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11 month 5 Japan , Kwai Fu hand in Prospectus , Closer to the official listing of Hong Kong stocks .
end 2020 year 6 month 30 Japan , Kwai Chung announced that its average daily active users and average monthly active users were respectively 3.02 And one hundred million 7.76 Billion . Within the same period , Daily active users spend more than Kwai on average daily usage. 85 minute 、 Daily average Kwai Fu application exceeded 10 Time . so to speak ,2011 Kwai Chi , It has become a national application .
With Kwai IPO near , About Kwai , How much do we really know , Although it is short video software , A lot of revenue comes from Kwai live. , Where will the future go , Next I will anatomically Kwai Fu. , To find the answer .
Evolution of Kwai Fu ： Tool type app Change to community video sharing platform
2011 year 3 month -2012 year 11 month A tool type app
At that time, microblogging was on the rise , and 4g The Internet is still in the making , Users' expression on microblog is limited to words and pictures , There is a video occasionally . At the same time, the emotional expression of users' network is transforming from text and static expression to dynamic expression , In addition, the rise of doutu culture ,GIF It is in this environment that kinematical diagrams are born .
Cheng Yixiao is in the spirit of doing something fun , Kwai Tai also takes GIF Dynamic drawing making app It started its journey .
stay GIF Before Kwai , A large number of moving pictures are needed in the web page and PC The complete , but GIF The Kwai has provided a quick and convenient production tool for mobile graphics. , With mobile bonus and GIF Mass production demand ,GIF Kwai has won the first batch of loyal users. , Online half a year , Download breakthrough 100 ten thousand .
2012 year 11 month -2014 In the spring The pain of transformation
Transformation is painful for an enterprise , This means walking out of the comfort zone of the enterprise . Cheng Yixiao is not immersed in the rapid growth of users , He was sensitive to the fact that as a tool app, It will lead to over dependence on other platforms such as microblog ,QQ, And the flow liquidity is weak , Short user stay time .
Community transformation was Cheng Yixiao's choice at that time , In well quickly V3.40 In the version , Short video sharing and discussion became the main interface , and GIF The production was hidden . As a Kwai Fu. GIF It's hard for users of tools to get used to it , Lead to the loss of old users after the revision , Tens of thousands of people fall into daily life . A few months later , Even if it's hard work , But to little effect , Until an algorithm expert named Su Hua joined .
2014 In the spring -2019 Algorithm and data , Community operation , Create unique short video ecology
Su Hua's addition greatly improves the content recommendation algorithm , The physical examination of users has risen sharply , At the same time 4g Network popularization and tariff reduction , The number of users has increased by 100 times a year , stay 2015 Over ten million yuan per year .
Under the concept of equal and inclusive and community operation , Kwai has created a short video distribution mechanism with human nodes. , Living on the moon 16 Years are not enough 1 Billion yuan increased rapidly 19 In nearly 4 A hundred million months of life . Because of the huge private traffic ,2016 The Kwai rush quickly cuts into the live broadcast area. , Later, the live delivery business also developed vigorously .
2019 year - so far Public domain or private domain , Tiktok impact , Kwai Chi reform
Kwai seems not satisfied with way ahead of live broadcasting business. , Tiktok based on public domain traffic , Advertising revenue 2019 reach 500 Billion , Kwai Chieh is mainly in the field of live broadcasting. , Advertising revenue 19 Tiktok 1/3 . Perhaps it is to see the great potential of the advertising business , After a long test , Kwai Shui also changed the previous double waterfall flow page. , Changed the recommendation page to slide on the big screen .
Kwai Fu GIF Making tools starts , It has undergone many changes , Stand out from the competition , By 2020 year 6 month 30 Japan , Kwai and its flag app Little moon and live games , Daily activities reach 7.76 And one hundred million 3.02 Billion .
At present, only a tiktok is a strong opponent in the short video area. , Next, we will analyze Kwai's business models and core strengths in detail. .
Main business of Kwai Chung ： Short video and live broadcast
After years of exploration and exploration , The main business of Kwai Chung can be divided into two parts. ： Short video and live .
Short video supported by technology , Realize its value proposition
Kwai Fu has always been “ Equal and inclusive “ Principle as Beidou star of product development , The purpose is to let ordinary people's life have the opportunity to show to more people . This is reflected in the design of the algorithm , First of all, there will be a certain proportion of the videos released by any creator , So as to get the playback volume , Secondly, the popular content is limited , Reduce its spread . One increase and one decrease , The number of head stars is low , The creation of ordinary people is seen by more people .
Such values are also reflected in the Kwai Fu. “ Find out “ Under the page , Kwai long uses dual cascade flow information flow typesetting. , Such a page can hold 4 About videos , Such a page can show popular videos , It can also show people's daily sharing .
source ： Well quickly app
Therefore, many people proposed that , Kwai is creator oriented. , In a nutshell, it is .
