People’s livelihood investigation bureau

　　Editor’s note:

　　This is the People’s Livelihood Investigation Bureau, which has never been seen before, investigating the changes in people’s livelihood. Pay attention to what you want to pay attention to and what you don’t, and investigate what you want to see and what you don’t see.

　　Chinanews. com client Beijing, December 18 th:People’s livelihood investigation bureau: In 2018, the property market will take a "roller coaster". Should the regulation be loosened?

　　Reporter Qiu Yu

　　The nationwide hot air of buying a house has been blowing for more than three years, and finally it came to an abrupt end in the second half of 2018. Because of dissatisfaction with falling house prices, some local old owners smashed the sales offices of real estate enterprises.

　　"In 2018, the property market is like a roller coaster, and buying a house is more like a gamble." Someone is so ridiculous.

　　Ice and fire in the first half of the year

　　On May 7, 2018, Hangzhou Xuhui Baolong East Lake City opened its house selection. Although the location is 40 kilometers east of the bustling area of West Lake, it still attracts nearly 3,000 people to sign up, and 16 people grab a suite, with a winning rate of only 6%.

　　A 98-year-old grandmother was crowded in the crowd, and she successfully bought an 89-square-meter new house by lottery.

　　It is not uncommon for the whole family to buy a house through a thorough policy, just like a loving couple divorcing to buy a house. Due to the price limit policy, new houses in some cities are even cheaper than the surrounding second-hand houses. This temptation makes people firmly believe that buying is earning.

　　In the first half of 2018, Hangzhou, Xi ‘an, Chengdu, Changsha and other cities experienced the phenomenon that the winning rate of buying a house by lottery was less than 10%. The probability of buying a new house was similar to that of Henan and Shandong, the most populous provinces.

　　Some people even wonder if the era of "10,000 people shake the number" is really coming.

　　However, looking at the whole country, the property market during that period was like the weather in summer, where the drought died and the waterlogged place died.

　　Buyers in the second, third and fourth tier cities are still immersed in the expectation that buying a house will rise, while the first-tier cities have already woken up and the surrounding property market has even begun to slump.

　　In October 2018, Yanjiao "sold a street". A loaded tricycle was parked in front of the closed chain store. The owner of the car sat on the ground and buried his head deeply in his arms. Zhongxin.com reporter Qiu Yushe

　　In March 2018, He Yu and his wife took the down payment from their parents and spent 3.2 million yuan to buy a small two-bedroom apartment of 80 square meters on the edge of the Sixth Ring Road in Beijing.

　　Two years ago, He Yu took a fancy to a house with the same apartment type and the same area in the same community. The offer was only 2 million yuan, but the owner’s starting price rose by 100,000 yuan, and the young couple didn’t buy it in anger. Who thought that the house price would be put on the wings and go away?

　　Later, on March 17, 2017, Beijing’s so-called "strictest" new property market regulation policy fixed the highest historical transaction price of two-bedroom houses in this community at 3.9 million, and then slowly fell back to 3.2 million.

　　He Yu wasn’t sure whether he earned 700,000 yuan or lost 1.2 million yuan. The only thing he knows for sure is that,House prices are like a roller coaster. Originally, I wanted to buy a self-occupied house to live in peace, but it was like taking part in an adventurous gamble.

　　Looking back, fortunately, there is still time for Beijing to wake up gradually, while the property market around Beijing has directly fallen from a dream into another nightmare.

　　For example, Yanjiao, which is close to Beijing, introduced a series of purchase restriction policies in March, April and June in 2017, which drove Yanjiao property market into an ice cave. The house with one bedroom and one living room facing the northwest of Tianyang City in Yanjiao, the transaction price of chain home reached 31,000/square meter in March 2017, and only 15,000/square meter in September 2018, a drop of 50%.

　　"watershed" of the property market in the second half of the year

　　House prices fell like a mountain, and when they rose that year, they were like wild horses, and the reins of regulatory policies could not be pulled.

