Chapter 384 45% Equity
"Hey guys, the skirts are now on sale. There are only 500 sets available in the live broadcast room today. Once they are sold out, they will be gone!"

The female anchor was wearing sample clothes and posing in front of the camera, while the operations staff was operating the backstage of the live broadcast room outside the camera.

There was no shouting of "right, yes, lowest price", and the traditional marketing language of offline physical stores was used.

Even though Xie Jingxing knew nothing about e-commerce live streaming, he could clearly feel the gap between it and the mature stage of the industry many years later.

I watched quietly for a few minutes and left the office without disturbing the live broadcast.

"Last month, Mogujie tested two live broadcasts, and their internal staff said the results were very good. So this month, they invited MCN to join the test, and we got a spot in the live broadcast room."

Zhao Mengche introduced the specific situation: "We are just trying it out for now, but we don't know if it can be done, so we have assigned two people to form an e-commerce live broadcast team and vacate my office for them to use."

"Why doesn't the host's hair float up?" Xie Jingxing focused on something different.

Zhao Mengche didn't understand: "What?"

“Can we make the female anchor’s hair float up, like she’s wearing sample clothes outdoors, so that the audience can see a dynamic feeling visually?”

Xie Jing Xing considered his words carefully: "For example, when we were taking photos for a variety show promotion, the photographer used a blower to blow on us, and the photos turned out better."

"Hey, that makes sense!" Zhao Mengche instantly understood the intention.

Seeing her inspired look, Xie Jingxing stopped talking and got back to the topic.

Today, the e-commerce live streaming industry can no longer be described as being in the early stages of development. According to the grand narrative, the e-commerce live streaming industry was born in Zhao Mengche's office and, of course, was also nurtured in the live streaming test function of Mogujie.

Mogujie is an e-commerce shopping guide platform that specializes in bringing together the preferential discount activities of merchants on e-commerce platforms such as Taobao. It is equivalent to an intermediary to make the online shopping process more convenient and cost-effective for users.

It completed its C round of financing last year with a valuation of USD 10 billion and originally planned to go public this year, but unexpected events occurred and the stock market crash came as a bolt from the blue, terminating the IPO plan.

But the bad capital market environment is just Mogujie's official explanation. The deeper reason is that Alibaba suddenly discovered that this shopping guide platform was growing rapidly and provided up to 20% of the monthly active traffic for the Taobao platform.

Among ten users, two use Taobao through Mogujie. How incredible!

Alibaba itself is a middleman that makes money from the price difference, but there are people who act as middlemen among middlemen to make money from the price difference and grab traffic. This is a clear case of wool-pulling. It is outrageous.

As a result, with the slogan that the e-commerce industry does not allow such awesome people to exist, Mogujie was strongly suppressed by Taobao and now has to transform into its own e-commerce business.

E-commerce live streaming is an attempt by a headless fly to find a way to survive during the transformation process.

"Then Taobao will soon follow suit and launch an e-commerce live streaming function."

Xie Jingxing sorted out his thoughts and reminded: "Ali's suppression of Mogujie is comprehensive. They have more abundant resources. You should focus on Taobao and use Mogujie as a transition."

"Will Taobao personally engage in the MCN business and directly incubate anchors without involving MCN agencies?" Zhao Mengche frowned slightly and seemed a little hesitant.

"You're overthinking it. Taobao has a lot of traffic, and it can use its resources to create top anchors, but it's impossible for it to personally manage every live broadcast room."

Xie Jingxing paused for a moment and emphasized seriously: "E-commerce live streaming is a brand new trend. The market size will be far beyond imagination. No platform can eat up all the trillion-dollar cake by itself."

"Decentralization of the industry ecosystem is a major trend. Compared with letting the top anchors with daily sales of tens of billions control the right to speak, the platform is more willing to open up and introduce third-party professional MCNs to run 100 live broadcast rooms with daily sales of 1 million."

He smiled and joked: "The essence of e-commerce live streaming is shopping guide, which is no different from Mogujie. So the suppression of Mogujie now will be repeated on the top anchors in the future."

In the original timeline, 2016 was identified as the "first year of live streaming". Mogujie was the first to see the opportunity to try out the e-commerce live streaming segment, and Taobao followed closely a month later.

JD.com was shocked after spending four months to incubate the top anchor 'Viya' whose sales exceeded 100 million yuan in a single live broadcast. It rushed to launch the live broadcast function.

E-commerce live streaming has thus entered a period of rapid development. By 2018, when Li Jiaqi's phrase "Oh my god, buy it" entered the public eye, the mainstream society belatedly realized it and regarded it as an emerging industry.

In fact, we have entered the second half of the competition. Kuaishou and Douyin have entered the market, and celebrities and internet celebrities are competing on the same stage to make money. Amid the chaos, the top male and female stars of each platform have faded out and stepped aside due to various problems.

There is no so-called top anchor, only head anchors.

Now, Xie Jingxing’s investment in Panda TV has ignited the live streaming industry one year ahead of schedule, and the trend of live streaming in the e-commerce segment has arrived.

