends on buyingBlue City Brothers, the first stock in * 's economy, still can only rely on the live broadcast business to support the sky, and the vigorously cultivated health business is still in its infancy.Previously affected by the celebrity surrogacy incident, the \"gay\" family surrogacy business, an important part of Blue City Brothers' business closed loop, was also forced to close, and publicly announced the termination of the business in the first quarter report of 2021.Blue City's business development does not seem to be affected by this black swan incident, and the year-on-year growth rate of business revenue is still considerable. In 2020, it will successively acquire two same-sex social platforms, LESDO and FINKA.In the first quarter after the completion of the acquisition, BT Finance re-examined the data of Blue City Brothers and found: Fortunately, Blue City's business has finally emerged from the weak state in 2020.The user increment data of Blue City Brothers in the first quarter looks very gratifying, but by lengthening the timeline, it is not difficult to find that the increase in data is not as optimistic as imagined.Since the second half of 2019, the user growth of Bluetown Brothers has stagnated.In the three quarters from the third quarter of 2019 to the first quarter of 2020, the number of monthly active users of Blue City Brothers continued to maintain a low growth rate, with the quarter-on-quarter growth rate not exceeding 5%.Among them, the number of monthly active users in the fourth quarter of 2019 hardly increased, and the number of users in the first quarter of 2020 only increased by 2% to about 130,000. The sluggish momentum is very obvious.<img src=\"https://static.tigerbbs.com/75346e503d44c0ff1d2cf41ea5b04990\" tg-width=\"938\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Blue City Brothers may also realize that users are beginning to enter the stock crisis, and other methods must be used.After its successful listing in July 2020, Blue City Brothers completed the acquisition of LESDO, a vertical social community for women, and Finka, a social software for men, in August and December 2020, respectively.As a result, the growth rate of monthly active users in the fourth quarter of 2020 and the first quarter of 2021 changed from the previous weakness and increased significantly. In the fourth quarter of 2020, the number of monthly active users reached 7.6 million, an increase of 20.6% from the previous quarter. In the first quarter of 2021, the number of monthly active users reached 8.3 million people, an increase of 9.21% from the previous quarter.Blue City Brothers did not disclose the ratio of monthly active data among Blued, Finka, and Lesdo softwares in the annual report, so we cannot know how much of the increase in users comes from the superposition of the base and how much comes from the growth of endogenous operations.According to reports, Finka, as a vertical social app for men, has more than 3 million registered users; LESDO is a representative of women's vertical social field, reaching 8 million registrations as early as 2018. Based on Blued's own monthly active user ratio of about 1/8, these two apps will contribute