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理性长期复利

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理性长期复利

01-16

$美团ADR(MPNGY)$ 美团不干几件人事，为了赚钱游走着灰产边缘，垃圾公司

理性长期复利

2022-11-18

$Desktop Metal Inc.(DM)$ P50日盼夜盼，ric要争点气阿，股价天天跌。

理性长期复利

2022-11-15

$哔哩哔哩(BILI)$ 中概股的不合理的暴涨暴跌，b站财报大概率不及预期。

理性长期复利

2022-11-09

18到30岁有多少是已经工作的，小孩都是充流量，大人才是消费主力。那些投资人也相信这些屁话，不带脑子。

转型举步维艰，白嫖党要“搞垮”B站？

理性长期复利

2022-10-28

$Desktop Metal Inc.(DM)$废物ric，随便给上百万股份给新来cfo，任意坑股东。

理性长期复利

2022-10-12

$特斯拉(TSLA)$电动车的第一波寒冬要来了

理性长期复利

2022-10-03

转了也没啥用，换个地方继续割。屎一般的盈利模式，前两年铺天盖地的投资和收购，浪费了最好的时间去想盈利方式。现在情况只会越来越恶化。

抱歉，原内容已删除

理性长期复利

2022-09-20

$Beyond Meat, Inc.(BYND)$运营官打架被捕也能涨，这也算利好？

理性长期复利

2022-09-12

$Desktop Metal Inc.(DM)$都展示了p50,今晚要涨一波

理性长期复利

2022-09-08

$哔哩哔哩(BILI)$B站的业绩不可能会好到哪去

理性长期复利

2022-09-01

$Desktop Metal Inc.(DM)$Ric信用基本破产了

理性长期复利

2022-09-01

$Desktop Metal Inc.(DM)$完了，美联储今年要一直加息，要跌一年的节奏，没利好就成毛票了。

理性长期复利

2022-08-31

$Desktop Metal Inc.(DM)$这波动跟个毛票一样

理性长期复利

2022-08-31

$Desktop Metal Inc.(DM)$接下来才是dm真正走势，波动率越来越大了。

理性长期复利

2022-08-30

$3B家居(BBBY)$美国散户天天炒3b有啥意义，是方便割散户和华尔街韭菜吗

理性长期复利

2022-08-29

$Desktop Metal Inc.(DM)$除出财报可能出利好外，目前看不到其它出利好的方式

理性长期复利

2022-08-25

$Desktop Metal Inc.(DM)$今晚20个点

理性长期复利

2022-08-24

$Desktop Metal Inc.(DM)$今晚最起码要十个点吧

理性长期复利

2022-08-23

$Desktop Metal Inc.(DM)$一堆垃圾合作项目

理性长期复利

2022-08-22

$AMC院线(AMC)$终于开始回归价值了，散户的信仰维持不了多久。

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中概股的不合理的暴涨暴跌，b站财报大概率不及预期。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/667917000","isVote":1,"tweetType":1,"viewCount":12020,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3473236743548758","authorId":"3473236743548758","name":"美股只做多不做空","avatar":"https://static.tigerbbs.com/506d8c0dd5e0624ab4f9bf2253739405","crmLevel":2,"crmLevelSwitch":0,"idStr":"3473236743548758","authorIdStr":"3473236743548758"},"content":"中概股有点毛票样子，暴涨暴跌经不起折腾","text":"中概股有点毛票样子，暴涨暴跌经不起折腾","html":"中概股有点毛票样子，暴涨暴跌经不起折腾"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":664696769,"gmtCreate":1667979824151,"gmtModify":1667981482956,"author":{"id":"3453936493680799","authorId":"3453936493680799","name":"理性长期复利","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3453936493680799","authorIdStr":"3453936493680799"},"themes":[],"htmlText":"18到30岁有多少是已经工作的，小孩都是充流量，大人才是消费主力。