?!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> 持箋亏损承压QB站还有没有“未来”?_电脑报在U?/title> <meta http-equiv="Cache-Control" content="no-transform" /> <meta http-equiv="Cache-Control" content="no-siteapp" /> </head> <body> <div style="position:fixed;left:-9000px;top:-9000px;"><small id="06ok4"></small><strong id="06ok4"></strong><object id="06ok4"></object><tt id="06ok4"></tt><sup id="06ok4"></sup><div id="06ok4"></div><nav id="06ok4"></nav><small id="06ok4"></small><tr id="06ok4"></tr><small id="06ok4"></small><dd id="06ok4"></dd><blockquote id="06ok4"></blockquote><button id="06ok4"></button><sup id="06ok4"></sup><u id="06ok4"></u><strong id="06ok4"></strong><source id="06ok4"></source><xmp id="06ok4"></xmp><div id="06ok4"></div><dd id="06ok4"></dd><source id="06ok4"></source><center id="06ok4"></center><source id="06ok4"></source><option id="06ok4"></option><acronym id="06ok4"></acronym><table id="06ok4"></table><table 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0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 16px; visibility: visible; overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px 10px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; visibility: visible; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; visibility: visible; overflow-wrap: break-word !important;">“小破站”还能让投资人爱多久Q?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">9?日,视频弹幕|站哔哩哔哩Q以下简U“B站”)发布了自q2022 Q2财报。新的胦报中依旧看不CQ何变化——一Ҏ光鲜亮丽的用hzL据,一Ҏ亏损扩大、游戏业务衰颓、广告业务“自废武功”等一pd老生常谈的问题,两者从某种意义上的“相映成”?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">老实_?018q??8日B站在国Ux辑օ上市以来QB站的一pd操作最l自己强势破圈Q其飞速增长的用户数据让很多投资hq不是很x它的盈亏问题?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">然而,事随境迁Q四q时间过去,B站的亏损情况丝毫看不见扭转的q象Qh们才开始重新关注其B站的各项盈利业务Q而目睹了B站游戏业务增长刹车、“封印”脓片广告后看不见前景的q告业务、持l受挫的番剧业务{不妙状况后Q少投资人开始对“只要用h据l增长,一切就会好h”的观点失去了信心,开始焦虑B站未来的盈利\I竟在何斏V虽然B站CEO陈睿在去q曾信誓旦旦地定?024q实现盈亏^衡的目标Q但“旧N愈”的B站,真的能触及这一目标吗?</p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; text-align: center; line-height: 1; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 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border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">B?022 Q2财报昄QB站二季度营收?9.10亿元人民币,同比增长9%Q净亏损20.10亿元Q上q同期净亏损11.21亿元Q同比扩?9.3%?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">?022 Q1开始,B站已l连l两个季度营收下跌,q且Q其单季度营收的同比增速也在不断下滑,?021 Q2?2%Q已l蟩崖式地跌C2022 Q2?%?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">虽然?022 Q1电话会议上,陈睿q投资人打了预防针Q称疫情对公怸务的影响可能会gl至二季度,且二季度受疫情媄响的严重E度会在一季度之上Q但如今财报发布出来Q数据表现还是突破了大家的心理防Uѝ?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">而在看到财报营收减速、亏损扩大的表现后,当天B站美股盘前便大跌Q??日美股收盘,B站报?0.07元/股,大跌15.03%Qd?8.39亿美元?/span></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">事实上,?021q?1月以来,B站股价便一路下跌,在经历“腰斩”、“膝盖斩”、“脚t斩”后Q市D发了q九成。虽然中概股的大伙儿?021q都挺惨Q但B站下跌的情况在集体受挫的中概股间也能排到前列了?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">至于B站股价一跌再跌的原因Q除了受国内对互联网企业的相x{和全球大环境的影响外,最H出的一点就是其“增收不增利”的老毛病,如今全球资金遉K需求上升,市场对于q年亏损的B站很隄l维持耐心也是理所当然?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">B站这两年的亏损增长情늛当恼人,2021qB站亏?8亿元Q同比扩?19%Q今q一季度净亏损?2.82亿元Q同比扩?52%。但与亏损数据相对的Q营收的增速却在下滑,q得投资h们不得不开始质疑,“阿B”究竟把钱都花到什么地方了?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">目前来看QB站支出的大头q是UPd成?/span>UPL疑是B站内容生态的宝贵财富Q他们上传的PUGCQ专业用L产内容)内容一直是B站与优爱腄争的关键差异化优ѝ而随着B站不断破圈,吸纳新用P站内PUGC内容也由最初的ACG相关内容Q逐渐开始向更广泛更l合的领域扩展,而与之相对的Q各领域的UPȝ数量也快速增长,花在生q些l合内容的UP主n上的p然也是水涨船高,lB站遏制亏损增M不小压力。