Edit Introduction: The traffic dividend in the video industry is fading, and the growth rate of user scale is also slowing. What kind of adjustment will the corresponding content ecosystem produce? This article has interviewed many practitioners in the video industry to help us have more understanding of the current status of the video industry and the next development. Let’s take a look.

The traffic dividend in the video industry is fading, and the growth rate of user scale is also slowing. What kind of adjustment will the corresponding content ecosystem produce? Recently, the UP owner “Master Tree” found himself from NASDAQ: Bili (9626 .hk, hereinafter referred to as “B Station”).

“(Revenue decline) is recently, just like the trend of Chinese stocks.” Master Shushu said to the Financial E Law.

The “income” in the mouth of “Master Tree” mainly refers to the “Bilibili Creative Incentive Plan” (hereinafter referred to as the “Creative Incentive Plan”), which was launched in February 2018. According to this plan, the owner of all joined can be based on a series of data dimensions set by station B to obtain income.

The feeling of “Master Tree” is not alone. Several B UP owners said to the Financial E Law that the income from the creative incentive plan recently declined significantly. This has also become a hot topic of multiple social platforms.

“Two pieces are added, almost the main source of our full -time UP’s main income.” Another UP master said: “In this way, many people who have rely on videos to eat can not pass now.”

“Is there no money at station B now?” A Weibo account with a Weibo account “Little UP Lord” left a message.

1. How can the UP owner get income?

In February 2018, the historical game UP owner “Wagangzhai Master Cheating Li” became the first batch of jokes of the creative incentive plan. At that time, his fans were about 30,000. History extended subculture creation has gradually accumulated.

“The reason why this (referring to making videos) to station B is mainly because the audit environment of station B is relatively loose.” He said frankly: “Naturally, there will be more people. I didn’t think about it at that time. “

Before joining the creative incentive plan, the video update frequency of “Wagangzhai Master Check” is not fixed, and each video playback is generally only a few thousand. After joining, its video playback volume and returns have increased steadily in the following three years. At present, the number of fans has reached nearly 200,000. “When it was just joined, the overall operation of station B was good at that time, and the realization income ratio was the highest.”

According to the “Wa Gangzhai Master Having Father”, the income of the UP master of station B is divided into five parts: creative incentive plan, charging plan, reward plan, live broadcast reward, and business promotion, that is, the “UP master often said” Just rice “.

According to a person close to station B, the creation incentive plan comprehensively evaluates and provides corresponding income for the self -made manuscript created by the main creation of UP. I hope that through this plan, “UP master can reduce the cost and pressure on content creation, enhance the continuous sustainability The confidence and enthusiasm of creation creates more excellent content. “

The person said that as long as the specific requirements are met (such as the video UP master needs to create “electromagnetic” or “influence” of 55 points, and the credit score is not less than 80), you can add the creative incentive plan.

For the charging plan, station B is defined as “the activity of the UP main charging to your favorite UP”. The charging measurement unit is “B coin”, 1B coin = 1 yuan;

The reward plan is “a new monetization method other than the main business list of the UP. We hope to help the UP owners earn benefits by hanging advertisements under the video.” The plan currently includes two categories: advertising and commodity categories They will be displayed in the advertising bar below the UP main video, and the UP owner obtains the sharing income through the user clicks.

Live reward is the reward of fans in the live broadcast. Generally speaking, the revenue of live rewards will be drawn by station B to 50 %, and it must be taxed at the tax rate of labor income.

Business promotion generally refers to the signing of the UP with the MCN institution and obtain the business list from the other party. In general, as long as the order can be received, this part of income will become the main income composition of UP master.

The UP owner “Master” said to the Finance and Economics E -Law that the small UP owners with the number of fans in 50,000 or even less than 10,000 generally cannot receive the business list. Settlement, even when the income has not declined, the annual income is “not more than 20,000 yuan”, and now it may be “less than half”.

