Feng Jianxiong, Zhou Tianyin, and Tian Haimo chatted until half past nine, and finally heard the sound of cars outside, and several people went downstairs to greet them, and sure enough, Feng Yiji came back from work.

Tian Haimo watched Feng Yiji settle the bill, get out of the taxi, couldn't help but be a little curious, and asked Zhou Tianyin: "Sister Feng hasn't bought a car yet? Why did she come back from a taxi? Or didn't she get a driver's license?"

"How is it possible! I bought it early for the early exam - don't you look at Xiaoxiong's villa, which has risen to more than 10 million, can you afford to buy a car?" Zhou Tianyin replied very naturally, "Isn't this Xiaoxiong persuading her, if she knows that she has to work overtime, or is too late and too tired, just take a taxi, and leave her car there, is it important for her body." ”

Tian Haimo was a little speechless, and secretly sighed that it was poverty that limited his imagination.

If she buys a car, she will definitely drive to death, how can she let the car sit idle and spend money on taxis?

"Why are so many people welcoming me?" Feng Yiji was really a little surprised when she saw this battle, "There won't be anything else to ask me about work." ”

"You've guessed it again, but let's eat first. Feng Jianxiong smiled very undisciplinedly.

Feng Yiji smiled bitterly and shook her head, so that she was not angry with her younger brother. But fortunately, a few seconds later, Shi Nicole brought her back the blood milk: "Sister, I took out these dishes first and put them in a separate bowl, not our leftovers." Just now I used the steamer to heat it up again, but I didn't use the microwave. ”

Feng Yiji changed out of her high heels, washed her hands, sang a mouthful of food, and said approvingly: "It's still Nicole who has a conscience, unlike some people's ......."

Feng Jianxiong pursed his lips, very disapproving: Isn't this nonsense?

No matter how scoundrel your brother is, he is still your brother, and he doesn't have to work hard, of course he can be lazy.

It is possible for the brother-in-law to change, of course she has to tie up with the eldest sister-in-law to increase her probability of being on top.

It's all a routine!

Feng Yiji finished eating, drank some chamomile Ningshen tea that Shi Nicole made for her, and then listened to Zhou Tianyin tell the ins and outs, and looked at the materials brought by Tian Haimo again.

After reading it, Feng Yiji happened to be in a bad mood by her younger brother, so she taught Feng Jianxiong a lesson:

"Xiaoxiong, are you using your sister as a master key? This is a serious asset appraisal! There are still some knowledge of risk assessment in it! Do you think that if you understand finance and do accounting, you must know this?"

"Then will you be able to?" Feng Jianxiong asked as he plucked his ears with his ears.

Feng Yiji replied positively: "That's not what I asked! Certified public accountants have to take the certificate of certified public accountants, and certified asset appraisers have to take the certificate of asset appraiser." Risk control also has the qualification of risk control......"

Feng Yiji's words are obviously an accusation against Feng Jianxiong's "I don't know the division of labor if I don't enter the industry".

Just as in the eyes of many liberal arts bosses, a "computer-savvy" science student employee should be able to solve all the network/program/hardware ...... and so on.

In the eyes of some science students, a "financial" liberal arts student should obviously know all the knowledge mentioned by Feng Yiji just now.

This reasoning does not make sense.

Of course, some of the qualifications mentioned by Feng Yiji no longer exist in later generations - in later generations, because of the streamlining and decentralization of power by a certain prime minister who did practical things, the registered asset appraiser examination was finally passed in 2014, and the entry threshold for practice was relaxed (mainly because there were too many people who wanted to enter the industry to do investment work in that era).

But now in 2006, it is much more difficult for a certified valuer than for a certified accountant. And no matter whether you take the exam or not, you still have to master the skills that you should master.

Feng Jianxiong sighed, he knew that he had to satisfy his sister's desire to express himself in order to suppress her tsundere.

"Each of these must be so difficult, it's not that a super student can't master any of them......" He had to reluctantly pretend to be adoring - in fact, he hadn't shown this expression for a year and a half since he was reborn.

There's no way, who makes the sky strong and the earth strong Lao Tzu is the strongest, and he has never met a master worthy of his worship in his life.

"Hmph~~~ Of course it's difficult!But who is your sister? Others will take a one-year exam and spend another two years to take the exam. I've passed both of them in half a year this year! If you hadn't had a top sister, you wouldn't have been able to figure out what happened tonight. ”

Feng Yiji showed off arrogantly, and finally found a long-lost pleasure of being relied on by her younger brother in her heart.

Although I knew that I had been tricked, I was still very happy.

