Heaven pigeons interactive listed in Hong Kong successfully

On July 9, Tian Pi, the parent company of the well-known social video platform 9158 in the Mainland, successfully listed in Hong Kong. 9158 The main "beauty show", once the media called "online song and dance halls", but also because of implicit "pornography" risk was criticized by the media.

On the other side of the controversy is the interactive profitability and investor pursuit of Pigeon. Day Columbine 87.6% of the gross margin exceeded the majority of Internet companies in China, triggering Sina, 360 competing investment. Prior to its listing, the Heavenly Pigeon obtained a 75.13x over-subscription in Hong Kong and was issued at a price close to the maximum issuance limit. It rose another 13.45% on the first day of opening.

Behind 34 days of interactive profitability and risk, 34,800 anchorcasters, 24,500 homeowners, 1,200 sales agents, and 3 distributors formed multiple links in the "ecosystem" of the interactive pigeons, but none of them Days pigeon employees. With 200 million registered users, Heavenly Dove has only 898 employees.

In addition, SINA, 360 and other companies also participated in the interactive "beauty show" business through investment and other means, their participation, so that the interactive future pigeons have more imagination.

Nearly 60% of users come from third and fourth tier cities

Login 9158.com, the most common and most popular video chat rooms are mostly such scenes - beauty anchor sits, singing the most popular songs, or chatting with the audience, and even "flirting", the audience can watch, You can also spend money on virtual gifts for the anchor, you can also "apply for a wheat," and the anchor and other audience interaction.

Like this video chat room, there are 26,000 pigeons on all platforms by the end of 2013. These chat rooms have 34,800 anchors, 24,500 homeowners, and attracted over 200 million registered users.

Among these registered users, about 270,000 belong to paid users, and spend an average of 1,000 to 1,200 yuan per year, for purchasing virtual gifts for the anchor or giving away gifts to each other.

Virtual gifts can be as small as red roses, lollipops, big private jet, yachts, and even marriages. Gifts range in price from RMB0.01 to RMB100,000. Virtual gift purchases must be made using the virtual currency such as the 9158 platform, and the sale of virtual currency becomes the largest source of income for Heavenly Pigeons.

For anchors or homeowners who are successful in attracting more virtual gifts, they will receive a financial reward from either the Tver pigeon family or a cooperating distributor.

In addition to giving gifts, users can also spend 100 yuan to 40,000 yuan to upgrade to VIP guests, VIP privileges include entering the full chat room, the name appears in the top chat room list and has a special symbol of identity, and so on.

With these paid subscribers, the Geely Group's revenue in 2013 reached 548 million yuan, of which gross profit of 480 million yuan, up 87.6% of the gross profit margin so that many Internet companies find it hard to figure it out, the net profit rate has reached 37.6%.

Who are the users of these social video sites?

Pigeon Interactive said 59% of users came from third- and fourth-tier cities, 30% from second-tier cities and 11% from first-tier cities. For such user distribution, the reason is explained by the pigeon, which is because the second and fourth tier cities generally lack the tools for offline social interaction. On platforms like the 9158, active users spend an average of 20.1 hours per month.

She was investigated by police for drug abuse video

Unlike regular video websites, social video interactive platforms like 9158 seldom make or buy copyrighted video content. Almost all of them are generated by users. Tens of thousands of chat rooms make content supervision a challenge. Pornography, Irritation and other illegal content as a platform for the operation of the risk.

Tenpinte's prospectus disclosed that in August 2011, there had been an incident that users played videos of drug abuse through the platform, as the company's content monitoring team had not encountered such situation in the past, resulting in undetected content related to The video lasted for a while on the internet and was subsequently filed for investigation by the Public Security Bureau of Jinhua City, Zhejiang Province.

Fortunately, Jinhua City Public Security Bureau has issued a confirmation letter confirming that Pigeon did not violate any laws and regulations, and has fully cooperate with the police investigation.

After that incident, Pigeon provided the Jinhua Municipal Public Security Bureau with a privileged user account with the same rights as the content monitoring staff so that the public security organ could monitor the activities of the real-time video chat room.

The pigeon has also developed an automatic detection system that takes snapshots of the video every one to three minutes and automatically scans the suspicious content and sends it to the watch staff for review.

The prospectus reveals how this system component is calculated - using techniques that detect specific facial features (such as eyes, nose, mouth) and calculate the proportion of faces that the face occupies in the screenshot because if the face occupies a sufficient proportion of the screen Large, difficult to appear where the body parts indecent exposure.

