Salted Fish’s Self-help Strategy

Like the original Pakistani game, the operation of "Troubled Times" for moderate krypton gold, although it did not saturate the flow, but it is no problem to use the flow to do the stock index. However, the Mediterranean and Gobi networks each have a relatively high number of users, but do not make income, making the turnover completely mismatched with DAU.

And one is going to gnaw VR. There is no real money-making explosion in this field so far. The market is on the eve of ignorance, and there is great uncertainty in the lack of targets. The other is not doing it with big IP and low-hanging income, and goes to platform development. Although the concept of UGC is currently very hot, how big is the real money scene of UGC games? It is also an unknown, with extremely low certainty.

The most essential difference between this group of investors and entrepreneurs is that entrepreneurs like to embrace the stars and the sea. The more boundless things, the more they like to sail in the wind and waves, while investors hate uncertainty.

If it weren’t for the Pakistani people who had not yet been listed, they did not regulate profit demand, and there was no need for fraudulent undervaluation. According to the traditional view, there must be something tricky! Therefore, some people in the Pakistani Group joked that after we go public, they might be compared with the Scallop Games.

However, even if the Pakistani behave like this, they can still be valued, because such a company has the ability to make income at any time. In short, it is called a solid foundation, but it requires a professional team to conduct complex and detailed calculations.

In addition, there are some rivers and lakes circulating, similar to unnecessary, can also provide evidence for the valuation of these companies. We must know that for my large A shares, "information" has always been something that market participants have to pay attention to, and even the group of stockholders can be clearly divided into "technical", "information", "policy" and "pseudo". News faction". Some funds release a fake news and then directly hit the daily limit. There are many leeks in stocks according to the news.

For example, the rumors of the arena, the headline is that Zhang Ming went abroad with tiktok. While he went to Silicon Valley to wield his ancestral Luoyang shovel to the major high-tech companies to form a global team, he still did not forget to scan the country with the eyes of acquisition.

Speaking of it, tiktok has made great progress overseas. Not only has the new kinetic energy been long-term pressure on Facebook and Twitter, it has opened up a situation that Penguin and Ali have not opened, and Facebook, which is not good at copycats, has to start copycats. Action, and then made a copy of the short video application Lasso, but the monthly download volume was less than one percent of tiktok.

However, Zhang Ming still does not forget to take "investment and mergers and acquisitions" as the second starting point on the cusp of such a trend, and "promote new products" to form an old punch. The subject matter of the merger is rumored to include Mediterranean games incubated by Pakistani Group.

There are rumors that Zhang Ming asked for an unsuccessful merger and turned to seek a strategic investment, but he was still rejected by the Pakistani Group, and he was not ashamed or angry. He just contacted the Pakistani CEO Chu Yuanxi every day and asked him to mention any conditions. And said that the last time in the Pakistani game transaction process should be resolutely won the small game part of it, but because of the price, it was not possible, this time it is absolutely not allowed to miss it again, it is best to package Gobi Network and invest in Cloud Cloud.

Many non-professional investors are confused when they hear this kind of rumors, because Zhang Ming has already stepped down as the chairman and CEO of Toutiao Greater China? It is said to focus on the development of overseas businesses, so why are you still focusing on domestic mergers and acquisitions and investments?

However, people who know Zhang Ming immediately thought of the scenes of the acquisition of y that year. In fact, that was the first time that Toutiao and Kuaishou met in a hand-to-hand manner, because Kuaishou also wanted to acquire y and took it from the old man of Cheetah. As a result, Zhang Ming had no shovel in his hands, but he had a shovel in his heart. He talked about his life with the old man every day, and finally agreed to the harsh conditions, including the price of 1 billion US dollars and the terms of bundling investment levelme.

And Kuaishou scolded the old Fu: Your condition is robbery! As a result, I missed the most successful short video application overseas, which was perfectly integrated into tiltok by Douyin.

Anyone who knows this story knows how purposeful Zhang Ming's work is. As a result, he digs deeply based on this point and immediately obtains the secrets disclosed within the Pakistani people: The target of "The Enemy of Rome" is overseas, and the target of "Wu Dao Faunjun" It is also overseas, and overseas strategy is also the major strategic component of the Pakistani Group.

For this reason, Chu Yuanxi even did not hesitate to develop head-mounted display devices by himself, learn from domestic Android manufacturers to be solution integrators, develop application stores, cultivate overseas We-media accounts, and conduct long-term high-intensity low-return operations.

At this time, someone finally felt that they seemed to understand why the two incubator companies of Pakistan never made profits...

At this time, if you look back on the timeline, the caring people will find some unusual agreements when Ali bought the Barren game. The Barren game is first sold after the small game assets and the "Enemy of Rome" related projects To Ali.

In fact, even today, the single case of Ali’s acquisition of Barren Games is still considered to be a big profit, because the core of the acquisition is the copyright and game products of "Troubled Times". But the case cannot be looked at solely. Those who understand the Ba people only need to think about the banknotes that the Ba people have waved in their hands over the past year or so, and the Mediterranean and Gobi networks hatched from the Ba people’s games. Draw a win-win conclusion.