就在今q?月,B站开始调整UPȝ创作Ȁp划,大幅减少中部NUPL入,但针对UPd成成本的控制I竟能取得怎样的效果,会不会打击UPd作热情,D优质PUGC创作者流p而媄响到q_内容生态,恐怕还需要l观察一D|间才行?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">而另外一个“烧钱”的地方是B站的游戏业务。B站仍在l加码游戏赛道,不断收购或投资新的游戏开发商Q根据企查查l计Q?021qB站共计投?7家公司,其中游戏公司20Ӟ占L资数量的q三分之一Q而到2022q??日止QB站又投了12家游戏公司?/p></section><section powered-by="xiumi.us" style="color: rgb(160, 160, 160); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 12px; text-align: right; line-height: 0.5; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px 10px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">不过老实_B站在游戏领域的投资相当随意,投资|页游戏开发商游戏P投资独立游戏团队火箭拻I然后q投资了一堆二ơ元赛道的开发商Q让人感觉B站游戏业务ƈ没有一个明的方向Q而是被工业化潮Ҏ着l箋“走一步是一步”?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">昄QB站这U押宝式投资的策略,很大概率救不回它病入膏肓的游戏业务?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p></section><p powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; text-align: center; line-height: 1; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 0px; display: inline-block; vertical-align: bottom; border-bottom: 1.6em solid rgba(17, 69, 120, 0.9); border-left: 0.9em solid transparent !important; border-right: 0.9em solid transparent !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section><section style="margin: 0px 0px 0px -2.2em; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 0px; display: inline-block; vertical-align: bottom; border-bottom: 1em solid rgba(174, 28, 91, 0.41); border-left: 0.6em solid transparent !important; border-right: 0.6em solid transparent !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 10px 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; text-align: center; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; color: rgba(17, 69, 120, 0.9); line-height: 2; letter-spacing: 1px; text-shadow: rgb(255, 255, 255) 1px -1px, rgb(255, 255, 255) 1px 1px, rgb(255, 255, 255) -1px 1px, rgb(255, 255, 255) -1px -1px, rgb(255, 255, 255) 1px 0px, rgb(1, 177, 164) 0px 1px, rgb(255, 255, 255) -1px 0px, rgb(255, 255, 255) 0px -1px;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;">B站游戏,“摇钱树”也自n难保</span></p></section></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px 10px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">游戏毛利率高、现金流强,一直是互联|企业的变现法宝。而根据本ơ胦报数据,B站毛利率?5%Q去q同期毛利率?2%Q下跌近7个百分点Q是其自2019qQ2以来最低成l。主站毛利率下降Qh们便不自觉地眼光投向了当年B站抬q纳斯达克的游戏业务Q而他们看到的l果Q是仍旧“支”不h的游戏业务?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">B站摘掉“游戏公司”帽子的往事一直o人唏嘘?018q_B站向Ux辑օ递交的上市招股书昄Q其来自游戏的营收占比达?3.4Q,而在q之中,独家代理的手游《FGO》又占到游戏业务?1.8Q?/p></section><section powered-by="xiumi.us" style="color: rgb(160, 160, 160); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 12px; text-align: right; line-height: 0.5; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;">B站独家代理手游《FGO?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p></section><p powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px 10px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">彼时的资本市场对于B站作Z个视频弹q网站,营收却过分依赖游戏业务的情况非常担忧Q何冉|戏业务的大头q是靠《FGO》这个爆ƾ以一׃力撑h的。而B站针对市疑,l出的解x法也非常单粗_很快便开始着手调整营收结构,砸更多钱d拓电商、直播、媄视综艺等业务?br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><blockquote data-type="2" data-url="" data-author-name="" data-content-utf8-length="247" data-source-title="" style="margin: 1em 0px; padding: 4px 0px 0px 10px; outline: 0px; border-left: 3px solid rgb(219, 219, 219); color: rgba(0, 0, 0, 0.5); font-size: 15px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">而在B站的“努力”之下,其游戏业务在营收中的占比q速下降。