　　Since Beijing released this round of tightening property market regulation policy on September 30, 2016, the nationwide property market regulation has not stopped, and it reached its peak in 2018.

　　According to the report of China Academy of Social Sciences, since 2018, the real estate regulation and control policies have been continuously increased, and the number of real estate regulation and control in China has reached 405 times, up nearly 80% compared with the same period in 2017.Almost every day, a measure is introduced, setting a new record.

　　There are more and more patterns of regulation, from restrictions on purchases, prices, loans and sales to restrictions on divorce, new homes, companies and minors, to simultaneous renting and selling, with the intention of curbing all the signs of real estate speculation.

　　Finally, the turning point came on the last day of July 2018.

　　On this day, Politburo meeting of the Chinese Communist Party issued a clear regulatory signal: resolutely curb the rise in housing prices.

　　Sharp people immediately found that the new formulation lacked the word "too fast" compared with the "curbing the excessive rise in housing prices" proposed in the government work report in March 2017. If the expression "too fast" still has considerable room for flexible operation, then the new expression will no longer leave any room. If it can’t go up, it can’t go up.

　　Data Map: Workers operate excavators in a commercial housing construction site in Taiyuan, Shanxi. China News Service reporter Wei Liang photo

　　The warm wind came to an abrupt end and the house price finally fell!

　　According to data from RealData,The monthly listing price of 100 cities decreased month-on-month. From March to May, 2018, there were 19 cities per month, 25 cities in June and 19 cities in July, and it suddenly increased to 47 cities in August.

　　More and more properties are joining the ranks of price reduction. In September, Evergrande first offered a nationwide promotion discount, with 8.9% off for houses and 60% off for shops. A project in Taihe gives a big discount. If the purchaser buys the house in full, the house price will be given a 30% discount; Sunshine City started the "100 billion offensive" preferential purchase season, and formulated different price reduction strategies according to different regions.

　　It’s just that something unexpected happened.

　　It was once believed that the brick poured with reinforced concrete was the best tool to deal with inflation. Buyers couldn’t stand the drop in house prices and angrily threw bricks at the developers.

　　In October 2018, a sales office in Country Garden in Shangrao, Jiangxi Province was smashed because the developer reduced the price from 10,000 yuan/square meter to 7,000 yuan/square meter, which triggered a large number of old owners to defend their rights.

　　Some owners lost 200,000 to 300,000 yuan when their mortgage was not done, and some owners bought 5 suites, which was emotional. They shouted "check out", threw eggs at the sales office, collided with the door of the sales department and had physical conflicts with the security guards. Some people were dragged ten meters away and even trampled into the hospital during the process of defending their rights.

　　Hangzhou, Hefei and other places have also seen the phenomenon of owners besieging sales offices because of the price reduction of houses.

　　Some people ridiculed that on the National Day of 2016, many people went out to play and found that not only could they not afford a house, but even the qualification to buy a house was gone. On the National Day this year, many people went out to play and came back to find that not only were there more houses, but many sales offices were smashed.

　　Developers have a hard winter.

　　Developers can’t blame the people who buy houses for turning their faces. After all, the money people throw at the property market has made a large number of housing enterprises.

　　In the past two years, the market has been very good. Housing enterprises, large and small, have learned to set a small goal first. Large housing enterprises are rushing towards one trillion sales, and small housing enterprises in the corner have boldly shouted out the goal of one hundred billion.

　　We must know that the top three Country Garden, Vanke and Evergrande in 2017 had annual sales of only over 500 billion yuan.

　　But by 2018, the problem is coming.

　　With the deepening of the regulation of the property market and the promotion of deleveraging, the "financing difficulty" of housing enterprises has become a common problem. Bank credit has shrunk, the financing channel for land acquisition has been blocked, domestic bond issuance has been suspended, and the cost of overseas bond issuance and trust financing has risen.

　　For example, R&F Properties has failed to issue bonds four times in a row this year, so it has to fight for the breathing space of funds through equity issuance and other means.

