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MrCEO
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MrCEO
2021-12-19
$微软(MSFT)$
👍
MrCEO
2021-12-18
$博通(AVGO)$
good job
MrCEO
2021-06-18
Great
MrCEO
2021-06-17
Great
MrCEO
2021-06-16
Gogo....
MrCEO
2021-05-21
💪💪go...go
MrCEO
2021-05-20
Go....
MrCEO
2021-04-27
😀💪💪
MrCEO
2021-04-23
Go.gogo....
MrCEO
2021-04-17
Go.go...
MrCEO
2021-04-14
😍😍yes...
MrCEO
2021-04-11
👍👍
抱歉，原内容已删除
MrCEO
2021-04-10
冲冲.....
MrCEO
2021-04-08
Go go 💪
MrCEO
2021-04-07
Go go....
MrCEO
2021-04-06
Go n go
MrCEO
2021-04-05
666
抱歉，原内容已删除
MrCEO
2021-04-03
Up up
MrCEO
2021-04-02
Go n up up
MrCEO
2021-03-31
Go go
去老虎APP查看更多动态
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href=\"https://laohu8.com/S/SOHU\">搜狐</a>新闻客户端装机量的破亿，让市场开始直面这一新的战场。<b>趣头条在2016年问世时，新闻客户端的市场格局基本已定，作为新选手的趣头条却另辟蹊径，硬生生打通了自己上升的道路</b>。</p>\n<p>趣头条，最初以下沉版的“今日头条”为标签，推出看新闻得金币的运营思路，通过<b>高举高打、快速激励获客</b>的方式出现在市场，主攻下沉市场。随着，“五环内”的流量枯竭，往低线城市走，扩大用户数量，是互联网企业解决流量焦虑的必经之路。这也让<a href=\"https://laohu8.com/S/00700\">腾讯</a>看到了趣头条的价值，选择了对其投资。</p>\n<p>在腾讯的社交体系内，趣头条迅速崛起，在被巨头忽视的下沉市场中一路狂奔，数据迎来爆发式增长。2017年注册用户已经超过7000万，日活跃用户超过了1000万，在资讯类产品中仅次于腾讯与今日头条。2018年9月，这家成立2年的新闻资讯平台，先于一众行业前辈们，<b>成功登陆纳斯达克——从创立到IPO仅仅用了27个月</b>。</p>\n<p><img src=\"https://static.tigerbbs.com/72a68e067c884905b24f8c5a546bf31a\" tg-width=\"956\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>△登录美股</b></i></p>\n<p>然而，成也激励，困也激励。趣头条创始人谭思亮发明了全新的运营模型——左手拉新获取流量，右手将流量通过广告变现，这是趣头条长期以来的经营思路。谭思亮如此解析：<b>一个用户的激励是n元，用户产生的广告ARPU值是m元，m只要大于n，就能产生利润</b>。这就相当于，拿广告主的钱，再分一部分给用户，让用户来帮着完成KPI，从中赚取差价。<b>这种纯靠激励的方式，大大降低了广告的价值</b>，这种不可持续的运营模型，也困扰了趣头条的进一步发展。</p>\n<p>曾经的“下沉三巨头”，<a href=\"https://laohu8.com/S/PDD\">拼多多</a>市值已经接近2000亿美元，快手市值超过1500亿美元，而趣头条在最新一个交易日收盘时，市值仅为6.56亿美元，与2018年9月14日上市首日最高峰时期的 45.88亿美元的市值相比，上市以来市值缩水超过八成。</p>\n<p>3月4日，趣头条发布2020年Q4及全年财报，宣布首次实现经营性盈利。但盈利之下，趣头条牺牲的却是其赖以发迹的商业模式。</p>\n<p>根据趣头条财报显示，<b>2020年Q4活跃用户大幅度降低</b>。MAU为1.247亿，较2019年第四季度的1.379亿减少了9.6％，上一季度为1.205亿。DAU为3230万，较2019年第四季度的4570万减少了29.4％，上一季度为3970万。