In February, when Boss Lin was busy filming, there was another major event that happened that may have nothing to do with these crew members, but it was talked about by countless netizens.

In December last year, Tiantian Toutiao completed the D round of financing of US$1 billion, with investors including Sequoia Capital and CCB International, with a post-investment valuation of US$11 billion.

After having the money, Tiantian Toutiao began to increase their volcano videos.

In October last year, Volcano Small Video had 30 million active users, ranking third in the short video division, ranking second with 70 million active users, and ranking first with 140 million active users.

The reason why the short video of meow sound can catch up is naturally because of the money and traffic.

Boss Lin gave Yang Baofu money several times, and also got a variety show naming right worth 500 million, so that many opponents couldn't find the north and south.

Perhaps because of this fear of being dominated by capital, Tiantian Toutiao began to launch a new round of financing.

Got a billion dollars directly.

It shows that there is still a lot of capital that is optimistic about their family - there is no way to do it, the products of the cat factory are not financed at all, and they can't do it even if they are optimistic.

After getting the money, Tiantian Toutiao directly invested one billion yuan in the short video.

Money is not everything, but in the capital market, throwing money can really solve many things, and the current active users of Volcano Short Video have increased to 80 million, jumping to second place.

After all, you can get red envelopes by watching videos, and there are always uncles and aunts who don't want to miss this kind of capital wool.

Three mobile phones are placed in front of them, and they operate like a program ape writing code.

In addition, Toutiao has increased their community business.

Tang Seng Q&A, originally known as Toutiao Q&A, was launched in July 2016 on the Tiantian Toutiao App.

After getting a billion US dollars, Tiantian Toutiao renamed it Tang Seng Q&A and upgraded it to an independent product to explore the functions of the Q&A community.

Obviously, Tang Seng's Q&A is the target of a certain thing.

As of February 2017, it has 69 million registered users and 20 million daily active users.

Although Tang Seng Q&A is very young, relying on the huge user base of Tiantian Toutiao App, the number of registered users is also 50 million.

Compared with a certain thing, the advantage of Tang Seng Q&A is that its diversion cost is low - users can see Wukong Q&A through the main page of Tiantian Toutiao.

The number of registered users of Tiantian Toutiao last year was 550 million, and for many users, there are so many applications in their mobile phones, and they can install one less if they can install one less.

So the question is, what should the rich Internet bigwigs do?

Isn't this nonsense, of course it's throwing money.

After using users, the focus of Tang Seng Q&A has become to improve the quality of content and the quality of the community.

However, the cost of cultivating big V is too high.

So throwing money and poaching has become the easiest strategy.

It is said that at least 200 big Vs have signed a contract with Tang Seng Q&A, and they are well paid.

Some netizens broke the news that some respondents who signed contracts with Tiantian Toutiao can get 30,000 yuan per month.

The news quickly set off heated discussions.

I haven't been dug up by the headlines, and I dare to say that I am a big V?

This is the new way of saying hello to a certain big V, and it has also changed to "Have you signed?" "No, what about you?" "Hey, we can't mix it up."

Mouhu's official response was: "At present, there are more than 2,000 live speakers, the average hourly salary of speakers is more than 10,000, and our publishing has also brought more than 300,000 royalties to many users. ”

However, when asked, most of this income should be obtained by the very large top respondents, right? So for ordinary big Vs and small and medium-sized Vs, what is the way to maintain their stickiness?

A certain side said that it has been actively promoting commercial development, and it also has a very clear profit goal, including that there is now large-scale advertising revenue, and the revenue growth is quite healthy.

But in any case, something is really burning.

After so many years of hard work, there have just been 69 million users, and Tang Seng Q&A was only established in the middle of last year, but there were 50 million in half a year, and it was a matter of minutes to surpass them.

I could have relied on the answer.

I didn't expect people to sign two or three hundred directly, if it is calculated according to 30,000 per month, the cost of that year is 100 million.

For the daily headlines that have just raised a billion dollars, don't be too simple.

And some kind of financing is not so comfortable.

In March 2011, it received an angel round of investment from Kai-Fu Lee, and then received a $10 million A round investment from Qiming Investment.

It wasn't until three years later, in 2014, that a $22 million Series B funding round led by SoftBank Wealth was completed.

That's not enough money to spend.

