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Sandany
2021-01-18

The first stock of short videos is here! Understand how Kuaishou makes money in one article

过去数年，短视频战场刀光剑影。硝烟过后，现在只剩下抖音和快手两大寡头傲视江湖。这对永恒的对手之间屡次正面交锋，却始终难分胜负。但在上市进程，快手率先抢跑，或将领先成为“国内短视频第一股”。1月15日，

The first stock of short videos is here! Understand how Kuaishou makes money in one article

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社区成长助手
·2021-01-18
终于等到了您的初发帖[比心][比心]希望您能在老虎社区玩得愉快、赚得开心！如果您想创作优质文章，请查看老虎社区创作指引
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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":334525790,"tweetId":"334525790","gmtCreate":1610926234310,"gmtModify":1704986373387,"author":{"id":3573340408935098,"idStr":"3573340408935098","authorId":3573340408935098,"authorIdStr":"3573340408935098","name":"Sandany","avatar":"https://static.tigerbbs.com/5e86291d7901caf1f1fae76f7fc8afb8","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"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":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/334525790","repostId":1157231802,"repostType":4,"repost":{"id":"1157231802","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":1610767190,"share":"https://ttm.financial/m/news/1157231802?lang=en_US&edition=fundamental","pubTime":"2021-01-16 11:19","market":"hk","language":"zh","title":"The first stock of short videos is here! Understand how Kuaishou makes money in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1157231802","media":"老虎资讯综合","summary":"过去数年，短视频战场刀光剑影。硝烟过后，现在只剩下抖音和快手两大寡头傲视江湖。这对永恒的对手之间屡次正面交锋，却始终难分胜负。但在上市进程，快手率先抢跑，或将领先成为“国内短视频第一股”。1月15日，","content":"In the past few years, the short video battlefield has been full of swords and swords. After the smoke of gunpowder, now only remains<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>And Kuaishou, the two oligarchs, are proud of the Jianghu. This pair of eternal opponents have repeatedly confronted each other head-on, but it is always difficult to tell the winner or loser. However, in the process of listing, Kuaishou took the lead in taking the lead, or will take the lead in becoming \"the first domestic short video stock\".On January 15, information from the website of the Hong Kong Stock Exchange showed that Kuaishou had passed the listing hearing and officially entered the countdown to listing. According to the data set after the hearing, in the first three quarters of 2020, Kuaishou's various financial income data grew rapidly, with total revenue reaching 40.7 billion yuan and e-commerce GMV reaching 204.1 billion yuan, of which 94.5 billion yuan in the third quarter alone. RMB.The funds raised will be used to enhance our ecosystem, strengthen our research and development and technological capabilities, for working capital and general corporate purposes, and for selective acquisition or investment in products, services and businesses that are complementary to our business and in line with our philosophy and growth strategy, particularly in content, mass entertainment and software, in order to improve our technological level, enrich our ecosystem, attract new users to our platform, and expand the range of our products and services.Some investors use personal relationships to \"predetermined shares\"Industry-leading domestic Internet companies will not be cold in the Hong Kong capital market. A fund source said that Kuaishou's share is very hot in the market, and they can only obtain second-hand shares through larger Hong Kong institutions to become an IPO strategic placement fund for individual investors. Before Kuaishou passed the hearing, the Kuaishou IPO strategic placement fund set up by the institution with a subscription starting point of HK $1 million had already been pre-sold.At the same time, sources revealed that Kuaishou's valuation may be lowered compared with the previous expectation of US $50 billion. At present, the market attaches great importance to Kuaishou's IPO. According to informed sources close to the company, some institutional investors are gearing up, even at the expense of using personal relationships to \"predetermined shares\".It is reported that in the past 70 days or so, some investors have looked around for possible closest relationships with core management such as Kuaishou founder Su Hua to get the quota.One picture to understand Kuaishou Technology IPO<img src=\"https://static.tigerbbs.com/3c2be4bc2bfb49a755ce21982c6c5e9b\" tg-width=\"751\" tg-height=\"11146\">How does Kuaishou make money?On November 5, 2020, Kuaishou submitted a prospectus to the Stock Exchange.Live broadcast, e-commerce, and marketing are Kuaishou's three main incomes. Unlike Douyin, the industry leader who came from behind, Kuaishou's commercialization began with live broadcast revenue, while Douyin chose a more mainstream method: advertising. The most intuitive difference brought about by this is that in 2017, Kuaishou's advertising and marketing revenue was only 390 million yuan, while live broadcast was the largest in the world.Later, Kuaishou gradually expanded its advertising business. By the third quarter of 2020, the share of online marketing business in the company's total revenue increased from 28.3% in the first half of 2020 to 32.8%.The expansion of business has brought about an increase in the number of employees, and in a short time, the company has increased from a few thousand to nearly 20,000. Kuaishou now has a total of 19,942 employees, of which R&D personnel account for one third.The new version of the data set shows that Kuaishou grew rapidly in the third quarter, and the three major revenue businesses all achieved substantial growth. As of September 30, the total revenue reached 40.7 billion, including online marketing, live broadcast rewards, and the common growth of e-commerce, online games and other businesses., prompting Kuaishou's single-quarter revenue in the third quarter to be 15.4 billion, accounting for 60.15% of the revenue in the first half of the year.Among them, online marketing services had a revenue of 13.3 billion as of the third quarter, and online marketing revenue accounted for the fastest growth rate of the company's total revenue. Compared with 2017, 2018, 2019 and September 30, 2020, the proportion of this part of revenue increased from 4.7%, 8.2%, 19% all the way up to 32.8%. Live virtual gift reward revenue is 25.3 billion, including e-commerce, online games, education and other revenue of 2.02 billion.Among various indicators, Kuaishou e-commerce GMV performed the fastest, with a single-quarter increase of 94.5 billion in the third quarter. As of September 30, Kuaishou's live e-commerce sales have reached 204.1 billion, with an average repurchase rate of over 65%.Under the rapid growth, Kuaishou's revenue structure has also changed since the third quarter. While the proportion of online marketing business has increased, the proportion of live broadcast reward revenue in the company's total revenue has continued to decline to 62.2%, but the revenue scale has still maintained growth.Unlike many Internet companies that burned money in the early stage and suffered losses for many years, Kuaishou continued to make profits in the previous three years from 2017 to 2019. However, in 2020, when the prospectus was submitted, Kuaishou lost 6.3 billion yuan in half a year due to the sudden increase in huge marketing expenses. As of the third quarter, Kuaishou's adjusted net loss was 7.4 billion yuan.Countdown to listing, business data continues to growCompared with the previously released application version prospectus, Kuaishou maintained its previous momentum in the platform business in the third quarter.In the first nine months of 2020, Kuaishou's full platform DAU is currently 305 million, and the MAU reaches 769 million; By September 30th, the short video inventory of the platform has reached 29 billion, with a total of 14 billion live broadcasts, 2.2 trillion likes and 173.9 billion comments.As of the third quarter of last year, a total of 9 billion content sharings occurred on Kuaishou, an increase of 3 billion times compared to the middle of the year. At the same time, 1 billion new pairs of users who pay attention to each other were added in the third quarter. As of September 30, the total number of pairs of mutual relationships on the Kuaishou platform has reached 9 billion.In addition to the online marketing revenue that has risen rapidly, the revenue from other businesses such as live broadcast e-commerce and online games increased significantly by 1.21 billion yuan in the third quarter, nearly 50% higher than the 810 million in the first half of 2020.As a business that just started in 2018, live broadcast e-commerce is still in the \"training period\" for Kuaishou. The huge GMV and relatively small income are mainly due to the platform's low commission from transactions, and it will also Some agreed subsidies.According to iResearch's analysis, the total merchandise transaction volume of Chinese live broadcast e-commerce is expected to reach 6,417.2 billion yuan in 2025. Judging from the current growth rate, Kuaishou GMV is expected to exceed the 300 billion mark this year.In addition, judging from the trend reflected by the data, the share of live broadcast rewards in Kuaishou's revenue is gradually declining.Whether it is the current Kuaishou and Douyin, or the early game live broadcast platforms Huya and Douyu, it has been discussed whether the company's business will be affected by top anchors and big Vs. According to data from iResearch, the amount of virtual gifts from the top ten anchors of Kuaishou on the platform is