</p>\n<p>2020年四季度，趣头条的营销费同步减少了50.3%，从去年同期的13.68亿元，压缩至6.80亿元。随着趣头条模式的崩塌，<b>趣头条陷入到了一个只要控制成本，活跃用户就下滑，一放开拉新，就经营亏损的困境</b>。</p>\n<p>当然，趣头条同样存在有另外一条道路，那就是通过内容提高用户的留存率。在财报电话会上，谭思亮表示，趣头条为用户创造的价值来自通过智能算法分发的优质内容，对出于消费优质内容目的来到趣头条平台的用户来说，这一主张是最有价值的。虽然谭思亮不止一次强调内容的重要性，但是这一直是趣头条的短板，<b>成立之初，就是打着赚钱方式推广的趣头条，在内容的能力积累上十分欠缺</b>。</p>\n<p>在削弱获客成本外，趣头条曾试图完成核心用户的沉淀，扶持原创资讯，改善内容生态。趣头条针对原创作者推出过“快车道计划”、“合伙人计划”、“放心看计划”与“云耕计划”，然而从未公布过在相关计划上投入的具体数额。</p>\n<p>作为一家资讯平台，<b>趣头条自创立起便靠“打赏”用户来获取增长，并未建立起以内容体系为核心的壁垒</b>。与“惠头条”、“快头条”、“中青看点”等同类型APP相比，没有差异化特点。在护城河不明显的商业模式下，但凡有另外一家平台的打赏力度较趣头条更大，其用户的流失概率便也越高。</p>\n<p><img src=\"https://static.tigerbbs.com/2f97f769339b4233939a27cf21d4c260\" tg-width=\"1080\" tg-height=\"1078\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>△趣头条活动</b></i></p>\n<p>如何从现金补贴刺激流量，到实现用户的自然增长，趣头条尚未拿出合理的解决方案，所以<b>很难拿一次季度盈利就说趣头条被低估了</b>。</p>\n<p>02</p>\n<p><b><b>创新乏力，</b></b></p>\n<p><b><b>米读市场竞争力日趋变小</b></b></p>\n<p>除了构建内容生态，趣头条也一直在扩大旗下的产品矩阵。从本季度财报看，免费阅读小说的米读APP是趣头条系目前最有希望的产品。</p>\n<p>自从《诛仙》之后，中国的网络文学开始爆发，以起点、晋江等网络文学平台开始快速崛起，催生出一大批白金网络作家，并且建立了成熟的网络付费体系。然而，<b>付费体系的建立和版权意识的崛起，阻隔了大部分网友对于阅读的需求，也为免费小说留下了巨大市场空间</b>。</p>\n<p>近年来，随着网络小说的IP化发展，影视、动漫和游戏等衍生品逐渐被人追捧，<b>网络文学的价值也在不断被重估</b>。2005年天下霸唱的《鬼吹灯》系列影视改编权，仅仅只卖出10万元人民币，可以说是白菜价。后来南派三叔的《盗墓笔记》系列的影视改编权，500万卖给<a href=\"https://laohu8.com/S/000892\">欢瑞世纪</a>，仅仅四五年，网络文学的价值被迅速放大。此外，短视频的快速崛起，也为网络文学提供了全新的改编渠道。</p>\n<p>趣头条则抓住了读者对于网络小说的阅读需求，在2018年冷启动米读应用。<b>在没有趣头条APP导流的情况下突破500万和1000万用户的大关，抓住了免费阅读的时代红利。在趣头条App逐渐失去了想象力和原有的光环后，米读，或许已经成为了趣头条最有想象力的产品</b>。</p>\n<p>然而，<b>盯上这一市场的企业并非趣头条一家</b>。其中字节跳动推出番茄小说，还投资了塔读文学、闻秀科技等；巨头<a href=\"https://laohu8.com/S/BIDU\">百度</a>也亲自下场，既付费市场推出纵横中文网后，在免费阅读市场推出七猫小说，并且战略投资<a href=\"https://laohu8.com/S/300364\">中文在线</a>；面对免费市场的空间，已经掌握了付费市场大半江山的<a href=\"https://laohu8.com/S/00772\">阅文集团</a>推出了飞读，战略投资了中文在线。根据数据统计，虽然米读行动更早，但是后续出现在市面上免费阅读应用已经跟上了米读的脚步，甚至七猫已经小说的活跃用户已经超过了米读。</p>\n<p><img src=\"https://static.tigerbbs.com/372a6a4718cb4f95a14330387d021bc3\" tg-width=\"713\" tg-height=\"374\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>△汽车智能化</b></i></p>\n<p>米读在2020年第四季度再次获得资本认可，完成了1.1亿美元C轮融资。