在2019q_B站游戏业务收?6亿元Q占全年L入的53%Q?020q_B站游戏业务收?8亿元Q同比增?4%Q占全年L入的40%Q?021q_B站游戏业务收?1亿,同比增长6%Q占全年L入下降到26%?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">而到?022q时QQ1游戏业务期内营收辑ֈ13.57亿元Q同比增?5.98%Q占总营收的27%Q而Q2游戏收入?0.46亿元Q同比下?5%Q是B站游戏业务同比下降幅度最大的一季,而总营收占比也q一步下跌到?1%?/p></section></section></blockquote><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; clear: both; min-height: 1em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">当然Q自2019q以来,新冠疫情、游戏工业化、监政{、版号寒冬……一pd事g令整个游戏市场的前\变得扑朔qLQ不q,即便抛开大环境因素不聊,B站游戏业务增速衰减、占比下滑的事实Q也q是让一度ؓB站营收结构变得“健康”的资本市场q速回q神来,意识到B站所谓“摘掉游戏公司帽子”的行ؓQ很可能不是ZdQ而是被迫自己在游戏市场的地位拱手让出?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">q_而论QB站曾l的是坐过“国内二ơ元手游发行商”的头把金交椅的Q但其之所以能辑ֈq个位置Q主要是靠本站庞大的ACG用户基本盘,以及抢占C二次元赛道的先机Q跟它本w的q营能力关系不大。倒不如说Q因为推q不力,以及技术能力不_致常常无法妥善解x戏上U后的各U奇奇怪怪的BUGQB站代理的很多游戏产品都不太长ѝ在游戏质量不断攀升、寿命不断g长的当下QB站“送”走了大量代理游戏品,q最l也Z收获了一个“手游坟场”的名号?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">作ؓ渠道QB站“坟场”名号已是臭不可闻,随着更多传统渠道商开始涉二ơ元领域Q以及研q一体的势愈演愈烈QB站代理打法自然会来力不从心?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: 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break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">如今QB站在代理斚w的问题的改善q不明显Q而自研团队和目更是没个影子Q广撒网式地投资游戏开发商Q也未见得能比砸钱更厉害的腾讯网易先一步发掘到新的爆款Q说的不客气一点,B站在游戏业务上的投入Q基本就是在安慰资本市场说“我们没有放弃游戏业务”,提振士气的作用要大于实际意义Q至于命途多舛的B站游戏在未来能不能扳回一城,目前看来q是只能寄希望于爆款自己送上门,但是Q《FGO》从当红炸子鸡变成“黄脸婆”,都已l过M7个年_也没见得B站找CƑփL后者,让h怀疑B站究竟是在等待爆ƾ,q是在“等待戈多”?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; text-align: center; line-height: 1; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 0px; display: inline-block; vertical-align: bottom; border-bottom: 1.6em solid rgba(17, 69, 120, 0.9); border-left: 0.9em solid transparent !important; border-right: 0.9em solid transparent !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section><section style="margin: 0px 0px 0px -2.2em; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 0px; display: inline-block; vertical-align: bottom; border-bottom: 1em solid rgba(174, 28, 91, 0.41); border-left: 0.6em solid transparent !important; border-right: 0.6em solid transparent !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 10px 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; text-align: center; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; color: rgba(17, 69, 120, 0.9); line-height: 2; letter-spacing: 1px; text-shadow: rgb(255, 255, 255) 1px -1px, rgb(255, 255, 255) 1px 1px, rgb(255, 255, 255) -1px 1px, rgb(255, 255, 255) -1px -1px, rgb(255, 255, 255) 1px 0px, rgb(1, 177, 164) 0px 1px, rgb(255, 255, 255) -1px 0px, rgb(255, 255, 255) 0px -1px;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;">q告、直播、电商,都撑不v业W</span></p></section></section><section powered-by="xiumi.us" style="color: rgb(34, 34, 34); margin: 0px; padding: 0px 10px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">B站游戏业务早已不是总营收的“半壁江山”了Q而且按照当前游戏业务增速衰减的状况Q恐怕很快游戏业务连“四N车”之一的地位也会失去,B站想要赶?024q兑现陈睿的承诺Q终I是指望不上沉疴已久的游戏业务的?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">那么B站想要止损,q能依靠什么业务呢Q?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">首先被关注到的当然是q告业务?