about 1.5 million new monthly active users.Therefore, in the past two quarters, most of the net increase of 2 million monthly active users of Blue City Brothers has come from the data merger of the acquisition of LESDO and Finka, and the increase of less than 500,000 has come from endogenous growth. The average quarter-on-quarter growth rate is still less than 5%.According to statistics from Frost & Sullivan, a well-known global growth consulting firm, the proportion of LGBTQ people in the whole is about 6%. Based on this calculation, the number of potential LGBTQ people in China is as high as 84 million, but after excluding non-age people, non-mobile network users and some \"deep cabinet\" people, the number of LGBTQ people willing to use social software is not so large.According to the data disclosed by Blued, the number of registered users of Blued alone has reached 59 million in the third quarter of 2020. Calculated based on half of the foreign population (half of the monthly active users are overseas people), the number of registered users in China is nearly 30 million. It can be said that the coverage of the population has basically been achieved and it tends to be saturated.That is to say, in the LGBTQ social field, user traffic has reached a ceiling.If Blue City Brothers wants to maintain the rapid growth of user scale, they can only choose horizontal expansion: either merge with competitors in the same industry or expand to overseas markets.More and more like<a href=\"https://laohu8.com/S/MOMO\">Momo</a>？After the successful integration with LESD and Finka, the overall MAU data of Blue City Brothers has indeed increased significantly, supporting the imagination of the future, but the business revenue has changed in the opposite way: the fourth quarter of 2020 and the first quarter of 2021 Although the revenue still increased compared with the same period last year, from a quarter-on-quarter perspective, there have been two consecutive declines. Compared with the total revenue of 297 million yuan in the third quarter of 2020, the revenue in the fourth quarter of 2020 fell by about 6.3% from the previous quarter to 279 million yuan, and the revenue in the first quarter of 2021 continued to decline to 271 million yuan.Even from the perspective of year-on-year growth rate, the business growth rate in the fourth quarter of 2020 was only 24%, and the revenue growth rate in the first quarter of 2021 was only 30.7%, which is not only lower than the overall average growth rate of 35.8% in 2020, but also lower than The growth rate in the first quarter of 2020 was 42.7%.Even if factors such as the Spring Festival will lead to seasonal fluctuations in revenue in the first quarter, considering the small base under the impact of the epidemic in the first quarter of 2020 and the new merger and acquisition of the two companies by Blue City Brothers, such revenue performance is really lower than market expectations.