For those middle waist UPs with 100,000-500,000 fans, their income generally “half is a business order, half is creative incentive plan+event bonus, and the proportion of commercial orders may account for two-thirds.” The head of the head of more than 500,000 fans is often very amazing, and more than 90 % of them are the business list.

Another gourmet UP owner “Houver” also said that his income mainly comes from creative incentive plans, charging plans, reward programs and business promotion, “because I don’t use live broadcasts.” Among them, the threshold for business promotion is the highest, but the benefits are the most considerable. As a UP with nearly 500,000 fans, more than 80 % of “Houver” comes from this.

“Master Tree” also acknowledged that the main income of different partitions and sections of UPs is different, such as unpopular district UP main realization of unprecedented partitions such as history, and most of their income comes from creative incentives, and the business value is relatively low; and the head of the head of the head can be brought through the leadership of the head of the head. The method of goods obtains part of the income of advertising, and the UP on the waist and below “rarely has such opportunities.”

Many information provided by the Lord of UPs show that the source of the head of the head of the head of the head is diverse. The average monthly income of a fan with a fan with a high topical interaction is 60,000 to 80,000 yuan, or even higher than even higher. , But for those small and medium -sized UPs that cannot receive the business list, creative incentives, reward programs, and charging are their most important and stable sources of income.

Second, which part of the income is reduced?

Recently, the revenue of the “Tucao” of the majority of UPs has been reduced, and how much is the creative incentive plan and a reward plan?

To explore this issue, it is necessary to analyze the division mode of station B’s creative incentive plan.

A person close to station B said that the creative incentive income is comprehensive calculated by the content value of the submission itself, including the user’s love, content popularity, and the vertical content of content.

“In order to combat marketing numbers, black production, and low -quality content, the creative incentive plan has been upgraded many times in the past. Among them, users’ love is based on comprehensive calculations such as interactive behaviors such as praise. It is the primary measurement indicator for calculating income.” express.

The creative incentive plan also contains a piece of material incentive income. It is comprehensive calculated by the number of times used by this material, and the content value of the video (excluding small videos) using the material (excluding small videos).

Because Station B did not disclose specific calculation formulas and weights, UP owners often discussed the possible weights and calculation methods of incentives.

“Master” is based on experience analysis that the innovation incentives in the knowledge zone and science science zone are the most. In addition, the longer the user watching video works, the more incentives.

From the perspective of the “many small weapons” of the UP master, the number of creation incentives and video playback, forwarding, coin investment, praise, collection volume and other data are linked. high.

“Wagangzhai Master Check Dad” has 6 years of station B video production experience. He judged that calculating the dimensions of the formula and weight may be divided into two types of feedback: “positive” and “negative”: the front includes praise, collection, coin investment, and end broadcast rate; negative Later, the user clicks the “Not interested” button.

However, he also mentioned that some of his own UP friends believe that the incentive plan is only related to the positive feedback based on the playback volume, and the negative feedback is only related to whether the video will be frequently pushed to the homepage. It (negative feedback) will not directly affect your income, but it will affect the video playback volume by not being pushed to the homepage, and then indirectly affect the income. “

This inference was recognized by a million fan -level UPs who did not want to be named. This UP master said to the Financial E Law that after repeated comparison of the push data of thousands of video push, the weight of the incentive plan was roughly played -three companies (coins, likes, collection) -the broadcast broadcasts Rate, weight decrease in order. “Under normal circumstances, the number of playbacks should account for about 30 %.” “Three companies” account for about 30 %. If the likes and coins are particularly high, there will be additional rewards. The income of the creative incentive itself has nothing to do with negative feedback.

In addition, the UP owner believes that the reason why Station B has not announced the specific algorithm of creative incentives is that once it is announced, the UP master can make “flexible adjustments” for the specific algorithm formula. “Think about it -if it is written in black paper, it is difficult to change it. No video website will do this.”

“Maybe, there is no fixed calculation ratio at all.” This UP master concluded: “Of course, this is just my personal guess.”