But short video is a platform , Users include both creators , It also includes viewers . A platform type app, The goal must be to give both ends of the balance a better user experience , It's to make the scale itself higher , Not on a seesaw . As a viewer , Usually not willing to accept the ordinary , Boring video .
The fast user achieves a balance between the creator and the viewer through the big data acquisition technology and the deep learning algorithm of neural network. Kwai Tat , Push the ordinary people's ordinary creation to the audience who may like it , The two ends of the balance are really lifted , At the same time, it optimizes the user experience of creators and viewers , So to be precise , Kwai is user oriented. .
For a long time, the Kwai has been building and developing community. “ Equal and inclusive ” Adherence to values , Making private domain traffic an important part of Kwai short video. . People to people connections can form a huge network effect , end 2020 Years ago 6 Months , Kwai has nearly applied. 80 Billion pairs of users pay attention to each other . give the thumbs-up , Forward and comment 1.63 One trillion , We can see the high degree of interaction of users on the platform .
The commercialization of short video mainly depends on advertising , Information stream advertising is short video app The best way to realize the flow , It's also a new direction for Kwai chi to start exploring. . Analysis of user data through artificial intelligence , Achieve accurate advertising , Upgrading user conversion rate is Kwai's strong advantage. .
studio , Natural fermentation field with private flow
The biggest difference between watching live video and watching short video is the switching cost of users . Because the short video is usually only ten seconds, at most a few minutes , And they are relatively independent , As viewers slide from one video to the next , There are no cognitive difficulties , Regardless of the length of the video , Anyway, the story starts from the beginning .
The difference is , The cost of switching between different hosts has become higher . Users should first understand the style of the anchor , Broadcast content , wait , There will be a process from familiarity to familiarity . The best choice for users is to find a few favorite hosts , The switching frequency is reduced , Then watch your favorite programs regularly .
Because of this characteristic , The audience of short video is chasing content , And live viewers have become people chasing production content , Private domain traffic with human nodes becomes the core .
Kwai Fu V3.40 The idea of community operation started from the original version , Current restriction on head stars , The design of double waterfall information flow and so on , The structure of Kwai stars and fans is decentralized. , Stars exist on the platform in the form of multi-point flowering , By region , Form a small fan group based on career and interest . The characteristic of such a small group is that there is no sense of distance between fans and anchors , Communication can get feedback , Strong user stickiness . This provides a solid soil for direct seeding .
The commercialization of live broadcasting is therefore simple , Kwai Fu receives a certain amount of income from the live reward. .
Due to the short video and live broadcast, there is a natural shopping demand for the audience , According to Kwai Fu , The number of comments related to trading needs on the platform exceeds 190 Ten thousand , Users will comment after watching , How much , How to sell , Where to buy and so on . The rise of live delivery .
The Kwai quickly built the whole live shopping system. , And Jingdong , You like cooperation , And build a fast Kwai store. , And provide marketing solutions for businesses , Let users place orders directly in Kwai Fu. , Break through the shopping barrier between the broadcaster and the audience . So many manufacturers Kwai touse directly to reach customers. , Let the product not need to go through the middleman to raise the price . Low price is widely praised by users .
According to iResearch , By 2020 year 6 month 30 Japan , Worldwide , Kwai is the biggest live broadcast platform with the virtual gift and the average monthly payment. ; The second largest short video platform in terms of average daily active users ; And the second largest live e-commerce platform in terms of total commodity transactions .
And the emerging live e-commerce market is still in its infancy , At least in the future 5 Times of market space .
Where is the future of Kwai Fu?
Kwai Tai holds huge sinking market.
China's educated population structure and income structure are extremely unbalanced .
the height is 81.2% Percent of Chinese netizens only have high school education or below ,75.9% Monthly income less than 5000 element , Whether people want to accept it or not , This is the social reality .
On the other hand , Kwai has a relative advantage in the huge sinking market. , Sharing life and watching on the Kwai is a part of life. , Tiktok is hard to shake. , Tiktok is the core competitive advantage of the future. .
Well quickly 2020 Distribution of annual user cities ：
Private domain traffic ensures the stable growth of live broadcasting business , New formats emerge frequently
Tiktok is not as fast as Kwai, because it is based on the different growth paths and operation modes. . Bombing the contents of the tiktok quality caused people to passively accept content. , Kwai to build connections between people , So the audience actively looks for people who produce content . The result is that tiktok wins in short video. , And Kwai is strong in live broadcast. . There are still many imagination for Kwai to explore the form of live broadcast in the future. .
Kwai is still building bricks and mortar in the social field. , Add friends like city video , Online games , The man near the , Knowledge sharing and so on , Further promote the interaction between people , While enriching the business, it also provides continuous growth for the drainage of live broadcast users . This huge network effect created by human connection is a fast moving Kwai moat. , It is the result of many years of Kwai Fu's commitment to its values. , It's not something that other platforms can do with one update , Tiktok will provide a solid competitive edge for the future competition between the future and the Kwai. .
