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Himalaya rushes to US stock market: annual revenue exceeds 4 billion, Tencent Xiaomi Zhixin is a shareholder

via:博客园     time:2021/5/3 0:39:15     readed:249

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By Lei Jianping

Source: touchweb (ID: touchweb)

Goldman Sachs, Morgan Stanley, Bank of America and CICC are the co underwriters.

Tencent, Yuewen, Baidu, Xiaomi, tal and Sony Music are strategic investors of Himalaya. Major financial investors include pan Atlantic investment group, Zhixin capital, Goldman Sachs, Xingwang investment, Chuangshi partner capital, Puhua capital, Hejing capital, etc.

Annual revenue over 4 billion

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Himalaya was founded in 2012. After nine years of development, Himalaya has become an online audio platform deeply loved by users. Himalaya is committed to sharing wisdom and happiness through sound and providing spiritual food for the whole life of a family.

Himalaya's online audio service covers rich content required by users at different ages from - 1 to 100 years old. As of the first quarter of 2021, the monthly active users of Himalaya's full scene reached 250 million.

In the first quarter of 2021, 146 million of the 250 million active users visited Himalaya through IOT terminals such as smart speakers and car audio and other third-party open platforms.

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On this basis, Himalayas is continuing to expand the boundaries of audio services and incubate new commercial models.

According to the prospectus, the revenues of Himalayas in 2018, 2019 and 2020 are 1.476 billion yuan, 2.677 billion yuan and 4.05 billion yuan (about US $620 million) respectively.

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Himalaya's revenue in the first quarter of 2021 was 1.155 billion yuan (about 176 million US dollars), up 65% from 700 million yuan in the same period of last year.

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Himalaya's main cash flow channels include paid subscription, advertising, live broadcast, educational services and other innovative products and services. Among them, paid subscription service is the basic dish of Himalaya, contributing more than 1.7 billion yuan of revenue in 2020, accounting for 43.3%.

Looking back on the development path of the industry, Himalaya takes user demand as the core, takes content payment as the lever, and uses the works of celebrities such as Ma Dong, Cai Kangyong and Guo Degang to leverage the growth of paying users.

In addition, based on the insight into the needs of users, Himalayan children's Edition further meets the needs of home users with a series of popular content and anchor. In the first quarter of 2021, there will be 13.9 million mobile payment users in Himalaya, with a payment rate of 13.3%.

In terms of revenue growth, in 2020, Himalayan advertising revenue will grow by 73.9% and paid subscription will grow by 41.3%. At the same time, thanks to the diversified content supply in the morning, morning and evening commuting, afternoon and bedtime, the average daily listening time of active mobile users will reach 141 minutes in 2020.

According to the data of insight consulting, in 2020, the penetration rate of Internet users of domestic online audio is only 16%, which is very low compared with 57% of online music and 74% of long / short video.

In addition, relevant analysis shows that the Mau user ratio of online audio and online music in the United States is 1:1.4, which is basically the same. One of the reasons is that as one of the centers of American life, cars give birth to the huge market of car audio. The domestic ratio is only 1:3.5, which shows that there is still a lot of room for the development of the audio market in the future, and the market penetration of online audio needs to be further improved.

According to the prediction of Zhuoshi consulting, the penetration rate of domestic online audio is expected to reach 39% by 2025. If we refer to the 1.2 billion internet users of wechat, this penetration rate means that there will be 470 million users in the online audio market in the future, which will make the appeal of audio to advertisers increase in a straight line.

The gross profit of Himalayas in 2018, 2019 and 2020 was 647 million yuan, 1.166 billion yuan and 1.985 billion yuan (about US $300 million), respectively. The gross profit of Himalayas in the first quarter of 2021 was 566 million yuan (about US $86.33 million), compared with 261 million yuan in the same period of last year.

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The operating losses of Himalaya in 2018, 2019 and 2020 are RMB 716 million, RMB 760 million and RMB 647 million respectively; Himalaya's operating loss in the first quarter of 2021 was RMB 305 million.

Nearly 1.3 billion in 2020

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In the first quarter of 2021, the monthly active users of Himalayan full scene traffic reached 250 million, including 104 million mobile terminals and 146 million IOT and other open platform users. From 2018 to 2020, the average daily listening time of its mobile end users will increase from 123 minutes to 141 minutes.

At present, the Himalayan platform contains not only professional PGC content such as high-quality IP in the head, but also rich ecological and all inclusive pugc and UGC content; There are not only financial, cultural and historical albums in the field of Pan knowledge, but also novels and entertainment albums in the field of Pan entertainment; There are not only educational contents suitable for children, but also classic contents suitable for middle-aged and old people; In form, there are both audio podcasting and audio live broadcasting. As of March 31, 2021, the platform has accumulated 280 million audio content in 100 categories.

In order to ensure the continuous supply of high-quality content, Himalaya has formed a stable pyramid structure supply model through PGC, pugc and UGC.

Among them, the top of the pyramid is PGC content (professional production content), such as Deyun society, three body, etc; The waist is pugc content (professional user production content), such as Caicai, huanyingkong, and Zijin with voice. They generally have millions of fans to tens of millions of fans. They are the backbone of the platform and the group that has made the largest contribution to revenue growth in the past two years; At the end are UGC content (user generated content), such as podcasting, dubbing, reading content, etc., but the contribution to the platform can not be underestimated, accounting for 51.9% of the total listening time of the platform in 2020.

Rich content layout is also one of the important reasons why Himalaya is deeply loved by users. Through long-term cooperation with more than 140 publishers and more than 90 online platforms including Yuewen group, Himalaya has a large number of high-quality resources in the audio adaptation market.

In 2020, Himalaya will share nearly 1.3 billion yuan of revenue share with more than 161000 content creators and IP partners, an increase of 43.9% year on year.

With its huge user base, rich content resources and rich revenue sharing, Himalaya is expected to consolidate the head (star) and shoulder waist producers, drive more people to cross the threshold of audio creation, join the UGC lineup, and establish its own content ecology.

Podcasting, as an expression suitable for new entrants, has increased significantly since the beginning of last year, from the apple, Spotify to TME, NetEase cloud music, Kwai Fu and so on. At present, Himalaya has a large number of platform creators, which will become its advantage in the field of podcasting. Therefore, it is not difficult to foresee that podcasting will become the next key investment area of Himalaya, so as to further consolidate the pyramid structure content supply model.

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Since then, Himalaya has been committed to the construction of intelligent ecology, gradually increasing the layout of hardware terminals such as cars, smart home, smart speakers and smart wear.

Another aspect of the scene is that Himalaya is providing richer content and products for different nodes of each user's life. According to the prospectus, in the future, Himalayas will provide people with spiritual food services in the whole life cycle from infants, children, teenagers, youth, middle age and the elderly.

Tencent and Zhixin capital are major shareholders

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Before the IPO, Yu Jianjun, co-founder and CEO of Himalaya, held 17.2%. Mingwang Xiong holds 10.7%.

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Touch sound limited holds 13.5%. Touch sound Limited is 100% owned by Yuxin Chen. Trustbridge (Zhixin capital) holds 7.5% of the shares, while Tencent's image frame holds 5.4%.

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