The successful internet also faces huge challenges

In just 5 trading days, Tencent Holdings fell 15%, volume breakdown of the year line, and the same period of Hong Kong's Hang Seng index basically remain unchanged. At the same time the online number of more than 100 million Tencent QQ is a Chinese internet miracle, and the miracle behind, but buried a long time contradictions are ready. Successful internet companies are also facing great challenges behind their successes.

1. Growth momentum

As China's Internet company with the highest market value, Tencent's long and rapid growth in profitability is irksome, and I am more concerned about what the Tencent relies on for growth. From Tencent's earnings, I found some clues.

Read Tencent's 10 Q1 earnings. Total income of 4.2261 billion yuan, the biggest contribution is that the net game income of 2.0236 billion yuan, close to half of the total income. Other value-added services, in addition to QQ space as a result of the pull, a large increase in performance, other business growth is limited, individual business has also slipped.

Online gaming accounted for half of the total income, said Tencent is a game company is not too. And for people to relish the QQ members, QQ show and other internet value-added services, but also did not imagine that money. According to 500 million active users, the average user spends only about 1 yuan per month on QQ. One question is: "Do you really have users paying for these virtual items?" ”。 Yes, but the QQ show such a product model and the classic "Please remittance to xxxx account" fraud no essential difference-as long as the user enough, there will always be people who spend money on QQ shows, and those who pay for value-added services are always part of the fixed ratio of the overall user, No attraction for other users.

If the number of QQ online over the years and Tencent's profits put together, you can get such a conclusion: Tencent's profit and QQ online numbers are proportional to the relationship. In the key indicators such as average user consumption, Tencent has not improved for 10 years.

Tencent's growth is driven by an increase in the number of users, so once the number of users is stagnant, earnings growth will also stagnate, which Tencent has never seen since its inception nearly 10 years ago. No profit growth of the expected support, the current 40 times times PE Tencent compared to 5 times times PE Sina, 15 times times about PE grand, Sohu, NetEase, and how much investment value?

2. A less successful copy person

Some Tencent product logo, one logo is like a nail, the Tencent nailed to the stigma of plagiarism.

Ma has one sentence: "Do a certain business first". The implication, first find a successful case of the product copy, and then in the use of QQ platform to promote, which has been Tencent's business model. Tencent's products are almost copied out, the company can be in the details of the product a little tricks, but there is no sense of innovation, only plagiarism. Rely on their own users, the Black Cat and White cat, copied over is my cat.

Some people say that Tencent has such a large user base, since copied over can be successful, why spend the effort to innovate? So, Tencent copied the product is very successful? Count up QQ copy ICQ, Soso copy Baidu, Paipai copy taobao, qq pinyin copy sogou Pinyin, QQ audio and video copy storm audio and video, QQ whirlwind copy Thunder, QQ live copy pplive, QQ game copy of the public and so on. In addition to their own problems by the QQ game robbed No.1, other such as Baidu, Taobao, Sogou Pinyin and so on these copied Tencent products are still the No.1 of the market.

It is not difficult to find, as long as the product has a first advantage, and the number of users over a threshold and do not make a blunder, Tencent how to copy can only do No.2, but also a big gap with the No.1 No.2. Tencent has some independent innovation, and popular products such as QQ music, but such products are too few, and QQ music itself is still playing the law of the edge.

We can get such a conclusion: Tencent is not terrible, it copied the probability of success is too low, copied out of the product did not make any great achievements.

3. Plagiarism Innocence?

China's Internet as the leading enterprises, but bear the stigma of plagiarism, Tencent, also from a side to show the current Chinese Internet industry frustration.

Take other people's road, let others have no way to go Tencent, has been not only the culture of plagiarism deeply imprinted on the Chinese internet, but also let the same industry entrepreneurs flocking. The internet industry is circulating a joke: All VC will ask the entrepreneur a question, if Tencent copied your product, how do you compete with Tencent.

I do not know how each entrepreneur answers this question, this kind of joke but reacts the entrepreneur's helplessness, the difficulty one idea, thus was copied by the Tencent, became the other people's wedding clothes. So who is willing to innovate? Who dares to innovate?

In Silicon Valley, the most innovative are small companies. And small companies have a good ecological environment, good small companies can be listed, a little bit almost also can take the road of acquisition. And Tencent's not acquisition + plagiarism model, undoubtedly ruined the small company's road.

One-stop Internet life, the tone is very large, they do not innovate, copied someone else's, cut off others. Plagiarism is not innocent, plagiarism injury is the entire Chinese Internet industry, the enemy of the tree is not one, is the entire Chinese Internet industry.

4. Distorted Innovation

Only companies without the ability to innovate will be able to say things to the user experience all day-this is my message to Tencent.

With the popularity of the iphone, the word user experience suddenly became popular, even the BBS on the small white will come to a "XX product user experience is too bad", the Internet product design Circle even reached the "user experience to determine the product of everything" realm. Tencent is also one of those believers in this belief. A PPT that is thought to be the author of Ma, I am deeply impressed by Ma's tangle of details about the user experience, and the other side of the story is that it also reflects why Tencent's products are copied in the same way-for products that can provide users with new features that no one else has, In the end can solve the user what problem, in the end for users to create what value a stroke.

Tencent's products, user experience indisputable outstanding, but innovation is not just the user experience. A vase It is beautiful again, it is still a vase. Throughout the IT world, the company that makes the user experience a core competency is the only Apple. Moreover, even Apple, its recognized user experience, the best desktop operating system OS X is also easily defeated in the marketplace by Windows. Why? In addition to the user experience, there is a pattern of innovation, marketing, partners, industrial chain building, etc. too many things and the success of the product related.

I heard a product manager say that Tencent's team: "Tencent's product manager is like the Roman Legion, no special cattle, nor particularly bad." A single combat capacity is not good, team combat can be very strong. Neat team, let Tencent's product manager grinding the edges and corners, conscientious, step-by-step design, but also let Tencent's products less than a few minutes before a bright, more than a few seem to have similar.