For the headlines, the inclusion of "Rome" in the global map is obviously a very useful supplement. The globalization strategy can focus on short videos and news but not only short videos and news. However, Toutiao’s overseas operations have been under siege, and the hands extended to other fields are always being slammed. For example, in the Indian top content social application ShareChat, Toutiao’s investment has been fiercely attacked by Penguin. He launched a social network called Helo to compete with it.

Therefore, in addition to short videos and news, Toutiao currently only promotes the release of casual games and corporate remote office suites, and it is urgent to add fresh blood. The Mediterranean not only has games aimed at overseas, but also represents the future trend of VR. For many Internet companies, VR is still in a vacuum. It is not a market vacuum, but a self-vacuum. There is no development plan or technology accumulation. Once the market breaks out Can't keep up.

Therefore, it is not difficult to understand that this rumor is getting more and more true.

In fact, let Chu Yuanxi say that in terms of speciality, the Mediterranean and Gobi networks are not as special as Zhenniu Technology. For Zhenniu Technology, from the disclosed information, Chinese and foreigners cannot see its value, but in the end it may directly reflect the strategic value, and regardless of the Mediterranean or the Gobi network, it only reflects the tactical value, which is formed by various tactics. Big strategy.

The second is traditional entrepreneurship and investment, such as Banu hot pot, willing to buy vegetables and so on. There are certain rules for this kind of investment, and it is basically a set of procedures compared with others. Buying groceries willingly is an incubation, but it quickly turns into normal venture capital with incubation attributes, so it is also included in this category. The sign is that the Pakistani people have come into contact with certain key agreements and cannot rigidly distort the will of entrepreneurs. Influence.

Therefore, their valuations are relatively easy to calculate. There are many benchmarks in the market, and multiplying the Pakistani share is the value.

The third is M&A business and internal business. The Ba people’s mergers and acquisitions are actually something to be criticized, because sometimes it appears that the well-off people need to buy something but it is not like paying for it, so the Ba people pay the money, and then the well-off people use it first.

For example, the acquisition of two-dimensional fire, and a very important investment from the first half of 2020, led two consecutive AB rounds of investment in Yilian Technology.

This is an insightful e-commerce ERP software SaaS service provider in China. The so-called ERP is the information integration and decision-making platform of the entity production enterprise. Material information, logistics information, supply chain information, channel information and warehousing, etc., are necessary for production and sales, and help enterprises to rationally allocate resources. However, many companies only use it for order management and payment.

However, after entering the cloud era, information changes and interactions have become more complicated and extensive. Under the impact of massive information flow, traditional ERP will definitely fall behind, but it does not mean that the value of information has declined, but should be increased. Correct.

Yilian Technology started from the cloud. Anyway, it seems more fascinating. The key is that it is still in the early stage. Liang Kenian immediately entered the share grab stage after reporting to Chu Yuanxi, and finally completed two rounds of lead investment. This investment is typically not useful for Pakistani people, but the business cooperation with Xiaokang can be done more deeply.

However, as the largest external shareholder of the well-off society, the Pakistani people used business to support their invested companies in the past, as long as these acquired assets can maintain and increase their value. Therefore, Chu Yuanxi was not afraid to answer this question. Although the Pakistani paid the money, Xiaokang is equivalent to an amplifier, which amplifies the value of this part of the asset.

There are also some mergers and acquisitions sincerely carried out by Pakistani people. Most of these are mergers and acquisitions presided over by Liang Kenian in the last year. For example, two virtual idol development teams, an overseas light application that focuses on video and social interaction, are all in After the merger and acquisition, the information of Pakistani people is directly split and loaded to realize the merger and acquisition of the core team of the other party.

In short, it gives people a look that has both current capabilities and a vision for the future.

There are also some investors who are more professional and do not evaluate Pakistani people with traditional investment vision, because they can discover the connotation and unique charm of Pakistani people.

For example, there are actually many business lines within the Pakistani Group that can be separated for valuation. What I am talking about here is not such units as Pakistani Information and Pakistani Media, but rather businesses such as Pakistani AI customer service. Clear, but it can be directly incubated as a subsidiary.

AI customer service can become the core business of a startup company. For example, the main business of Guochao star startup Leyu Technology is AI customer service. It is known as "Using AI to empower vertical industry customers", and it is actually a trainable dialogue voice AI . Looking at the investment list, there is a list of star investment institutions, and even looking for an exclusive financial adviser when financing, which is very versatile.

The Pakistani AI customer service is relatively pragmatic, but it also seems very different. To be pragmatic, it is because Pakistani's own customer service is a mixture of man and machine, a small number of real people and a large number of AI models, of which the AI ​​part is completely independently developed. This structure is to serve players, not to separate, package, incubate and even go public.

The alternative is because, if it is not incubated separately, why not purchase third-party services? The cost of purchasing third-party services is obviously less than that of investing resources in research and development. It should be noted that R&D cannot be a one-off. There will be a lot of maintenance and update work behind. AI is a never-ending pit, and new evolutionary directions may appear at all times. Purchasing third-party services is equivalent to An appointment for a long-term update service.