less than 5% of the total amount of rewards on the entire platform.Three evolutions and breakthroughsThroughout the history of Kuaishou's development, there are obviously three stages.In the early days, Kuaishou started as a GIF animation making tool. It gained 1 million users within half a year of its launch, and it was in the limelight for a while. But young Kuaishou is not satisfied with making simple tool products. Pure tool products are extremely dependent on external traffic. Moreover, users are generally used to using tools for free, which is difficult to realize. Therefore, Kuaishou is seeking new developments and ushering in a second wave of changes.In 2013, Kuaishou began to make short videos, which kicked off the growth of short video overlord. After the addition of algorithm expert Su Hua, Kuaishou has achieved rapid growth in users. In 2017, Kuaishou's users exceeded tens of millions, and has since entered the fast lane of growth. In 2018, the daily active users of Kuaishou's main site officially exceeded 100 million.I believe many people know that Kuaishou's rapidly growing users mainly come from third-tier cities and below. This is why people have stereotypes such as \"dirty and low\" about Kuaishou. Kuaishou has always adhered to the principle of fairness and inclusiveness in developing products. Therefore, the distribution mechanism naturally tends to give preferential treatment to middle and tail content creators. Such creators are often ordinary people rather than KOLs supported by MCN organizations. The place with the most \"ordinary people\" is not in Beishangguang, but in the vast sinking market.Geographical differences lead to cultural fragmentation. The popular content of different circles varies greatly, and it is difficult to arouse widespread resonance. The overall tonality of the content on Kuaishou is \"down-to-earth\" and close to real life. Naturally, it attracts people in the sinking market who are \"down-to-earth\". And \"authenticity\" makes fans and creators form a closer relationship chain, thus allowing the Kuaishou platform to accumulate enough private domain traffic.How to manage private domain traffic is the first problem that Kuaishou needs to solve. Aauto Quicker first chose live broadcast as the monetization method. It is a continuation of the relationship chain between live broadcast fans and anchors. Fans will reward the anchors, not only to pay more for the live content but also out of their feelings. Judging from Kuaishou's prospectus, live broadcast revenue accounted for more than 70%.If this continues to develop, Kuaishou will become a substantial live broadcast platform. But Kuaishou took a leap and made a third evolution.In the third evolution, Kuaishou broke the circle. \"Earth\" and grounding gas are the impressions that users have formed of Kuaishou over the years. But Kuaishou is speeding up tearing off the labels on its body, from sinking to holding high and hitting high, and quickly attacking first-and second-tier cities. To this end, Kuaishou invited many popular stars such as Bo Huang, Shen Teng, Zheng Shuang, and Z.TAO to settle in. Kuaishou invited Jay Chou as the brand spokesperson for the live broadcast, and the cumulative number of viewers finally exceeded 68 million. In order to build momentum as much as possible. In October last year, Kuaishou also held a huge party called \"One Thousand and One Nights\", inviting Yang Mi, Meng Meiqi, Shen Teng, Huang Bo and many other A-list stars. All this demonstrates Kuaishou's ambition to break the circle upward.To the surprise of many people, the achievements in breaking the circle are remarkable. Up to 45% of users in Kuaishou today are from first-and second-tier cities. Aauto Quicker changed his body and started again.Where is the new growth engine?As the pace of breaking the circle accelerates, the business model has also been rapidly adjusted.In the second evolution, the most direct way to monetize Kuaishou's huge private domain traffic is live broadcast. The live broadcast revenue mainly comes from users purchasing virtual gifts from the platform, and the revenue can be confirmed when giving them to the anchor. On the basis of Kuaishou's expanding user base, live broadcast revenue has increased year by year. From 2017 to 2019, the company's live broadcast revenue was 7.949 billion yuan, 18.615 billion yuan, and 31.442 billion yuan, respectively, with a compound growth of 98.88%.But it is worth noting that Kuaishou's new growth curve is taking shape. Judging from the prospectus, from 2017 to the first three quarters of 2020, Kuaishou's live broadcast revenue accounted for 95.32%, 91.70%, 80.37% and 62.2% respectively. In recent years, the proportion of live broadcast revenue has decreased significantly because Kuaishou's advertising and