From the perspective of “Master Tree”, those videos that are simple and most of the theoretical directions can be obtained more. Because this type of work will cause a lot of discussions, comments, barrage and playback volume will increase significantly. Whether it is the support and opposition party, it will also bring more traffic.

Another reduction in income comes from the reward plan. But for this part, the experience of the UP master is not the same. Most of the UPs interviewed believe that the income obtained through the plan is generally higher than the innovation incentive plan, and a small number of UP owners believe that the income of the innovation incentive plan is still the highest.

According to the setting of the reward plan, once the reward task is agreed, the income of the UP owner is calculated according to the exposure of the advertisement; the income of the e -commerce task will be calculated according to the actual commission of the advertisement. A video can be equipped with 5 reward tasks, but users will only see one of them on the video page.

If you register for the individual, the proportion of management expenses extracted from station B is 50%; if you register through a third -party institution (MCN), the proportion of management costs is 40%.

For the UPs such as games, life, and makeup areas, this part of the income is considerable, generally accounting for 60 or 70 % of the income from station B.

How much does the income drop?

All the UPs interviewed pointed out that their creative incentive income has recently declined sharply. A Weibo user who claims to be the old UP master of the living area said in a communication group: “The best days have passed. Friends of UP Lord, friends, and all the UP owners they know -conservative estimation involved at least hundreds -have recently experienced a significant decline in creative incentive income. “

The recent discussions on the income of station B in major social platforms seem to confirm this view.

So, how much does the income fell?

“Master Tree” said that before March 2022, he released a video of 100,000 playback volume, which received up to 1,600 yuan in creative incentives, and now it is estimated to be reduced by about 80%.

Another UP master said in a Weibo group that according to the same type of video, comparison in the standards of playback volume, “three consecutive” and the completion rate of the end. About 350 yuan incentive, but now it is only 70 yuan-80 yuan.

“Wa Gangzhai’s main pit father” stated that according to the “rumors in the room” and the perception of most anchors, the previous creative incentive income of station B was about 1,000. The playback volume corresponds to about 0.6 yuan.

Of course, in addition to playback volume, creative incentive income is also related to indicators such as three consecutive numbers and broadcast rates, but all UP owners have clearly stated that even under the premise of eliminating other variables, this part of revenue has decreased significantly (the amplitude is 50 %- 80 %) is also a “indisputable fact.”

While creative incentive income decline, the UP owner’s “buy traffic” expenses are increasing, and their income is thinned from the other end.

In May 2021, Station B officially issued the “Creation Promotion and Upgrade Announcement”, saying that the system will adjust the price according to the current traffic promotion bidding, while performing algorithm optimization and function upgrade.

According to the common statement of many UP owners, the “traffic promotion auction” mentioned in the announcement is actually the agent dealer at station B.

The Financial E Law contacted the traffic dealer “Fire Burning Cloud Data”. The other party claimed that he was the “core agent” of station B. You can use the take -off plan of station B (that is, a tool product for the purpose of increasing traffic and rapid powdering). The main investment needs do directional launch. The other party also claimed that the take -off plan has been operated by “agent like us”. Once you choose the package provided by the dealer, it will formulate a special investment manager according to the UP owner’s need to match the special investor manager.

“Our officer is through the training and review of station B.” said the other party. However, when the Economics E Law tried to obtain a “training certificate”, the other party said that “this is not.”

According to a person close to station B, the data in 2021 shows that 70%of Station B has the flow to small and medium -sized UP owners and the new UP owner.

But in reality, many UP owners still need to buy traffic.

“If you think your video playback is too low, you can buy traffic from station B.” “Master” said. He said that in the past few years, the users and traffic of station B have been rising, but now that station B is “almost almost the ceiling”, so the official will adjust the distribution of traffic. For example, the UP owner of the ghost animal area and the funny area generally does not receive advertisements, so “traffic can be given casually”; but the traffic of the “big advertising households” such as the knowledge area and the living area needs to be purchased.

