Today's headline value of 500 million dollars, not exaggerated?

There are media outlets saying that "Today's headline" has already completed the C round of financing, with a financing limit of 100 million U.S. dollars, the corresponding is that the company valuation of 500 million U.S. dollars. Perhaps a lot of people think that this is a very exaggerated figure, because at the time of the second round of financing a year ago, the valuation was still 60 million dollars. And just after a year, it quickly expanded nearly 10 times times. Secondly, just a news client, incredibly can value so much money?

1th, what is the story of today's headline? Or is it supposed to be a position?

And from the general user perception, today's headline is actually a news client, but in the case of the product itself, there is a saying: "Over the years, the accumulation of Zhang Yixi-whether it's a good search technology, or a basic computing tool, or the ability to get and distribute information across social networks- are pointing to the product that is now named today's headline. ”

In this paragraph, there are search techniques, arithmetic tools, distribution capabilities, there is no "news client." This long series of words, according to my years of writing experience and interview experience, very much like today's headlines themselves described. More than that, in I black horse This very long text, "News client" This five words only appeared four times, and each time is like this: "Tencent and Sohu and other news clients", this long article has never put these five words in today's headlines.

This is already a few drafts to send to the interviewer to see the revised traces, or may be in advance to point out this: do not say that today's headlines are news clients. These five words are associated with the need for financing.

Over the past one or two years, the entire Internet investment market enthusiasm, whether it is the Giants to buy or sell, or professional investors to invest. The inevitable investment approach is "valuation-driven" rather than "performance-driven". Valuation-driven investment, generally will find a target, in fact in the past Sina-China's Yahoo, Baidu-China's Google, everyone-China's Facebook and so on staged in the drama. The mark is very important, directly determines how much money the project is worth. Good search for the mark, the valuation is extremely alarming, the standard search is not good, the value of shrinkage is not uncommon.

Find the right target, is to find "story-telling angle." A product, you see from this angle, well, is a news client, from that point of view, well, is the recommended channel, distribution channels, search channels. I black horse that long article, appeared before and after 30 "recommend", nine "distribution", 24 "search", firmly on the mark on these three channels above.

Distribution channels, there is a pair of standards. The article began with a reference to Baidu's acquisition of 91 mobile phone assistants, 1.9 billion U.S. dollars. 91 Mobile Assistants are the distribution of apps, and today's headline is the distribution of content and content sources. Search channels, there is a pair of labels. The search portal in mobile devices--it's exciting to think about it, and investors themselves say: "The greater value of today's headlines is that it can be viewed as a moving-edge information portal." The search for a more violent place is that Google, the search company in the mobile end of the ad ARPU value can reach about 40 U.S. dollars, is 6 times times Facebook, Twitter 20 times times.

Recommended channels, not important to the mark, this is the core competitiveness of today's headlines. Zhang Yixi shows confidence in other portal clients, and is entirely based on this. If you have three things have the right standard, the core competitiveness is not easy to find, was the possibility of death, the story is not good to listen to.

The whole story, is basically so narrated, worthy of all entrepreneurs to learn: on the standard + core competitiveness, both, plus "120 million installed, daily live 13 million", very perfect story.

2nd: Today's headline valuations are driven by the day when there is always a performance. What is its performance?

Allow me to quote the long article again: "Today's headline income still comes from advertising, and Zhang Yixi that it is the only visible source of revenue." "The problem is that mobile advertising is really like," for advertisers, it's much more efficient than a portal to advertise a stream of information that doesn't affect the user experience on today's headlines. "Is this a statement?"

Supporters will move out of the recent 2014 edition of the Internet Trends report by Mary Meeker. In the Queen's report, she expressed her confidence in mobile advertising without any disguise. But unfortunately, China and the United States mobile advertising market, completely different.

In the Internet field of China Mobile, the mutual diversion is very common, there are a large number of "zombie users", which caused the overall ARPU value of China Mobile advertising market is not high, the giant Stream wireless chairman of the Tong in his "third screen" book gives ARPU five cents-of course, this number is relatively old. In recent days, PwC released a fairly optimistic China mobile advertising market, with a 2014-year figure of 13 billion yuan, compared with 800 million mobile subscribers in China, which is a ARPU of 15 yuan a year. It is also optimistic that the 2017 Chinese market can reach 25 billion yuan, considering the size of the user at that time, is estimated to be 20 yuan a year level. Compared to the game market, there are research shows that the value of ARPU today can be done about 100 yuan.

Sitting 120 million users of today's headline, ARPU value obviously has not yet achieved 15 yuan level, or a year to purchase 1.8 billion yuan, it is impossible to "now basically can achieve break-even", but will earn a bowl full. Even with the very exaggerated five-Maoist standard of the Tong, the likelihood of a 60 million income is not easy (one is that today's headline ads are in the hundreds of millions of years). 91 phone assistants are valued so high, because today the new cost of Chinese applications has been to the size of 20 CPA (China Mobile Advertising ARPU value of 15 yuan, estimated to be carried up by this app), but for content/content source to do distribution diversion, can also have this ARPU value?

When the article mentions that a giant like Tencent also raised the banner of "recommending" and how to respond to today's headlines, Zhang Yixi replied:

"Tencent is a company that has a huge number of users and huge amount of money that can be killed when it comes in, but it's not cost-effective." ”

Interesting。 What is price/performance?

For the giant, to make a cost-effective, or to collect a cost-effective high?—— oh, this is just one of the explanations of this paragraph. Shiyan, credence.