When the content industry goes to the deep water area, the final competition of all content companies is not content, but a group of modern company elements such as the organization, strategy and efficiency of the company. This article from the micro-channel public number: Hedgehog commune (ID: ciweigongshe), Author: Stone Chan
Wu Xiaobo may be sold, 1.5 billion.
On March 31, Quantong Education released a restructuring plan that said it plans to buy 96 percent of Wu Xiaobo's Hangzhou Bajiuling Cultural and Creative Co., Ltd. ("Bajiuling") for a price of 1.5 billion yuan.
Wu Xiaobo, the former "most profitable financial writer", intends to sell the company in 1.5 billion, and then Zhang Dayi, the network celebrity who has "the first stock of domestic online celebrity ecommerce," went public in the United States, and started his business to a business model that can be copied in batches, and the business path is perfect. Is business revenue mature?
Hard to say.
Zhang Dazhao’s “Rugao” shares continued to plummet for several days after listing, and have not recovered yet; Quantong Education’s acquisition of Bajiu Ling was blocked, and the Shenzhen Stock Exchange (hereinafter referred to as “SZSE”) raised 19 major questions about the acquisition. Every question goes straight to the depth of the problem.
Also thanks to the Shenzhen Stock Exchange, we saw internal data that BKL had never published before, and then we analyzed questions and answers on the content entrepreneurship aspects of Shenzhen Stock Exchange and Quantong Education.
The novelty of these questions is worthy of careful reading by entrepreneurs.
Who is all-pass education? Why did it acquire Ba Jiuling? Why is Ba Jiuling selling?
All-pass education is a company in Guangdong that specializes in education business. It started from primary and secondary education and training, and then began to expand its business into continuing education. The main user groups are primary and secondary school students, primary and secondary school teachers, and parents of students. In order to expand new business in the past few years, it has also cooperated with schools in Shandong to arrange higher education.
All-around education provides exam-oriented training, while BKL provides non-test-oriented training. Its target group belongs to the non-academic type, and has opened the enterprise investment school and the new craftsman college, has a large number of entrepreneurs, middle-class resources.
The difference between the two categories can be easily understood as: one is training for passing the exam, and one is for satisfying the user's self-improvement.
All-pass education is now in trouble. In the reply letter, it said that the basic education field has successively introduced industry norms and related remediation measures. The campus information service business of Quantong Education is facing challenges, and the distance teacher training business is affected.
In short, the environment is wrong, I am affected, I need an external force to provide me with a new way.
According to the idea of all-pass education, if they are together, they can combine customer resources. All-pass education thinks this way: it has many students, teachers, school resources, and many people are undergraduate and higher vocational college students; Ba Jiuling's products are great, the target users are new middle-class, business managers and enterprises. The parents of many students are new middle-class and have the need for pan-financial knowledge training. As long as they are together, it is possible to convert these parents into new users of Ba Jiuling.
Not only that, all Education self-built channels, Bajiu Ling has Internet channels, if they are together, but also can open the channels. Bajiuling thought the same way, "it can extend and expand its non-academic vocational education in pan-finance field to educational vocational education." "extend its existing offline training business to its online training business."
However, the Shenzhen Stock Exchange does not think so. The letter of reply from Quantong Education has made this part of the collaboration more vague. It did not specifically split the conceptualized content. The Shenzhen Stock Exchange sent a letter again on April 9th, in response to the successful acquisition, whether the two sides will produce The synergy raises two questions:
1. Please indicate whether there is a cross-section in the user community in the light of the current business development of the two parties, can it be directly converted or generated customer synergies?
2. Please explain whether the positioning of your company and Ba Jiuling in the field of vocational education is the same in combination with the vocational education courses that have been carried out by both parties. Can product synergies be produced?
These two issues need to be submitted to the Shenzhen Stock Exchange by April 12.
Will Wu Xiaobo write the article in person?
All along, many people are curious whether Wu Xiaobo will spend a lot of time writing articles on his own official account and pay-for-knowledge courses.
The Shenzhen Stock Exchange's previous inquiry letter was also targeted: verifying the impact of Wu Xiaobo's personal influence on the valuation of the transaction. Whether the essence of this transaction is Wu Xiaobo's personal IP securitization.
In response to a reply from Quantong Education to the Shenzhen Stock Exchange, the company has established a perfect corporate governance system and various internal control systems, and has formed a mature and stable management team and business model. Wu Xiaobo is more like the founder or manager of any other company, assume the responsibility of management and leadership. The essence of this transaction is the securitization of the complete business system of BKL, not Wu Xiaobo's personal IP securitization.
In other words, Wu Xiaobo does not write directly.
What's he doing?
Participate in "hearing Wu Xiaobo every day" audio topics, manuscript confirmation and audio recording links, audio manuscripts are organized and written by the editing team. If there is a problem with the manuscript, Wu Xiaobo will make appropriate amendments.