/span></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">q告一直是视频q_的核心业务,无论是国外最大的视频|站YoutubeQ还是国内的优爱腾三巨头Q都遵@此道变现。而视频^台的q告cd也相当丰富,包括开屏广告、搜索广告、前贴或后脓q告、暂停广告、bannerq告、信息流q告{等Q而其中,I插在视频内容之中的贴片q告无疑是广大网民印象最为深ȝ一U,无论是优p无法跌的超长广告,q是Youtube一条视频里能中插十来段的可跌q告Q都让观众抓狂不巌Ӏ?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">而这也一度成ZB站能够在优爱腾之间跻w而出的原因——B站曾l向用户承诺Q购买正版新番,怸加视频脓片广告。靠着q个“亲民”的{略QB站笼l了不少“死忠粉”,毕竟Q都能无q告免费看动漫了Q还要啥自行车啊Q一h守护好的小破站是了?/p></section><section powered-by="xiumi.us" style="color: rgb(160, 160, 160); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 12px; text-align: right; line-height: 0.5; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;">B站其实曾l尝试过贴片q告</p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; clear: both; min-height: 1em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p></section><section powered-by="xiumi.us" style="margin: 0px; padding: 0px 10px; outline: 0px; max-width: 100%; box-sizing: border-box; font-size: 14px; line-height: 2; letter-spacing: 2px; overflow-wrap: break-word !important;"><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">不过Q许下“永不加视频贴片q告”这个承诺容易,但要l持q个承诺QB站要付出的代价也不小?/p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">?019“破圈”以来,大量q告L入B站,让B站的q告收入增长不少Q但很快Q广告主们便发现了一个问题,B站ƈ没有L视频|站那样的脓片广告,q得他们只能选择开屏广告、bannerq告、视频广告等其他q告cdQ其中,开屏广告、bannerq告、搜索广告一cȝq告已经相对饱和Q且营销效果比不上必焉要观众注意的贴片q告。而和B站UPM合作推出的视频广告,不仅造h昂贵Q而且质量参差不齐Q甚臌常常出现反效果。导致许多广告主在后l投攑ֹ告时Q不再将B站作为最优选,B站广告在2022一季度环比大跌Q营?0.41亿元Q环比下?4.44%Q算是这一情况的一个侧写,虽然二季度环比涨回来了一些,但B站现有广告类型相寚w和、效果不佳的问题没有解决Q虽然B站也在不断开发像是Story ModeQ竖屏短视频q告Q一cL的广告Ş式,然而终I是戴着“不加脓片广告”这个镣铐在跌Q不仅解决不了止损的问题Q还lB站的商业化发展带M巨大的负担?/p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">而除了广告,直播和电商也是B站主推的营收手段?/span>B站直播业务在q两q电竞行业和虚拟L的兴起后表现其实q算可圈可点Q但直播也面临主站一L问题——花在主播n上的分成成本实在是太高了Q这DB站不得不通过调整LȀp划和裁员的方式来降低成本Q而与此同ӞB站直播的增速也开始放~,直播与增值服务的收入增速从2019四季度的182.9%下降?022二季?8.7%Q看样子Q?020qB站斥?亿元拍下的英雄联盟S?q直播权Qƈ没有l它直播业务带来什么爆发性的增长效果Q而在늫外,B站虚拟主播也是遍地“埋雷”,接连闹出了公怸虚拟L扮演者生纠U主播用不W合公序良俗的立l模型博人眼球、未成年打赏后要求退Ƅ一pd负面事gQ虽然B站虚拟主播依旧有大量拥趸Q但“声讨皮套h”的声音也同样存在,如果B站处理不当,B站虚拟主播重y饭圈艺辙也q不可能,受到监管政策的制裁?/p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">而说到监政{制裁,׃得不提B站的“二ơ元”电商业务,B站目前电商业务“会员购”的营收d是其“魔力赏”玩法,q种玩法单来说就是盲盒抽奖,商品包括手办、动漫周边以及数码品等Q由于有时花费很的价钱p抽到很贵重的商品Q所以这个玩法吸引了不少B站用户参与其中。然而,q个lB站电商撑场子的玩法,却也是隐患多多,首先QB站关于魔力赏玩法的《哔哩哔哩会员购力赏服务协议》里很多说明堪称“霸王条䏀(例如不支?天无理由退货、不支持回收{)Q其ơ,是其存在诱导消费、涉嫌赌博的性质。事实上Q盲盒市Z直存在类似的批评和质疑,监管部门也多ơ约谈相关企业,也提Z《盲盒经营活动规范指引(试行Q(征求意见E)》一cȝ文gQ关于盲盒究竟存不存在相关问题一事,昄q得慢慢商榷Q然而,“魔力赏”可能ؓq一事g的推q踩上一脚a门——就在今q?月,B站出C因ؓ在“魔力赏”玩法中亏掉?.5万元Q而在q_上U要x自尽的UP主,“B站魔力赏陯博争议”话题也因此被送上热搜Q被更广泛地x到?/p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important;" /></p><p style="color: rgb(34, 34, 34); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;">MQ游戏旧N愈、广告“封印”难解、直播和增值服务增速放~、电商面临争议,在B站“增收不增利”的现状下,q些问题正在变得来突出、碍|一点一Ҏ着资本市场对于B站的好感和信心,B站在2024q之前该惛_怎样的奇招,才能扭亏为盈反|Q那真就只有陈睿叔叔才知道了?/p><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="letter-spacing: 1.2px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; visibility: visible; overflow-wrap: break-word !important;"><span style="color:rgba(17, 69, 120, 0.901960784313726);">~辑Q?/span></span><span style="color: rgb(62, 62, 62); letter-spacing: 1.2px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; visibility: visible; overflow-wrap: break-word !important;">陈邓?/span><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", 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