There's a tyrants, there's a--9158.

9158 The current user accumulation is on the PC side, and how to the flow-oriented mobile end becomes a big problem.

On June 25, the company officially submitted a prospectus to HKEx, ready to be officially listed on July 9.

The Sky Pigeon Group, a seemingly low-key and unfamiliar company, has 9 video social communities, including 9158 and Sina shows. The reputation of the 9158 has been called "Network nightclub", although 9158 do not think so.

But the outside world still 9158 of the success attributed to "cock silk economy", and in fact, video social community, there are cock silk tyrants, there are also the Money field, the latter is ultimately the key to the profit model.

　　this Days Pigeon Group IPO to issue 300 million common shares, underwriters UBS, CICC also has 45.64 million shares of excess placements, and the issue price is set at 4.5 HKD-5.3 Hong Kong dollars. If you do not exercise the right of excess placement, then the fund-raising is 1.36 billion to 1.61 billion Hong Kong dollars. The issue of the day after Tomorrow Pigeon Group Total equity is 1.217 billion shares, according to the highest price, the market value can reach 6.45 billion Hong Kong dollars.

Tyrants economy

At present, video social market players in addition to the days of the pigeon group, there are yy gathered times, operating the community of Jinhua Changfeng and six rooms. According to the 2013 user expenditure, the 33.9%,yy accounted for 23.1% of the market share, quack community and six rooms each accounted for 11.6%, the remaining 19.8% by other video social community partition.

The Sky Pigeon Group has 8 more than one (many anchor) communities and a one-to-many (one anchor) community. Of these, 9158 and Sina show two main communities are multiple-mode. Competitors yy time of the pattern is more than a one-to-many.

One analyst who focuses on the video-social industry says the multiple-mode focus is more interactive, the user is more sticky, and the one-to-many participation is lower, but it's easier to assemble users quickly with anchors.

The subject matter of the community of the major players is also different. Sky Pigeon Group has music, talk show, social, financial, education and other types of video chat rooms. Jinhua Changfeng's quack community in the exchange of financial investment chat room accounted for a large proportion.

Days Pigeon Group in 2008 launched 9158 video community, mainly for central China, east China, South China Region 234 lines of urban age 18-30 years old users.

July 2010, the days of Pigeon group and Sina's Sina show cooperation. Sina Show user's age level is relatively 9158 high, the income also correspondingly higher, the topic is more widespread, including finance, education and so on.

The company's prospectus shows that from March 26, 2014 to April 1, 2014, about 59% of its users came from three or four-line cities, 30% from second-tier cities and 11% from first-tier cities. Urban areas of migrant population, three or four-line city and other labels makes it easy to think of "cock silk economy."

From 2011 to 2013, the company realized operating income of 384 million, 456 million, 548 million yuan, the same period adjusted net profit of 140 million, 158 million, 206 million.

Revenue comes mainly from users buying virtual goods. In addition, users can purchase different registration memberships for various privileges. This kind of profit pattern's user participation degree and the liquidity ability is quite high. From 2011 to 2013, the monthly active users of the days Pigeon group increased from about 7.5 million to 10.8 million, and the monthly paid subscribers increased from 194,000 to 270,000. 2013 average monthly exchange of virtual gifts between users amounted to 5.7 billion.

In addition, the prospectus shows that in 2013, users who spent less than RMB 1200 accounted for 88.5% of the total annual paid subscribers, and 3.1% per cent of those who spent more than 6000 yuan. The former is the majority and the latter is a minority. But the latter per capita expenditure of up to 26,000 yuan. Overall, the annual pay of the average user expenditure of 1203 yuan.

"A lot of people say that 9158 is ' cock silk economy '," said the person who has played these platforms. How can someone who wants to spend thousands of or tens of thousands of bucks on a ' gift ' be a dick? Ding, a senior internet commentator, told a weekly newspaper.

Content risk

Although 9158 may not be willing, it is still labeled "Internet nightclub". In the context of net movement, the outside world is more concerned about its content risk.

Sky Pigeon's video social community does not require the host or user's real name registration or authentication, and because the video social for real-time, so unlike the general video site, the host and user generated content in the platform before the dissemination of the Sky Pigeon group can not be audited.

The content of the audit, at present mainly through the system plus artificial way. The monitoring system takes a snapshot of each video every 1-3 minutes. But the test software can identify the human body and skin color characteristics, and therefore effective pornography, drugs and politically sensitive content is ineffective.

Pigeon Group Prospectus disclosed that in 2011, a case of Jinhua Public Security Bureau has been filed by the Pigeon Group video social community broadcast about drug addiction video events, after confirmation has not violated the laws and regulations. According to the relevant laws and regulations, if the pigeon group as a third-party platform for improper content to facilitate the delivery, it is possible to be punished, serious circumstances will suspend or revoke the operation license.

For video content risk control, a person in the industry said, now video site monitoring of content is still more attention, even if the software can not be detected by the improper content, as long as the input of artificial also monitoring. 9158 accumulated a certain user, if want to do mainstream video social platform, will pay attention to the standard content.

Moving End Shockwave

Compared with the content risk or the "Internet nightclub" label, the pigeon group should be more worried about the fierce attack on the mobile internet tide.

Days Pigeon Group of video social users accumulated mainly on the PC side, on the mobile side has a great disadvantage. First, the video is very consuming traffic, now whether WiFi or 4G popularity is far from enough. Second, even if the future flow and speed no longer become a problem, small mobile phone screen to accommodate a number of Windows for users to display their own, receive interaction, how to solve the user experience?

The Dingdao also expressed concern that "the user has started migrating to the mobile end, and these video show products are coming from the PC side, how do they make a difference on the mobile side?"

The Sky Pigeon group probably also saw this. Its prospectus shows that 20% of the fundraising will be used for research and development, 20% for mobile phones, 10% for gaming, 20% for market costs, 20% for future potential acquisitions, and 10% for general operating expenses.

To enter the hands of the mobile end of the move, the days of the pigeon on the listing of resources will be its big or transformation opportunities.

As early as November 2008, the days of Pigeon group has launched a video social community based on a lot of games, embedded in the game video live chat, the main chess, Mahjong and other casual games.

Last August, the days of pigeon group into the hands of the market, launched by the Third-party development of the Hand Tour "Kingdoms: National War version." The company expects to release 6 to 8 of its own-owned or third-party-developed hand tours this year, which also incorporates interactive video capabilities.

The industry's financial weekly reporter said that such video sites in the payment mode and the game similar, and the two types of users also have a high degree of overlap, do the game is logical.

"They don't have to play games, so just put them on the platform and run them." So do not need you have other aspects of the ability, very simple, and no technical content, you as long as there is flow, flow Guide can operate. "According to the monitoring we have done, many of the video shows are involved in hand tours, but at the moment no one has done a very good job doing the Ding." ”

Now the hottest time has passed, this point in the market, Days Pigeon group's advantage is the accumulation of users, but how to move users from the PC to the mobile end is a big problem to be solved.

(Financial weekly reporter Vera also contributed to this article)