In the e-commerce business, the new craftsman college curriculum is very important, Wu Xiaobo will participate in audition and evaluation before the course goes online to appear as a quality control role.
He also plays the role of quality control in the corporate college. "in very few cases, he participates in the course delivery process as a course lecturer in the corporate college." In other words, when he is all right, give a lecture, there are other important things, will not come.
In implementation, Wu Xiaobo is not directly involved in the management of the company's business, the specific business by his wife Shao Bingbing in the host. She was a scholar, a teacher, a self-proclaimed heroine, and an inner aid who was willing to wash her hands and make soup.
However, Occasionally, Wu Xiaobo’s signature text will be seen on the “Wu Xiaobo Channel”.
How much money does the Bajiu Spirit make?
Wu Xiaobo has books on financial affairs such as "The Great Failure", "Third Years of Surprise", "One Hundred Years of Debauchery", "Two Thousand Years of Harmony", "The Gains and Losses of Economic Success in the Past Dynasties", and they usually appear in bookstores as bestsellers.
Wu Xiaobo's point of view in the economic field has a deep influence on the elite of China's younger generation, which is why he has a great appeal in the economic field. The Bajiuling team built multiple lines of business through his personal IP,.
1. Pan-Finance Knowledge Communication Offline Course
Ba Jiuling has a large-scale business line called the Pan-Finance Knowledge Communication Offline Course, which mainly includes the transformation major class, the year-end show, and the thought canteen.
The transition courses were held in June 2017, October 2017 and June 2018. In the first round, 243 people bought tickets and received 236300 dollars.
In the second game, the ticket soared to between 2450 and 6800, 220 people bought the ticket, and Ba Jiuling got 595,400. In the third game, the number continued to soar, and the book income of the ticket was 759,000.
In another dimension, the year-end show became the highlight of the knowledge-paying field in recent years. In 2017, Wu Xiaobo’s year-end show received a ticket income of 2,500,500. In 2018, this income steadily rose to 2,725,200 yuan.
Ba Jiuling also has a sub-business called the idea canteen. In 2017 and 2018, 47 sessions were held, and the tuition fees were recorded in a total of 9.5508 million yuan.
2. Enterprise Investment Academy
The activities of the Enterprise Investor College mainly include EIC, the equity incentive of the Chinese investor PLUS, and the activities of the school tour.
The enterprise investment company EIC held four issues, a total of 1476 people signed up, tuition fees rose from 24,800 yuan in the first period to 58,000 yuan in the fourth period; total income is getting lower, the number of students enrolled gradually decreased, the first period of income was 1379.17 Ten thousand yuan, the fourth period got 4,170,000 yuan.
However, PLUS2018, a Chinese investor, made a lot of money. That time, 149 people signed up and received thirteen million nine hundred and sixty thousand eight hundred and ninety nine of the revenue, with an average fee of one hundred and three thousand one hundred. Equity incentives and school tours totaled two million eight hundred and eighty five thousand six hundred.
3. New Craftsman College
The essence of this business is in the word "artisan". “Artisan” refers to people with excellent skills, advocating what they are doing, and producing products that are refined, focused and researched, and pursue the ultimate.
In 2016, the “artisan spirit” was very hot and had a strong appeal. However, Ba Jiuling launched a consumer-oriented manufacturing enterprise in 2018, providing a comprehensive corporate coaching training program centered on enterprise management training. It is the new artisans college.
In one year, the business team grew from 2 people to more than 70 teams including product sales, academic research and development, marketing, community e-commerce and technical support. There are training business, community e-commerce business, knowledge payment service, 466 service members, and got a membership fee of 94.103 million yuan.
But the Shenzhen Stock Exchange is skeptical of the above information. It asks all-around education, the authenticity of the paid staff in each period, whether there are third parties paying on behalf of them, and whether there is a situation of brushing.
The reply from All-pass Education is: "As of now, the number of people in the target company has not been found."
Deconstructing the content team and promotion team of Ba Jiuling
Ba Jiuling has a total of 30 public numbers and 17 numbers are in operation. They are divided into two types of uses. One is to use as a channel for knowledge payment services, to disseminate knowledge-paid products, such as Wu Xiaobo Channel and Deco Real Estate Channel; the second is to use as a publicity and service for a certain business, and its functions are similar to official websites, such as A public number related to the Enterprise Investment Association and the new craftsman.
To run these official accounts, in 2018, the number of Ba-Jiuling content editors increased to 143, and the number of well-known Wu Xiaobo channels is 48. In 2017, the content editor team was 73, nearly double in a year.
What are the expanded people doing? He went to the Entrepreneurship Division, which has a team of 17 content editors in 2017, up from 64 a year later. In addition, there is a 24-person team dedicated to the production of video.