In addition, the pigeons also set up a 74-member full-time content monitoring team, and asked the anchor and chat room owners to monitor the bad content. According to the prospectus, in 2013, the company has taken action on a large number of videos such as obscenity, vulgarity and drug addiction and reported to the authorities concerned, including 4,874 obscene acts, 2,409 cases of vulgarity, 312 cases of drug abuse and 351 cases of other drugs.

Nevertheless, the prospectus is still prominently proposed, "net net 2014" action may constitute the company's business risk. The company said: "We can not assure you that the Chinese regulators will not consider us to promote the dissemination of pornography and other illegal information."

Ecosystem anchor, room owner, distributor

In the pigeon prospectus, the word "ecosystem" becomes a high-frequency vocabulary. In the video industry chain throughout the industry chain, despite 200 million registered users, 34,800 anchor, but the real belongs to the days of the pigeons only 898 employees. The "ecosystem", anchors, house owners, sales agents, distributors have a close relationship with the day pigeons, but they are not employees of the day pigeons.

First of all, at 9158, the chat room was created by the user autonomously. In accordance with the rules, a permanent chat room was applied. The applicant needed at least five anchors, and the operation team of Tenge was evaluated according to their performance ability.

Second, the virtual currency of 9158, only about 15% is sold directly to the user pigeon group, the remaining 85% are carried out through the distributor system. At present, there are only 3 distributors of the interactive pigeons, and no more than 1 distributor for each of the 8 platforms.

These distributors have signed an agreement with Skyline Pigeon to get virtual currency from Heavenly Pigeons at a discount of 60% or 30%, and at the same time Heavenly Pigeon also requires Distributors to advertise and market a certain percentage of the total value of virtual currency .

However, the distributor does not sell the virtual currency directly to the user, and the final sales activity is achieved by the sales agent and the user. These sales agents throughout the 26,000 chat rooms, in some hot chat rooms even have multiple sales agents, they are similar to Taobao's "second child" in the sales of virtual currency, but also be responsible for providing users with some guidelines.

These sales agents are recruited and trafficked by the distributors who "stock" the distributor at the original price of the virtual currency and receive a 10% to 20% commission from the distributor 7 to 10 days after the sale is completed.

As important as selling virtual currencies, these distributors also assume the role of discovering and rewarding anchors.

The prospectus claims: Distributors manage every aspect of our ecosystem, including the recruitment of anchors and the identification of commercially profitable types and chat room content. In addition, the distributor pays bonuses based on the anchor's performance and the popularity of the program, based on the average daily number of viewers in the chat room and the number of virtual gifts exchanged in the chat room.

As of May 2013, Pigeon Interaction also started to reward homeowners who are not anchors, but these rewards were not directly sent from Pigeon Interactive but through third-party service companies.

Sina, 360 curve to participate in the day pigeon business

Despite the risks, "Video Show Field" business has blossomed in China, the United States has been gathering in the United States, the acquisition of light media, such as Qiuge network and six rooms and other Web sites have similar businesses, Netease's "BOBO Entertainment" also low profile on the line. In addition, Sina, 360 is more directly through investment and other ways to participate in the show's business day pigeons.

Among the shareholders of the interactive pigeon network, founder FENG Jun-jun is the largest shareholder and the second-largest shareholder is Sina Hong Kong, accounting for 32.87% of the total shares. Qihoo 360 became the foundation investor before the listing of the pigeons, Joint ventures set up a "tiger" company.

The cooperation between Heavenly Dove and Sina started in 2010, when Sina invested 10 million U.S. dollars to become the interactive shareholder of Heavenly Dove. After that, the Heavenly Dove took over the SINA's "Sina Show" business and was entitled to the business All proceeds.

Under the interactive operation of Pigeon, Sina show revenue increased from less than 2 million yuan in 2010 to 232 million yuan in 2013. Today, Sina show has surpassed 9,158, becoming the largest revenue of Sky Gee interactive video show platform.

Outside of SINA, Qihoo 360 also started its cooperation with the Heavenly Pigeons last year. On August 29, 2013, a subsidiary of Heavenly Pigeon Co., Ltd. and a subsidiary of Qihoo Company set up a joint venture company called "Tigers," each holding 51% and 49% of the shares of Tigers. According to the agreement, Tigers acquired After the related business license, Heavenly Pigeon will transfer part of the relevant social video community business. Not only that, on the eve of the interaction between the days of pigeons, Qihoo 360 has become the basis for investors days.

In return, Qihoo 360 will transfer its 360 Magic Camera software to Tiggo and promote its new mobile game. Commenting that 360 has become the "largest back office" in the interaction between pigeons and pigeons, the company announced its move into the mobile game industry with the announcement that it will release 6 to 8 mobile games in 2014.

Beijing News reporter Zheng Dawson reported