e-commerce business is growing rapidly.The e-commerce business, similar to live broadcast, also relies on the huge private domain traffic of the platform, and relies heavily on the relationship chain between fans and anchors. Moreover, the buying and selling relationship has been based on trust since ancient times, and e-commerce business is the best externalized appearance of \"trust economy\". Since Kuaishou launched its e-commerce business in 2018, the transaction volume of the platform has increased exponentially, with GMV reaching 204.1 billion yuan in the first three quarters of 2020. Compared with January 2020, the number of platform buyers increased by 68% and the number of sellers increased by 74% in August 2020.After Kuaishou has become the fourth pole of e-commerce, benefiting from the increase in the overall penetration rate of live broadcast e-commerce and the increase in Kuaishou's future monetization rate, Kuaishou's e-commerce business still has broader room for imagination.More noteworthy is the rapid expansion of the advertising business. From 2017 to 2019, Kuaishou's advertising business revenue was 391 million yuan, 1.665 billion yuan, and 7.419 billion yuan respectively, with a compound growth rate of 335.60%. In the first three quarters of 2020, it reached 13.3 billion yuan. Unlike live broadcast and e-commerce, the advertising business relies on public domain traffic, which is not what Kuaishou is good at.But Kuaishou, who is seeking change, is not resting on its laurels and is making up for its own shortcomings. In addition to the aforementioned Kuaishou attacking first-and second-tier cities to expand its user base, it can be seen from Kuaishou's product revision that Kuaishou is learning from the advantages of Douyin. Kuaishou has added a \"Selected\" column to the page, similar to Douyin's full-screen up-and-down browsing mode, which reduces users' decision-making time when using the APP, making Kuaishou more \"addictive\" to users and enhancing user stickiness. On the other hand, in the selection mode, users eliminate the step of selecting videos to watch, which can shorten the path for advertisements to reach users and contribute to the further development of advertising business.Overall, on the basis of maintaining the live broadcast business, Kuaishou's future focus may focus on the development of advertising and e-commerce.epilogueAfter Kuaishou tears off the old-era labels such as \"earthy flavor\" and \"low\", it will usher in a more diversified impression. With the diversification of community culture, business realization is also becoming diversified. Monetization methods other than live broadcast income are full of imagination.As a scarce target in the short video track, Kuaishou's attractiveness in the Hong Kong stock market is naturally self-evident, and it is most likely the hottest new stock. From the perspective of long-term investment, more attention should be paid to the imagination space brought by the new growth engine.","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>The first stock of short videos is here! Understand how Kuaishou makes money in one article</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\">\nThe first stock of short videos is here! Understand how Kuaishou makes money in one article\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老虎资讯综合 \n2021-01-16 11:19\n</div>\n</a>\n</h4>\n</header>\n<article>\nIn the past few years, the short video battlefield has been full of swords and swords. After the smoke of gunpowder, now only remains<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>And Kuaishou, the two oligarchs, are proud of the Jianghu. This pair of eternal opponents have repeatedly confronted each other head-on, but it is always difficult to tell the winner or loser. However, in the process of listing, Kuaishou took the lead in taking the lead, or will take the lead in becoming \"the first domestic short video stock\".On January 15, information from the website of the Hong Kong Stock Exchange showed that Kuaishou had passed the listing hearing and officially entered the countdown to listing. According to the data set after the hearing, in the first three quarters of 2020, Kuaishou's various financial income data grew rapidly, with total revenue reaching 40.7 billion yuan and e-commerce GMV reaching 204.1 billion yuan, of which 94.5 billion yuan in the third quarter alone. RMB.The funds raised will be used to enhance our ecosystem, strengthen our research and development and technological capabilities, for working capital and general corporate purposes, and for selective acquisition or investment in products, services and businesses that are complementary to our business and in line with our philosophy and growth strategy, particularly in content, mass entertainment