In addition to the content editing team, there is also a promotion team. In 2017, there were only 51 people. By 2018, the number of people reached 115, mainly for business development.
In 2018, the content team brought Bayu Lingling an income of 98,450,500 yuan, accounting for 42.5% of the company's revenue, only one million yuan broke 100 million. Among the subdivided teams, the most profitable is Wu Xiaobo channel and video production team. The promotion team contributed 1080.51 million, accounting for 46.65% of the company's revenue.
Combined with the spread of Pan-Finance Knowledge Communication, Enterprise Investment School, New Artisans College and Knowledge Payment, Bajiling’s book income in 2018 was 231 million yuan, of which advertising marketing services accounted for more than 50%. %.
To this, the Shenzhen Stock Exchange appears again: does the advertising marketing business include the self-media soft text? Is it in line with advertising law? What is the authenticity of advertising revenue? Is the e-commerce business legal and compliant? Is it accurate that "service content belongs to the field of vocational education"?
These questions will not be answered until April 12th.
What should you know about a content startup?
It can be seen from the 19 questions of the Shenzhen Stock Exchange that it is very detailed and professional. From the registration time of WeChat public account such as "Wu Xiaobo Channel", the growth trend of fans' attention number since the opening, the number of active users, the number of paid users, ARPU (average revenue per user), etc., ask about the income and cost generated during the reporting period. The amount and confirmation basis, whether it matches the member recharge flow, and whether there is a third party payment.
In general, the Shenzhen Stock Exchange's 19 questions are a wake-up to content entrepreneurs: startups require corporatization, not studio operations; your company is not a company, it is a commodity.
In the market, if you already have a company in your hand and want to seek financing, then you have to recognize a reality, your company will be measured by the market from multiple dimensions, usually there are two broad categories: content production and Commercial Operation.
However, the core of the content production lies not in the content itself, but in the process mechanism of the production content, which is closer to the category of productive forces and constantly mediates and promotes the relations of production. For this reason, the Shenzhen Stock Exchange has a concern: if Quantong Education succeeds in the acquisition of BKL, will its influence and ability to operate remain sustainable after the departure of its employees?
The basis for maintaining both capabilities is content production and business operations. The above issues are mapped to the entire content industry dilemma: how to continue to produce high quality and influential content?
At present, the way to be recognized by capital is to seek the help of industrialization and produce large-scale effect. In other words, a content company not only to continue to produce good content, but also to continuously develop high-quality content production team.
Many people don't like or don't agree with the concept of industrialization of content, but most of the explosions on the market are branded by the pipeline. Which screen should appear at the time of the video, which time should be touched by the audience, which At one point in time, the audience should be laughed and have a subtle design.
And the high-quality content companies we know, such as papitube, 's perception of TV, onion videos, the 10-point culture, are all following the path of verticality, matrix, and industrialization, not that I have developed every specific content model. But set up a set of standardized content management mechanism. It will bring a content company closer to the head, and only if it becomes the head, will it continue to grow stronger and stronger.
They are also the favored objects of capital at this stage. There is another characteristic of such companies. The model can be replicated. It can cultivate multiple net reds or continuously produce good content. Once it is not reproducible and unsustainable, there will be huge contingency risks. Capital now Very few are willing to take such risks.
On the other hand, one of the industrial features is to quantify the concept. This philosophy requires that personal IP, brand influence, company assets, Internet assets, and even business models can be quantified, the finer the better. But there is also a dilemma. At present, there is not a standard with enough strength. Everyone is crossing the river by feeling the stones.
The business dimension is based on the high-level thinking of the content dimension. Many content companies have advertising business, knowledge payment service, and offline business. The premise of carrying out these businesses is that you have to let others know that you have such a content company, that is, branding and promotion, and form a head effect.
Many traditional business practices have also been replicated in the content industry, such as hatching subsidiaries, and start, as well-known head-of-the-business MCN organizations, such as 10-point culture, bee colony culture, etc., have adopted this approach to strengthen themselves.
There is actually another way. After some head content companies develop to a certain extent, they will set up an investment department separately, use capital means to intervene in the upstream of the content production link, collect more content producers, provide more content to the downstream platform, and broaden the business. Imagination space.
The content field does have special characteristics. The particularity comes from the emotional creation of the content itself, but this particularity cannot be regarded as the uniqueness of the entire company. The content is only part of a content company, not a content company.
In order to cope with this particularity, many content companies also have an excellent product development team, the sooner we start building the better, we know that the Miocene has such a team.
When the content industry reaches deep water, all content companies ultimately compete not with content, but with modern corporate elements such as organization, strategy, efficiency and so on.
This article from the micro-channel public number: Hedgehog commune (ID: ciweigongshe), Author: Stone Chan
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