然而在小说市场的竞争中，<b>资金只是竞争中的一个维度，内容的质量则是决定性因素</b>。未来，在这场内容的竞争中，面对阅文和字节跳动，趣头条在内容方面的建树和态度，似乎将会是制约着米读的发展。</p>\n<p>此外，创新业务需要时间积累，但谭思亮需要的是快速见效，所以在趣头条体系内，很难再出现另一个米读小说，因为趣头条已经等不起了。趣头条的下沉用户，能否支撑的其趣头条的新业务探索也成谜。毕竟互联网小白，接受能力和先驱对于新鲜事物的接受能力完全不能相比。</p>\n<p>疫情的冲击下，2020年线上经济开始爆发，虽然全年营收52.85亿人民币，但趣头条第四季度的数据却出现了下滑，营业收入13.02亿元，较去年同期16.58亿下滑21.5%。想象力见顶，营收数据下滑，<b>财报公布后，资本市场快速做出反应，美股周四收盘，趣头条股价跌超25%</b>。</p>\n<p>在两年内快速崛起的趣头条很快就陷入了增长和留存的阵痛期，2020年，趣头条对公司进行了第三次架构调整，其中涉及视频事业部、游戏事业部、创新BU改组为创新中心、增长和商业化将合并。如果不能解决这些问题，<b>趣头条可能面临快速崩塌的风险</b>。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>趣头条首次盈利，但华尔街需要新故事重估市值</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n趣头条首次盈利，但华尔街需要新故事重估市值\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023838834\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/07b1d07bb0ae44508e1f39efef07e6ac);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">深潜atom </p>\n<p class=\"h-time\">2021-03-07 14:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/8151c5f56e9748218b1989c45d874517\" tg-width=\"830\" tg-height=\"548\" referrerpolicy=\"no-referrer\">作为曾经的下沉市场明星公司，<a href=\"https://laohu8.com/S/QTT\">趣头条</a>在首次实现经营性盈利的同时，正在面对两难的局面：<b>一方面调整撒钱获客的商业模式，另一方面又要正视壮士断腕带来的流量见顶</b>。</p>\n<p>曾经创造了中国企业在纳斯达克最快上市记录的趣头条，似乎离敲钟那一瞬高光时刻越来越远。</p>\n<p>01</p>\n<p><b>不可持续的模式</b></p>\n<p><b>持续下滑的流量</b></p>\n<p>新闻客户端的战争始于2013年，彼时<a href=\"https://laohu8.com/S/WB\">微博</a>大战已经告一段落，<a href=\"https://laohu8.com/S/SOHU\">搜狐</a>新闻客户端装机量的破亿，让市场开始直面这一新的战场。<b>趣头条在2016年问世时，新闻客户端的市场格局基本已定，作为新选手的趣头条却另辟蹊径，硬生生打通了自己上升的道路</b>。</p>\n<p>趣头条，最初以下沉版的“今日头条”为标签，推出看新闻得金币的运营思路，通过<b>高举高打、快速激励获客</b>的方式出现在市场，主攻下沉市场。随着，“五环内”的流量枯竭，往低线城市走，扩大用户数量，是互联网企业解决流量焦虑的必经之路。这也让<a href=\"https://laohu8.com/S/00700\">腾讯</a>看到了趣头条的价值，选择了对其投资。</p>\n<p>在腾讯的社交体系内，趣头条迅速崛起，在被巨头忽视的下沉市场中一路狂奔，数据迎来爆发式增长。2017年注册用户已经超过7000万，日活跃用户超过了1000万，在资讯类产品中仅次于腾讯与今日头条。2018年9月，这家成立2年的新闻资讯平台，先于一众行业前辈们，<b>成功登陆纳斯达克——从创立到IPO仅仅用了27个月</b>。