　　Another example is Evergrande. In November, the annual interest rate of issuing bonds was as high as 13.75%, nearly twice as high as in the past, which shows how urgent the desire for funds is.

　　In addition to market financing, the source of funds is sales receipts. But in the case that the house is not easy to sell, the payment has also become a problem. To this end, some developers do not hesitate to operate illegally.

　　In October 2018, a salesperson in Peacock City, a subsidiary of Huaxia Happiness, said that in Dachang County around Beijing, people who are not qualified to buy houses can also buy ordinary houses. You need to pay the full amount, then hand over the house, and then transfer the ownership after the number of years of social security tax payment certificate is enough. But what if the property buyer pays the full amount but doesn’t get the property right of the house, and the money hits Shui Piao? Sales avoided talking about this.

　　In December 2018, a salesperson of a real estate for sale in Beijing revealed that the real estate supports down payment by stages, with half paid in the early stage and the rest paid after the year.

　　"At the end of the year, all developers are a routine, all sprinting tasks and speeding up payment." The salesperson said.

　　For housing enterprises, if they can’t get the money and the payment is slow, they can only lie in the dry pool of funds and wait for rescue. Coupled with the heavy debt, it is even more difficult to breathe.

　　In October 2018, Yanjiao sold a street, and there was no tenant outside several sales offices. Zhongxin. com reporter Qiu Yu

　　"In the first half of this year, the asset-liability ratio of housing enterprises reached 80% (red line). A few housing enterprises were unable to support the scale expansion of enterprises because of their high leverage ratio, which eventually led to cash flow break and debt default." Liu Zhifeng, president of China Real Estate Association, said.

　　Let’s take a look at R&F Properties. Its third quarter report in 2018 shows that interest-bearing liabilities are as high as 155.6 billion yuan. The book capital of about 6.3 billion yuan is not enough to cover the financial cost in the coming year.

　　According to the data of Evergrande Research Institute, in the first half of 2018, excluding private financing and loans from financial institutions, the balance of interest-bearing liabilities of real estate enterprises in China reached 19.2 trillion yuan, equivalent to a quarter of China’s GDP. The next four years will be the centralized payment period of debts, and the financial pressure of housing enterprises will continue to increase.

　　If the debt expansion in the upward period of the property market is a sharp weapon for overtaking in corners, then the debt expansion in the downward period is undoubtedly burying itself.

　　Not long ago, Vanke, a giant in the real estate industry, shouted the slogan of "live", which made peers tremble. Regardless of whether Vanke is crying or crying, if even Vanke with low debt and healthy cash flow can’t survive, how can a large number of small and medium-sized housing enterprises spend the winter?

　　Will regulation be loosened?

　　Another subtle change occurred in November 2018, and the financing of housing enterprises showed signs of recovery.

　　According to the statistics of the Central Plains Real Estate Research Center, in November, many real estate companies across the country were intensively approved to issue large-scale financing, with a total amount exceeding 100 billion. Dozens of housing enterprises such as Vanke, Poly, Sunshine City and Xincheng Holdings obtained financing through various forms.

　　Mortgage interest rates have also begun to "brake". Some bank mortgage interest rates in several first-and second-tier cities have been lowered, and the speed of lending has generally accelerated.

　　According to the latest report of Rong 360, in November, the average interest rate of the first home loan in China was 5.71%, which was the same as last month for the first time. Since 2017, the national first home loan interest rate has finally stopped.

　　Regulatory policies have also been significantly reduced. According to incomplete statistics, since November, local real estate control policies have been issued about 20 times, which is significantly lower than the previous average of 40 times per month.

　　Housing enterprises frequently get financing, mortgage interest rates are lowered, and regulatory policies are reduced. Can this be regarded as a harbinger of regulatory relaxation?

　　"The recent approval of housing enterprises to issue bonds has indeed improved, but it cannot be directly understood as regulation and relaxation."Zhang Bo, chief analyst of 58 Anjuke Real Estate Research Institute, said.

