"Then according to your meaning, we should give up live broadcast monetization and choose to use advertising to monetize?"

Lu Qi shook his head, "We have to catch both ends! Especially because of the existence of Pindodo, I think we must have a place in the field of live broadcast e-commerce." ”

"But as you just said, Shake is not suitable for live broadcast monetization. ”

Lu Qi said very seriously: "That's right, Doushi is indeed not suitable for live broadcast monetization, this is determined by the product framework."

In addition, the users of Pindoduo are actually more compatible with Kuaishou, and most of them are users in third- and fourth-tier cities and rural areas.

The users of Douyin are mainly first- and second-tier cities, as well as highly educated and high-income people, and their consumption purchasing power is strong.

If you use Doushi as a live broadcast e-commerce to help you attract traffic, the effect may be unsatisfactory.

Users may feel that the quality of the things on Pindoduo is poor, which has affected the reputation of Doushi.

Therefore, we need to make another short video product to target the crowd outside the Fifth Ring Road. ”

Zhang Yida understood what Lu Qi meant, and asked: "Do you mean to make a product that differentiates the market, competes with Kuaishou, and helps to fight for the diversion?"

"Yes, that's what it means!"

Zhang Yida's face was a little grim, "Kuaishou has some fans accumulated, I'm afraid it's not good to compete with it." ”

"I know this," Lu Qi said lightly, "But if you don't fight now, when Kuaishou grows up, this battle will be more difficult to fight in the future." ”

Zhang Yida is also thinking that in the field of short video, he will definitely fight with Kuaishou in the future.

Do you want to burn the flames of war to Kuaishou's back garden now?

Lu Qi continued: "At present, the biggest enemy of Dou Shi seems to be Kuaishou, because the number of users of each other is closer.

In fact, on the contrary, we are almost the same as Kuaishou now, the well water does not violate the river water, the user groups are different, and the monetization methods are different. ”

Lu Qi looked straight out of the window, and said: "What we really need to pay attention to is the headlines, they are currently the enemy on the same track as us."

Although they are a lot behind us, they have not given up, and haven't they recently completed a new round of financing?

I suspect they're going to make a big move in the near future. ”

Zhang Yida nodded, to the point, compared to Kuaishou, he was more afraid of headlines.

Zhang Ming is too low-key, so low-key that he seems to be harmless to humans and animals, but he often surprises the industry with cold shots.

"Headlines need attention, but Kuaishou, we can't ignore either. ”

Lu Qi analyzed, "Kuaishou is currently a third- and fourth-tier city, and we are a first- and second-tier city.

After the incremental market is fully digested, if we want to go further, we and Kuaishou will eventually start a battle.

Now that we have taken the initiative to attack, we have only brought this battle forward. ”

Zhang Yida said: "Lao Lu, you have a point, but if we want to enter the third and fourth-tier cities and rural markets, we must have a starting point?"

"Yes, Pindodo is the best starting point!" Lu Qi's mouth was slightly hooked, "WeChat has been providing traffic entrances for Pindodo, and they are all price-sensitive users, most of whom are from third- and fourth-tier cities."

This group of users, as long as they can be channeled into the new short video platform through Pindodo, then our business is half the success. ”

Zhang Yida shook his head, "I'm afraid it's a little difficult, users are not so obedient, and many people buy things through the WeChat public account and the zodiac grid."

The traffic of Pindodo's independent APP is less than half of WeChat's traffic. ”

"This depends on the operation method!" Lu Qi said with a smile, "Didn't you also do it last year?

"Okay!"

The last thing Zhonghe Group lacks now is cash, and as soon as Pindoduo and Doushi merged, there was immediately an extra $1 billion in cash on the account.

This is still because Pindoduo has burned money very fiercely in recent months, and Doushi is also burning money to buy traffic, buy content, and also acquire Station B.

If they had merged a few months ago, the two companies would have combined $1.6 billion in cash.

Now let's talk about the other half of what determines success. ”

Zhang Yida also concentrated his attention, ready to hear what Lu Qi had to do.

"Live broadcast e-commerce, let the head account of the short video platform start to do live broadcast to bring goods, and fight to supply.

Isn't Yida's Daya Media doing a good job? I heard that selling dog food in Betta has attracted 100,000 people to watch?"

Zhang Yida said: "There is some experience in this area, and the key is that our short video platform has to build up the user base." ”

"You don't have to worry about user growth, there are many internal masters of Doushi and Spelling. ”

Lu Qi had a confident smile on his face, "As long as we make the head anchor make money, there will naturally be other users who will follow suit."