</p>\n<p><img src=\"https://static.tigerbbs.com/72a68e067c884905b24f8c5a546bf31a\" tg-width=\"956\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>△登录美股</b></i></p>\n<p>然而，成也激励，困也激励。趣头条创始人谭思亮发明了全新的运营模型——左手拉新获取流量，右手将流量通过广告变现，这是趣头条长期以来的经营思路。谭思亮如此解析：<b>一个用户的激励是n元，用户产生的广告ARPU值是m元，m只要大于n，就能产生利润</b>。这就相当于，拿广告主的钱，再分一部分给用户，让用户来帮着完成KPI，从中赚取差价。<b>这种纯靠激励的方式，大大降低了广告的价值</b>，这种不可持续的运营模型，也困扰了趣头条的进一步发展。</p>\n<p>曾经的“下沉三巨头”，<a href=\"https://laohu8.com/S/PDD\">拼多多</a>市值已经接近2000亿美元，快手市值超过1500亿美元，而趣头条在最新一个交易日收盘时，市值仅为6.56亿美元，与2018年9月14日上市首日最高峰时期的 45.88亿美元的市值相比，上市以来市值缩水超过八成。</p>\n<p>3月4日，趣头条发布2020年Q4及全年财报，宣布首次实现经营性盈利。但盈利之下，趣头条牺牲的却是其赖以发迹的商业模式。</p>\n<p>根据趣头条财报显示，<b>2020年Q4活跃用户大幅度降低</b>。MAU为1.247亿，较2019年第四季度的1.379亿减少了9.6％，上一季度为1.205亿。DAU为3230万，较2019年第四季度的4570万减少了29.4％，上一季度为3970万。</p>\n<p>2020年四季度，趣头条的营销费同步减少了50.3%，从去年同期的13.68亿元，压缩至6.80亿元。随着趣头条模式的崩塌，<b>趣头条陷入到了一个只要控制成本，活跃用户就下滑，一放开拉新，就经营亏损的困境</b>。</p>\n<p>当然，趣头条同样存在有另外一条道路，那就是通过内容提高用户的留存率。在财报电话会上，谭思亮表示，趣头条为用户创造的价值来自通过智能算法分发的优质内容，对出于消费优质内容目的来到趣头条平台的用户来说，这一主张是最有价值的。虽然谭思亮不止一次强调内容的重要性，但是这一直是趣头条的短板，<b>成立之初，就是打着赚钱方式推广的趣头条，在内容的能力积累上十分欠缺</b>。</p>\n<p>在削弱获客成本外，趣头条曾试图完成核心用户的沉淀，扶持原创资讯，改善内容生态。趣头条针对原创作者推出过“快车道计划”、“合伙人计划”、“放心看计划”与“云耕计划”，然而从未公布过在相关计划上投入的具体数额。</p>\n<p>作为一家资讯平台，<b>趣头条自创立起便靠“打赏”用户来获取增长，并未建立起以内容体系为核心的壁垒</b>。与“惠头条”、“快头条”、“中青看点”等同类型APP相比，没有差异化特点。在护城河不明显的商业模式下，但凡有另外一家平台的打赏力度较趣头条更大，其用户的流失概率便也越高。</p>\n<p><img src=\"https://static.tigerbbs.com/2f97f769339b4233939a27cf21d4c260\" tg-width=\"1080\" tg-height=\"1078\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>△趣头条活动</b></i></p>\n<p>如何从现金补贴刺激流量，到实现用户的自然增长，趣头条尚未拿出合理的解决方案，所以<b>很难拿一次季度盈利就说趣头条被低估了</b>。</p>\n<p>02</p>\n<p><b><b>创新乏力，</b></b></p>\n<p><b><b>米读市场竞争力日趋变小</b></b></p>\n<p>除了构建内容生态，趣头条也一直在扩大旗下的产品矩阵。从本季度财报看，免费阅读小说的米读APP是趣头条系目前最有希望的产品。</p>\n<p>自从《诛仙》之后，中国的网络文学开始爆发，以起点、晋江等网络文学平台开始快速崛起，催生出一大批白金网络作家，并且建立了成熟的网络付费体系。然而，<b>付费体系的建立和版权意识的崛起，阻隔了大部分网友对于阅读的需求，也为免费小说留下了巨大市场空间</b>。</p>\n<p>近年来，随着网络小说的IP化发展，影视、动漫和游戏等衍生品逐渐被人追捧，<b>网络文学的价值也在不断被重估</b>。2005年天下霸唱的《鬼吹灯》系列影视改编权，仅仅只卖出10万元人民币，可以说是白菜价。后来南派三叔的《盗墓笔记》系列的影视改编权，500万卖给<a href=\"https://laohu8.com/S/000892\">欢瑞世纪</a>，仅仅四五年，网络文学的价值被迅速放大。