and software, in order to improve our technological level, enrich our ecosystem, attract new users to our platform, and expand the range of our products and services.Some investors use personal relationships to \"predetermined shares\"Industry-leading domestic Internet companies will not be cold in the Hong Kong capital market. A fund source said that Kuaishou's share is very hot in the market, and they can only obtain second-hand shares through larger Hong Kong institutions to become an IPO strategic placement fund for individual investors. Before Kuaishou passed the hearing, the Kuaishou IPO strategic placement fund set up by the institution with a subscription starting point of HK $1 million had already been pre-sold.At the same time, sources revealed that Kuaishou's valuation may be lowered compared with the previous expectation of US $50 billion. At present, the market attaches great importance to Kuaishou's IPO. According to informed sources close to the company, some institutional investors are gearing up, even at the expense of using personal relationships to \"predetermined shares\".It is reported that in the past 70 days or so, some investors have looked around for possible closest relationships with core management such as Kuaishou founder Su Hua to get the quota.One picture to understand Kuaishou Technology IPO<img src=\"https://static.tigerbbs.com/3c2be4bc2bfb49a755ce21982c6c5e9b\" tg-width=\"751\" tg-height=\"11146\">How does Kuaishou make money?On November 5, 2020, Kuaishou submitted a prospectus to the Stock Exchange.Live broadcast, e-commerce, and marketing are Kuaishou's three main incomes. Unlike Douyin, the industry leader who came from behind, Kuaishou's commercialization began with live broadcast revenue, while Douyin chose a more mainstream method: advertising. The most intuitive difference brought about by this is that in 2017, Kuaishou's advertising and marketing revenue was only 390 million yuan, while live broadcast was the largest in the world.Later, Kuaishou gradually expanded its advertising business. By the third quarter of 2020, the share of online marketing business in the company's total revenue increased from 28.3% in the first half of 2020 to 32.8%.The expansion of business has brought about an increase in the number of employees, and in a short time, the company has increased from a few thousand to nearly 20,000. Kuaishou now has a total of 19,942 employees, of which R&D personnel account for one third.The new version of the data set shows that Kuaishou grew rapidly in the third quarter, and the three major revenue businesses all achieved substantial growth. As of September 30, the total revenue reached 40.7 billion, including online marketing, live broadcast rewards, and the common growth of e-commerce, online games and other businesses., prompting Kuaishou's single-quarter revenue in the third quarter to be 15.4 billion, accounting for 60.15% of the revenue in the first half of the year.Among them, online marketing services had a revenue of 13.3 billion as of the third quarter, and online marketing revenue accounted for the fastest growth rate of the company's total revenue. Compared with 2017, 2018, 2019 and September 30, 2020, the proportion of this part of revenue increased from 4.7%, 8.2%, 19% all the way up to 32.8%. Live virtual gift reward revenue is 25.3 billion, including e-commerce, online games, education and other revenue of 2.02 billion.Among various indicators, Kuaishou e-commerce GMV performed the fastest, with a single-quarter increase of 94.5 billion in the third quarter. As of September 30, Kuaishou's live e-commerce sales have reached 204.1 billion, with an average repurchase rate of over 65%.Under the rapid growth, Kuaishou's revenue structure has also changed since the third quarter. While the proportion of online marketing business has increased, the proportion of live broadcast reward revenue in the company's total revenue has continued to decline to 62.2%, but the revenue scale has still maintained growth.Unlike many Internet companies that burned money in the early stage and suffered losses for many years, Kuaishou continued to make profits in the previous three years from 2017 to 2019. However, in 2020, when the prospectus was submitted, Kuaishou lost 6.3 billion yuan in half a year due to the sudden increase in huge marketing expenses. As of the third quarter, Kuaishou's adjusted net loss was 7.4 billion yuan.Countdown to listing, business data continues to growCompared with the previously released application version prospectus, Kuaishou maintained its previous momentum in the platform business in the third quarter.In the first nine months of 2020, Kuaishou's full platform DAU is currently 305 million, and the MAU reaches 769 million; By September 30th, the short video inventory