<img src=\"https://static.tigerbbs.com/6363c81e8155b159ce04b825b11f8807\" tg-width=\"943\" tg-height=\"569\" referrerpolicy=\"no-referrer\">Similarly, socializing with strangers, one is heterosexual socializing with mainstream groups, and the other is vertical LGBTQ socializing. Momo and Blue City Brothers have a lot in common. Some people even say that Blue City Brothers are just like Momo two years ago.In 2018, Momo acquired Tantan; In 2020, Blued acquired Finka, and Tantan and Finka are both screening and matching social software with swipe left and right mode, which has become an important business supplement to Momo and Blued.From the perspective of revenue business composition, Momo and Blued are also very similar-the main source of revenue is the live broadcast business.Although Momo's live broadcast business revenue only accounted for about 64% of the total revenue in 2020, in 2018, Momo's live broadcast revenue accounted for as high as 79.8%. In 2020, Blued's live broadcast business accounted for 84% of total revenue.From the perspective of input-output ratio, the benefits of Blue City Brothers are far less than those of Momo.In 2015, Momo's annual revenue was also about 1 billion yuan. The difference is that Momo had already started to make profits at that time, while Blued is still in a state of loss, and there is a tendency to expand losses.<img src=\"https://static.tigerbbs.com/3cb0d61d309e04fd4220418281f041d7\" tg-width=\"895\" tg-height=\"540\" referrerpolicy=\"no-referrer\">From the perspective of input and output of expenses, the current sales investment ratio of Blue City Brothers is lower than that of Momo in 2015, and the R&D investment ratio is equivalent to that of Momo in 2015, but it has not achieved the same profit as Momo in 2015, let alone compared with the low investment and high return of Momo now.<img src=\"https://static.tigerbbs.com/307be7e9d23e2eea272836073efe91f3\" tg-width=\"895\" tg-height=\"539\" referrerpolicy=\"no-referrer\">In short, the high amount of money invested by Blue City Brothers not only failed to help itself achieve a rapid increase in revenue, but also failed to help itself achieve a profit from negative to positive.Burning money ineffectively is the most terrible thing.Due to the ceiling problem of the stock market, Blue City Brothers has to continue to enter the international market. Every country and every region needs a matching software version, and it needs to be promoted and operated to cultivate carefully.As a result, the R&D expenses and sales expenses of Blue City Brothers have always been maintained at a high level, but the return on business income and the realization effect of traffic are not good.Secret New Business-\"Comrade\" HealthIn the revenue structure of Blue City Brothers, live broadcast revenue is the absolute bulk, accounting for more than 80% of the share.According to the changes in live broadcast business revenue in the past year, live broadcast business revenue, like the original number of Blued users, has encountered a ceiling bottleneck.In the fourth quarter of 2020 and the first quarter of 2021, live broadcast business revenue showed a downward trend, with business revenue in the fourth quarter falling by 12% month-on-month.The increase in users brought about by mergers and acquisitions did not have a beneficial direct impact on the live broadcast business.