Yingke, it's not easy to tell a good story about the yuan universe

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Source:"Yikecai" (id:yikecai), author: Hui Zhi, editor: Zhou Ye

Yuan universe racetrack welcomes another new player.

On June 15, Yingke announced that it was renamed "yingcosmos" and officially entered the hottest tuyere yuancosmos at present. Correspondingly, the English name of Yingke is changed to inkeverse.

Tuyuan Yingke official microblog

Fengyousheng, chairman of Yingke, explained the reason for the name change: the group needs to have a more suitable brand name to represent the group's external image, rather than replacing the group name with a specific product name, so the brand upgrade was renamed Yingke to yingcosmos.

This can not help but remind the outside world of meta and metaverse after Facebook changed its name last October. As a player in the social track, Yingke has also entered the meta universe by changing its name, catching up with the wind again.

As a matter of fact, Yingke is one of the few companies that are still trying new tracks after listing, from the live broadcast of the show to social networking to today's metauniverse.ย 

In the three years after Yingke's listing, short videos have sprung up and live broadcasts have been secretly attacked across borders. Behind this, Yingke is quite helpless. The live broadcast business is under serious pressure, and the future of social products is uncertain. Metauniverse seems to be a sexy story.

"Live broadcasting is already in a very mature stage, and it is difficult to generate rapid growth. Our growth comes from social networking, dating and overseas markets. Metauniverse is more than 10 times larger than the current Internet market." Fengyousheng, chairman of Yingke, said so.

However, it should be understood that with the development of the Internet into the deep-water area, enterprises want long-term sustainable development. They no longer simply chase the wind, and there are fewer and fewer stories of sudden wealth.

More importantly, metauniverse is still an uncertain outlet. Technology and capital have not yet been implemented. No one can be sure whether this is a good story.At this time, Yingke is "first to win". Will the capital market pay for the story of "yinguniverse"?

1. The live broadcast of the show is declining, and Yingke must transform

Perhaps the most memorable time for Yingke is the era of "thousand broadcast war".

At that time, Yingke was undoubtedly the meat and potatoes of the live show. Among them, there is no lack of financial support from well-known investor zhuxiaohu and giant Tencent. For those who do not lack money, they invite stars to broadcast live, burn money for traffic, and successfully run out of the "thousand broadcast war", becoming the "first share of the live broadcast platform" in just two years.

Unfortunately, the good times are not long. The sequela of the barbaric growth of players from all walks of life is excessive competition, which increases the difficulty and cost of acquiring customers on all major platforms.

Taking Yingke as an example, its anchor cost in the first half of 2021 was as high as 2.362 billion yuan, a year-on-year increase of nearly 50%, accounting for 60% of the current expenditure; "Publicity and advertising expenses" increased to 990million yuan in the first half of the year, up more than three times from 245million yuan in the same period last year.

More importantly, in 2020, the air outlet for live broadcasting with goods suddenly blew up, and the show live broadcasting that did not meet the market taste showed a declining trend.For Yingke, who started the show live broadcast, the challenge is even greater.

Under the impact of content platforms with their own traffic such as Tiktok and Kwai, the attraction of Yingke live broadcast to users has declined at a visible rate. According to Qianfan data, in January 2022, the monthly active number of Yingke live express version was 781800, a month on month decrease of 7.9%. Compared with Tiktok and Kwai, who live hundreds of millions a month, it is obviously not in the same order of magnitude.

In addition, the continuous strengthening of supervision has also brought uncertainty to the live show.

The most intuitive example is that the last show live broadcast came to the public, or the chaos of the show live broadcast exposed at the 315 party this year. In fact, the new round of exposure has only brought a short-term heat to the show live broadcast. The deeper significance is that the industry control of the show live broadcast has been upgraded again.ย 

It is difficult to tell the story of the live broadcast of the show, and the Yingke must transform.Perhaps inspired by Momo's "live + social", Yingke began to tell social stories.

In the past two years, Yingke has incubated more than 20 apps in the pan entertainment layout. Among them, the interest social app Jimu, marriage app matchmaking, live e-commerce buylive and even sea going products have entered the commercialization stage.

Yingke has achieved some success in socializing.

