After four or five years of tossing video sites, investors finally saw the dawn of cash out.
In June, Huayou Century, a subsidiary of Shanda, announced that it would sell its two major businesses, wireless and music, and washed its shell and left it alone on Ku6. As a result, Ku6 became the "first listed video site in the world." The procedures for changing cards at NASDAQ have also been completed recently.
On August 12, LeTV was listed on the Shenzhen Growth Enterprise Market, becoming the first video company to be listed on the A-share market.
The successful listing of the two video sites has made Youku and Tudou, the market leaders, "uncomfortable" and has not dispelled bystanders' concerns about the video industry. Whether it is the recent copyright disputes, or the profitability of listed companies, there are more and more doubts.
Along with such negative and positive results, the "Daily Economic News" has recently launched an in-depth investigation.
Five rounds of financing boss and second anxiety
In fact, the market structure of the video industry is very different from that of three years ago, but according to the estimates of third-party consulting company Analysys International, in the first half of 2010, China's online video market was 830 million yuan, with the top two market share It is still Youku (19%) and Tudou (15%).
So far, both have completed five financings respectively. With the announcement on August 5 that Tudou.com received another US $ 50 million in "blood replenishment", its total financing amount has reached US $ 135 million. At the end of 2008, Youku has refinanced and received a total of US $ 110 million in venture capital.
The fifth round of financing means that listing is already imminent. People can't help but ask, who will be the next listed video company?
For the recent public listing topic, Youku CEO Gu Yongqiang always smiled slightly and kept silent. Youku's 2010 target revenue is 200 million yuan, and it is expected to achieve continued profitability. A statement circulating in the industry is that Youku, which went online in 2006, has increasingly approached the hurdle for listing, and 2011 will be a key year for its IPO.
Tudou.com, which is competing with it, is said to have obtained the last round of financing before going public. The goal is to successfully hit Nasdaq in 2011. Tudou CEO Wang Wei recently revealed in public that listing is an inevitable choice. Tudou is more willing to consider overseas, but he did not say much.
"Ultimately, both Tudou and Youku will be listed, and must be listed, otherwise how to explain to investors? Both hold their breaths!" A former Tudou middle-level employee told the "Daily Economic News", a money-burning industry For large companies, if they ca n’t successfully go public for financing, there is only one way to go. This person revealed that earlier, Wang Wei had internally disclosed his intention to go public at the end of 2010.
Who can take the lead in the same mode?
In a recent interview with "Daily Economic News", Wang Wei once again talked about two other very famous "unlisted" video sites: YouTube and Hulu. Wang Wei believes that although these two companies have gained support from mainstream video sites in China, there is currently no domestic Hulu and YouTube in the future.
"YouTube doesn't work at home because compared to foreign countries, the Chinese market does not have much patience to wait for a long return cycle." Wang Wei analysis, the essence of Hulu's success is because, "In the United States, three or four major film and television companies They produced the vast majority of film and television products on the market, and they joined forces to move these plays with absolute market share to the Internet to form Hulu. However, in China, there is no large monopoly media company, and the copyright content Too scattered. "
According to him, the video market (compared to three years ago) has grown three or four times. It is expected to have a scale of more than one billion in 2010, and this scale will reach 10 billion in two or three years. Can accommodate more forms of media. "
An insider of another video site also agreed with this view. "In terms of listing alone, although the goals of Youku and Tudou are all aimed at Nasdaq, they will not have an exclusive effect. The models of Ctrip and Yilong are basically the same, and they will land on Nasdaq one by one in a year. As long as the model can be recognized by the market, the Chinese market is attractive enough to foreign investors, and Youku Tudou will eventually be able to attract gold. "
Listing does not mean that the two big puzzles of profit remain to be solved
In fact, the profit puzzle has not been solved, and listing is not the end of the video website industry.
On August 30, the first financial report after the listing of Cool 6 appeared: a net loss of $ 11.8 million in the second quarter. In the second quarter, Cool 6 ’s revenue from advertising business doubled to US $ 2.4 million, but the overall net loss of the business reached US $ 14.7 million. From this perspective, as the first listed video company Ku6, the "money" scene is not optimistic.
In fact, the industry's special focus on the financial report of Ku6 is not the company itself, but the significance of Ku6 to the domestic video industry-if the profitability of Ku6 and the stock price continue to slump, it will affect the ratings of Youku, Tudou, etc. To make their listing situation more severe.
In the current situation, "copyright" and "profitability" are two inevitable keywords.
As Wang Wei said, “copyright content is too fragmented†in China, which creates obstacles for the domestic video site to clone Hulu.
When Tudou announced the financing news last month, CEO Wang Wei once said that the US $ 50 million will be mainly used to expand the mobile Internet business, integrate professional content and self-made drama plans, and further improve the user experience, and did not disclose how much it will invest. The funds are used to purchase the rights of movies and TV series.
In this regard, an insider of a video site expressed "very understanding", "Whoever talked about copyright a few years ago is a fight for traffic. Once the word" copyright "emerged, it brought everyone back to the same front. This It ’s even harder for big companies because they have a long battle front and ca n’t spend all their money on copyright. â€
In Ku6.com ’s financial report, advertising business is listed as “continuous business incomeâ€, which is now the main source of income for almost all video websites, and this income is no match for corresponding expenditures, which is also the current status of the industry. Even YouTube has not solved the profit problem well until now.
In 2008, Hulu was born in the United States. It is based on the elite videos of professional film and television producers. It is jointly established by News Corporation, Disney, NBC Universal and private equity funds. Also selling advertisements, Hulu easily won the favor of brand advertisers. With this advantage, Hulu is expected to surpass YouTube as the first online video site in the US for an initial public offering.
For domestic counterparts, perhaps Hulu's "profit model" can be used for reference, but "profitability" is difficult to copy for a while, mainly because "there are no large monopoly media companies in China, and the copyright content is too scattered" .
There is no doubt that in order to seek listing, Youku and Tudou must first give investors a sufficient reason in terms of profit model and ability.
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