(Economic Observation) Trillion-billion-yuan "Cultural and Play Market" Accelerated to Break the Circle
China News Service, Beijing, January 31st, title: The trillion-dollar "cultural and entertainment market" accelerates to "break the circle"
China News Agency reporter Wang Qingkai
Panjiayuan, Datang West City, Liwan Square... The place names of these different cities may sound unfamiliar to many people, but they are landmarks familiar to "wenwan" lovers.
In recent years, the impact of e-commerce platforms on the offline gaming market has become more and more obvious, especially since the outbreak of the new crown pneumonia, the offline gaming market has accelerated its "withering".
As a traditional industry with a long history but wild, it is now "breaking the circle" with the help of the Internet.
Venture capital "new darling"
In recent years, more and more national style and national tide elements have become popular among the public, and young people have returned to traditional culture, triggering a strong consumption trend.
Brands with a strong Chinese imprint are rejuvenated in the Internet wave.
The Wenwan market, which used to set prices on the ground, is being "invaded" by e-commerce players.
Take Tiantian Jianbao, the head of Wenwan e-commerce platform, as an example. According to data provided to reporters from China News Service, the platform currently has 40 million registered users, 300,000 daily active users, and 3 million monthly active users.
Data from multiple Wenwan e-commerce platforms show that users of the "post-90s" have gradually become the mainstay of the Wenwan tide.
On the Tiantian Jianbao platform, users in the 20 to 40 age group account for more than 70% of users, and Wenwan users are becoming younger.
This part of users has high education, high income and high consumption. Over 40% of users have a single consumption of more than 10,000 yuan (RMB, the same below).
The above-mentioned positive factors have made this ancient industry considered outdated, becoming a new bonanza in the eyes of e-commerce entrepreneurs and the new darling of venture capital institutions.
According to incomplete statistics, there are currently at least 40 to 50 cultural and gaming e-commerce apps in the Chinese market, of varying sizes and sizes.
Many unicorns and quasi-unicorn companies have also emerged in this trillion-level emerging market.
According to calculations by the Hurun Research Institute, the current investment scale of China's cultural and entertainment market is close to 1 trillion yuan, and it is expected to exceed 6 trillion yuan in the next 10 years.
"Break the circle" has a long way to go
The traditional view is that cultural and entertainment is an ancient industry with a fixed and niche population, opaque information and low dissemination efficiency. Most transaction scenarios are also restricted to small areas such as tourist attractions and origins.
What makes "outsiders" afraid to enter the circle easily is that the cultural and entertainment industry is constantly renovating fake tricks. There are not a few chaos such as shoddy, fake and real, and everyone's limited cognition, Wenwan has become a " "Niche businesses" with extremely high thresholds.
According to Yang Jun, partner of Tiantian Jianbao, difficulty in getting started, difficult in pricing, difficult in appraisal, and disputes over after-sales product quality are the pain points of the cultural and entertainment industry.
If this pain point can be solved, the Wenwan e-commerce platform can “break the circle”.
"Our original intention was to make traditional culture and play Internet, transparent and standardized."
How to solve the pain points and then "break the circle" has become the key to niche businesses stirring up the trillion-dollar market, and it has naturally become an opportunity for Wenwan e-commerce.
Yang Jun introduced to reporters that Tiantian Jianbao, based on the digital wave, uses a large number of new technologies and innovative functions to enhance user experience and open up a new model for the traditional cultural and entertainment market.
Through free online live broadcast identification and transparent quality control, the barriers between users and businesses have been broken, and the industry ecology has also developed in a healthier direction.
Specifically, the first is to use the e-commerce method to bring traditional Wenwan into the “live broadcast outlet”; the second is to set up a shopping process of “true identification, post-delivery” for Wenwan products to help Wenwan fans “less pay "Tuition", in order to protect the rights of platform users and avoid counterfeit transactions, the entire quality control process is transparently broadcast live on the App side, and users can watch the detailed and rigorous identification process at any time.
"Our core competitiveness is the hundreds of national professional appraisers gathered on the platform." Yang Jun said, currently working with senior appraisers with qualifications and certificates in the industry has become the first choice for major e-commerce platforms.
However, it seems that most e-commerce platforms have not yet completely solved the pain points of fake goods in Wenwan transactions.
On the Internet complaint platform, there are many complaints from users on Wenwan e-commerce platforms.
From the perspective of industry insiders, "live broadcast + identification" has become a magic weapon for Wenwan e-commerce to divert traffic, but it cannot become a moat for the development of Wenwan e-commerce.
Some bad business behaviors cause users' "distrust" to still lie between the demand side and the supply side.
Rebuilding the industry order and standardizing the service standards of cultural and gaming platforms is the way to "break the circle" of the industry.
(Finish)