Reflected in the financial report, social business has supported half of Yingke's revenue.In 2021, the revenue of social products reached RMB 5.744 billion, accounting for 62.6% of the total revenue. Many social products for vertical groups have entered a mature commercialization stage; The revenue of live broadcast products and blind date products reached 2.563 billion yuan and 614million yuan respectively, accounting for 27.9% and 6.7% of the total revenue respectively.

Unlike other players, Yingke is engaged in the "matchmaker" business in the social field of strangers, that is, marriage and love. The obvious problem is that because users are not familiar with each other, love and marriage are easy to fall into a sensitive gray area. On the black cat complaint platform, there were 3331 complaints about Yingke. "Yingke is a pig killing dish", "Yingke is suspected of gambling" and "Yingke arbitrarily withholds fees" are emerging in endlessly.

Looking at the outside, Momo and tantan have been the social leaders of strangers for hundreds of millions of months. Soul is also seizing young people with a strong momentum. It is unrealistic for Yingke to rely on social intercourse once and for all.

Yingke, whose performance is poor and its listing is the peak, has seen its share price decline in recent years.According to futu Niuniu, as of press time, Yingke's share price was HK $1.49 per share. Compared with the highest value of HK $5.48 per share at the time of listing in 2018, it decreased by 72%.

Yingke really needs to tell a new story to capital. At this time, Yingke was transformed into yuanuniverse again, trying to seize new market opportunities.ย 

2. Do you have an advantage if you enter the game first?

Regardless of the final result, it is a common routine for enterprises to enter the market first and gain the favor of capital.

There is no doubt that the meta universe is the wind outlet for all stars to support the moon. The report of sensor tower (2022), a data company, shows that since the outbreak of the concept of "meta universe", an average of one "e; Metauniverse " APPใ€‚

After Yingke announced its entry into yuancosmos, it once rushed to the hot search list, and its share price closed up 6.77% in a single day.But as Zuckerberg, the founder of meta, who is the fastest to follow the trend, said. "Yuancosmos will have to wait at least another ten years to make a real contribution to the company's performance."

In other words, metauniverse is still an early concept. It will take time for Yingke to see obvious benefits.

Look at the performance of other players who have transformed into the meta universe, which can also support this statement.

On November 18 last year, an open letter from limeng, the founder of tianxiaxiu, immediately triggered a wave of rainbow universe virtual real estate boom. At that time, there was even a virtual real estate with a price of more than 500000 yuan, and more than 100000 reserved users had been obtained before the public beta.

The "No. 1 stock in the popular economy" is the first enterprise in China to catch up with the yuan universe.In October last year, rainbow universe went online and was once known as the "Chinese version of meta". According to its official introduction, rainbow universe is the first virtual social platform based on blockchain and 3D technology in China. When it was launched online, the platform started the online limited edition virtual house and pre registration of in-house test qualification, and the number of reservations exceeded 10000 in two hours on the first day.

At that time, relying on the capital concept of the meta universe, tianxiaxiu began to rise by the limit continuously, with an increase of more than 70% at one time. However, after the enthusiasm of users faded, the foam of rainbow universe burst and received regulatory attention.

The Shanghai Stock Exchange believes that tianxiaxiu released relevant contents about "Rainbow universe" through non statutory disclosure channels, but the company has not actually participated in the R & D of AR, VR, Mr and related hardware technologies, and has no relevant hardware technology reserves or patents. The company's main business has not changed significantly, and "Rainbow universe" as a product in the experimental stage has great risks and uncertainties.

But in any case, the door of the virtual world has been opened, and the giants are also running into the arena.

In April this year, code Qiankun, which invested 100million yuan by ByteDance, recently officially launched the meta universe game restart the world in major app stores. In addition, ByteDance is developing a meta universe social product "pixsoul" to create an immersive virtual social platform.

Earlier, Tencent participated in the g-round financing of roblox, known as "the first share of the yuan universe", and obtained the exclusive quota of Chinese agents. Internally, according to Geek Park, yaoxiaoguang, head of Tencent's Tianmei studio, will personally lead the team to develop a game that targets the virtual world "oasis" in the movie "top player".

MIHA tour, a new force of domestic games, is also eager to try. According to the report of vertical game media Jinghe, MIHA tour has established MIHA tour Research Center (inverse entropy studio), and the person in charge is Dr. Xing Jun. By the end of 2020, the scale will be about 10 people.

It can be seen that the companies that have entered the market basically cut into the meta universe from games, entertainment and social networking.