Therefore, it can be predicted that the development process of this industry from wild growth to inevitable separation will inevitably accelerate.

Strive for excellence and take the middle ground, use the first-mover advantage and financial advantage to get a head start. It is naturally very good to be able to incubate top-level anchors, and it is not bad to launch top and mid-level anchors in batches.

After all, e-commerce live streaming is really profitable, and tax evasion is even worse than that of celebrities, which shows the huge profits...

Accelerate entry to expand business scale, use funds and speed to exchange for experience, as long as the base is large enough, you can always draw the top anchor through lottery.

——Xie Jingxing talked a lot, and Zhao Mengche succinctly summarized the key points, which is still the money-burning model that capital is best at.

She was in a complicated state of mind and couldn't figure out a clue, so she simply put it aside for the moment and concentrated on shooting the vlog so that the human-shaped traffic package worth millions could be maximized.

After briefly touring the company, he immediately took Xie Jingxing straight to the Beijing Film Academy.

When new students enter school at the beginning of the school year, good talents are snatched up by film and television companies, and MCN agencies are not up to standard. Zhao Mengche has no choice but to wait at the gates of various schools in Beijing to pick up leaks.

With Xie Jingxing around, although there was still no substantial gain, he inexplicably added the contact information of many beautiful girls.

"Thank you for your hard work, Mr. Xie. I'll treat you to whatever you want to eat. I'll reward you."

The afternoon passed in a flash, and by dinner time Zhao Mengche estimated that he had finished shooting most of the materials, so he announced sourly that he would end his stakeout.

Xie Jing Xing gloated and teased: "What's your attitude? You don't want to treat me to a meal, but there are sisters who are willing to treat me to a meal."

"Okay, okay, I've really spoiled you. I wanted to treat you to a feast, but now you only have soup."

Zhao Mengche curled his lips in disdain, waved his hand to signal for him to follow, and walked towards a clay pot soup restaurant in front of the Beijing Film Academy.

She spoke confidently, but in fact this is an old specialty store. During lunch time, a row of plastic stools in front of the store were filled with college students waiting for a table.

"Not bad, it's worth treating you to a meal. Come and take another photo. I'll treat you to a meal again tomorrow."

Zhao Mengche was bored in the queue and was browsing his phone to kill time. He saw that the number of likes on the group photo posted on Weibo at noon was far more than usual, and he happily started to argue with her.

Xie Jing Xing raised his eyebrows: "Want to spread rumors with me? If you don't mind, I don't care anyway."

“…That’s not necessary.”

Zhao Mengche suddenly regained consciousness and rationality. There was nothing he could do. The fighting power of fans in the fan circle was too terrifying.

The Rocket Girls 101 girl group run by Kujiji Studio is not a top group in the entertainment industry, but its fans are in chaos, with toxic fans, fans of the group, and CP fans forming cliques and fighting with each other every day. Among them, CP fans are the most crazy, editing the few interactive scenes of Xie Jingxing participating in "Creation Camp" and the girl group members separately, and dubbing the 101 girl group the "Princess of Panda TV".

They even created an exclusive phrase "Xie Xuan's biological daughter". Whenever a marketing account dares to write gossip or scandals about Xie Jingxing and any female celebrity in the entertainment industry, CP fans will immediately call the police.

Report the marketing account, slut-shame the female celebrity involved, provoke a counterattack from the other party's fans, and make the female celebrity's past negative material a hot topic.

This set of smooth combos with high organizational execution is a completely one-sided massacre of traditional star fan groups, and the Zenith aliens are attacking the monkeys at a lower level.

According to incomplete statistics, within three and a half months since the debut of the 101 girl group, many female stars including Tang Yan, Jing Tian and Fan Bingbing have fallen victim to the attacks.

"In fact, this will have an impact on your reputation. You can ask their agents to guide the fans in a positive direction." Zhao Mengche couldn't help but make a suggestion.

Xie Jingxing did not comment: "There are a few people who were poached from Tianyu in the idol management business. Their work ideas are rather wild. We will clean them up after we adjust the equity structure."

"I went back to the studio for a meeting last time, and from what President Ding said, Mango TV wanted to do an idol talent show without us."

Zhao Mengche followed up the conversation and said that Tianyu and Mango TV are one company, and their representative works are the first generation of domestic idol talent shows such as Super Boy and Super Girl.

Xie Jingxing didn't care. He thought it would be best if all film and television production platforms rushed into the market together to add fuel to the idol talent show market.

Compared to a show, he cares more about the equity structure adjustment that is before him.

After two days of review, the operating status of Kujiji Studio became completely clear. The idol brokerage section cooperated with Tencent and Mango TV and was deeply integrated with the variety show "Creation Camp".

In terms of the live broadcast business of the MCN sector, the entertainment live broadcast business has developed well and has initially entered the e-commerce live broadcast; the new media matrix of pictures and texts has taken shape, and the incubation of Internet celebrities will have to wait until the short video takes off next year to see the results.

The studio's artist management business and film and television investment and production complement each other.

