Text | Wang Enhao

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A month ago, Soul, which submitted listing materials to Nasdaq, quickly suspended its listing.

Fortune Today found that the social companies with high popularity in the market at present include Momo who focuses on "strangers socializing", Soul who focuses on "interests and young people" and Blued who focuses on LGBT socializing. In addition to Soul's suspension of IPO, Momo and Blued are listed, but they still can't escape the fate of falling stock prices and shrinking market value.

It is worth noting that different new social platforms are facing the problem of profit, loss or decline in growth.

According to the survey of enterprises, as of June 28th, there are 2,003 enterprises with "social interaction" as the key word in China, among which 325 social interaction projects have been financed since 2065,438+065,438+0, with the financing amount exceeding 56,543.8+093.5 million yuan. With the development of social market, the track is gradually subdivided.

Momo, a listed company on the social track for strangers, was founded on 20 1 1 and listed on Nasdaq in February of 20 14.

From the establishment of 20 1 1 to the listing, Momo completed seven rounds of financing in three years. 20 1 1 In August, Angel Wheel was invested by Jingwei China and Zihuichuang for 2.5 million US dollars. At that time, the valuation was100000 USD. The following year, Momo successively completed the Series A financing of $5 million invested by Jingwei China, and Jingwei China, DST Global, Alibaba and Puhua Capital invested in Series B financing of $28.7 million in August 2002. After the B round, the valuation was $6,543.8+billion, which was 9 times higher than that of the Angel Wheel.

On the first day of listing, Momo's share price closed at 17.02 USD per share, with a market value of 365,438+74 million USD. 20 18 May, Momo completed the acquisition of 0/00% equity of Altar/kloc.

According to the Frost & Sullivan report, the global population of ethnic minorities (sexual minorities) is expected to grow to 5,965,438+billion by 2023, accounting for 7.4% of the total population. In 2023, the global online minority market will reach 580.4 billion US dollars, with a compound annual growth rate of 17.3%. As a vertical online community of sexual minorities, BLCT (BLCT. Nasdaq has undoubtedly opened up a new track.

From the establishment of 20 13 to 2020, Blued has received seven rounds of financing, including RMB 3 million Angel Wheel invested by 20 13 Tianyi Capital and Zhonglu Capital, RMB 1 00000 A Round invested by Tianyi Capital and Liu Qing Capital, and RMB 30 million B Round invested by DCM Capital, with Jiayu Fund and Yintai Capital leading the investment.

According to the prospectus, the shareholding ratio of Blue City Brothers Media is 37% (the shareholder is the management of Blue City Brothers), Shunwei Capital is 65,438+02.3%, Dinghui Investment is 9.4%, Tianze Jinniu is 7.6%, Liu Qing Capital is 5.7%, Xincheng Capital is 5.65,438+0% and Jiayu Capital is 4.4%. On the evening of July 8, 2020, Blued's parent company, Blue City Brothers, was officially listed on NASDAQ with an issue price of $ 16 per share, making it the first share in the global pink economy.

Soul is often classified as a social track for strangers in the market, but people close to Soul said that compared with the traditional "social software for strangers" which is inseparable from uploading real photos, Soul's positioning is more inclined to "social interests" and "young people's socialization".

The social pursuit of traditional strangers is efficient and purposeful, and most of them use "sliding left and sliding right" to match friends. However, unlike the traditional social characteristics of strangers, soul users need to do a soul test (personality test) to match big data according to the test and user-defined tags. Some users said that Soul would be regarded as a tree hole in the early stage and more inclined to be regarded as an aggregated tribe in the later stage.

At present, more and more platforms are pouring into the social market, and product homogeneity is gradually emerging. But so far, no product is completely opposite to Soul. In this regard, Soul has undoubtedly launched another track besides the "stranger social" track.

Shirley Xue, CFO of Soul, said publicly recently: "When we started our business on 20 15, we found that the social needs of some young people were not well met. For example, many social products are closely related to real identity. This compactness has brought great pressure to users' expression. Because everyone may be one person's design in life and another person's design in work, if these people are closely related to social media, some expressions will have concerns. After removing the pressure of expression and personal setting, we find that young people are very willing to express themselves. Behind this expression, these young people are also very creative and more concerned about whether they can find a sense of identity from the crowd. "

On May 10, Soul officially submitted a listing prospectus to Nasdaq Stock Exchange, and then announced the suspension of listing on June 23. It is reported that the suspension of listing of Soul is related to the civil lawsuit of social software UkiApp.

In fact, on February 30, 2020, 65438, Shanghai Putuo District People's Court made a first-instance judgment on this case. The court found that the defendant's criminal behavior was an individual crime rather than a unit crime. The employee involved in the case, Li, was an audit manager and Fan was an operator, which was inconsistent with the statements of "partner" and "former director" in media reports. Soul, which was speculated by the market, was suspended from listing because it was related to the civil lawsuit of social UkiApp on June 29th. Fortune Today found that there was no new actual progress in the follow-up litigation in this case.