那些投资人也相信这些屁话，不带脑子。","listText":"18到30岁有多少是已经工作的，小孩都是充流量，大人才是消费主力。那些投资人也相信这些屁话，不带脑子。","text":"18到30岁有多少是已经工作的，小孩都是充流量，大人才是消费主力。那些投资人也相信这些屁话，不带脑子。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/664696769","repostId":"1104076127","repostType":4,"repost":{"id":"1104076127","pubTimestamp":1667965842,"share":"https://www.laohu8.com/m/news/1104076127?lang=&edition=full","pubTime":"2022-11-09 11:50","market":"hk","language":"zh","title":"转型举步维艰，白嫖党要“搞垮”B站？","url":"https://stock-news.laohu8.com/highlight/detail?id=1104076127","media":"巨潮WAVE","summary":"不希望B站商业化转型的忠实用户，本质上是一群白嫖党。","content":"<html><head></head><body><p>文 | 小卢鱼</p><p>最近，当各大平台和商家都在备战双十一的时候，B站也低调加入战场，在直播分区正式上线了购物专区。该区的直播间会全量放开购物“小黄车”功能，UP主也会添加相关链接。</p><p>此举被视作B站在直播带货领域的开荒、商业化征程中的又一次尝试。</p><p><img src=\"https://static.tigerbbs.com/103a82002872f12506401ac55b4c6e83\" tg-width=\"550\" tg-height=\"227\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>当然，这次的商业化尝试也延续了B站一贯“谨小慎微”的作风，对带货主播的激励政策完全比不上天猫、京东、抖音等大玩家。B站的UP主们表现得也是畏手畏脚，怕带货量没起来不说，反而败坏了自己的粉丝缘，得不偿失。</p><p>所以资本市场对B站进军直播电商一事也是反响平淡，对股价的刺激远不如陈睿直管游戏业务。B站仍然在建立可靠盈利模式的道路上挣扎前行。</p><p>对商业化预期的悲观直观地反映在了股价上。同2018年登陆纳斯达克时相比，现在的B站股价已经比发行价还低22.6%，从最高点计算蒸发市值超3000多亿。今年更是被曝大裁员来“降本增效”，涉及游戏、海外业务、OGV 等多个部门。</p><p>此情此景，不禁让人想问一声，万千宠爱的“小破站”何以至此？</p><p>如果B站能回答的话，恐怕也也不太敢回答——为什么自己那些年纪轻轻就品位奇高、不好伺候的用户群体，明明有消费能力，愿意在盲盒AJ洛丽塔上大手大脚，但就是不愿意接受B站每一次的商业化尝试？</p><p><b>转型瓶颈，让资本冷眼</b></p><blockquote>资本不再相信“中国历史最富有的年轻消费群体”的神话。</blockquote><p>B站股价的持续下滑是从2021年2月底开始的，从巅峰期的每股157.66美元一路跌到如今的每股9.53美元，中间几乎没有过止跌反弹的时候。同年3月登陆港股更是开盘即破发，再也没有了2018年的意气风发。</p><p><img src=\"https://static.tigerbbs.com/fcdd855bb144df0cb49e264fa97cdfd7\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>这种现象确实与大环境有关：整个中概互联板块都在估值回归、股价下跌，港股流动性变差，中国政府对版权保护的监管趋严。</p><p>但最重要的原因是，资本看到了B站几次商业化探索都未打开局面，且破圈效果不佳，公司逐渐陷入不能盈利的困境之中。</p><p>2016年，B站开始推进商业化。