　　"First, there was a serious shortage of financing in the first three quarters, which triggered a sharp increase in financing pressure in the fourth quarter. Under the background that many housing enterprises had demand for development funds before and debt repayment pressure later, financing could only become more radical; Second, from the perspective of the state’s supervision of housing enterprises’ funds, there is no obvious signal of loosening. " He said.

　　Zhang Bo believes that the deep-seated reason for the downward adjustment of mortgage interest rate is not the relaxation of regulation. Judging from the timing and rhythm of the current downward adjustment of mortgage interest rate, it is directly related to the central bank’s repeated targeted cuts to required reserve ratios and the release of market liquidity in the second half of the year. There is still room for downward adjustment of interest rate in the future, especially the preferential interest rate for the first home loan is expected to continue to increase.

　　In terms of regulatory policies, Zhang Dawei, chief analyst of Zhongyuan Real Estate, believes that the obvious slowdown in house price increase is the main reason for the reduction of binding policies. However, although the control policy has bottomed out, it will still run at the bottom for some time.

　　"On July 31st this year, Politburo meeting of the Chinese Communist Party explicitly proposed to resolutely curb the rise in housing prices, which means that the regulation cannot change direction in three to five months, and it is a high probability event to last for about three quarters. Now that the regulatory policy has stabilized, it will not be overweight, but it will not relax for the time being. " Yang Hongxu, vice president of Yiju Real Estate Research Institute, said.

　　Many people care, how to go in the future?

　　The report released by the Chinese Academy of Social Sciences in December pointed out that a small adjustment of the real estate market next year is a high probability event.In the coming year, the upward pressure on the market in first-and second-tier cities as a whole will increase, and the future trend will be dominated by growth; The downward pressure on the market in third-and fourth-tier cities is increasing, and the inventory may increase again.

　　Looking back over the past 10 years, the national property market has experienced two sharp cooldowns, one in 2008, affected by the global financial crisis, and the other in 2014, due to the increasing downward pressure on the economy, but the two times were only short-term corrections in the general trend of rising house prices.

　　In 2018, it is the opening of the long-term downward channel of the property market, or the beginning of another short-term cycle of ups and downs. It may take five or ten years before we can see clearly. (End)

Editor’s Note: This article is from WeChat WeChat official account "China-Venture" (ID:China-Venture). Author: Xue Ying, published by 36Kr with authorization.

The commercialization of UP owners is the moat between bilibili and its competitor PK. The status quo is that some people have millions of fans who don’t know how to realize it, and some waist UP main suppliers are soft.

Between bilibili and Watermelon Video, the smell of smoke in the battle for UP is getting more and more choking.

Teacher Li Yongle, who was acclaimed by bilibili, recently appeared in People magazine. More interestingly, bilibili was not mentioned in almost the whole article, and the poster at the bottom of the article revealed the mystery: Watermelon video search for Teacher Li Yongle.

On July 26th, Li Yongle announced in the latest video that watermelon has become his exclusive content publishing platform. Li Yongle is not the first and won’t be the last one who has been poached by watermelon in bilibili.

On June 14th, the UP master "Wizarding Finance", who was once famous in bilibili, officially announced that he had left bilibili to join the watermelon video. In addition, UP owners such as Wen Yifei’s Brain Hole Finance, Moon Catching Theory, Science and Technology Yuan Ren and Mommy Theory have also been found in watermelon videos.

Not only did he dig himself, but Watermelon Video also appointed MCN to dig people. The MCN organization Fengmaniu Media, which holds 25% of the shares of Watermelon Video, has signed UP bilibili’s former "Catch the Sea Group", fishermen Afeng, Laosi Catch the Sea, Yuge Brothers and other UP owners.

The secret of watermelon video poaching is mainly two words: money. It is understood that Wizarding Finance has got an exclusive signing fee of 10 million yuan for two years, and the signing fee of teacher Li Yongle is also tens of millions. There are still a number of UP owners who are becoming the targets of watermelon video hunting. They are entangled in the attractive signing conditions given by watermelon and the community atmosphere in bilibili, and there are not a few who choose watermelon video to offer attractive conditions.