Regarding the suspension of IPO, Soul announced that "it received very hot market feedback after updating the pricing range. In this process, the company also gained the possibility of other capital operation. After careful consideration, the management first suspended the IPO pricing procedure, and Tencent, the major shareholder, also supported this decision. Soul is currently operating normally. " However, as of press time on July 22nd, Soul has not yet announced its strategy at the capital level.

At present, the three track targets are all aimed at the Z generation, but they face different difficulties. Some track platforms have increased revenue, but the increase in revenue does not increase profits, and it is inevitable to lose money; Some track platforms have achieved profitability, but they are facing the problem of double decline in profitability.

According to Soul's prospectus, the company's revenue in 2020 was 498 million yuan, and in 2065,438+09 it was 707,654,380+00 yuan, a year-on-year increase of 604.29%. However, the increase in income does not increase profits, and the losses continue to expand. The net loss in 20 19 was 300 million yuan, and the net loss in 2020 increased by 62.67% year-on-year to 488 million yuan. The listing process did not stop losing money. In the first quarter of 2002/kloc-0, the company's net loss has reached 383 million yuan.

Blued also suffered a loss. On June 10, Blued's parent company, Brothers of Sexual Minorities, released the unaudited financial report for the first quarter ended March 20021year. The company's total revenue in 2020 was10.03 billion yuan, a year-on-year increase of 35.9%. In the first quarter of 200211billion yuan, an increase of 30.7% compared with 207.5 million yuan in the same period last year, but the loss reached 52 1 million yuan, an increase of 585% compared with 7.6 million yuan in 2020.

Unlike Soul and Blued, Momo, who took the lead, has made a profit. On June 8th, Momo released the 202 1 first quarter financial report. During the reporting period, the net revenue was 3.4706 billion yuan, and the net profit attributable to Momo's parent company was 633.7 million yuan.

However, despite the profit, Momo is facing the dilemma of both revenue and profit decline. In 2020, Momo's net revenue was 65.438+05.024 billion yuan, a year-on-year decrease of 654.38+065.438+0.7%; The net profit was RMB 2,654,380.03 million, down 29.265,438+0% year-on-year. In the first quarter of 20021,Momo's net revenue also decreased by 3.4%, and its net profit also decreased by 14.33%.

The data shows that Momo's current monthly active users are not only declining, but also the live broadcast revenue is decreasing.

In the month of 65438+February 2020, the monthly active users of Momo's main App were 1. 1.38 billion, which was lower than 1. 1.45 billion at the end of 20 19. In the fourth quarter of last year, the total number of paid users of the company's live broadcast service and value-added service reached 6,543.8+02.8 million (including 3.8 million paid users explored), compared with 6,543.8+03.8 million in the same period of 2065.438+09. Momo's live broadcast service revenue reached 2.328 billion yuan in 2020, down 3 1.2% from 3.384 billion yuan in the same period last year.

20 18, exploration of momo acquisition. In May, 20021,Wang Yu, founder and CEO of Exploration, stepped down and no longer participated in the daily operation of Exploration. Wang Li temporarily served as CEO of Exploration. Huatai Securities once said that management changes may lead to the disturbance of exploration revenue.

For Blued, the single source of income is a problem. According to the prospectus, Blued's four main businesses are live entertainment, membership service, health service and assisted reproduction, of which live broadcast business is its biggest source of income. In 20 18, 20 19, 2020 and Q 1 year, the live broadcast revenue of Blued was 460 million yuan, 670 million yuan and 2170,000 yuan, respectively, accounting for 9 1.3% of the total revenue.

Since its establishment, Blued has been frequently questioned. 20 18 Zhang Beichuan, a well-known expert on AIDS prevention and treatment and a professor at Qingdao university, pointed out that a considerable number of users in the Blued platform are minors, and pointed out that a considerable number of minors and young users infected with AIDS are related to their sexual partners who met with Blued software.

In September 2020, the App Special Governance Working Group composed of the Central Network Information Office, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the General Administration of Market Supervision issued a notice showing that Blued sent user data to overseas servers without the user's consent, and did not inform the user of its purpose when applying for the right to collect personal information such as opening a mobile phone and storing it. For the above questions, "Fortune Today" has made a verification to the Blue City Brothers, but as of press time, it has not received the relevant reply.

It is worth noting that listed social platforms still cannot escape the fate of falling stock prices and shrinking market value. As of July 202 1, 2 1, Momo's latest closing price was 13.2 USD per share, with a total market value of 272 1 billion USD, which was 14.3% lower than the market value on the first day of listing. The opening price of Blued on the first day of listing was $20.45/share, which was 28% higher than the issue price of $65,438 +06 yuan. However, as of July 2 1 day, the latest share price of Blued is only 7.29 USD/share, with a total market value of 26 1 10,000 USD.

In recent years, there are many voices in the market who think that Soul has become "indifferent", questioning that although it focuses on the soul, it can still upload photos and video chat, which conflicts with its concept that "beautiful skin is the same, and interesting soul is one in a million". However, people close to Soul said that Soul would not drain users who posted selfies, because officials did not encourage such behavior.