According to “Master”, this policy involves a wide range: even the head of the head, although there are many opportunities to receive advertising, but still need to buy traffic in order to maintain advertising quotes; and those middle waist that urgently need traffic needs traffic; Not to mention UP Lord.

Taking the big advertising knowledge area as an example, an effective viewing price is about 0.3 yuan. In this way, 100,000 views will cost 30,000 yuan. This price is too expensive for the majority of the middle waist UP.

“Station B has to make money -so the current -limiting -UP master incentive becomes less -to find station B to buy traffic,” “Master” explains the logic chain of traffic business like this.

So, how did the UP owners find that they were “restricted”?

“Master” takes his own experience as an example: Before September 2021, the average video of his video was 14.3W, and fans gradually increased to 70,000; in September, the average playback decreased to 17,000, and fans “basically increased”.

During this period, the one-minute retention rate of the “Master” video remained at 65 % -70 %, and the end broadcast rate increased from 40 % to 50 %. His feeling is, “Your content is better, the audience likes it, and it seems that there are fewer people who can see your content.”

Facing this change, Master feels puzzled. Until December 2021, he thought he had discovered the mystery.

In August 2021, he received an invitation from the official “exclusive starting plan” issued by station B. According to the plan, once you join, the UP master can choose whether to start at station B (video within 24 hours must not be released to other platforms within 24 hours). If so, station B will give it traffic and incentive subsidies.

“If it is not the first, even if your data is good, it will not be popular.” “Master” believes. He previously played a video with a lower volume, and he did not choose an exclusive start without exception. After December 2021, he tested several times and found that as long as the exclusive starting was selected, the traffic returned to normal. Quantity) Starting up, there are almost 40,000 playback volume, which can be said to be the same as the previous performance. “

The previous game area UP owner also has the same feelings. All the videos he chose to be exclusively launched are basically the same as before; once the exclusive exclusive, the playback volume immediately “cut off”.

For the reflection of the current situation in the UP main group, as of press time, Station B has not been judged.

Fourth, the income is difficult to maintain life

In addition to creating incentive income and reward plan income, how the situation of UP owner’s other revenue sources takes the live broadcast of the B platform as an example. There are two ways to play the anchor: “Golden Guazi” and “Yinguo seeds”. However, “silver melon seeds” can only be used to increase popularity and rankings. What can really generate the actual income is “golden melon seeds”. It needs to be obtained through RMB recharge. The exchange rate is 6000: 6, that is, “one dollar can reach 1,000 golden melon seeds.”

In the anchor received the “Golden Melon Seed”, if it is an anchor of independent labor relations, it shall pay taxes at 20%to 40%of the labor remuneration tax rate; if it is signed an anchor, it will pay taxes at a minimum of 3%and 45%. In addition, station B officially became 50 % of the post -tax income.

Another part of the income is the “charging plan”, which is the audience’s reward of the anchor. The official proportion of the official pumping of this money at station B is 30 %. In addition, if the user uses the iOS to complete the recharge, Apple will deduct 30 more 30 more than 30 more. %.

In addition, one of the main sources of UP owners’ income is the “pick -up list”.

According to the “Wa Gangzhai Master Having Father”, the income of receiving the business order accounted for 60 % of his income for all videos. The advertisement he received “As long as it is done, one single is four or five thousand yuan, and less than two or three thousand yuan.” The “pick -up list” here means that the UP owner does not pass Station B, but is looking for or signing a contract with the MCN institution to find an advertising agency opportunity.

Another 300,000 fan UP owner, who is unknown, said that the income of the receiving list “approximately 70 % of his income each month.”

The aforementioned millions of fan anchors clearly stated that the connection list “is my absolute main income, at least 90 %.”

According to the reflection of senior UP masters, the more the number of fans, the more relying on the income. Because the price is determined by Party A (that is, the brand), it is generally relatively fixed. “As long as it can be received, it will often not break.”