of the platform has reached 29 billion, with a total of 14 billion live broadcasts, 2.2 trillion likes and 173.9 billion comments.As of the third quarter of last year, a total of 9 billion content sharings occurred on Kuaishou, an increase of 3 billion times compared to the middle of the year. At the same time, 1 billion new pairs of users who pay attention to each other were added in the third quarter. As of September 30, the total number of pairs of mutual relationships on the Kuaishou platform has reached 9 billion.In addition to the online marketing revenue that has risen rapidly, the revenue from other businesses such as live broadcast e-commerce and online games increased significantly by 1.21 billion yuan in the third quarter, nearly 50% higher than the 810 million in the first half of 2020.As a business that just started in 2018, live broadcast e-commerce is still in the \"training period\" for Kuaishou. The huge GMV and relatively small income are mainly due to the platform's low commission from transactions, and it will also Some agreed subsidies.According to iResearch's analysis, the total merchandise transaction volume of Chinese live broadcast e-commerce is expected to reach 6,417.2 billion yuan in 2025. Judging from the current growth rate, Kuaishou GMV is expected to exceed the 300 billion mark this year.In addition, judging from the trend reflected by the data, the share of live broadcast rewards in Kuaishou's revenue is gradually declining.Whether it is the current Kuaishou and Douyin, or the early game live broadcast platforms Huya and Douyu, it has been discussed whether the company's business will be affected by top anchors and big Vs. According to data from iResearch, the amount of virtual gifts from the top ten anchors of Kuaishou on the platform is less than 5% of the total amount of rewards on the entire platform.Three evolutions and breakthroughsThroughout the history of Kuaishou's development, there are obviously three stages.In the early days, Kuaishou started as a GIF animation making tool. It gained 1 million users within half a year of its launch, and it was in the limelight for a while. But young Kuaishou is not satisfied with making simple tool products. Pure tool products are extremely dependent on external traffic. Moreover, users are generally used to using tools for free, which is difficult to realize. Therefore, Kuaishou is seeking new developments and ushering in a second wave of changes.In 2013, Kuaishou began to make short videos, which kicked off the growth of short video overlord. After the addition of algorithm expert Su Hua, Kuaishou has achieved rapid growth in users. In 2017, Kuaishou's users exceeded tens of millions, and has since entered the fast lane of growth. In 2018, the daily active users of Kuaishou's main site officially exceeded 100 million.I believe many people know that Kuaishou's rapidly growing users mainly come from third-tier cities and below. This is why people have stereotypes such as \"dirty and low\" about Kuaishou. Kuaishou has always adhered to the principle of fairness and inclusiveness in developing products. Therefore, the distribution mechanism naturally tends to give preferential treatment to middle and tail content creators. Such creators are often ordinary people rather than KOLs supported by MCN organizations. The place with the most \"ordinary people\" is not in Beishangguang, but in the vast sinking market.Geographical differences lead to cultural fragmentation. The popular content of different circles varies greatly, and it is difficult to arouse widespread resonance. The overall tonality of the content on Kuaishou is \"down-to-earth\" and close to real life. Naturally, it attracts people in the sinking market who are \"down-to-earth\". And \"authenticity\" makes fans and creators form a closer relationship chain, thus allowing the Kuaishou platform to accumulate enough private domain traffic.How to manage private domain traffic is the first problem that Kuaishou needs to solve. Aauto Quicker first chose live broadcast as the monetization method. It is a continuation of the relationship chain between live broadcast fans and anchors. Fans will reward the anchors, not only to pay more for the live content but also out of their feelings. Judging from Kuaishou's prospectus, live broadcast revenue accounted for more than 70%.If this continues to develop, Kuaishou will become a substantial live broadcast platform. But Kuaishou took a leap and made a third evolution.In the third evolution, Kuaishou broke the circle. \"Earth\" and grounding gas are the impressions that users have formed of Kuaishou over the years. But Kuaishou is speeding up tearing off the labels on its body, from sinking to holding high and hitting high, and quickly attacking first-and second-tier cities. To