It is hard to imagine that this is an Internet company almost the same age as Alibaba and Tencent. Founding a dating website
His blue city brothers were listed on Nasdaq yesterday (July 8, Beijing time) under the symbolBy the end of the day, Blue City brothers shares were at $23.43, with a market value of about $900 million.
Invest in people running around and sharing joy on social media.
Countless people have tried to rip a hole in Tencent's social empire, but few have succeeded. Blued under Marbury is aIt is the largest same-sex dating software in China, with more than 49 million registered users worldwide.
It also faces hidden worries. The growth of domestic same-sex users has peaked. Therefore, it has set up overseas business early to meet Grindr, a foreign same-sex social giant. The revenue structure is single, and the proportion of live broadcasting business in total revenue is close to 90%. The diversified layout is still in the early stage. Last year, it was revealed that there were pornographic information on the platform of blue, and there were even many minor users After closing the user registration for a week for rectification.
The first half of the company's 20 years of development, if measured by a company's vision, has done little. In fact, when Ma Baoli was a civilian police officer in Qinhuangdao, he started a personal website
Until 2006, Ma Baoli only set up a team of several people and began to standardize the operation of light blue network. In the next few years, pale blue quickly became one of the most well-known gay websites in the country, with little revenue. Part of their income comes from advertising and part from donations from netizens.
In 2009, Ma Baoli finally determined to go to Beijing to operate light blue net. That is not a turning point, but the company moved from Qinhuangdao to Beijing, rented in a small and broken residential. They also have to face the quandary of shutting down websites
Once, Ma Baoli met Li Keqiang, then Vice Premier of the State Council, in an AIDS prevention campaign. He printed many copies of the photos of shaking hands with the premier,He said in an interview with the media.
A real shift came in 2012, when they launched the mobile product Blued.. He later admitted in a media interview that the product was a copy of the Jack.
Before it was officially listed, blued obtained seven rounds of financing from the capital market. The last round of financing took place at the end of 2017, with $100 million of round D financing invested by Dinghui investment and UG capital. The equity structure disclosed in the prospectus shows that after IPO, Ma Baoli's shareholding ratio is 33%, which is the largest shareholder; the investor of round B is the capital shareholding of 10.4%, which is the largest institutional investor; the shareholding ratio of CDH investment, tianse Jinniu, Qingliu capital and Xincheng investment is 8%, 6.5%, 4.9% and 4.3%, respectively.
Although Ma Baoli said that blued had carried out diversified business layout early, from the overall revenue structure, live broadcasting is still the absolute majority of blued's revenue. In Q1 of 2018, 2019 and 2020, the proportion of live broadcasting business in total revenue was 91.3%, 88.5% and 86.6% respectively.
Too much live income is one of the biggest concerns for investors,
In fact, the big increase in live broadcasting revenue is the result of Ma Baoli's carelessness. At the beginning of their live broadcast service in 2016, they only used it as a function to increase user interaction,
In the prospectus, blued's business is divided into four parts. In addition to the live broadcast business, which accounts for the majority, there are also member services, advertising services and other services including health and family planning.
Among them, advertising service is one of blue's earliest business sources, but the proportion of revenue from this business in the past two years accounted for no more than 7% of the total revenue. Member services can enjoy the privileges of free advertisement, no disturbance and user-defined invisibility. In the Q1 quarter of 2020, the member service income has a great growth, from 3.06 million yuan in Q1 of 2019 to 15.013 million yuan, with an increase of 390.6%, accounting for 7.2% of the total revenue from 2.1%.
Other income, including health, family planning, is one of the business divisions that Ma Poole values highly. A personalized family planning consultation service Blued launched in 2016 and a health service platform focused on male health in 2019. The business is still in its infancy, accounting for 2% of total revenue in 2019.
He won't define Blued as social software that only serves gay people
Obviously, it still takes time. If you open Blued software, it's still a gay community, and the first thing on the screen is
Ma Baoli's high expectations of health services hide in the bottom of the personal data column, including light blue public welfare (anti AIDS testing), hol health, blue baby (reproductive business).
Over the years, Blued has beaten many of the same-track social software, the world's first-ever public same-sex social software, ahead Grindr competitors.
The media call it Frost Blued quoted in the prospectus
The user stickiness of sexual minorities is also much higher than that of ordinary people. On average, Blued active users stay longer than one hour per day, with an average opening of App 16 times per day and a retention rate of 71 per cent the following month.
But it is still losing money. In the past two years, it has lost nearly 200 million yuan. The good news is that losses are narrowing, with losses in 2019 down nearly two-thirds from 2018. Its gross margin is also rising, from 24.1% in the first quarter of 2019 to 32.9% in the first quarter of 2020.
At present, although blued has entered more than 210 countries and regions in the world, and the proportion of overseas mobile users exceeds 49%, its influence still seems to be limited in Asia.According to blue, it is the largest online LGBTQ community in India, South Korea, Thailand and Vietnam.
Internationalization is also the most frequently asked question by investors during road shows. Overseas business income has not always been high in Blued overall income, the proportion in the past two years is only 3.4% and 6.6%, and its more than 49% of the monthly living ratio does not match. However, this share of income is gradually rising, with Q1 share of overseas income rising to 9.9 per cent by 2020.
Domestic users contribute most of blue's revenue, but mapoli still needs to be cautious.
Last year, caixin.com reported that there were a large number of minor users and pornographic information in blued. After that, blued announced that it would close its registration for a week, and organize the technology, algorithm, AI and content regulatory departments to carry out a comprehensive content screening and remediation, including but not limited to minors posing as adults, words, pictures, groups and other content involving minors.
Two months later, blued announced the launch of AI face recognition user registration system to prevent minors from registering and using.
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