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This time Kwai tiktok is faster than shaking.

2020-11-08 11:26:26 Osc-u Cheo1dn1

Produce | NetEase Technology 《 state °C》 Column group

source | NetEase Technology

author | Science

stay “ Shake ” I'll catch up with you , Yesterday evening , Tiktok submitted a prospectus to Kwai before the trembling sound. .

Experience user scale 、 After several rounds of fierce competition such as commercialization , Tiktok and Kwai almost chose to list on the HKEx. , Competition is obvious .

Benefit from short video , Kwai's income grew faster. . The prospectus shows ,2017、2018、2019 year , Kwai Fu income is respectively 83 One hundred million yuan 、203 Million dollars 391 RMB 100 million . By the end of this year 6 month 30 Japan , Kwai Fu income 253 Billion , Year-on-year growth 48%.

01

Live broadcast is the first source of Kwai's income.

live broadcast 、 Online marketing services and other businesses ( Including e-commerce business 、 Online games and other value-added services ) The main source of income for Kwai Chung. .

The prospectus shows , Kwai is the world's largest live broadcast platform with virtual gifts and water live and average monthly payment. . since 2017 - 2019 year , Kwai live broadcast business revenue is respectively 79   One hundred million yuan 、186 One hundred million yuan, and 314 One hundred million yuan .2020 Years ago 6 Months , Kwai live broadcast business revenue 173 RMB 100 million .

however , The proportion of live broadcast revenue in total revenue is decreasing year by year . The prospectus shows , The proportion has changed from 2017 In all of the 95.3% Narrowed to 2020 In the first half of 68.5%.

The prospectus shows , The main reason for structural optimization is the rapid growth of online marketing service revenue .2020  In the first half of , Kwai line online marketing service revenue reached RMB 72 One hundred million yuan , That's up from the same period last year 222.5%. Three years ago , The proportion of marketing service revenue on total revenue is Kwai Fu online. 4.7%、8.2%、19.0%, The proportion was up to 2020 year 6 month 30 In the six months ended, it was further increased to 28.3%.

Kwai Kong Electric providers , The prospectus shows , Platform driven GMV from 2018 RMB in 9,660 Ten thousand yuan to 2019 RMB in 596 One hundred million yuan , And by the 2019 In the first half of 34 Billion yuan to 2020 In the first half of 1096 One hundred million yuan .

02

Advertising alone in the first half of the year 133 Billion

Kwai's revenue has been growing at a high speed. , Losses are also growing .2017 year 、2018 year 、2019 And the first half of this year , Its net losses are 200 One hundred million yuan 、124 One hundred million yuan 、197 One hundred million yuan, 681 One hundred million yuan .

Non IFRS measurement , Quickly in 2017 year 、2018 year 、2019 The adjusted net profit in 7.77 One hundred million yuan 、1.82 One hundred million yuan 、13 One hundred million yuan . First half of this year , The adjusted net loss is 63 One hundred million yuan .

according to the understanding of , The difference between the two is 600 The amount of more than 100 million is due to changes in the fair value of convertible redeemable preferred shares . This is more common in Internet companies , For example, meituan appeared before it was listed “ Loss of natural resources ”, But it's not that the business really has a big problem .

Remove the controversy , We can also see that , Before this year 6 Months , Kwai Kong operating loss 75.7 One hundred million yuan , The operating profit of the same period last year was 10.9 One hundred million yuan . The reason for this is that in the first half of this year, the investment in promotion and advertising reached 133 Billion , For example, it's a big deal 40 Billion , Won the exclusive cooperation with CCTV Spring Festival Gala , On the night of the Spring Festival Gala , Again 10 Million red packets .

Out of circle , Kwai Fu 2020 One of the key words of the year . From the title of Spring Festival Gala , To Jay Chou's choice of fast hand as the first Chinese social media to be settled in Kwai Chung , Zheng Shuang Kwai Kong “ Star Partner of innovation laboratory ”、 Zhang Yuqi became “ E-commerce spokesperson ”、 Yang Mi 、 Di Ali Gerba becomes Kwai Fu spokesman. , And then there's a big party , Behind this series of swipes , Kwai is a quick hand trying to break the circle. , Attack to seize traffic .

Kwai has always been seen as a leader in the sinking market. , Most users come from third and fourth tier cities , The introduction of stars is not only conducive to attracting young users in the first and second tier cities , It also helps Kwai Fu to harmonization of community atmosphere. .

03

Tiktok and commercialization of Kwai Chung are in full swing.

If tiktok is short, the first half of the war is the jitter and Kwai's competition for users. , that , Kwai has been completely separated by old rivals. .