<img src=\"https://static.tigerbbs.com/fee5deefcc0dedb711c8362b17f048c3\" tg-width=\"820\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Due to the particularity of same-sex social interaction, its live broadcast business has repeatedly been exposed to \"edge ball\" incidents.According to media reports, many of Blued's live broadcast rooms violate the rules for live broadcast. \"Some anchors open live broadcasts during the day with the theme of 'Men's Team Catwalk', and the 'models' on the 'T-stage' wear uniform white underwear.\"\"In the process of interaction between anchors, there is no lack of suggestive chat content\".Such a live broadcast scale is an absolute red line of rules on other live broadcast platforms, and it is basically impossible to pass the review. Once it faces regulatory intervention in the future, it is unknown whether Blue City Brothers' live broadcast business revenue will encounter the risk of business shrinkage.In contrast, the membership payment business and health business are booming.<img src=\"https://static.tigerbbs.com/ee09bddab4899653070924311ac37533\" tg-width=\"817\" tg-height=\"495\" referrerpolicy=\"no-referrer\">In the first quarter of 2021, the number of paying users increased significantly, with a quarter-on-quarter increase of 23.55% and a year-on-year increase of 47.8%, which directly affected the membership service business revenue to increase by 75.9% year-on-year to 26.4 million yuan.This shows that with the regional monopoly position and intensive cultivation of the LGBTQ vertical field, the user stickiness of Blue City Brothers continues to increase.On the one hand, user stickiness is the moat for Blue City Brothers to resist risks in the future development process. On the other hand, these paying users also provide a consumer base for the health product consumption business.To realize the change of the core of the business, we cannot ignore the rapidly growing and high-hoped Hall Health product sales business of Blue City Brothers.In the first quarter of 2021, the commodity sales revenue from Hall Health was 11.4 million yuan, a year-on-year increase of 297.7%.Previously, Blued's e-commerce business content was mainly limited to male health products and sexual appliances, and the exploration of user needs was not in-depth.But after 2019, Blue City Brothers launched an independent health service brand \"Hall Health\", which took HIV detection, blocking, prevention and treatment as the breakthrough point, and deeply approached the unspeakable \"health needs\" of gay men.<img src=\"https://static.tigerbbs.com/9dacdcffc26e47e705848fcf3e4a0b48\" tg-width=\"1055\" tg-height=\"515\" referrerpolicy=\"no-referrer\">The earliest transmission of HIV began among gay men in the United States in the 1980s. Because of the special sexual behavior, gay men have always been the hardest hit area of HIV-infected people. In the United States and Europe, gay and bisexual men are the main HIV-infected groups.According to the China Health Commission, of the 96,000 new cases identified in the first three quarters of 2016, 28% were MSM (male gay sexual contacts), compared with only 2.5% in 2006.The threat of AIDS to gay men is far higher than that of ordinary people, so this group has a higher demand for AIDS protection, detection