那年B站首次面向4A公司和品牌客户进行广告招商，2018年B站提出的“针对Z世代的营销策略”，核心可以视为要让广告精准地投放给用户。</p><p>在其他互联网平台都行之有效的广告变现模式，在B站这里却获得了嘘声一片。</p><p>有些百万粉丝级的大UP主，利用在原创作品中植入的方式做软广，视频前几秒的弹幕里就可能出现“恰饭视频，溜了”之类的劝退词。这样既起不到推广的作用，还会赔上UP主自己的流量和口碑。</p><p>另外类似Lexburner、党妹等曾经的知名百大UP主，则是因为自己的不当言论、行为而“翻车”，迅速淡出观众视线。这也让广告主们意识到，B站的年轻UP主们在形象稳固性和推广能力上也存在很大的不确定性，不一定是最佳选择。</p><p>除了广告变现之外，B站还先后尝试了代理游戏、视频打赏、部分视频付费、短视频带货、直播带货等商业化手段。几乎是每次功能一上线，就会引起部分用户的反感甚至是出走。月活数据、收入增速都会受到影响。</p><p>在B站月活与营收数据增长的背后，却是利润亏损的不断扩大。2022年第二季度，B站公布自己的月活用户首次突破3亿人，净亏损则扩大到20.1亿元，营业收入虽有增长，但增速创下新低。</p><p><img src=\"https://static.tigerbbs.com/789f8fae4cd750f9e4475dfe69df9f6a\" tg-width=\"550\" tg-height=\"467\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>这样的数据着实令投资者揪心。要知道B站2018年的净亏损约5亿元，可以说在4年多的时间里，B站吸引了大笔的投资也花了出去，用户也在增长，但完全没有改善自己的盈利状况。</p><p>更糟糕的是，许多用户还在表达对B站转型的反感，给B站的转型、商业化进程施加着巨大压力，也增加了B站的拉新的成本。如果连月活增长都出现下滑的话，那其商业化转型的前途只怕更加渺茫。</p><p>B站在转型上的举步维艰，已经很难让资本继续相信那个“中国历史最富有的年轻消费群体”的神话。</p><p><b>白嫖心态，损伤商业价值</b></p><blockquote>不希望B站商业化转型的忠实用户，本质上是一群白嫖党。</blockquote><p>B站与其他互联网平台不同，用户年龄集中在19-30岁这个区间，也就是所谓的“Z世代”。</p><p>按照董事长陈睿的总结，B站“拥有中国互联网最年轻的用户群体，超过50%的城市年轻网民以及超过80%的一线城市的中学生和大学生是B站用户。”资本市场曾经认为，这个年龄段的城市网民会有比较强的消费能力，和更激进的消费观念。</p><p>像国潮、潮玩、盲盒、密室逃脱这种，都是借着“年轻人经济”模式迅速崛起的新鲜业态，说这个群体缺乏消费能力显然是不可能的。而坐拥广大年轻用户、未来消费主力的B站，理当有很好的变现能力才对。这种成长性逻辑，显然支撑住了B站2018-2020年间的股价高速增长。</p><p><img src=\"https://static.tigerbbs.com/7c1e84e04519f1cb0f268e950928f5c4\" tg-width=\"550\" tg-height=\"317\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>然而现实是，B站的忠实用户虽然非常追求优质、新奇、多元化的内容，网络粘性强，但是付费意愿却相当低。不仅付费意愿低，甚至视商业化为洪水猛兽。</p><p>这些人在B站文化中被称作“白嫖党”。具体表现为只想要看优质的内容，不愿意看开屏广告，不愿意充值大会员，不愿意给UP主投币支持，甚至还会带头反对UP主接软广、直播带货。</p><p>这种广泛存在的白嫖心态，是造成B站商业化不顺利的根源之一。</p><p>而且由于商业化不顺利，B站UP主的收入也就更加依赖于观众打赏投币，以及粉丝增长后平台给予的创作激励。所以这些年B站的UP主也变得更加内卷，压力逐渐增大。</p><p>以B站流量大、门槛低的美食区为例，一些UP主们创造美食的难度已经趋近于工艺品，内卷情况非常严重。一个UP主想出了龙吟草莓、醒狮酥这样的好点子，其他UP主就会因为想蹭流量、被粉丝催更新等原因而纷纷模仿。</p><p>长此以往，UP主们的创作频率虽然变高了，内容同质化却更严重了。这对社区内容的原创性和吸引力来说，并不是好事，对于UP主来说就是费力不讨好。</p><p><img src=\"https://static.tigerbbs.com/0355fcbfc67333055f8560ff5b4b1297\" tg-width=\"550\" tg-height=\"314\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>在“用正版”这件事上，B站用户的表现同样不是很积极。