Big screen down to boost Kwai Fu's future advertising business
Kwai short video under double waterfall layout , Limited space for flow liquidity , It depends on users' active click on the advertising video , Low conversion rate of users .
In the new version , Kwai is on the recommended page. “ selected ” Large screen up and down mode is adopted in the column , This mode will greatly improve the conversion rate of users , In the process of user inadvertently sliding up and down , The precise delivery and design of advertising will make the audience think that it is the regular content published by the content creator , After the desire to buy , It can also be purchased through Kwai's mature online shop system. . Efficient conversion rates enable Kwai Fu to charge higher fees to advertisers. .
from 2018 Year begins , Kwai Chu initially tries to slide on the big screen. , Make it optional , Advertising revenue from 2017 Year of 3.19 Billion to 2018 Of 16.65 Billion , Speed up 520%. But compared with 2019 Tiktok 500 Billion advertising revenue , In the same year only 74 Kwai billion advertising revenue has a huge explosive space after it drops on the big screen. .
Sustained high R & D investment , Let the Kwai go to the future.
Kwai is a mission driven company. , But it can also be called a technology driven company . Because of its content push needs to accurately match audience preferences , So as to increase the amount of play for the creator , Optimize viewing experience for viewers . Advertising is similar , Both need artificial intelligence and big data analysis technology applied to the latest wave of science and technology . The application of technology directly affects Kwai's user experience and liquidity. .
As mentioned before , The algorithm is Kwai Fu. 2014 The number of downloads began to grow exponentially . It can be said that there is no research and application of these cutting-edge technologies , There's no Kwai rush today. . For future R & D , Kwai is not even soft. , only 2020 The R & D investment in the first half of this year has been close 2019 Annual R & D expenditure .
As you can imagine , In the future, the development and application of Kwai Fu technology will further deepen the relationship between content creators and audiences. , Deliver more matching content to users , Increase user stickiness , The average daily stay time of users can be changed from the current 85 Minutes to 100 Minutes close , This will increase the number of advertisements that can be inserted . At the same time, optimize the accuracy of advertising , Improve the conversion rate of user payment , So as to charge a higher premium to advertisers . R & D is like Kwai Shui to fish. , The large amount of R & D investment will continue to lead Kwai Chi in the forefront of the times. .
Fast growing financial data
end 2020 year 6 month 30 Japan , Quick Kwai to live 3.02 Billion , Monthly living 7.76 Billion . Average daily activity users open Kwai Chao every day. 10 Time . Undoubtedly, sharing life and watching with Kwai has become a way of life for China's people. .
The Kwai Fu not only provides a common talent for the ordinary people, but also shares the platform of life. , It also gives them the opportunity to earn money from it . The number of people who earn income through Kwai now is to achieve 2000 More than ten thousand people . And because Kwai's consummate electric business system and community-based construction. , The average monthly repeat purchase rate of users reached 60% above .
Live Kwai reward is the revenue model pioneered by the fast hand. , Fast growing online marketing （ Mainly advertising ） It is the second level realization mode , And live with goods has become the driving force of the third pole income growth . E-commerce , Total transaction volume （GMV） from 2018 year 0.966 Billion to 2020 First half of the year 1096 Billion , Over a thousand times growth in two years . meanwhile . Advertising business is growing rapidly , The proportion of its business from 2017 Year of 4.69% Upgrade to 2020 First half of the year 28.3%. Total revenue cut-off 2020 year 6 month 30 Year on day growth 100%.
The company's gross profit continued to grow rapidly ,FY2017 to FY2019, The compound growth rate reaches 132.4%. The gross profit rate is stable at 30% about . The main body of selling cost is the anchor's share , Most of the reward income goes to the host , This calculation leads to the company's gross profit margin is not high .
Quickly in 2017 Years and 2019 In, respectively 6.07 Eva 6.89 Billion operating profit . End of this year 6 month 30 Japan , The adjusted net loss was 63.5 Billion , The main reason is the huge increase in marketing and R & D expenditure , They increased year on year 353% and 77%.
The end of the
This Kwai rush listing has four purposes. , The first is to continue to improve existing products and constantly launch new products and services , Second, it will invest in technology research and development , Optimization algorithm and big data acquisition . Then further promote the platform's advertising and e-commerce services . Finally, it will make strategic investment and acquisition of social entertainment software .
Rather than Kwai Fu, it's a short video software or live broadcast. app, Rather, it's a social platform based on short video and live broadcasting , The deep acquaintance of these communities is a valuable asset of Kwai Fu. , This is also a tiktok. . With the rapid growth of Kwai Fu's monthly life , The demands of different groups have become complicated , Kwai Fu needs to dig deeper to explore the changing needs of the stock users. , Give timely feedback , Keep your position . At the same time, it combines its own advantages with the mission of creating value for users , In the game , Knowledge sharing and other new tracks . The future of Kwai is worth looking forward to. .