"The UP video you are concerned about has been updated", which has become a shadow around bilibili. In the face of competing poaching, bilibili also launched a counterattack.

Bilibili also spent a lot of money to get back the famous game UP owner "Aochang". According to 36Kr, the value of the contract is as high as 40 million yuan. Although bilibili officials denied this price, some people familiar with the matter revealed that the agreement between the two parties includes video release and business orders, and each part has guaranteed income, involving 8 million yuan a year.

As bilibili gradually enters the mainstream battlefield, it is one of the core tasks for bilibili to protect the UP owners who have grown up in their own ecology. In his speech on the 11th anniversary of bilibili, Rui Chen mentioned three missions of bilibili, one of which was to "build a stage for creators to display their talents". Today, this goal has become more urgent.

Retaining the UP Lord is directly related to the moat of bilibili. Unlike Ai Youteng, which buys copyright at a high price, thanks to the good community atmosphere in bilibili, there are many spontaneous content creators in bilibili, which makes bilibili spend no money, or relatively little money in exchange for considerable traffic.

But once this foundation is shaken, bilibili lacks active and spontaneous UP owners or can’t keep the UP owners who have grown up, then the high-quality native content that the platform is proud of will also be impacted. The end result is that the ROI of bilibili becomes higher.

In other words, if this battle is defeated, the content ecology will no longer prosper; Success, the sustainability of bilibili community will be guaranteed, and under the attack of Tik Tok and Aauto Quicker, we can stabilize our own camp.

How did bilibili win the defensive battle of UP master?

It is not enough to rely solely on the community atmosphere to generate electricity for love. In the long run, it is still necessary to complete the closed loop of UP main growth path and commercialization path. So, what’s the current living situation of UP owners in bilibili?

At present, making money by one’s own ability, diversified ways to make money and great differences in realizing efficiency are the key words of the present situation of UP owners in bilibili.

In a video about commercialization, the UP owner "Lao Jiang Giant Reliable" mentioned that an UP owner with more than 1 million fans privately asked him about how to talk about cooperation with Party A and other basic issues.

"He has already achieved this level, but at that time he still had no idea about how to commercialize. I think this is really a very outrageous thing, which will not happen under WeChat WeChat official account." Lao Jiang said.

Some people have millions of fans who don’t know how to realize it, and some waist UP main suppliers are soft.

A person familiar with the matter told China Investment Network that a tech finance UP owner with a fan of about 150,000 can receive the opportunity to cooperate with a big factory, and the business income can reach 100,000 a day.

At present, the mainstream ways to realize UP in bilibili are platform revenue, charging rewards, live broadcast, advertising, e-commerce, knowledge payment, platform signing, and selling around.

Compared with Youtube’s revenue from patch advertising, and different from content creators, bilibili promised users not to insert advertisements early, which made the platform lose the most stable and direct revenue source that can be subsidized to UP owners.

During the epidemic period, the platform income brought by the UP owner "Xu Da sao" who publicized his first-phase video with a broadcast volume of 10 million was only 4,855.31 yuan, and the survival status of the UP owner once caused a heated discussion.

Since then, bilibili officials have adjusted the revenue rules, and China Investment Network has learned that an UP owner has more than 4 million broadcasts, and after opening the incentive plan, he has gained more than 7,000 yuan in platform revenue, and the platform revenue per 10,000 yuan is around 15 yuan.

It is obviously difficult to support a full-time UP living by relying solely on platform revenue, let alone a content team.

Charging is an online reward on bilibili. Users can choose to input "Battery Quantity" to the UP owner in his personal space or video page. After charging is completed, the user’s ID will appear on the relevant page. Every ten batteries represent one dollar, and the UP owner can take them out, but bilibili will charge 30% of the channel service fee.