this end, Kuaishou invited many popular stars such as Bo Huang, Shen Teng, Zheng Shuang, and Z.TAO to settle in. Kuaishou invited Jay Chou as the brand spokesperson for the live broadcast, and the cumulative number of viewers finally exceeded 68 million. In order to build momentum as much as possible. In October last year, Kuaishou also held a huge party called \"One Thousand and One Nights\", inviting Yang Mi, Meng Meiqi, Shen Teng, Huang Bo and many other A-list stars. All this demonstrates Kuaishou's ambition to break the circle upward.To the surprise of many people, the achievements in breaking the circle are remarkable. Up to 45% of users in Kuaishou today are from first-and second-tier cities. Aauto Quicker changed his body and started again.Where is the new growth engine?As the pace of breaking the circle accelerates, the business model has also been rapidly adjusted.In the second evolution, the most direct way to monetize Kuaishou's huge private domain traffic is live broadcast. The live broadcast revenue mainly comes from users purchasing virtual gifts from the platform, and the revenue can be confirmed when giving them to the anchor. On the basis of Kuaishou's expanding user base, live broadcast revenue has increased year by year. From 2017 to 2019, the company's live broadcast revenue was 7.949 billion yuan, 18.615 billion yuan, and 31.442 billion yuan, respectively, with a compound growth of 98.88%.But it is worth noting that Kuaishou's new growth curve is taking shape. Judging from the prospectus, from 2017 to the first three quarters of 2020, Kuaishou's live broadcast revenue accounted for 95.32%, 91.70%, 80.37% and 62.2% respectively. In recent years, the proportion of live broadcast revenue has decreased significantly because Kuaishou's advertising and e-commerce business is growing rapidly.The e-commerce business, similar to live broadcast, also relies on the huge private domain traffic of the platform, and relies heavily on the relationship chain between fans and anchors. Moreover, the buying and selling relationship has been based on trust since ancient times, and e-commerce business is the best externalized appearance of \"trust economy\". Since Kuaishou launched its e-commerce business in 2018, the transaction volume of the platform has increased exponentially, with GMV reaching 204.1 billion yuan in the first three quarters of 2020. Compared with January 2020, the number of platform buyers increased by 68% and the number of sellers increased by 74% in August 2020.After Kuaishou has become the fourth pole of e-commerce, benefiting from the increase in the overall penetration rate of live broadcast e-commerce and the increase in Kuaishou's future monetization rate, Kuaishou's e-commerce business still has broader room for imagination.More noteworthy is the rapid expansion of the advertising business. From 2017 to 2019, Kuaishou's advertising business revenue was 391 million yuan, 1.665 billion yuan, and 7.419 billion yuan respectively, with a compound growth rate of 335.60%. In the first three quarters of 2020, it reached 13.3 billion yuan. Unlike live broadcast and e-commerce, the advertising business relies on public domain traffic, which is not what Kuaishou is good at.But Kuaishou, who is seeking change, is not resting on its laurels and is making up for its own shortcomings. In addition to the aforementioned Kuaishou attacking first-and second-tier cities to expand its user base, it can be seen from Kuaishou's product revision that Kuaishou is learning from the advantages of Douyin. Kuaishou has added a \"Selected\" column to the page, similar to Douyin's full-screen up-and-down browsing mode, which reduces users' decision-making time when using the APP, making Kuaishou more \"addictive\" to users and enhancing user stickiness. On the other hand, in the selection mode, users eliminate the step of selecting videos to watch, which can shorten the path for advertisements to reach users and contribute to the further development of advertising business.Overall, on the basis of maintaining the live broadcast business, Kuaishou's future focus may focus on the development of advertising and e-commerce.epilogueAfter Kuaishou tears off the old-era labels such as \"earthy flavor\" and \"low\", it will usher in a more diversified impression. With the diversification of community culture, business realization is also becoming diversified. Monetization methods other than live broadcast income are full of imagination.As a scarce target in the short video track, Kuaishou's attractiveness in the Hong Kong stock market is naturally self-evident, and it is most likely the hottest new stock. From the perspective of long-term investment, more attention should be paid to the imagination space brought by the new growth engine.