此外，短视频的快速崛起，也为网络文学提供了全新的改编渠道。</p>\n<p>趣头条则抓住了读者对于网络小说的阅读需求，在2018年冷启动米读应用。<b>在没有趣头条APP导流的情况下突破500万和1000万用户的大关，抓住了免费阅读的时代红利。在趣头条App逐渐失去了想象力和原有的光环后，米读，或许已经成为了趣头条最有想象力的产品</b>。</p>\n<p>然而，<b>盯上这一市场的企业并非趣头条一家</b>。其中字节跳动推出番茄小说，还投资了塔读文学、闻秀科技等；巨头<a href=\"https://laohu8.com/S/BIDU\">百度</a>也亲自下场，既付费市场推出纵横中文网后，在免费阅读市场推出七猫小说，并且战略投资<a href=\"https://laohu8.com/S/300364\">中文在线</a>；面对免费市场的空间，已经掌握了付费市场大半江山的<a href=\"https://laohu8.com/S/00772\">阅文集团</a>推出了飞读，战略投资了中文在线。根据数据统计，虽然米读行动更早，但是后续出现在市面上免费阅读应用已经跟上了米读的脚步，甚至七猫已经小说的活跃用户已经超过了米读。</p>\n<p><img src=\"https://static.tigerbbs.com/372a6a4718cb4f95a14330387d021bc3\" tg-width=\"713\" tg-height=\"374\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>△汽车智能化</b></i></p>\n<p>米读在2020年第四季度再次获得资本认可，完成了1.1亿美元C轮融资。然而在小说市场的竞争中，<b>资金只是竞争中的一个维度，内容的质量则是决定性因素</b>。未来，在这场内容的竞争中，面对阅文和字节跳动，趣头条在内容方面的建树和态度，似乎将会是制约着米读的发展。</p>\n<p>此外，创新业务需要时间积累，但谭思亮需要的是快速见效，所以在趣头条体系内，很难再出现另一个米读小说，因为趣头条已经等不起了。趣头条的下沉用户，能否支撑的其趣头条的新业务探索也成谜。毕竟互联网小白，接受能力和先驱对于新鲜事物的接受能力完全不能相比。</p>\n<p>疫情的冲击下，2020年线上经济开始爆发，虽然全年营收52.85亿人民币，但趣头条第四季度的数据却出现了下滑，营业收入13.02亿元，较去年同期16.58亿下滑21.5%。想象力见顶，营收数据下滑，<b>财报公布后，资本市场快速做出反应，美股周四收盘，趣头条股价跌超25%</b>。</p>\n<p>在两年内快速崛起的趣头条很快就陷入了增长和留存的阵痛期，2020年，趣头条对公司进行了第三次架构调整，其中涉及视频事业部、游戏事业部、创新BU改组为创新中心、增长和商业化将合并。如果不能解决这些问题，<b>趣头条可能面临快速崩塌的风险</b>。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8151c5f56e9748218b1989c45d874517","relate_stocks":{"QTT":"趣头条"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117655197","content_text":"作为曾经的下沉市场明星公司，趣头条在首次实现经营性盈利的同时，正在面对两难的局面：一方面调整撒钱获客的商业模式，另一方面又要正视壮士断腕带来的流量见顶。\n曾经创造了中国企业在纳斯达克最快上市记录的趣头条，似乎离敲钟那一瞬高光时刻越来越远。\n01\n不可持续的模式\n持续下滑的流量\n新闻客户端的战争始于2013年，彼时微博大战已经告一段落，搜狐新闻客户端装机量的破亿，让市场开始直面这一新的战场。趣头条在2016年问世时，新闻客户端的市场格局基本已定，作为新选手的趣头条却另辟蹊径，硬生生打通了自己上升的道路。\n趣头条，最初以下沉版的“今日头条”为标签，推出看新闻得金币的运营思路，通过高举高打、快速激励获客的方式出现在市场，主攻下沉市场。随着，“五环内”的流量枯竭，往低线城市走，扩大用户数量，是互联网企业解决流量焦虑的必经之路。这也让腾讯看到了趣头条的价值，选择了对其投资。\n在腾讯的社交体系内，趣头条迅速崛起，在被巨头忽视的下沉市场中一路狂奔，数据迎来爆发式增长。2017年注册用户已经超过7000万，日活跃用户超过了1000万，在资讯类产品中仅次于腾讯与今日头条。