Rewarding by charging has encouraged the creative enthusiasm of UP owners, and to some extent, it has supplemented the source of income, but for most UP owners, it can only be regarded as "pocket money".

In addition, live broadcast is also a form promoted by bilibili, which allows UP owners to share cakes. Bilibili’s live broadcast is diversified, including video of knowledge sharing, radio and study room, in addition to face value and games. However, some UP owners told China Investment Network that the efficiency of live broadcast, whether it is realizing or adding powder, is not high and can only be used as a supplement to income.

Informed sources told China Investment Network that advertising is the main source of income for bilibili’s middle waist and head UP owners, which is commonly known as Qiafan in bilibili.

The common ways to receive advertisements are patch, implantation, customization, oral broadcast, dynamic forwarding and so on.

Implanted advertisements are generally soft and wide, and UP owners don’t explicitly say that this is an advertisement in the video. Patch advertisements are similar to Youtube’s opening and closing advertisements, and e-commerce brand owners choose this method to put in more.

Patch advertisements are mainly hard and wide, and there is no problem of "deceiving" the audience. However, due to the low correlation between patch advertisements and videos themselves, some users will also be disgusted.

Customization is also a mainstream type of business list in bilibili. The whole video of UP owners is for customer service, both in soft and hard formats. UP owners who have the ability to make creativity are especially loved by brand owners, such as cool breeze of UP owners.

In the oral broadcast of similar variety shows, it shows that the sponsor of the show is mainly the head UP.

Dynamic forwarding is similar to the gameplay in the Weibo system, in which the UP forwards the advertising content of the partner, which can earn income.

An UP owner told China Investment Network to find him to dynamically forward all painting courses, beauty brands, digital products, etc., and some small UP owners wanted him to forward his own videos.

At present, there is a lot of opacity in the pricing of all kinds of advertisements, which is influenced by many factors such as the number of UP main fans, UP main resources, brand parties, negotiation ability of both parties and so on. Informed sources told China Investment Network that the price of the same order of UP product placement may be several times different.

In addition, the UP owner has to balance the issues of personal endorsement and channel tonality, and advertisements can not be picked up if they want. If they are not properly operated, they will easily be labeled as "just rotten rice".

"Generally, as long as the fans break 5000, they can receive advertisements," said the UP owner "Big Cat in Beijing" in the video. "I have received many invitations for advertisements, but I didn’t receive them. I haven’t fully thought about the positioning of the channel and what I want to make it look like in the future. In addition, even if this product is very good, if the proportion of advertisements is more, it will change a little. "

　"In fact, before the opening of the incentive plan in bilibili, some early UP owners discovered many ways of realizing money other than advertising, and the types were more diverse than generally recognized." The UP owner "Big Candle" told China Investment Network, "We should not define the proposition as how many cash-out models there are. There are so many business models in the world, and it is imaginative to add video in any one of them."

So, how much did the UP owner earn?

As an UPP owner with 600,000 fans, "Lao Jiang Jureliable" revealed that he had earned less than 150,000 yuan from July last year to now. The account entry mainly started in the second half of the year. The official income from bilibili was less than 35,000, the live broadcast income was between 40,000 and 50,000, the advertising income was over 50,000, and some income was realized by professionalism and influence.

Although I didn’t earn much last year, "Lao Jiang Giant Reliable" said that I was satisfied, because I was concentrating on making content last year. After finding out the commercialization path, under the premise of balancing quality and realization, he expects to have confidence in the income of more than 400,000 yuan in the next year.

UP FUN Technology also disclosed that its annual income was more than 180,000 when the number of fans was 280,000. Most of the income came from the profit of self-operated Taobao stores, some from the traffic sharing of platforms, and the rest from business cooperation of various platforms.

Bilibili’s head upmaster "witty Dang Mei" also revealed his income. When he was on the order of 3 million fans, he said: "When your parents saw that you earned more than most of your peers, this incident came naturally." Dang Mei said that if she keeps her net income in 2019, "I can buy a two-bedroom apartment in Pudong after five or six years", but her net income must be more than that now, since her fans have doubled.

