網路直播公司，M17 Entertainment(NYSE:YQ)

最近，我時常看一個music video，"早晨瑜伽 Morning Yoga"，這是歌手Matzka和小S的作品。裡面主要描敘女主角小S在做早晨瑜伽，由於是現場網路直播，很多中年男子開始魂不守舍，紛紛放下手上工作，一邊看著手機直播，一邊和直播女主角一起做瑜珈。可見，美女直播吸引力非常強。最近，新創公司，17直播，準備要在美股上市，來簡單看看這家直播公司。

影音的變遷，如今已經變成3.0。影音的1.0版，最具代表就是傳統電視，電視公司租用頻道，然後簽約或是自製節目來吸引觀眾。有收視率後，再用這數據來吸引廠商投放廣告，或是置入廣告來獲利。傳統1.0的影音有個大缺點，它的內容是公司決定，是單向的，觀眾無法決定它想看什麼節目，頂多，如果觀眾不滿意，隨時可以轉台。

到了影音的2.0版，代表就是，YOUTUBE。2.0精神就是，自己可做電視台。以往，電視台的頻道是有限的，翻來翻去就是這些Channel，Channel是個稀缺資源。但，隨著網路崛起，任何人都可以在YOUTUBE上自製影音或節目，這時Channel變成無限多，每個人都可以經營Channel。這種2.0模式主要還是靠和YOUTUBE分成廣告收入。

如今，進階到影音的3.0版，網路直播。3.0版直播影音主要核心價值是，"互動與社交"。主播可以表演任何節目吸引粉絲，而粉絲可以和主播即時互動。這種模式主要是靠粉絲送禮物給主播，也就是"打賞"。其中，"17直播"就是這種模式，直播公司經營直播平台，女主播在上面表演，粉絲喜歡就會花錢買虛擬禮物給主播，然後，直播公司和女主播再分成，變成公司的獲利。下面是17直播的簡單數據:

營收來源: 

We generate revenues through live streaming platform, dating services and other services, which accounted for approximately 91.4%, 8.1% and 0.5%, respectively, of our net revenues in 2017 on a consolidated pro forma basis. 

主要營收來源是"17直播"，占比91.4%

We generate revenue from our live streaming services through selling virtual points to our users, which they can use to purchase virtual gifts from our platform and give them to artists in order to express their support and get attention from their favorite artists. We receive cash at the time the virtual points are sold。Revenue sharing fees and live streaming costs consist primarily of payments to artists in accordance with the streamer contracts that we enter into with our contracted artists, under which we share with our artists a portion of the value of the virtual gifts given to them by our users as well as fixed salaries to certain top artists "

"打賞"是主要營收來源。網友打賞後，再由公司和主播分成，目前簽約主播有7719人

Our top 10, 100 and 500 users accounted for approximately 11.8%, 29.2% and 47.9% of our total revenues in the three months ended March 31, 2018, respectively 

前500個送禮物給主播的網友，它們貢獻公司營收佔47.9% 

註冊人數，活躍人數: 

17 Media had 33.3 million registered users as of March 31, 2018, compared to 32.4 million and 29.3 million as of December 31, 2017 and 2016, respectively. 17 Media had 1.0 million average monthly active users in the three months ended March 31, 2018, compared to 1.0 million and 0.9 million in the three months ended December 31, 2017 and in December 2016, respectively 

"17直播"有3330萬註冊人數，每月有1百萬活曜人數。

Average daily time spent on our live streaming platform by live streaming users increased to 40.4 minutes in March 2018 from 35.5 minutes in December 2017 and 19.0 minutes in December 2016, while average monthly paying users have increased to 32,038 in the three months ended March 31, 2018 from 25,000 in the three months ended December 31, 2017 and 10,748 in December 2016, representing a paying user ratio of 3.1%, 2.5% and 1.2% in the same respective periods。Average revenue per paying user per month on our live streaming platform was US$355.2 in the three months ended March 31, 2018 compared to US$381.1 and US$102.3 in the three months ended December 31, 2017 and in December 2016, respectively 

平均一個人，一天消耗40分鐘在17直播上，每個月有32038人打賞，打賞率為3.1%，平均打賞355美金。

市占率與競爭對手: 

We operate the largest live streaming platform by revenue in Taiwan, Japan, South Korea, Singapore and Hong Kong with a market share of 19.2% in the first quarter of 2018。In our home market of Taiwan, which, according to Frost & Sullivan, represented 36.1% of the live streaming market in Developed Asia in 2017。we were number one among live streaming platforms in Hong Kong by revenue with a market share of 15.3% and we were ranked second among live streaming platforms in Japan by revenue where we increased our market share to 18.6% from 9.6% in the fourth quarter of 2017. 

17直播市占率為19.2%，主要目標國家在台灣，日本，韓國，新加坡，香港。其中，台灣市佔率36%(第一)，香港市占率15%(第一)，日本市占率為18.6%(占第二，第一為Showroom佔40.3%)。 

The key pure-play live streaming platforms in Developed Asia include 17 Media, Showroom,，AfreecaTV, Bigo Live, MeMe Live, Live.me and Twitch. : 

17直播主要競爭對手為Showroom(日本), AfreecaTV(韓國), Bigo Live, MeMe Live.....。其中，17直播市佔率為19.2% ，AfreecaTV(韓國)市占率為14.7%，Bigo Live為11.3%，Showroom 為9%，MeMe Live為6.5%。

總之，"17直播"目前是在燒錢搶市佔率階段，公司還在虧損狀態。以綜合市佔率(台灣，日本，韓國，新加坡，香港)來說，目前是第一。它在日本的市佔率進步非常神速，已經從默默無名爬升到18.6%(目前，日本市佔第一是Showroom，佔40.3%)。基本上，網路新媒體就是先燒錢搶市佔率，誰能先搶下最大市佔率，誰就是最大的贏家。等變成市占率龍頭後，再併購其它市佔率較低的媒體，形成壟斷。等這些事情都完成後，再慢慢思考，如何從新的商業模式中賺錢。