I had to continue to seek the help of capital, and finally at the beginning of 2016, I opened the C round of financing and got a total of 50 million US dollars.

Winter Capital, a subsidiary of Cat Factory, spent 186 million Huaxia coins to get a 10% stake.

There was also a goose entering at the same time.

It's just that they don't pay as much as the cat factory.

Faced with the pressure of Tang Seng's Q&A, it was almost time to have to raise funds again.

Financing, some are financed once every few years, and some are financed once every few months, and from the perspective of the cycle, of course, the shorter the better.

This means that the project is growing rapidly.

If you raise money for a project every three to five years, capital is not interested in you at all.

What people care more about than the cycle is actually the valuation.

If the valuation can't be raised, it can't be financed, because you will soon find out that the project is not yours.

In the C round, the valuation was only $300 million.

The valuation of Tiantian Toutiao after the completion of the D round is 11 billion US dollars.

That's a bit too big.

How much can it be valued now?

The capital market reacted extremely coldly, could not be realized, and did not have much traffic, not to mention, it was also hit hard by video content.

One of the future trends of the Internet is undoubtedly video information flow.

With the upgrading of mobile phones, the network speed is getting faster and faster, the traffic is getting cheaper and cheaper, and long videos and short videos will gradually expand their user time.

Even the revenue headline advertising of a certain is actually not doing so smoothly.

It is far less than live broadcasting.

How do you ask the answer to help you bring the goods, the small advertorial is written, and it can't escape the eyes of some users, whose rich life experience is outrageous.

And then there's the knowledge payment.

With the wave of knowledge payment swept in in 2016, the founder is said to have danced at a gathering of Internet bigwigs, thinking that by this wave, he will become the fourth Internet giant in addition to BAT.

Then related paid products have been launched, trying to convert high-energy users into high-profit income in an all-round way.

Unfortunately, the effect is very mediocre.

According to Pei Qianlong's shareholder financial report, the book income of a core knowledge payment product is about 70 million to 80 million, in the second quarter of 2016, the monthly income can exceed 10 million, but in the fourth quarter, the monthly income is only between 300-4 million, a very big decline.

Now the vast majority of the operating income of the support is still from advertising. And for the sake of the good look of the financial statements, especially when a new round of financing is about to be carried out, a certain advertising has almost reached the point of "perversion".

Pei Qianlong and these shareholders also communicated.

In the context of the cooling Internet environment, investors are becoming more and more vigilant about the security of investment, so some people say that they need to put VAM agreements and business stage indicators in the new round of financing process.

If the indicators of the business stage are not completed, you will sell something and lose our money.

That way we can lose less.

At this point, capital has treated a dead horse as a live horse doctor.

"Look, isn't this just an opportunity?" Pei Qianlong was talking to his cousin while reading the financing application report.

"Brother, I have known since I was a child that you are extraordinary, and you will definitely be a dragon and phoenix among people when you grow up."

His cousin was smiling at the moment.

More like a father-in-law than Father-in-law Pei.

There's no way, whether he can win Qiandu and Ahri's Leku still depends on his brother.

"What does this have to do with me, our boss's luck is too good." If Pei Qianlong was in ancient times, he would have to shout God bless my big cat factory, God bless the lord.

I just said I was going to buy something.

Every day, Toutiao is majestic and high-spirited, and he has cut something to pieces.

And somebody's own financial report is also a mess.

Oh yes, and add a capital winter.

said that last year was a capital winter, and I feel that this year is not much better.

In this case, chasing short-term profits is what a normal capital should do.

For example, shared bicycles, and long-term rental apartments.

The hotter it gets, the hotter it gets, the more profitable it is.

Similar to this kind of company, which has been mixed since 2011 and has not been profitable until now, and has survived by relying on several financings, it is really troublesome to encounter a capital winter.

"Why did the boss give up sharing bicycles, look at how hot it is now." Pei Baohu never figured it out.

Of course, he is not opposed to giving up his share of shared bicycles - he is still counting on this Leku who will help him replace Ahri and Qiandu.

"Our boss is an understanding person, but also a down-to-earth person, shared bicycles may have been able to do, but by these capital, good things are not much better, we are at the peak of the rapids to retreat, and it is not too late to wait until these capitals are finished and then come in to clean up the mess, after all, this thing is beneficial to the public after all."