The three sectors, either due to profit distribution or business areas, have vaguely formed the embryonic form of being independent of each other. In this case, it would be inappropriate to manage them only in the form of business departments.

It is an ideal approach to use the studio as the parent company, separate idol agency and MCN to set up two subsidiaries, and manage the businesses independently through financial control.

"Come on, draw a lot."

After dinner, when it was time to pay the bill, Xie Jingxing borrowed a pen and paper from the waiter, leaned over the counter and wrote three notes. He walked out of the restaurant, crumpled the notes into a ball and spread them on his palm, motioning Zhao Mengche to pick one.

"Nan Ke?" She opened the note and read out the two words written on it.

"How does 'Nanke Culture Holdings' sound?"

Xie Jingxing casually threw the other two notes into the trash can: "The newly established Nan Ke Culture will directly control Ku Ji Ji Studio, and Ku Ji Ji Studio will then control the MCN business and idol brokerage business."

"So we want to set up an independent company?" Zhao Mengche responded quickly.

"The idol management business is originally semi-independent. Panda TV and Pony.com hold a total of 30% of the shares, and Kujiji holds 70%."

Xie Jingxing put his hands in his trouser pockets and paced on the street, feeling the cool evening breeze: "If you accept the capital injection, you can be given a certain proportion of personal shares. This will be a performance incentive for you and will be beneficial to the development of the company."

"It sounds like the overall equity adjustment this time is very big. How much do you want to invest... Forget it, just pretend I didn't say anything." Zhao Mengche blurted out and then quickly stopped talking.

Xie Jing Xing was silent for a few seconds, and after thinking for a while, he revealed his true thoughts: "It will be divided into three parts. First, Grapefruit Capital will invest about 40 million in Kujiji Studio at a valuation of 6 billion, and acquire a 15% stake."

"The second is Taihe Capital, which will acquire 20% of the shares from Pei Fei at the same valuation; and finally, I will introduce external investment or I will personally invest and hold about 10% of the shares."

Taihe spent 8 million to acquire 20% of the shares, and the money was given directly to Concubine Pei personally.

西柚入股15%股份支付的6亿，和谢景行兜底持股10%的4亿，总计10亿资金则注入工作室。

In short, Xie Jingxing recovered 45% of the shares, and Concubine Pei's shareholding in the studio was reduced to 55%, but the value of this 55% stake soared to 22 billion yuan.

"If that's the case, I'm taking advantage."

Zhao Mengche couldn't help but purse her slightly moist red lips. She joined Kujiji as a partner last year. One of the items in her salary contract was to get 3% stock options after working for five years, which was worth over million yuan.

"There's no need to think like that. Your online business capabilities are beyond expectations."

Xie Jingxing tilted his head to look at her: "If you accept the capital injection, the original Kujiji options will remain unchanged, and you will be given 20% of Qixun Media (MCN business) equity."

"Invest 1 million?"

Zhao Mengche took a deep breath and could clearly feel his mentality was collapsing.

Xie Jing Xing softened his attitude instead: "It won't be less than 1 million. The specific amount will depend on the investment results from me and Ku Ji Ji Studio, so don't worry, you can think about it slowly when you have time."

"Should I say you are considerate, or that you are too good at controlling me?"

Zhao Mengche no longer tried to hold on, half mocking himself and half frustrated, he said angrily.

Xie Jingxing made an innocent staring expression. In the afternoon, he mentioned the capital injection, but Zhao Mengche did not give a direct answer, but just said to take him to visit the company first.

The entertainment live streaming business is highly profitable, with hundreds of thousands of cash flows in the account every month. The graphic and text new media matrix is ​​in a balanced state, and e-commerce live streaming and internet celebrities are just getting started.

Obviously, under the normal operating rhythm, there is no need for capital injection at all, and there is money but nowhere to spend it.

If they accepted a large amount of financing, they would have to turn to expanding their operations through investment and acquisitions. Zhao Mengche was worried that she and her team would not be able to keep up with the growth of the business, which would lead to a collapse.

Many startups, such as Ele.me and Dianping, have experienced such problems to varying degrees due to capital intervention. The solution is to eliminate the management team and introduce a large number of professional managers.

A professional management model is implemented and the company's control rights change accordingly.

Xie Jingxing had seen too many demons and monsters, so he could naturally see what Zhao Mengche was thinking at a glance. The MCN business of Kujiji Studio was almost a child brought up by this "childhood friend in the workplace".

How could he not have the true feelings of pouring his heart and soul into it? He didn't want his friends to face the choice between money and entrepreneurial ambition.

"No matter what you choose, I support you."

At night, the neon lights of the city are shining, and walking on the streets, there are busy cars and noisy voices. The bustling scene becomes vivid in the field of vision, Xie Jingxing finally said.

Zhao Mengche patted his shoulder and said, "A domineering CEO has entered the real world, right? Don't play the emotional card with me."

"follow your heart~"

Xie Jingxing smiled casually. He didn't have many female friends who had never slept with him, so he had to cherish them.

(End of this chapter)