</p><p>B站上曾经存在很多免费的、被用户“搬运”过来的各国动漫、电影、电视剧、纪录片作品。在中国加强版权保护之后，出于合规要求，这些视频如果没有被B站买下版权，就会被下架。</p><p>而被B站买下版权的视频，则需要充值大会员才能观看。结果就是，这些原本叫好又叫座的影视作品，播放量数据并不高，说明B站用户不太愿意为观看正版视频而付费。</p><p>从商业价值上来说，这些挑剔又精明的B站用户，其实比不上那些被他们瞧不起的、所谓爱好低俗、践行粉圈文化的平台的用户。毕竟后者还算愿意为了看视频充会员、为了支持偶像买他们代言的产品。</p><p>整体上看，“白嫖心态”的大量存在，严重损害了B站流量的变现能力，损害了其商业价值，也增加了B站的运营成本，打击了UP主的创作热情，最终可能伤害到B站赖以生存的根本。</p><p><b>UP主用爱发电，长久不了</b></p><blockquote>虽然提升B站和UP主盈利能力的方法有很多，但想成功却并不容易。</blockquote><p>从原来的垂直小众二次元平台，逐渐成长为一个PUGV（专业用户生产内容）的内容社区，B站发展的前十年是成功的。但是在B站突破二次元的小圈子，成长为面向广大年轻群体的中大型网站后，商业化就成了一场不可能回头的征程。</p><p>虽然大家爱调侃B站是个“用爱发电”的地方，但对平台和UP主来说，只有粉丝的爱而没有经济收入，显然是长久不了的。</p><p>内容平台如果迟迟不能建立可靠的盈利模式，基本上就只剩关站一条路。比如说国内优质内容社区的鼻祖天涯社区，最近被执行总金额累计达到了1.39亿元，已然不堪重负。</p><p>B站也证明了自己过去所走的，谨小慎微、润物无声的商业化道路，很难达到资本的期望值，也改变不了年轻用户抵触商业化的心态。</p><p>今年，B站为了加快商业化，对组织架构进行了较大的调整，提拔了刘智、王宇阳、徐蓓等从一线成长起来的年轻高管，再次强调了于2024年实现盈亏平衡的战略目标。</p><p><img src=\"https://static.tigerbbs.com/9db570a28b54a37a26e29621bb5290b3\" tg-width=\"550\" tg-height=\"621\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>B站作为一个强文娱属性的内容社区，在自制视频、研发游戏、运营兴趣电商等方面具良好的用户基础和资源、技术积累，适合用来做商业化的突破口。目前B站的业务收入分布情况也支撑着这个看法。</p><p>截至 2022Q2，增值服务收入占比提升至 42.8%，位列B站收入来源第一名；广告收入占比为 23.6%；游戏收入占比下降至 21.3%；电商及其他业务收入占比为 12.2%，增长较快。</p><p>只是B站商业化的方向虽然明确，要想成功却并非易事。在这个过程中，其研发、制作、运营、成本控制、议价能力都会受到严峻的考验。且B站不仅面临着经济下行的大环境问题，还有一个更关键的、其他平台所没有的难题——提高用户配合度。</p><p>有些B站用户嘴上也说着，只有付费才能更好的激励创作、才能带来更多的经济和社会效益这种话，但在行为上他们还是倾向于不付费、不接受广告，看到推广性质的视频就选择点X关闭，乃至于弹幕吐槽。</p><p>所以资本市场对B站的商业化前景相对悲观。当企业在转型深水区遇阻的情况下，离开的越晚，风险就越高。</p><p><b>写在最后</b></p><p>也许从小就用惯了“免费内容”的年轻人们还没有意识到，自己的白嫖行为对内容社区的伤害会有多大。</p><p>在同属泛内容领域的动漫和游戏领域，年轻人们一直在吐槽中国没有精品。而市场上的那些精品内容制作商，却一直面临着在商场上打不过粗制劣造的窘境。画面精美、细节考究、剧情有深度、玩法不是简单氪金的ACG产品，很可能因为受众有限、收费较高而得不到有效推广，最后入不敷出草草收场。</p><p>那些被上一代年轻人热烈追捧，奉为精神家园的天涯社区、豆瓣们的命运也是类似，他们都活成了B站的前车之鉴。</p><p>在商业上，不论是阳春白雪还是下里巴人，本身都有其存在的意义。但在最近几年，真正实现经营成功的，更多是抖音快手、拼多多、古茗、蜜雪冰城们，这是一个值得深思的事实。</p><p>对于以二次元家园为起点的B站来说，平台的核心用户显然无法接受太过“庸俗”的内容，因此天然难以走下沉路线。“既要又要”总是最困难的，B站仍然有时间和机会去继续探索可靠的盈利模式，但已经入局的资本显然是等不起，那么就只能祝福B站可以在一波资本的耐心耗尽之后，找到另一波资本来支持自己。</p><p>而对于追求优质内容的年轻人来说，如果A站B站C站都倒闭了，自己也得不到什么好处。