2018年9月，这家成立2年的新闻资讯平台，先于一众行业前辈们，成功登陆纳斯达克——从创立到IPO仅仅用了27个月。\n\n△登录美股\n然而，成也激励，困也激励。趣头条创始人谭思亮发明了全新的运营模型——左手拉新获取流量，右手将流量通过广告变现，这是趣头条长期以来的经营思路。谭思亮如此解析：一个用户的激励是n元，用户产生的广告ARPU值是m元，m只要大于n，就能产生利润。这就相当于，拿广告主的钱，再分一部分给用户，让用户来帮着完成KPI，从中赚取差价。这种纯靠激励的方式，大大降低了广告的价值，这种不可持续的运营模型，也困扰了趣头条的进一步发展。\n曾经的“下沉三巨头”，拼多多市值已经接近2000亿美元，快手市值超过1500亿美元，而趣头条在最新一个交易日收盘时，市值仅为6.56亿美元，与2018年9月14日上市首日最高峰时期的 45.88亿美元的市值相比，上市以来市值缩水超过八成。\n3月4日，趣头条发布2020年Q4及全年财报，宣布首次实现经营性盈利。但盈利之下，趣头条牺牲的却是其赖以发迹的商业模式。\n根据趣头条财报显示，2020年Q4活跃用户大幅度降低。MAU为1.247亿，较2019年第四季度的1.379亿减少了9.6％，上一季度为1.205亿。DAU为3230万，较2019年第四季度的4570万减少了29.4％，上一季度为3970万。\n2020年四季度，趣头条的营销费同步减少了50.3%，从去年同期的13.68亿元，压缩至6.80亿元。随着趣头条模式的崩塌，趣头条陷入到了一个只要控制成本，活跃用户就下滑，一放开拉新，就经营亏损的困境。\n当然，趣头条同样存在有另外一条道路，那就是通过内容提高用户的留存率。在财报电话会上，谭思亮表示，趣头条为用户创造的价值来自通过智能算法分发的优质内容，对出于消费优质内容目的来到趣头条平台的用户来说，这一主张是最有价值的。虽然谭思亮不止一次强调内容的重要性，但是这一直是趣头条的短板，成立之初，就是打着赚钱方式推广的趣头条，在内容的能力积累上十分欠缺。\n在削弱获客成本外，趣头条曾试图完成核心用户的沉淀，扶持原创资讯，改善内容生态。趣头条针对原创作者推出过“快车道计划”、“合伙人计划”、“放心看计划”与“云耕计划”，然而从未公布过在相关计划上投入的具体数额。\n作为一家资讯平台，趣头条自创立起便靠“打赏”用户来获取增长，并未建立起以内容体系为核心的壁垒。与“惠头条”、“快头条”、“中青看点”等同类型APP相比，没有差异化特点。在护城河不明显的商业模式下，但凡有另外一家平台的打赏力度较趣头条更大，其用户的流失概率便也越高。\n\n△趣头条活动\n如何从现金补贴刺激流量，到实现用户的自然增长，趣头条尚未拿出合理的解决方案，所以很难拿一次季度盈利就说趣头条被低估了。\n02\n创新乏力，\n米读市场竞争力日趋变小\n除了构建内容生态，趣头条也一直在扩大旗下的产品矩阵。从本季度财报看，免费阅读小说的米读APP是趣头条系目前最有希望的产品。\n自从《诛仙》之后，中国的网络文学开始爆发，以起点、晋江等网络文学平台开始快速崛起，催生出一大批白金网络作家，并且建立了成熟的网络付费体系。然而，付费体系的建立和版权意识的崛起，阻隔了大部分网友对于阅读的需求，也为免费小说留下了巨大市场空间。\n近年来，随着网络小说的IP化发展，影视、动漫和游戏等衍生品逐渐被人追捧，网络文学的价值也在不断被重估。2005年天下霸唱的《鬼吹灯》系列影视改编权，仅仅只卖出10万元人民币，可以说是白菜价。后来南派三叔的《盗墓笔记》系列的影视改编权，500万卖给欢瑞世纪，仅仅四五年，网络文学的价值被迅速放大。此外，短视频的快速崛起，也为网络文学提供了全新的改编渠道。\n趣头条则抓住了读者对于网络小说的阅读需求，在2018年冷启动米读应用。在没有趣头条APP导流的情况下突破500万和1000万用户的大关，抓住了免费阅读的时代红利。在趣头条App逐渐失去了想象力和原有的光环后，米读，或许已经成为了趣头条最有想象力的产品。\n然而，盯上这一市场的企业并非趣头条一家。其中字节跳动推出番茄小说，还投资了塔读文学、闻秀科技等；巨头百度也亲自下场，既付费市场推出纵横中文网后，在免费阅读市场推出七猫小说，并且战略投资中文在线；面对免费市场的空间，已经掌握了付费市场大半江山的阅文集团推出了飞读，战略投资了中文在线。根据数据统计，虽然米读行动更早，但是后续出现在市面上免费阅读应用已经跟上了米读的脚步，甚至七猫已经小说的活跃用户已经超过了米读。\n\n△汽车智能化\n米读在2020年第四季度再次获得资本认可，完成了1.1亿美元C轮融资。然而在小说市场的竞争中，资金只是竞争中的一个维度，内容的质量则是决定性因素。