Generally speaking, the commercialization path of content creators in bilibili needs to be improved. Bilibili launched the "Fireworks Platform" in July, which is equivalent to Tik Tok’s "Star Map". It is intended to connect UP owners and brands, provide UP owners with functions such as system quotation reference, order flow management, platform security settlement, and provide brand owners with services such as intelligent recommendation, data display and project collaborative management. The platform will charge customers a 5% service fee, but will not charge the UP owner.

At the same time, another realization path "reward plan" is also being promoted. The "reward plan" is mainly the mode of e-commerce with goods. The video and live broadcast rooms can be connected with Taobao, and click to enter the product details page.

A brand told China Investment Network that the commission rate of UP owners is between 20% and 50%, and the cooperation between bilibili and Taobao is not surprising. bilibili needs to explore its own e-commerce path, and Taobao also needs to seize the platform where young people gather.

With these measures, can bilibili protect its own UP master?

The UP owner "Big Candle" told China Investment Network that he thought that all UP owners who have a certain level of fans in bilibili, especially those whose fans have passed the threshold of 100,000, will know in their hearts that bilibili will be their main battlefield in the next three to five years or even longer. While ByteDance is in the early stage of listing, it needs to package a bigger and more beautiful story. When the price of watermelon video is five times or even ten times more, of course, some people are tempted to go to "bonus hunter", but they may also "come back in a short time".

"The community comes first, which is also attached great importance to by bilibili staff. To some extent, bilibili is the only place in China at present. "

"Big Candle" thinks that there will be more KOLs like "Luo Xiang" in bilibili in the future. "Many people outside the station think that bilibili’s core competitiveness is mass production of online celebrity UP owners, and UP owners are a bit like low-profile stars. However, I think that the imagination of video UP owners will be greater than that of stars in the future, because video UP owners can integrate resources more comprehensively in the industrial chain by relying on new media forms. From the perspective of investment, if this generation of UP owners continues to grow, many UP owners will be more capable of transforming into a business operator than stars in the future. "

He also revealed to China Investment Network that he has been promoting related entrepreneurial projects and intends to cooperate with more college teachers to build an Internet folk think tank composed of college experts. The project has already received financing. "This is the only project invested by Shanghai Jiaotong University Innovation Fund so far this year," he said.

Science and technology are accelerating, but the speed of the public’s mastery of this may not be realized. At present, the proportion of people who are willing to read a long article of ten thousand words to understand the cutting-edge trends is very low. More knowledge workers should convey information to the public in their favorite way. "Papers should be written on the land of the motherland," said Big Candle.

Gao Zhang Capital, which has invested in the Planet Institute, the True Story Project and Sansheng, has also targeted the ecology of bilibili.

Fan Weifeng, a partner of Gaochang Capital, revealed in an interview with the "devil investor" of UP owner: "As far as I know, there are many people whose annual income is tens of millions. I think the future space will be bigger and bigger. With the expansion of bilibili and the more mainstream of bilibili."

Although optimists paint the future of bilibili UP as optimistic, the reality still reveals coolness.

"Sir_ Lu _", the main cloth of UP in the game area, announced his withdrawal from bilibili in a video at the beginning of this year. In one year, his bilibili fans achieved 260,000, but his annual income was only 100,000 yuan, with a net loss of 1 million yuan.

"To tell you the truth, my family is actually very rich, and I am the so-called rich second generation," he said in the video. After his parents bought him a house of 17 million yuan, he began to feel pressure. In order to make the account quickly, he began to rub hot spots and do something he didn’t like, and later found that he lost his initial heart.

"Sir_ Lu _" gave UP the career of taking UP as a home. Although he later updated the video, he chose a simpler way: to generate electricity for love.

"Sir_ Lu _" is lucky. While generating electricity for bilibili with love, there are family businesses to inherit.

However, "Sir_ Lu _" is very few after all. How big bilibili can make the cake and how much he can share with the content creators is still a major test for bilibili.