Results show that , By the end of this year 6 End of month , The average daily active users and average monthly active users of China's application and small programs are Kwai Fu. 3.02 And one hundred million 7.76 Billion , And the tiktok user has reached the maximum. 6 Billion .

After entering the second half of the short video field , Shaking and Kwai tiktok will revolve around commercialization. 、 Business ecology and capital , Continue to compete .

In the field of short video , The business model has always been focused on advertising 、 Online retailers 、 Live broadcast and other forms . In terms of income structure , Tiktok and tremble commercialization also mainly come from Kwai live reward. 、 Advertising revenue and e-commerce with goods .

However, due to the two products in the product logic 、 Mechanism 、 The ecology is completely different , all the time , Tiktok is better than advertising. , Kwai Fu is the leader of live broadcast and the leading provider of e-commerce. .

Media coverage , Tiktok 2019 Annual advertising revenue in 600-700 Billion between , Contributed half of the revenue of byte skipping , And Kwai's advertising revenue is 120-130 Billion between . conversely ,2019 Kwai live broadcast business GMV Over 100 billion , Second only to Taobao live , Tiktok live TV providers GMV Only in the scale of 10 billion . According to a report issued by the new media data research institute to the Research Institute , from 2019 year 12 Month to 2020 year 5 month , Live broadcast of the tiktok cumulative turnover 119 One hundred million yuan , And the same period Kwai live broadcast business transactions volume is 1044 One hundred million yuan , The difference is close 10 times .

On the live broadcast ,2018 Annual live broadcast of Kwai live 200 Billion yuan , among , More than 50 million head celebrities earn more than 50 million by pure live broadcast . And live broadcast does not create tiktok. .

But the two sides are storming into each other's hinterland . a MCN The founder of the organization disclosed to Netease Technology , During this year's epidemic , Tiktok and Kwai live broadcast are all up to the month. 30 One hundred million yuan , Trembling is more tiktok. . The Kwai is also working hard to advertise. .2018 year 7 month , Kwai Kong set up a commercial team , Undertake Kwai Tai marketing platform ,2020 Mid year , The Kwai has done it. “ Up and down single column information flow ” Major revision of , It is bound to get a share of information flow advertising . Media disclosure , Kwai's target estimate for this year is 400 One hundred million yuan .

Tiktok 2019 The annual advertising revenue is 600 One hundred million yuan , The target for this year is 900 One hundred million yuan .

Looking at e-commerce business again , Kwai Chung is also the most competitive battleground for this year's tiktok and fast start. . Tiktok signed Luo Yonghao , Power of live broadcast E-commerce , Besides , What's more 2020 In target GMV the height is 2000  Billion , Tiktok , Kwai Tong will be in the same period. GMV Target up to 2500 Billion . immediately , Both sides began to compete to build the speed and ability of commercial closed-loop .

In the foreseeable time , Who Kwai tiktok will run faster in commercialization? , Who can take the lead in the second half .

04

Tiktok Kwai Tan port

Someone Kwai tiktok. IPO battle , As a successor App scale 、 Live broadcast of the business 、 overseas 、 Five battles launched outside live E-commerce .


In the past , Tiktok Kwai has been fighting directly in many subdivision areas. , In the first four battles , Jitter is the most important data in tiktok and monthly live data. ; Overseas battlefield , although TikTok Overseas blocked , But Kwai is not able to break through overseas. ; The Kwai tiktok left the shaking behind in the live broadcast. , But at this stage, the trembling sound has been catching up with the monthly average tiktok and data. ; E-commerce live broadcast war , Kwai is still a little ahead. .

Now , The bugle for the first short video has sounded , This tiktok is the fifth war of concern between the Kwai Chung and the fast. .

10 month 23 Japan , Kwai Kong confirmed that it would be listed in Hong Kong. , Bank of America and Morgan Stanley are sponsors .

10 month 26 Japan , The market is tiktok jumping to consider promoting the news of the listing of the Hongkong business. , Several investment banks, including Goldman Sachs, have communicated with byte jump about underwriting issues .

The news of the trembling sound alone tiktok went public. , For Kwai Fu , It means a strong opponent to share the funds in the secondary market .

It's only a day away ,10 month 27 Japan , It is reported that the Kwai Fu plan will be submitted to Hong Kong in the first place next week. . Kwai Fu plans to raise the target 50 Billion dollars , The valuation interval is 400-500 Billion dollars .

Yesterday evening , Byte hops seek to estimate 1800 Billion US dollars in financing , Tiktok will be packed in the future. 、 Today's headline 、 Watermelon video goes to market in Hong Kong .2 After one hour , Announcing the fast port in Kwai Kong IPO.

Tiktok and Kwai all the way , All the way , Even if we come to the threshold of listing , The war between the two will continue .

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