未来，在这场内容的竞争中，面对阅文和字节跳动，趣头条在内容方面的建树和态度，似乎将会是制约着米读的发展。\n此外，创新业务需要时间积累，但谭思亮需要的是快速见效，所以在趣头条体系内，很难再出现另一个米读小说，因为趣头条已经等不起了。趣头条的下沉用户，能否支撑的其趣头条的新业务探索也成谜。毕竟互联网小白，接受能力和先驱对于新鲜事物的接受能力完全不能相比。\n疫情的冲击下，2020年线上经济开始爆发，虽然全年营收52.85亿人民币，但趣头条第四季度的数据却出现了下滑，营业收入13.02亿元，较去年同期16.58亿下滑21.5%。想象力见顶，营收数据下滑，财报公布后，资本市场快速做出反应，美股周四收盘，趣头条股价跌超25%。\n在两年内快速崛起的趣头条很快就陷入了增长和留存的阵痛期，2020年，趣头条对公司进行了第三次架构调整，其中涉及视频事业部、游戏事业部、创新BU改组为创新中心、增长和商业化将合并。如果不能解决这些问题，趣头条可能面临快速崩塌的风险。","news_type":1},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324544542,"gmtCreate":1616020792586,"gmtModify":1703496378282,"author":{"id":"3566503132797575","authorId":"3566503132797575","name":"MrCEO","avatar":"https://static.tigerbbs.com/5571d08645d5b40441a4b13ce1575611","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566503132797575","authorIdStr":"3566503132797575"},"themes":[],"htmlText":"💪","listText":"💪","text":"💪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/324544542","repostId":"1196631643","repostType":4,"repost":{"id":"1196631643","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615995642,"share":"https://www.laohu8.com/m/news/1196631643?lang=&edition=full","pubTime":"2021-03-17 23:40","market":"us","language":"zh","title":"迪士尼短线拉升，加州迪士尼乐园将重新开放","url":"https://stock-news.laohu8.com/highlight/detail?id=1196631643","media":"老虎资讯综合","summary":"3月17日，华特迪士尼短线拉升，接近抹平日内跌幅。华特迪士尼CEO察佩克：加州迪士尼乐园将在4月30日正式重新开放，届时将限制客流量。","content":"<p>3月17日，华特<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>短线拉升，接近抹平日内跌幅。华特迪士尼CEO察佩克：加州迪士尼乐园将在4月30日正式重新开放，届时将限制客流量。</p>\n<p><img src=\"https://static.tigerbbs.com/f24e10f7fca1e4b7c3fe4315d597e71f\" tg-width=\"840\" tg-height=\"470\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>迪士尼短线拉升，加州迪士尼乐园将重新开放</title>\n<style 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22:43","market":"us","language":"en","title":"Senseonics plunged more than 9%","url":"https://stock-news.laohu8.com/highlight/detail?id=1116031861","media":"老虎资讯综合","summary":"(March 5) Senseonics plunged more than 9%. Senseonics downgraded to underperform from market perform","content":"<p>(March 5) Senseonics plunged more than 9%. </p><p>Senseonics downgraded to underperform from market perform at Raymond James.