However, outsiders did not know that Xue Ming had an ancestral code at the time. It was a relatively simple task to develop a customer service AI, which could be used directly after perfect training.

There are a lot of people in this kind of business, and xixitube is actually a subsidiary model, but it's not an incubation structure.

Compared with such investors, more professional people assess the core competitiveness of Pakistani people, that is, their cultural capabilities. Chu Yuanxi called himself a cultural and creative company for a long time. Many people have heard of this tuning. Nowadays, its performance can be simply focused on the ability to push IP, or to be more specific, it is "hard push Big IP” ability.

Many people simply regard pushing IP as hype, but the words "hype" and "IP" do not match. Hype is what the Pakistani Group is doing recently, with the help of the Oscar-nominated Dongfeng to increase its reputation. IP is the carrier and performance of content, and what is needed is not hype.

The core of the hype is to reach the public with hot events, let the public know that there is such a thing, there are such individuals or companies, etc., and ultimately point to popularity. And IP needs not only visibility, but also content display, and fan conversion. If people have only heard of it but are not interested in the content or have no contact at all, then the actual meaning of IP is not high, and the value can only be reflected when it is bought and sold.

This is also the reason why many big IPs need to output content over many years and continue to maintain for a long time before they can grow into big IPs. It is not ruled out that there are some IPs with extremely unique content. Although they are not particularly long, they have also gained the IP effect, but overall it still takes time to accumulate.

The Pakistani people are best at pushing an IP forcibly, which means that the content is not necessary, but the speed of the momentum can catch up with the very unique content.

Regardless of the previous "Troubled Times" or the more advanced "Wu Dao Faunjun", the content has relatively good content, but it is definitely not SSS level, which is similar to "Slam Dunk" and "Rurouni Kenshin". Although this kind of content is short but the unique island country IP still has a relatively obvious gap.

However, through the operation of the Pakistani group, the speed of fans gathering is visible to the naked eye. The most perverted thing is that the Ba people are not using their own methodology. The process of pushing "Wu Dao Faunjun" is completely different from pushing "Troubled Times". One relies on comics and the other relies on games.

It’s actually easier to understand that relying on comics, at least laymen find it easier to understand, and people have tried various methods. For example, Xiaopozhan’s niche indie game "Vulture of Delusion" established Chaohua on Weibo. When the new DLC was launched, a large number of fan artists’ solicitations were put on the market. The number of overwatch readings instantly exceeded 30 million, a hit. The user's demand for high-quality vertical painting is very effective in attracting fans.

But relying on games to operate IP in the reverse direction was unthinkable at least a year ago, but the Pakistani did just that.

In fact, Chu Yuanxi did not keep any secrets about the mini-game strategy at the beginning. He played a clear card, and all the behavior intentions and specific methods can be mentioned, otherwise it would be difficult to persuade Ali to eliminate this part of the transaction.

Why is it easy to persuade to explain it clearly? Because this is an operating model that no one has verified. Everyone can open the brain hole, but whether it can land, how much does it cost to land, how many deep pits there are, how to jump out without jumping, and finally the operation is fierce when you look at the harvest. Whether the ROI can be positive when you see the harvest Still a question mark.

Therefore, in the autumn of 2019, this "mini-game-IP" plan can be summarized as Chu Yuanxi's use of his industry intuition and basic business common sense as an anchor to develop a unique IP operation line and form a traffic cycle. theory. The process of introducing new IP directly skips the step of cold start, and then verifies this theory in practice.

Therefore, because of the existence of a series of question marks, the two sides have completely different positioning and expectations of the small game business, but the differences have quickly moved closer. The end result is that from the Pakistani perspective, it was successfully left behind, and from Ali's perspective, it was successfully stripped away, and the M&A consideration was reduced by 2 billion. Both sides considered it a win-win situation.

This 2 billion price tag is also the reason why Zhang Ming missed the merger opportunity because of it ~ www.wuxiaspot.com ~ At the beginning, if he really wanted to make money, because three-quarters of the operation has not been implemented, the project stays. In the demonstration of the initial architecture, the IP content and the prototype of the mini game have just been built, and have not been tested at all, nor have they seen surprising data. So Chu Yuanxi is really willing to sell, 2 billion? It's yours!

Zhang Ming is not stupid. This acquisition is actually equivalent to the acquisition of IP. The entire small game business group only has the content of "Wu Dao Faunjun" worth a little money. At that time, other things did not show any value. How can it be possible to accept such blackmail?

However, the value of IP lies in the fact that today you think it is not worth it, and tomorrow you will not be able to catch up. As the Pakistani people continue to do activities around "Wu Dao Hun Jun", especially the Douyin activities, the DAU of the on-hook mobile game can always be maintained at 30 million for more than a year, which not only injects endless vitality into the IP, but also almost It crushed the domestic on-hook game market, launched a healthy competition with "Knife and Expedition" for on-hook users, and jointly cultivated the on-hook awareness of game players.

"Knife and Expedition", that is the existence of hundreds of millions of dollars in the purchase price.

As for the subsequent disruptive changes in the domestic purchase market due to the emergence of the well-off life health currency, which made a large number of games unaffordable, Chu Yuanxi said that it has nothing to do with the Ba people.