……

Feng Yiji spent a long time sorting out the materials, and asked Shi Nicole and Zhou Tianyin to help check a lot of new things on the Internet, and then explained to everyone eloquently:

"It's hard to estimate the value of the team of an online company, after all, there are no physical assets, and this kind of endangered team doesn't even have traffic. Therefore, it is mainly to look at the horizontal comparison of peers. ”

IN THE MIDDLE OF THIS YEAR, CHEN SHIJUN'S YOUTUBE WAS SUCCESSFULLY SOLD TO GOOGLE AFTER JUST A YEAR AND A HALF OF OPERATION, AND THE TRANSACTION PRICE WAS $1.65 BILLION, WHICH IS THE BENCHMARK FOR TRANSACTIONS THIS YEAR. Therefore, other peers who have not realized the transaction are also discounted according to the traffic and the individual value of users.

According to this benchmark, the latest valuations of Youku and Tudou in China are around 500 million US dollars. Potatoes are weaker, probably only worth $400 million, and Youku may be able to have 600 million. Because now the first echelon has divided the winners and losers, the teams that fail to follow the trend behind will definitely face an exit run. According to the evaluation of the verticality coefficient and Matthew effect coefficient in this field, the valuation of the team after the third place in China but belonging to the second echelon is generally not 20% of the potato, that is, 70 or 80 million US dollars.

In other words, even if Liu Yan's team has the third technical strength in the country, and has the corresponding traffic and hardware, it is worth about 100 million US dollars. What's more, he has no traffic now, and almost all the value is that group of people and technology stock, so at least cut more than half.

In addition, let's look at the second dimension - even on sites like Youku and Tudou, the founder team - including the operation and technical teams, their non-capital net shareholding ratio is generally not more than 20% - that is to say, when calculating the valuation, the value valuation of these people only accounts for 20% of the company's total valuation, because video companies are typical asset-heavy Internet companies, and bandwidth and server expenses are particularly large......"

Feng Yiji BLABLA calculated for a long time, and finally came to the conclusion that if Liu Yan's company did not go bankrupt, the cash flow was enough to survive, and the new investors were willing to continue tinkering, then the valuation of the entire company might still be worth 50 million yuan.

However, if Feng Jianxiong only wants people, then wait for him to burn out his funds, suffocate to death, and then go over to collect the body and cut his organs.

If calculated according to the price of organs, these people are worth a maximum of 15 million, and it is not impossible to be ruthless and cut again - half of the 30 million reported by Liu Yan to Ahri's draft TS.

Hearing this conclusion, and there was an analysis process of the Tao, Feng Jianxiong couldn't help but show an old yin smile:

"So, it's still profitable! What is a value depression? This is called a value depression! Then there is the business of investing in overheated bubbles, waiting for the bubbles to burst, waiting for the corpses to be collected slowly, and a lot of abandoned assets are waiting for us to be in the depressions!

Let's think about it, if it was half a year earlier, Youku hadn't shown the momentum of dominating the country, and the desire to survive in the hearts of these cats and dogs had not been completely killed, and they were willing to sell them so cheaply according to the price of organs?"

"However, cheap is cheap, and there will be no investors who will continue to enter the market and do the kind of business that will continue to lose money, right? The reason why they are cheap now is because everyone knows that the competition is not Youku, and there is no hope. Zhou Tianyin reminded without worry.

Feng Jianxiong Zhizhu said in his hand: "So, let's not do Youku's business! The reason why we wait for the corpses that fell to the bottom after failing to compete with Youku and Tudou is to use their organs to make a little plausible and differentiate the market from Youku Tudou." If you are still just facing it, and do the most popular demand, wouldn't you be looking for death? ”

As soon as these words came out, all the girls became curious and asked in unison, "Then what are you going to do?"

Feng Jianxiong stretched out two fingers on the ground and said word by word: "First, build a threshold in terms of content, do content that Youku and Tudou can't do, and attract users who like these subdivided specific categories of content." Second, after forming a user group with specific preferences, build a social threshold, form a circle of like-minded culture, improve user stickiness, and form a competitive barrier. ”

The girls were stunned when they heard it, and in the end, Tian Haimo and Shi Nicole, who had the worst foundation in this area, surrendered: "Okay, I understand every word and every sentence, why don't you understand it at all......"

Feng Jianxiong: "Then I'll give you an example in human language - for example, Optoelectronic Swollen Ju issued a new document this year, requiring a complete ban on the introduction of Riman - starting from this year, 2006." Therefore, "Inuyasha" will be the last Japanese cartoon to land on the provincial satellite TV in China, and within ten years, everyone will not even be able to see Doraemon on CCTV and provincial TV. The post-00s elementary school monks are estimated to be very hard, and their same year will not have the same kind of "Saint Seiya" and "Slam Dunk".