\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba1c60fefa674cba3ae8162054ec912e","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157231802","content_text":"过去数年，短视频战场刀光剑影。硝烟过后，现在只剩下抖音和快手两大寡头傲视江湖。这对永恒的对手之间屡次正面交锋，却始终难分胜负。但在上市进程，快手率先抢跑，或将领先成为“国内短视频第一股”。1月15日，来自港交所网站信息显示，快手已通过上市聆讯，正式进入上市倒计时。据聆讯后资料集显示，2020年前三季度，快手各项财务收入数据增长迅速，总收入达407亿元人民币，电商GMV达2,041亿元人民币，其中仅第三季度就达945亿元人民币。筹集资金将用于增强生态系统、加强研发及技术能力、用作营运资金及一般企业用途，以及用于选择性收购或投资与我们业务互补及符合我们理念和增长策略的产品、服务及业务，尤其是内容、大众娱乐和软件方面，以提高我们的技术水平，丰富生态系统，吸引新用户进入我们的平台，并扩大我们的产品及服务范围等方面。部分投资者动用私人关系“预定份额”行业龙头级别的国内互联网公司在香港资本市场不会遇冷。一位基金人士表示，快手的份额在市场上非常火爆，他们只能通过更大型的香港机构获得二手份额，做成面向个人投资者的IPO战略配售基金。在快手还没有通过聆讯前，该机构设立的认购起点为100万港元的快手IPO战略配售基金早已预售一空。同时，有消息人士透露，相较于此前500亿美元的预期，快手的估值可能有所下调。眼下，市场对快手此次IPO颇为看重。从接近公司的知情人士处了解到，部分机构投资者已经摩拳擦掌，甚至不惜动用私人关系“预定份额”。据悉，在过去70多天，部分投资人四处寻找可能与快手创始人宿华等核心管理层最近的关系以拿到额度。一图看懂快手科技IPO快手如何赚钱？2020年11月5日，快手向联交所递交了招股书。直播、电商、营销是快手的三大主要收入。与后来居上的行业老大抖音不同的是，快手的商业化始于直播收入，而抖音选择的是更主流的方式：广告。这带来最直观的区别是，在2017年时，快手的广告营销收入仅有3.9亿元，而直播做到了全球最大。后来，快手逐步扩大广告业务，到2020年三季度，在线营销业务占公司总收入的的份额从2020年上半年的28.3%，上升到32.8%。业务的扩张带来了员工数量的上升，在短短的时间里公司由几千人增至近2万人。现在的快手共有19942名员工，其中研发人员占三分之一。新版资料集显示，快手三季度增长迅猛，三大主要收入业务均获得大幅增长，截至9月30日的总收入达到407亿，包括在线营销、直播打赏以及电商、在线游戏等业务的共同增长，促使快手三季度单季收入154亿，达到整个上半年收入的60.15%。其中在线营销服务截至三季度收入133亿，在线营销收入占公司总收入份额的增速最快，对比2017、2018、2019年及2020年9月30日，这部分收入的占比一路从4.7%、8.2%、19%一路上升到32.8%。直播虚拟礼物打赏收入253亿，包括电商、在线游戏、教育等收入20.2亿。在各项指标中，快手电商GMV的表现最为迅猛，三季度单季增长945亿。截至9月30日，快手直播电商销售额已达2041亿，平均复购率超过65%。高速增长之下，三季度以来快手的收入结构也在变化，在线营销业务占比上升的同时，直播打赏收入占公司总收入的占比继续下降至62.2%，但收入规模仍保持着增长。与众多互联网公司前期烧钱长年亏损不同，快手此前三年2017-2019年持续盈利，但在递交招股书的2020年，快手因为突增的巨大营销支出，半年亏损了63亿元。截至三季度，快手经调整后的亏损净额为74亿元。上市倒计时，业务数据持续增长相比此前发布的申请版招股书，三季度快手在平台业务上维持了此前的势头。2020年前9月，快手全平台DAU目前为3.05亿，MAU达到7.69亿；平台短视频库存到9月30日已累计达到290亿个，共发生直播140亿次，收获了2.2万亿赞和1739亿条评论。去年截至三季度，快手上总共发生了90亿次内容分享，相比年中新增了30亿次。同时三季度还新增了10亿对互相关注的用户，截至9月30日快手平台互关总对数已达90亿。除了已经快速上行的在线营销收入外，源于直播电商、在线游戏等其他业务收入在三季度单季大幅增长12.1亿元，比2020年整个上半年的8.1亿高出近50%。作为2018年才起步的业务，直播电商对快手来说仍是处于“培养期”的业务，庞大的GMV与相对较小的收入，主要源于平台从交易中抽成很低，而且还会对一些商定给予补贴。据艾瑞咨询分析，中国直播电商的商品交易总额预计在2025达到64172亿元。以目前增速看，快手GMV有望在今年突破3000亿大关。此外，从数据反映的趋势来看，直播打赏所占快手收入份额正逐渐走低。无论是现在的快手、抖音，还是早期的游戏直播平台虎牙、斗鱼，都因公司业务是否会受到头部主播、大V的影响而备受讨论。艾瑞咨询的数据显示，快手来自平台前十大主播的虚拟礼物金额，不到整个平台全部打赏总金额的5%。三次进化与突围纵观快手发展史，明显出现了三次阶段。初期，快手以GIF动图制作工具起家。其上线半年时间便斩获100万用户，风头一时无两。但年轻的快手并不满足于只做简单的工具产品。单纯的工具型产品对于外部流量极为依赖。而且用户普遍习惯免费使用工具，难以变现。因此，快手寻求新的发展，迎来了第二波变革。2013年快手开始发力做短视频，拉开了短视频霸主的成长序幕。在算法专家宿华的加入后，快手实现了用户的快速增长。2017年，快手的用户突破千万级，此后进入增长快车道。2018年，快手主站日活正式突破1亿。相信很多人都了解到，快手快速增长的用户，主要来源于三线及以下城市。这是为什么，人们对快手有“土、low”等刻板印象。快手一直坚持开发产品中遵守公平普惠的原则。因此在分发机制上就天然地倾向于优待中尾部内容创作者。这类的创作者往往都是普通人而非有MCN机构支持的KOL。而“普通人”最多的地方不在北上广，而是广大的下沉市场。地理位置的差异，导致出现文化的割裂。不同圈层的流行内容差异大，难以引起广泛共鸣。快手上的内容整体调性“接地气”，接近真实生活。吸引的自然也是“接地气”的下沉市场的民众。而“真实”，使粉丝和创作者之间形成更加紧密的关系链，从而让快手平台沉淀了足够多的私域流量。如何经营私域流量，是快手首先需要解决的问题。快手首先选择了以直播为变现方式。直播是粉丝和主播之间的关系链的延续，粉丝会为主播打赏，不仅是为直播内容买单更多还是出于彼此间的情感。从快手的招股书来看，直播收入占比超过7成。这么发展下去，快手就会成为一个实质上的直播平台。但快手纵身一跃，进行了第三次进化。在第三个进化中，快手破圈。“土”、接地气，是用户对快手多年以来形成的印象。但快手正在加快撕掉身上的标签，从下沉到高举高打，迅速向一二线城市进攻。为此，快手邀请了黄渤、沈腾、郑爽、黄子韬等众多当红明星入驻。快手邀请了周杰伦做品牌代言人进行直播，最终累计观看人次突破6800万。为了极尽造势之能势。去年10月，快手还举办了一场声势浩大的名为“一千零一夜”的晚会，邀请了杨幂、孟美岐、沈腾、黄渤等众多一线明星。这一切，彰显了快手向上破圈的野心。出乎很多人意料的是，破圈的成绩斐然。如今的快手有高达45%的用户是来自一二线城市。快手摇身一变，再次重新出发。新增长引擎在何方随着破圈步伐加快，商业模式也迅速调整。在第二次进化中，快手庞大的私域流量最直接的变现方式就是直播。直播收入主要来自用户购买平台虚拟礼物，在赠送给主播时得以确认营收。在快手不断扩张的用户基数的基础上，直播收入逐年上升。2017年-2019年，公司直播收入分别为79.49亿元、186.15亿元、314.42亿元，复合增长98.88%。但值得注意的是，快手的新成长曲线在成型。从招股书来看，2017年-2020年前三季度，快手直播营收占比分别为95.32%、91.70%、80.37%和62.2%。近年来直播收入占比明显在减小，是因为快手的广告和电商业务正在高速增长。电商业务，与直播类似的是，它也是依靠平台庞大的私域流量，非常依赖粉丝与主播间的关系链。而且买卖关系自古以来都是建立在信任的基础上，电商业务正是“信任经济”最好的外化表象。自快手于2018年推出电商业务后，平台交易额呈现指数型上升，2020年前三季度GMV达到2041亿元。相比于2020年1月，2020年8月平台买家数增长68%，卖家数增长74%。在快手已经成为电商第四极后，受益于直播电商整体的渗透率增加以及快手未来货币化率的提升，快手的电商业务还有更广阔的想象空间。更值得注意的是广告业务的迅猛扩张。2017年-2019年，快手的广告业务营收分别为3.91亿元、16.65亿元、74.19亿元，复合增速335.60%。2020年前三季度更是达到133亿元。与直播和电商不同，广告业务依赖的是公域流量，这本不是快手所擅长的。但正在求变的快手并没有固步自封，正在弥补自己的不足。除了前面提到过的快手在进攻一二线城市扩大用户群之外，从快手对产品的改版就可以看出，快手正在学习抖音的优点。快手在页面上添加了“精选”栏目，类似抖音的全屏上下滑的浏览模式，减少用户在使用APP时的决策时间，使得快手能够对于用户更具“成瘾性”，增强用户粘性。另一方面，精选模式下，用户免去了挑选视频观看的步骤，可以让广告触达到用户的路径变短，有助于广告业务的进一步发展。总体来看，在守好直播业务的基础上，未来快手的看点可能要聚焦于广告和电商的发展。结语快手在撕掉“土味”、“low”等旧时代的标签后，将会迎来更加多元化的印象。随着社区文化的多元化，商业变现方面也在变得多元化。直播收入以外的变现方式，充满想象空间。作为短视频赛道的稀缺标的，快手在港股市场上的吸引力自然不言而喻，大概率是最热门的新股。而从长期投资角度，更应关注新增长引擎带来的想象空间。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":2705,"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":[{"id":3345007,"commentId":"3345007","gmtCreate":1610926524634,"gmtModify":1680773499527,"authorId":3527667803686145,"author":{"id":35276678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href=\"https://laohu8.com/TW/934879903\">老虎社区创作指引</a>","text":"终于等到了您的初发帖[比心][比心]希望您能在老虎社区玩得愉快、赚得开心！如果您想创作优质文章，请查看<a href=\"https://laohu8.com/TW/934879903\">老虎社区创作指引</a>","html":"终于等到了您的初发帖[比心][比心]希望您能在老虎社区玩得愉快、赚得开心！如果您想创作优质文章，请查看<a href=\"https://laohu8.com/TW/934879903\">老虎社区创作指引</a>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}