Back to Yingke, it announced the layout of yuancosmos' business in May this year.

To this end, Yingke has successively launched a number of products related to the meta universe. Specifically, the yuan universe love app "lovers planet", the "panoramic k-song" that restores the immersive experience of offline KTV, and the 3D image virtual social app "the place" for generation Z in Europe and America.

Obviously, Yingke's entry into the meta universe this time is still based on his social skills.

On the one hand, Yingke has two years of social experience, and has accumulated the needs and habits of users. On the other hand, the accumulated users of Yingke may be able to migrate to the new meta universe social scene.

But what cannot be ignored is that without practical hardware technology, the layout of the meta universe is particularly fragile, just as the world show mentioned above. For Yingke, there is no doubt that there is a gap in technology from live broadcasting to social networking and the transformation of the meta universe. It is bound to have a long way to go to compete with the giants.

Today, the yuan universe is in a period of barbaric growth. All players entering the arena are fighting for bayonets. It is not easy for Yingke to break out of the encirclement. Would Yingke, who wants to catch the express train of yuanuniverse and tell a new story to the capital market, be "getting up early and catching up late"?ย 

3. Can you tell the metacosmic social story well?

There will be as many social apps as there are interpersonal relationships.

The significance of social interaction is no less than basic necessities of life. The emergence of each individual in different scenarios will stimulate new social needs. This may also be the reason why countless entrepreneurs want to create a "wechat" one after another.

It is not difficult for enterprises to find a subdivision track or a blank track.The most difficult thing is to break in the existing track and create new and long-term social relationships.

As mentioned above, Yingke's exploration of social networking began one year after its listing. According to incomplete statistics of Yike business, up to now, Yingke has not only interesting dating software "Jimu", but also "matchmaking" that covers the needs of blind dates in the sinking market, as well as "wild hunting" for vertical outdoor operators.

Yingke's Jimu platform, tuyuan Yingke wechat official accountย 

However, in the original social track, as mentioned above, on the one hand, Momo holds the social market of strangers, on the other hand, there are soul, Baidu, Shudong and other players in the vertical social field. It is difficult for Yingke to break out of the encirclement.At this time, it is even more difficult to enter the meta universe social with imperfect technology and design.

When the real social interaction extends to the meta cosmic social interaction, the story becomes more interesting, but it also becomes more homogeneous. Compared with the existing meta universe social products in the market, they have simply upgraded the scenes and characters on the basis of the original social products.

In February this year, in the first week after the Spring Festival, the birth of yuancosmos' social app "gel" broke the calm of yuancosmos' social market and took the lead in the app store.

This software, which takes pinching face as the core playing method, has attracted the love of generation Z users, but it is only short-lived.The reason is that after being exposed to the rest of the "privacy leak", it is more important that users do not really feel the atmosphere of the universe. Instead, they return to a "face pinching" software and look like QQ show.ย 

What is more important is the meta universe social app "xirang" launched by Baidu. Not only does it support the user's download experience, baidu also launched the 2021 create conference and intensive press conference on the xirang platform. The core method of "xirang" is that users can communicate with anyone through voice when they "meet" in the system. However, in the end, xirang did not escape the roast of product jam and poor experience.

At the same time, the "Party Island" launched by ByteDance in January this year began internal testing, mainly creating discussion scenarios for users with common interests and strengthening users' sense of social participation. Unfortunately, it didn't stir up any splashes.

The yuan universe society exchanged fire, but it didn't completely catch fire.At present, the interactive content of most meta universe social platforms is relatively single, which has limited appeal to users and is difficult to meet users' long-term social needs.

To put it simply, apart from the shell of the meta universe, there is no essential difference in technology and experience between meta universe social networking and ordinary social networking. More importantly, the homogeneous playing method and single design will always make users tired. In the end, the result of meta universe social interaction is not satisfactory, which is reasonable.

Paul Buchheit, a silicon valley product master, once said, "once the best products are used, people can no longer imagine what life would be like without them."In the social track, wechat is such a product. In the future, who will be such a product in the meta universe social field?

Far can not hydrolyze near thirst. Now the meta universe story just looks sexy. There is still a long way to go to win the love of young people.However, it is reasonable for Yingke to tell this new story in order to make its share price better. Will the capital market pay for it? You'll see the answer soon.

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