Although the video website is not yet within the scope of the General Administration's limited introduction, as long as Youku and Tudou try to 'recruit An' and determine their orthodox status in the rivers and lakes in the future, they will definitely move closer to the propaganda caliber of the imperial court step by step. Moreover, the copyright issue in the video industry will be further tightened, which will also promote the relative depletion of animation, a resource that cannot be legally introduced.

At this time, the new website we invested in can focus on these illegal resources and pull back the original target customers in the cracks......"

Feng Jianxiong said this, in order to enhance his persuasiveness, he cited an analogous precedent similar to the industry:

"Actually, the routine I'm talking about is the same as what has happened in the game industry. Let's think about it, in the world of stand-alone games, how did Director Liu and Sister Bird's husband-and-wife shop 3DM, that is, the original 3DH, rise? When 3DH appeared, Ranger Network and Nomad Star were already the leaders of the pirated stand-alone game industry.

At that time, the status of the rivers and lakes, Ranger was equivalent to Youku in the video industry, and Nomad Starry Sky was equivalent to the potato in the video industry, and high-quality users had already been divided between the two of them.

But 3DH doesn't rely on 'after the rangers and vagrants become bigger, they gradually need to be laundered and subject to the supervision of the imperial court, so it is not easy to get illegal obscene publications, and they can't go to the Japanese workers' mouth. Therefore, 3DH has created a unique way to meet the needs of this narrow public, but the main job is butter and ****, facing difficulties, forcibly soliciting customers, and fighting a bloody way - although he was later spurned by his peers, he went to Dongfang 110, and both husband and wife were imprisoned ......"

Feng Yiji was startled when she heard this, and hurriedly interrupted the lesson: "Then you specialize in daily comics, will you also be arrested and imprisoned in the future? What is there to make with this kind of money? Isn't our money enough to spend!"

Feng Jianxiong shrugged helplessly: "Sister, you have too much sense of substitution, right? I just want to be an investor, and I don't want to operate directly." If you want to go to prison, then Liu Yan and Xi Ming will go to jail, it's my business?"

"Uh......" Feng Yiji reacted at this time, thinking of this joint, and suddenly stopped.

The rest of the girls also couldn't help but tremble: taking Brother Xiong's money is really a high-risk business......

Feng Jianxiong saw that no one questioned it anymore, so he threw out the second step plan: "Therefore, the first step is to rely on content differentiation, take risks and take risks, and attract initial users at low cost and high efficiency." Then, the second step is to improve user stickiness - on this issue, I am going to use a trick called 'danmaku', which is to allow users to comment directly on the timeline when watching the video.

The benefits of barrage are a little difficult to explain to you at the moment. But this is really a re-creation of the work by the viewer itself. Even in the future, there may be some resources of online entertainment content, which must rely on this kind of interaction to stick users to watch the genuine version, just because the barrage cannot be stolen together when it is pirated.

As long as the circle culture is formed, the personal production and sharing of this website will become popular, and the dilemma of piracy in the domestic video website industry will be changed-

In fact, there is really no website in China that can benchmark other people's YOUTUBE, and the fundamental positioning of people's YOUTUBE is actually a Vlog, that is, a video-based Blog, in the United States, copyright protection is already very strict, YOUTUBE is not for people to watch blockbusters for free on it, but for people to watch interesting things about life around them, and share happiness.

But look at our Youku and Tudou, do we have a strong user self-original sharing? No, the reason why Youku and Tudou are strong is only because they steal the copyright of blockbusters and famous dramas, so that everyone can see in vain, the market actually does not exist in China until now! So, as long as my website can build up the stickiness of the social circle, it is very easy to surpass Youku in the market segment of self-sharing. ”

The girls were dumbfounded.

Tian Haimo stared for a long time and sighed: "You...... You should make a PPT with this, and then go and tell Boss Ma, I believe he will invest in minutes......"

Zhou Tianyin also echoed: "You can cheat money by mouth, why do you still have such awesome ability to do practical things......

Only Feng Yiji is more pragmatic, after all, as her own sister, she is very worried about every detail: "Then how do you achieve all this? Just rely on the current team of Liu Yan and Xi Ming, have the ability to do all these innovations according to your ideas? You yourself don't understand technology or management, so you can't do it yourself." ”

"Of course they can't do it – luckily they don't have to do it all at the same time, they just do the first step. Feng Jianxiong said as a matter of course, "I will have a way to let Liu Yan and Xi Ming do the first step, that is, to rely on the original accumulation of users." It will take about one to two years to do this, and I will slowly look for the talent team that needs to be supplemented to implement the second step in these two years. By the time my side is in place, Liu Yan will almost be imprisoned for spreading illegal goods......"