As long as the ecology of short video + spelling dodo is built, there are many advantages that other peers do not have.

Taobao is more expensive than ours, and Kuaishou lacks an e-commerce platform.

Even if Kuaishou and Taobao join forces, in the final analysis, they are two companies.

And we are a company, we can achieve unified orders, better communication efficiency than them, and lower costs than them. ”

Zhang Yida is a little tempted, Kuaishou's live broadcast income of tens of billions a year is very eye-catching!

"Take 10,000 steps back and say, we can't beat Kuaishou in the sinking market, but as long as we gain a firm foothold, we will also squeeze a certain market for Kuaishou, consume their future potential, and prevent them from becoming fierce competitors in the future.

If the strategy of short video plus live broadcast e-commerce is successful, a new business growth engine will be established.

At present, we have a heavy investment of 1 billion US dollars, and it would be a loss if we do not convert it into our own strength and product barriers as soon as possible. ”

Lu Qi paused and concluded: "At present, I have roughly sorted out a few of the business of the two companies.

The first is to start the commercialization of Douyin's advertising, the second is to launch a new short video platform to jointly open live broadcast e-commerce, the third is to incubate the live broadcast platform, and the fourth is to establish an AI laboratory with Ruixiang. ”

"Incubating a live streaming platform?"

Lu Qi nodded, "That's right, according to my friends in Silicon Valley, Ins' Live feature will be officially opened to all users in the United States in December.

Tipping props in live streaming is also a good income. I think that with so many users, it is time to explore the path of commercialization.

In your plan, it will become a super APP covering more than 2 billion users in hundreds of countries around the world.

To achieve this goal, the amount of manpower and material resources required in the process is simply innumerable.

In order to obtain huge financing, in addition to rapid growth, it is necessary to prove its commercial ability.

Billions or tens of billions of dollars in financing is not like some domestic entrepreneurs who can just take a PPT and fool around. ”

"Okay, no problem, I agree!"

Zhang Yida asked again: "AI Laboratory, how to divide the shares between Ruixiang and Zhonghe, and how to vest patents?"

"The equity is divided equally, each holding 50%, and all the data of the two groups are injected at the same time. The patents belong to the new company, but both Ruixiang and Zhonghe can use all the patents developed by the laboratory.

If an external company wants to use the patent, it needs to pay for a license. ”

Zhang Yida originally wanted Ruixiang to occupy 51% of the shares, but considering that his shares in Ruixiang were only 38.18%.

The shareholding of Zhonghe Group is as high as 71.05%, and it also holds 0.29% indirectly through Ruixiang Industrial Fund.

Zhonghe Group has more shares, which is the greatest benefit for itself.

At present, Ruixiang is valued at more than 30 billion US dollars and has more than 500 million users, while Zhonghe Group is valued at only 19 billion US dollars and has less than 300 million domestic users.

Of course, Ruixiang Group crushes Zhonghe Group in an all-round way, so it is understandable to ask for one more point for shareholding.

In the long run, it is very likely that Zhonghe Group will compete with Ruixiang Group, or even surpass the latter.

"Okay, I'll negotiate over there. ”

Zhang Yida asked again: "With so many big moves, can Zhonghe Group's funds still support it?"

"It won't last long!" Lu Qi shook his head, "But if the commercialization goes well, it should be able to ease the financial pressure."

There is a promise of 10 billion revenue in the next year, which is related to valuation, and the executives led by Zhang Lan are holding their breath in their hearts, saying that they will complete this goal to the death.

If there are tens of billions of dollars in the next year, the financing can be slowed down a little. ”

"Okay, it's okay to take it slowly!"

Zhang Yida also doesn't want to let Zhonghe Group start financing now. First of all, the current valuation of $19 billion is somewhat inflated, and it is estimated that it is difficult to raise funds at this pre-investment valuation.

The second is that there is still $1 billion in cash on the account, which is almost spent, the valuation has gone up, and the financing is the most opportune.

……

Headline Series D Financing Cocktail Reception.

Zhang Ming took off his T-shirt very rarely, and put on a decent suit.

He was born in a programmed ape, but he still prefers T, and he always feels less comfortable wearing a suit.

"Lao Zhang, congratulations! Toutiao has completed a $2 billion financing and stepped into the ranks of $10 billion super unicorns in one fell swoop!"

The chubby Chen Wei was dressed in a black suit and walked over from a distance with a red wine glass to say hello to Zhang Ming.