and blocking.Blue City Brothers has seized this \"unspeakable\" health segment. After taking AIDS health services as the entry point, Hall Health has also expanded other \"unspeakable\" health services such as sexual dysfunction and hair loss. With the accurate docking and in-depth binding of its user groups, it has opened up a unique, niche but irreplaceable health business path.Compared with the sale of health care products and sexual appliances through e-commerce, Hall Health's business has higher consumption frequency, greater consumption potential, and deeper consumption binding.In less than two years since the establishment of Hall Health Business, the business has developed rapidly and is expected to become the Blue City Brothers' next live broadcast<a href=\"https://laohu8.com/S/ABCD\">newly born</a>The core business has truly opened up the closed business loop from traffic to consumption, and the story of * 's economy has finally become complete.Although compared with traditional heterosexual social platforms such as Momo, the traffic pool of Blue City Brothers' business is naturally at a disadvantage. Therefore, Momo only needs to deeply operate in the domestic region, and it can gain much more than the Blue City brothers' hard work to develop overseas markets.However, with a relatively niche field + absolute market share, Blue City Brothers has gained more sticky users, stronger market barriers and business growth with clear paths.From obtaining user traffic to binding user consumption, from realizing live broadcasts to realizing health services, the business story of Blue City Brothers may be \"difficult to tell\", but it also exudes its unique brilliance of \"small but beautiful\".\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/-hDx2-K4AmZSsgjKwzmprg\">BT财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b04c4a552ab5210706bb7ed078cf967","relate_stocks":{"BLCT":"蓝城兄弟"},"source_url":"https://mp.weixin.qq.com/s/-hDx2-K4AmZSsgjKwzmprg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139578847","content_text":"蓝城兄弟作为亚洲LGBTQ群体的隐秘聚集地，在流量到顶后能否走通流量变现的闭环？\n\n6月中旬，号称“粉红第一股”的蓝城兄弟（Blued）公布了一季度财报，这家专注于LGBTQ垂直社交的企业交上了一份看起来还不错的业绩答卷。\n财报显示，从用户人数来看，蓝城兄弟的整体MAU（月活用户）数量达到了830万人，同比增长37.5%，付费会员数也达到了历史新高64万人，同比增长47.8%。\n据蓝城兄弟表述，其软件在中国、亚洲其他地区（包括印度、韩国、泰国和越南）的LGBTQ社交领域均市场占有率第一，2021年还将在拉丁美洲发力，继续开拓国际市场，未来用户数量持续增加可期。\n不过从业务数据看，2021年一季度，蓝城兄弟实现营业收入2.711亿元，同比增长31%，亏损5210万元，2020年同期为亏损760万元，亏损幅度同比扩大了585%。\n营业收入同比增速看起来还不错，但亏损反而扩大了，增收不增利的蓝城兄弟遭遇了什么？\n用户到顶，增量靠买\n粉红经济第一股蓝城兄弟如今依然只能依赖直播业务撑起一片天，大力培育的健康业务还处于萌芽之中。\n此前受明星代孕事件影响，蓝城兄弟商业闭环中的重要组成部分——“同志”家庭代孕业务也被迫关闭，并且在2021年一季度报告里公开宣布业务终止。\n蓝城的业务开展似乎并没有受到这一黑天鹅事件的影响，业务收入同比增速依然可观，2020年接连收购LESDO、FINKA两大同性社交平台。\n完成收购后的第一个季度，BT财经重新审视蓝城兄弟的数据发现：还好，蓝城业务终于走出了2020年的乏力状态。\n蓝城兄弟一季度的用户增量数据看起来很喜人，但把时间轴拉长，不难发现，数据的增加并没有想象中那么乐观。\n从2019年下半年开始，蓝城兄弟的用户增长就出现停滞，从2019年三季度到2020年一季度的三个季度里，蓝城兄弟的月活用户数持续维持低速增长，环比增速均不超过5%。\n其中，2019年四季度的月活用户几乎未有增加，2020年一季度的用户数量也仅增加2%约13万人，势头萎靡十分明显。\n\n蓝城兄弟可能也意识到：用户开始步入存量危机，必须要动用其他办法了。\n2020年7月成功上市后，蓝城兄弟分别在2020年8月和12月，完成了对女性垂直社交社区LESDO和男性社交软件Finka的收购。\n于是2020年四季度和2021年一季度的月活用户增速一改此前的疲态，大幅增加，2020年四季度月活用户达到760万人，环比增加20.6%，2021年一季度月活用户达830万人，环比增加9.21%。\n蓝城兄弟并没有在年报中披露月活数据在Blued、Finka、Lesdo三个软件之间的比例是什么，因此我们无法得知用户增加有多少来自于基数的叠加、多少来自于内生运营增长。