According to Huachen Securities Research Report, the main annual revenue of the mid-waist UP with 100,000-500,000 fans is 50,000 to 10,000 yuan. In contrast, 172 fans are greater than 2 million heads, and the annual revenue is 100 For more than 10,000 yuan, the main revenue of 895 500,000 to 1 million fans is also 100,000 yuan to 500,000 yuan, and the income level “pyramid” is obvious. The problem follows it -the large UP main order is connected to “soft hands”. It is difficult for the small UP master to have Party A “seeing”. The dilemma of picking you instead of you is not a choice, so this income is not stable.


Overall calculation, a UP owner of about 200,000 powder, the real income from the monthly tax after tax from 3,000 yuan to 10,000 yuan, but the recent income range is about 1,000 yuan-7000 yuan (this data may be due to the video partition where the video is located, which , Factors such as the volume of videos of the videos, the single frequency of the business, and other factors float). For more UPs below 200,000 fans, income will only be less.

“Wa Gangzhai Master Cheating Lee” introduces the cooperation method between the current MCN institution and the waist anchor: once signing with the MCN agency, the institution will inform the general content and requirements of the latest advertisement list of the UP owner (three differences and five “every month ( Including the UP owner of what area you need), if the UP owner is interested, you can inform the MCN party to receive orders and their own quotation.

“But there is more than one of the UP owners registered for each list. I may want to compete with five or six or even more than ten or twenty people,” “Wa Gangzhai’s main pit father” said. Come to make this list. To put it plain, there are more monks and less porridge. “

In addition, for each order, the division proportion industry of the MCN institution is about 30 %.

“Wagangzhai’s main pit father” said that after all, because there are a certain number of fan bases, the MCN signed by himself is “reliable”, but most of the MCN institutions in the industry are not friendly to small and medium -sized UPs.

“Wa Gangzhai’s main pit father” said, in the face of the majority of small and medium -sized UP owners, a considerable part of the MCN institution “will not give you any support after pulling you in, or even any business list -on the contrary, he hopes that UP can be able Help it pick up the business list. “

Another beauty area small UP master also has similar experiences. She pointed out that once a UP owner who has no bargaining ability signs a contract with the MCN agency, he will lose the opportunity to conduct business activities with others. “Even if other advertisers directly find you to cooperate with you, you must notify MCN to make them draw.”

“Wagangzhai’s main pit father” said that the contract signed by the MCN institution with this small and medium -sized UP is generally blurred: “The contract will write in the contract, and do our best to support the anchor, but it will definitely not write what to support it; Do your best to help you introduce the business list, but this is another concept of metaphysics -because MCN will not let you meet with Party A, how do you know if he helps you to introduce? Maybe even there may be no Party A at all. “

The lack of bargaining power is the “destiny door” of the small and medium UP master. With the decrease of other income, the distress in traffic and income is becoming more and more obvious.

“Still that sentence, the law of 28, 20 % of the anchors attracted 80 % of the traffic and income, or even higher;” the UP master who did not want to name it. , The middle waist is always tight. “

5. Where is the content of the content ecology?

On March 3, Eastern Time, Station B announced the fourth quarter of December 31, 2021 and the financial report of unaudinated financial reports throughout the year. The same), a year -on -year increase of 62%; net loss was 6.809 billion yuan, and the same period in 2020 was 3.054 billion yuan, an increase of over 120%year -on -year; the net loss attributable to shareholders in 2021 was 6.789 billion yuan. 125%year -on -year.

Business cost is a dimension worthy of attention. The financial report shows that in the fourth quarter of 2021, the operating cost of station B was 4.683 billion yuan, an increase of 62%compared with the same period in 2020. As an important part of operating costs, the cost of income in the fourth quarter was 2.428.5 billion yuan, an increase of 91%over the same period last year. This is mainly due to the increase in income sharing paid to the live broadcast owner and content creators, and the increase in payments paid to the distribution channels when expanding mobile games and value -added services.