Zhang Ming smiled modestly, "No, our headlines are lagging behind, and after so many years of tossing, the valuation is only 11 billion US dollars."

After the merger with Uber, your Didi valuation exceeded $35 billion, firmly occupying the fourth place in China's Internet. ”

This remark tickled Chen Wei's itch, since the acquisition of Uber China in August, he ushered in a new highlight of his life, everywhere he went, accompanied by flowers and applause.

However, Zhang Ming, as the head of a super unicorn, still made Chen Wei proud of his praise.

"Hey, it's still far away!"

Chen Wei shook his head and humbled himself, "Leech Financial Services only completed a $4.5 billion Series B financing in April, with a valuation of more than $60 billion;

There is also the Rice Group, which was valued at $45 billion two years ago;

NetEase is not bad, and its market capitalization has been fluctuating at more than $30 billion.

I'm not like some people who have the cheekiness to say that I am the fourth largest Internet group in China!"

Zhang Ming laughed, and then remembered that Chen Wei and himself were on a united front, and they both had an enemy named "Zhang Yida".

"What are you talking about, so happy!" Huang Xin also came over with a wine glass.

"We're talking about the title of the fourth largest Internet company?"

Chen Wei looked at Huang Xin again and said, "I think the magnesium group is still very hopeful of competing for this title." ”

"Let's forget it! If you want to fight, Didi will fight with Leech Financial Services, Rice, NetEase, Ruixiang, and Zhonghe. ”

Chen Wei was a little unhappy, "I think the first three are okay, and the last two are okay!

Zhonghe Group claims to be valued at $19 billion, but how long has it been since it was founded? As soon as the merger of companies that have been established for less than two years have skyrocketed. ”

Turning his head to look at Huang Xin, "If I'm not mistaken, the magnesium group raised $3.3 billion in January this year, and the valuation is only $18 billion, right?"

"Yes, we have developed quite bumpy, so we still need to work hard!"

Chen Wei said again: "The magnesium group is only valued at 18 billion, why is Zhonghe Group valued at 19 billion?"

After sneering a few times, Chen Wei looked at Zhang Ming, "Lao Zhang, take care of it, I am most optimistic about Toutiao in the field of short videos."

Compared to some people, this quality of humility and courtesy in you is so rare!"

Zhang Ming smiled awkwardly, big brother, did you eat gunpowder today?

Shen Beipeng walked over with a red wine glass, followed by a number of headline shareholders: Source Code Capital, SIG Haina Asia, DST, 360, Sina, Shunwei Capital, CCB International, and Huayi Capital.

Lei Dongming also appeared on behalf of Huayi Capital today, and others looked at him a little strangely.

Everyone knows that Huayi Capital is also a member of Zhang Yida's industrial group, and it actually invested in competitor Toutiao, which is really fucking weird.

Is it a two-end bet, betting on the track?

Lei Dongming asked Zhang Yida whether to take advantage of Toutiao's D round of financing to sell off the shares held by Huayi Capital.

Zhang Yida said: Look at the attitude of the headlines. It's really fate, so don't force it.

Then, Huayi Capital was out.

Huayi Capital has such a close relationship with Zhang Yida, even if Zhang Ming can bear it, the other shareholders of Toutiao can't bear it.

In case Huayi Capital spies on the company's secrets, and then turns around and tells Zhang Yida, how can that headline fight Zhonghe Group?

As a result, Lei Dongming went out with $1 billion "tearfully".

Two and a half years ago, Hua Yi Capital invested $100 million in Toutiao, or 10 percent of the shares.

Now out of the market with a pre-investment valuation of $10 billion, in two and a half years, the investment has increased tenfold, and the annual return has reached 400%, which is not bad.

Chen Wei glanced at Lei Dongming, the headlines have removed the tumor of Huayi Capital, do you want to learn it too?

Shen Beipeng was somewhat embarrassed, and he explained to Lei Dongming on the side: "Even if the black shirt doesn't vote, SoftBank or other institutions will vote." ”

"I understand, I understand, buy the track!" Lei Dongming didn't have anything that he couldn't understand, the mall was so complicated, friends and enemies were transforming at any time.

From the perspective of the black shirt, there is nothing wrong with it, hedge the risk, and bet on both ends.

The most important thing is that the basic business aspect of Toutiao financing this time is still the Toutiao APP, not a short video.

How many users are there for Toutiao short videos?

Excluding short videos, Toutiao is still a super unicorn with a valuation of 10 billion US dollars in the field of news and information distribution.