到时候再高呼“没人愿意做好内容”时，恐怕已经为时晚了。</p></body></html>","source":"lsy1642045066006","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n转型举步维艰，白嫖党要“搞垮”B站？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-09 11:50 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/tech/csj/2022-11-09/doc-imqqsmrp5479623.shtml><strong>巨潮WAVE</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文 | 小卢鱼最近，当各大平台和商家都在备战双十一的时候，B站也低调加入战场，在直播分区正式上线了购物专区。该区的直播间会全量放开购物“小黄车”功能，UP主也会添加相关链接。此举被视作B站在直播带货领域的开荒、商业化征程中的又一次尝试。当然，这次的商业化尝试也延续了B站一贯“谨小慎微”的作风，对带货主播的激励政策完全比不上天猫、京东、抖音等大玩家。B站的UP主们表现得也是畏手畏脚，怕带货量没起来...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/csj/2022-11-09/doc-imqqsmrp5479623.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/175fbf5f75752267f2ac52ba7750f15a","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"source_url":"https://finance.sina.com.cn/tech/csj/2022-11-09/doc-imqqsmrp5479623.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104076127","content_text":"文 | 小卢鱼最近，当各大平台和商家都在备战双十一的时候，B站也低调加入战场，在直播分区正式上线了购物专区。该区的直播间会全量放开购物“小黄车”功能，UP主也会添加相关链接。此举被视作B站在直播带货领域的开荒、商业化征程中的又一次尝试。当然，这次的商业化尝试也延续了B站一贯“谨小慎微”的作风，对带货主播的激励政策完全比不上天猫、京东、抖音等大玩家。B站的UP主们表现得也是畏手畏脚，怕带货量没起来不说，反而败坏了自己的粉丝缘，得不偿失。所以资本市场对B站进军直播电商一事也是反响平淡，对股价的刺激远不如陈睿直管游戏业务。B站仍然在建立可靠盈利模式的道路上挣扎前行。对商业化预期的悲观直观地反映在了股价上。同2018年登陆纳斯达克时相比，现在的B站股价已经比发行价还低22.6%，从最高点计算蒸发市值超3000多亿。今年更是被曝大裁员来“降本增效”，涉及游戏、海外业务、OGV 等多个部门。此情此景，不禁让人想问一声，万千宠爱的“小破站”何以至此？如果B站能回答的话，恐怕也也不太敢回答——为什么自己那些年纪轻轻就品位奇高、不好伺候的用户群体，明明有消费能力，愿意在盲盒AJ洛丽塔上大手大脚，但就是不愿意接受B站每一次的商业化尝试？转型瓶颈，让资本冷眼资本不再相信“中国历史最富有的年轻消费群体”的神话。B站股价的持续下滑是从2021年2月底开始的，从巅峰期的每股157.66美元一路跌到如今的每股9.53美元，中间几乎没有过止跌反弹的时候。同年3月登陆港股更是开盘即破发，再也没有了2018年的意气风发。这种现象确实与大环境有关：整个中概互联板块都在估值回归、股价下跌，港股流动性变差，中国政府对版权保护的监管趋严。但最重要的原因是，资本看到了B站几次商业化探索都未打开局面，且破圈效果不佳，公司逐渐陷入不能盈利的困境之中。2016年，B站开始推进商业化。那年B站首次面向4A公司和品牌客户进行广告招商，2018年B站提出的“针对Z世代的营销策略”，核心可以视为要让广告精准地投放给用户。在其他互联网平台都行之有效的广告变现模式，在B站这里却获得了嘘声一片。有些百万粉丝级的大UP主，利用在原创作品中植入的方式做软广，视频前几秒的弹幕里就可能出现“恰饭视频，溜了”之类的劝退词。这样既起不到推广的作用，还会赔上UP主自己的流量和口碑。另外类似Lexburner、党妹等曾经的知名百大UP主，则是因为自己的不当言论、行为而“翻车”，迅速淡出观众视线。这也让广告主们意识到，B站的年轻UP主们在形象稳固性和推广能力上也存在很大的不确定性，不一定是最佳选择。