In addition, in order to achieve growth and further expand the size of the user, station B continued to invest in promoting applications and brand channels, that is, the direction of buying the volume. The financial report shows that the sales and marketing expenses of Station B in the fourth quarter increased by 73%year -on -year to 1.7616 billion yuan. The annual sales and marketing expenses were 5.8 billion yuan, an increase of 66%year -on -year.

At the financial report conference, Fan Xin, chief financial officer of station B, said that in 2022, station B was confident that under the premise of maintaining the healthy growth of users, by increasing the monetization rate and controlling operating costs of a single MAU, Non -GaAP (after adjustment of net profit) operation loss rate narrowed year -on -year, and the mid -term target achieved NON GAAP profit and loss balance in 2024.

Ma Shicong, a senior analyst in the marketing channel industry, believes that the lowering of the income of incentive income similar to the creative incentive of the B station is closely related to the recent increase in the trend of the Chinese stocks and the increase in platform revenue pressure. She pointed out that the essence of creative incentives is content cost, and for the platform, this part of the cost is relatively large. Affected by the above factors, the market expects that the video platform is expected to shrink in the near future. In addition, the competitive pressure between long and short video platforms has increased, and it also has the need for controlling costs.

Ma Shicong believes that in the early days, the video platform, including station B, set up relevant incentive plans to stimulate the content economic output of PUGC; and the current adjustment also has some marketing numbers with low original originality and low content quality. The intention to adjust the incentive situation, the so -called “excellent selection excellence” allows the real good content to get the benefits of equal.

“Actually, this also reflects that the entire content of creation is more mature than ever.” Ma Shicong believes that “response to such changes, creators also need to consider how it should be synchronized with the market. A adjustment. “

A completely the same video may have different effects on the platform. “For example, users at station B may be relatively young; watermelon videos or the overall users of Douyin will be more mature.” Ma Shicong pointed out.

Ma Shicong suggested that UP mainly does refined operations for content, make full use of the creation and data management tools provided by the platform, and continuously debug through data analysis and other methods; do differentiated content production between various platforms to achieve a lower cost at a lower cost at a lower cost at a lower cost. Different platforms expand the purpose of income.

“Master Tree” also believes that for the full -time UP master, especially the UP of small and medium -sized volume, the creative incentives or plug -in advertising revenue of various platforms are not enough to support its creation.

“In terms of creative focus, if the non -commercial UP owner, you should continue to cultivate the fan circle, perform knowledge or interest monetization, get the support and reward of fans, similar to the benefits brought by live broadcast, so that you can support your creation. “Master Tree” said.

“Master” said that it is not recommended to be a full -time UP master.

Ma Shicong believes that the moat of the video platform does exist. “This is because the traffic dividend of the entire video industry is fading, and the growth rate of user scale is also slowing.”

Ma Shicong concluded that for the video platform, a large part of the so -called “moat” is based on its content. In the future, creative incentives will continue to exist as a way to encourage high -quality content production, and it will also be one of the directions for the videos of video platforms. But on the other hand, its standards will be adjusted at any time as the market, “not to say that it is the same,” for the creators, you cannot restrain the existing creative experience, and you need to observe market changes.

People close to Station B stated to the Financial E Law that Station B is adjusting the creative incentive plan: newly introduced various assessment indicators including play channels and user conversion verifications. It can be based on the actual incentive income. At present, the creative incentive plan is in the stage of adjustment and trial operation, and official announcements will be officially announced after the adjustment. The time “is expected to be the end of April and early May.”

The person revealed that as of 2021, more than 1.3 million UP owners had revenue through creative at station B, of which more than 557,000 UP owners joined the creative incentive plan.

Author: Liu Chang, intern: He Yiyang; Editor: Zhu Tao; Public Number: Finance E Law

This article was originally published by @本 本 本 本 is a product manager. Reprinting is prohibited without the author’s permission.

The question map is from UNSPLASH, based on the CC0 protocol.

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