\n据报道，Finka作为男性垂直社交app，注册用户数量超过300万；而LESDO则是女性垂直社交领域的代表，早在2018年就达到了800万的注册量。按照Blued本身大约1/8的月活用户比例来计算，这两个app将贡献约150万的新增月活用户。\n因此近两个季度以来，蓝城兄弟月活用户净增加的200万中，大部分都是来自于收购LESDO、Finka的数据合并，只有不到50万的增量来自于内生增长，平均单季度环比增速依然不足5%。\n著名全球增长咨询公司Frost&Sullivan统计数据显示，LGBTQ人群在整体当中的比例约为6%。如果以此计算，中国的潜在LGBTQ人群数量高达8400万，但排除非适龄人群、非移动网络使用人群和一些“深柜”人群后，愿意使用社交软件的LGBTQ人群数量并没有这么多。\n根据Blued披露的数据，仅Blued注册用户在2020年三季度时就已经达到了5900万，按照其中一半的外国人群计算（月活用户一半为海外人群），中国的注册用户数将近3000万，可以说已经基本实现了人群的覆盖，趋于饱和。\n也就是说在LGBTQ社交领域，用户流量已经出现了天花板，蓝城兄弟想要维持用户规模的快速增长就只能选择横向的扩张：要么与同业竞争者合并、要么向海外市场扩张。\n越来越像陌陌？\n在与LESD、Finka成功整合之后，蓝城兄弟整体的MAU数据确实出现了大幅增长，支撑了未来的想象空间，但是业务收入却出现了与之相反的变化：2020年四季度和2021年一季度的营收虽然与去年同期相比仍有增长，但从环比上看却出现了两连降。相比于2020年三季度2.97亿元的总营收，2020年四季度的营收环比下滑了约6.3%、为2.79亿元，2021年一季度的营收继续下降为2.71亿元。\n即便是从同比增速来看，2020年四季度业务增速仅为24%，2021年一季度营收增速仅为30.7%，不仅低于2020年整体平均增速35.8%、更低于2020年一季度的增速42.7%。\n即便春节等因素会导致一季度收入出现季节性波动，但考虑到2020年一季度疫情影响下基数不大以及蓝城兄弟新并购整合了两家企业情况下，如此的营收表现，着实是低于市场预期的。\n\n同样做陌生人社交，一个是做主流群体的异性社交，一个是做垂直的LGBTQ社交，陌陌和蓝城兄弟有着非常多的共通之处，更有人说，蓝城兄弟就像是两年前的陌陌一样。\n2018年，陌陌收购了探探；2020年，Blued收购了Finka，而探探、Finka都是左滑右滑模式的筛选配对社交软件，成为了陌陌和Blued的重要业务补充。\n从营收业务构成来看，陌陌与Blued也十分相似——主要收入来源都是直播业务。\n尽管2020年陌陌的直播业务收入仅占据总收入的64%左右，但在2018年时，陌陌直播收入的占比也曾高达79.8%。而2020年Blued直播业务占总营收的比例为84%。\n如果从投入产出比上看，蓝城兄弟的效益远不及陌陌。\n陌陌在2015年时年营收也是10亿元左右的规模，不同的是彼时的陌陌就已经开始盈利了，Blued至今仍然处于亏损状态，而且有亏损扩大的趋势。\n\n从费用的投入产出来看，当前蓝城兄弟的销售投入比例低于2015年的陌陌，研发投入比例与2015年的陌陌相当，却并没有像陌陌在2015年时一样，实现盈利，更不用和现在的陌陌的低投入高回报相比了。\n\n简而言之，蓝城兄弟投入的高额资金不仅没有帮助自身实现营收快速增加，也没有帮助自己实现利润由负转正。\n无效烧钱最为可怕。\n由于存量市场天花板问题，蓝城兄弟不得不持续向国际市场进军，每一个国家、每一个区域都需要与之相匹配的软件版本、都需要推广运营来细心耕耘。\n这导致蓝城兄弟的研发开支和销售开支始终维持在较高的水平，但业务收入回报和流量变现效果却并不佳。\n隐秘新业务——“同志”健康\n在蓝城兄弟的收入结构中，直播收入是其中绝对的大头，占据80%以上的份额。\n根据过去一年以来的直播业务收入变化情况来看，直播业务收入与原本Blued用户数量一样，遭遇了天花板瓶颈。\n2020年四季度和2021年一季度直播业务收入都呈现下滑态势，其中四季度业务收入环比下降12%。\n并购带来的用户增量并没有给直播业务带来有益的直接影响。\n\n由于同性社交带有一定的特殊性，其直播业务屡屡被曝出“打擦边球”的事件。\n据媒体报道，Blued的不少直播间都存在违反规则进行直播的现象。“有些主播以‘男团走秀’为主题在日间开通直播，‘T台’上的‘模特们’身上穿着统一的白色内裤。”\n“主播之间的互动过程中，不乏充满暗示意味的聊天内容”。\n这样的直播尺度，在其他直播平台上是绝对的规则红线，基本无法过审。一旦未来面临监管介入后，蓝城兄弟的直播业务收入是否将遭遇业务萎缩的风险不得而知。\n与之相对的是会员付费业务和健康业务发展欣欣向荣。\n\n2021年一季度，付费用户数量大幅提升，环比增加23.55%、同比增长47.8%，直接影响会员服务业务收入同比增长 75.9%，达到2640万元。\n这说明凭借区域的垄断地位和对LGBTQ垂直领域的深耕细作，蓝城兄弟的用户粘性在持续提升。\n一方面，用户粘性是蓝城兄弟未来发展过程中抵御风险的护城河。另一方面，这些付费用户也为健康产品消费业务提供了消费人群基础。\n要实现业务核心的变更，我们不可忽视的是蓝城兄弟快速增长并被寄予厚望的荷尔健康商品销售业务。\n2021年一季度来自荷尔健康的商品销售收入为1140万元，同比增长297.7%。\n此前Blued的电商业务内容也主要局限于男性保健品与性器具，对用户需求的发掘并不深入。\n但2019年后，蓝城兄弟推出了独立健康服务品牌“荷尔健康”，以HIV的检测、阻断、预防和治疗为切入点，深入贴近了男同群体们不可言说的“健康需求”。\n\nHIV最早的传播就是从20世纪80年代的美国男同群体之间开始的。由于特殊的性行为方式，男同一直是HIV感染者的重灾区。在美国和欧洲，男性同性恋和双性恋男性是主要HIV感染群体。\n据中国卫健委透露，在2016年前三个季度识别出的96000例新发病例中，28%为MSM（男性同性恋性接触者），而这一数据在2006年仅为2.5%。\n艾滋对于男同群体的威胁远比普通人更高，因此这一群体对艾滋的防护、检测、阻断需求也更高。\n蓝城兄弟正是抓住了这一个“不可言说”的健康细分领域。把艾滋健康服务作为切入口之后，荷尔健康还拓展了性功能障碍、脱发等其他“难以启齿”的健康服务，凭借其用户群体的准确对接和深入绑定，开拓出了一条独特、小众却无可替代的健康业务之路。\n相比于通过电商售卖保健品与性器具，荷尔健康业务的消费频次更高、消费潜力更大、消费绑定也更加深入。\n荷尔健康业务成立两年不到的时间里，业务发展迅速，有望成为蓝城兄弟继直播之后的新生核心业务，真正打通了从流量到消费的商业闭环，粉红经济的故事脉络终于趋于完整。\n虽然相比于陌陌等传统异性社交平台，蓝城兄弟业务的流量池天然处于劣势。所以陌陌仅需深度经营国内区域，就能比蓝城兄弟辛苦开拓海外市场的收获多得多。\n但凭借相对小众的领域+绝对的市场占有率，蓝城兄弟得到的是更加有粘性的用户、更加坚固的市场壁垒以及路径清晰的业务增长。\n从得到用户流量到绑定用户消费，从直播变现到健康服务变现，蓝城兄弟的商业故事或许“难以启齿”，但也散发着其“小而美”的独特光辉。","news_type":1,"symbols_score_info":{"BLCT":0.9}},"isVote":1,"tweetType":1,"viewCount":2640,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}