除了广告变现之外，B站还先后尝试了代理游戏、视频打赏、部分视频付费、短视频带货、直播带货等商业化手段。几乎是每次功能一上线，就会引起部分用户的反感甚至是出走。月活数据、收入增速都会受到影响。在B站月活与营收数据增长的背后，却是利润亏损的不断扩大。2022年第二季度，B站公布自己的月活用户首次突破3亿人，净亏损则扩大到20.1亿元，营业收入虽有增长，但增速创下新低。这样的数据着实令投资者揪心。要知道B站2018年的净亏损约5亿元，可以说在4年多的时间里，B站吸引了大笔的投资也花了出去，用户也在增长，但完全没有改善自己的盈利状况。更糟糕的是，许多用户还在表达对B站转型的反感，给B站的转型、商业化进程施加着巨大压力，也增加了B站的拉新的成本。如果连月活增长都出现下滑的话，那其商业化转型的前途只怕更加渺茫。B站在转型上的举步维艰，已经很难让资本继续相信那个“中国历史最富有的年轻消费群体”的神话。白嫖心态，损伤商业价值不希望B站商业化转型的忠实用户，本质上是一群白嫖党。B站与其他互联网平台不同，用户年龄集中在19-30岁这个区间，也就是所谓的“Z世代”。按照董事长陈睿的总结，B站“拥有中国互联网最年轻的用户群体，超过50%的城市年轻网民以及超过80%的一线城市的中学生和大学生是B站用户。”资本市场曾经认为，这个年龄段的城市网民会有比较强的消费能力，和更激进的消费观念。像国潮、潮玩、盲盒、密室逃脱这种，都是借着“年轻人经济”模式迅速崛起的新鲜业态，说这个群体缺乏消费能力显然是不可能的。而坐拥广大年轻用户、未来消费主力的B站，理当有很好的变现能力才对。这种成长性逻辑，显然支撑住了B站2018-2020年间的股价高速增长。然而现实是，B站的忠实用户虽然非常追求优质、新奇、多元化的内容，网络粘性强，但是付费意愿却相当低。不仅付费意愿低，甚至视商业化为洪水猛兽。这些人在B站文化中被称作“白嫖党”。具体表现为只想要看优质的内容，不愿意看开屏广告，不愿意充值大会员，不愿意给UP主投币支持，甚至还会带头反对UP主接软广、直播带货。这种广泛存在的白嫖心态，是造成B站商业化不顺利的根源之一。而且由于商业化不顺利，B站UP主的收入也就更加依赖于观众打赏投币，以及粉丝增长后平台给予的创作激励。所以这些年B站的UP主也变得更加内卷，压力逐渐增大。以B站流量大、门槛低的美食区为例，一些UP主们创造美食的难度已经趋近于工艺品，内卷情况非常严重。一个UP主想出了龙吟草莓、醒狮酥这样的好点子，其他UP主就会因为想蹭流量、被粉丝催更新等原因而纷纷模仿。长此以往，UP主们的创作频率虽然变高了，内容同质化却更严重了。这对社区内容的原创性和吸引力来说，并不是好事，对于UP主来说就是费力不讨好。在“用正版”这件事上，B站用户的表现同样不是很积极。B站上曾经存在很多免费的、被用户“搬运”过来的各国动漫、电影、电视剧、纪录片作品。在中国加强版权保护之后，出于合规要求，这些视频如果没有被B站买下版权，就会被下架。而被B站买下版权的视频，则需要充值大会员才能观看。结果就是，这些原本叫好又叫座的影视作品，播放量数据并不高，说明B站用户不太愿意为观看正版视频而付费。从商业价值上来说，这些挑剔又精明的B站用户，其实比不上那些被他们瞧不起的、所谓爱好低俗、践行粉圈文化的平台的用户。毕竟后者还算愿意为了看视频充会员、为了支持偶像买他们代言的产品。整体上看，“白嫖心态”的大量存在，严重损害了B站流量的变现能力，损害了其商业价值，也增加了B站的运营成本，打击了UP主的创作热情，最终可能伤害到B站赖以生存的根本。UP主用爱发电，长久不了虽然提升B站和UP主盈利能力的方法有很多，但想成功却并不容易。从原来的垂直小众二次元平台，逐渐成长为一个PUGV（专业用户生产内容）的内容社区，B站发展的前十年是成功的。但是在B站突破二次元的小圈子，成长为面向广大年轻群体的中大型网站后，商业化就成了一场不可能回头的征程。虽然大家爱调侃B站是个“用爱发电”的地方，但对平台和UP主来说，只有粉丝的爱而没有经济收入，显然是长久不了的。内容平台如果迟迟不能建立可靠的盈利模式，基本上就只剩关站一条路。比如说国内优质内容社区的鼻祖天涯社区，最近被执行总金额累计达到了1.39亿元，已然不堪重负。B站也证明了自己过去所走的，谨小慎微、润物无声的商业化道路，很难达到资本的期望值，也改变不了年轻用户抵触商业化的心态。今年，B站为了加快商业化，对组织架构进行了较大的调整，提拔了刘智、王宇阳、徐蓓等从一线成长起来的年轻高管，再次强调了于2024年实现盈亏平衡的战略目标。B站作为一个强文娱属性的内容社区，在自制视频、研发游戏、运营兴趣电商等方面具良好的用户基础和资源、技术积累，适合用来做商业化的突破口。目前B站的业务收入分布情况也支撑着这个看法。截至 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