</p><p>Senseonics Holdings, Inc. reported quarterly losses of $(0.41) per share. This is a 127.78 percent decrease over losses of $(0.18) per share from the same period last year. The company reported quarterly sales of $3.90 million which beat the analyst consensus estimate of $3.05 million by 27.87 percent. This is a 56.44 percent decrease over sales of $8.95 million the same period last year.</p><p><img src=\"https://static.tigerbbs.com/8692adfc74e9219bd4e30a757ad3a1dd\" tg-width=\"1050\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Senseonics plunged more than 9%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSenseonics plunged more than 9%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-05 22:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 5) Senseonics plunged more than 9%. </p><p>Senseonics downgraded to underperform from market perform at Raymond James.</p><p>Senseonics Holdings, Inc. reported quarterly losses of $(0.41) per share. This is a 127.78 percent decrease over losses of $(0.18) per share from the same period last year. The company reported quarterly sales of $3.90 million which beat the analyst consensus estimate of $3.05 million by 27.87 percent. This is a 56.44 percent decrease over sales of $8.95 million the same period last year.</p><p><img src=\"https://static.tigerbbs.com/8692adfc74e9219bd4e30a757ad3a1dd\" tg-width=\"1050\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SENS":"Senseonics Holdings,Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116031861","content_text":"(March 5) Senseonics plunged more than 9%. Senseonics downgraded to underperform from market perform at Raymond James.Senseonics Holdings, Inc. reported quarterly losses of $(0.41) per share. 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