Pei Qianlong didn't intend to take credit here.

"And how do you know that March is the peak?" Pei Baohu asked if he didn't understand.

"No one knows what month is the peak, but it feels like it's about to reach the top, they completed this wave of financing in March, and it can almost last until the second half of the year, I sent someone to investigate more than a dozen bike-sharing brands, and I feel that there will be brands in the second half of the year that can't support the thunderstorm."

"We're investing in the top three, even if it's a thunderstorm, it won't be our turn, right?"

"You know a fart, as long as there is a brand thunderstorm and can't refund the user's deposit, it will cause more users to panic, and they will be in a hurry to return the deposit, this situation is unimaginable."

"I understand, then the whole industry will ......" Pei Baohu shuddered.

"In addition to capital, the biggest loss is users, the former is too greedy, and the latter is too weak." Pei Qianlong sighed.

When the time comes, the founders will only have limited liability and can continue to start a business and make money.

"What about the long-term rental apartment, didn't the boss ask you to find more projects, I think now is a good time to enter the market, and with Zheng Ce's support." Pei Baohu asked.

"Actually, this thing is the same as sharing bicycles, the starting point is good, but the capital is too anxious, or the operators who are driven by the capital are forced to be too anxious, and sooner or later something will happen." Pei Qianlong actually considered that he could learn to share bicycles so that he could retreat bravely in the rush hour in the rush hour.

But he eventually gave up.

When an avalanche occurs, no snowflake is innocent.

In the case of a thunderstorm in shared bicycles, the behind-the-scenes capital of the cat factory industry is also a sin.

But at this point, there is no power to stop it.

At best, it is to re-establish order from the mess.

So, forget about renting an apartment for a long time.

Even if the boss knew that he missed this harvesting opportunity, he probably wouldn't care too much.

"Then when will we talk to Ahri Qiandu and them about the replacement?" Pei Baohu doesn't care about this, he only cares about his own mess.

I am not capable, but I can also become the godfather of Chinese music.

Eat the music library of Qiandu and Ahri, plus the benefits of the big membership system, Meow Ear Music can really stabilize a certain goose.

"What's the hurry, it's not us who should be in a hurry." Pei Qianlong disagreed.

"It's mainly Aunt Wang, they are also in contact with these two parties, in case they ......" Pei Baohu was about to cry.

It's better for Ahri not to sell it easily.

The key is the Qiandu side.

If you have to choose a person you hate the most, it is absolutely impossible to be an old rival of a certain goose, but the cat factory that made them have to give up the bidding ranking.

The kind that hates it to the bone.

"You go and tell the people over there in Qiandu that if they dare to sell Leku to Aunt Wang, I will dig Lu Qi into the cat factory." Pei Qianlong thought about it, but he couldn't find the point that threatened Qiandu for a while.

The main thing is that this year, I will pull Qiandu over to fight at every turn.

The beating hurt people's muscles and bones, and they didn't dare to move.

The only thing that can be thought of is the new COO who was appointed in January, Lu Qi, who was a senior executive at Yahoo and Microsoft.

The new COO graduated from Fudan University with a bachelor's and master's degree in computer science, and then attended Carnegie Mellon University where he received a Ph.D. in computer science.

In addition to publishing a series of high-quality research papers in academia, Dr. Lu holds more than 40 patents covering a wide range of technologies, including search, biometrics, wireless transmission, etc.

He was promoted to executive vice president of Yahoo in 2007 and became global executive vice president of Microsoft in 2013.

In January this year, Lu Qi accepted Li Yanhong's invitation to take over almost all of Qiandu's business, and all executives will report directly to him.

And Li Yanhong herself only accepted Lu Qi's report, which is equivalent to "taking a back seat".

After taking office, the president of Luqi began to rectify the search business, and directly announced the elimination of the medical division of more than 200 people.

On the other hand, it has also cut a lot of cumbersome business.

Among them are 1000 degrees music, 100 degrees takeaway, glutinous rice and other O2O things.

Although high-revenue sectors such as PPC have been cut, only artificial intelligence, which will be difficult to monetize for a while, is left, but the financial market is buying it, so the stock price is slowly rising.

made Pei Qianlong want to fight a thousand degrees, but he didn't know how to fight.