中国流媒体市场及其与西方的区别（英文版）.pdf

And how it differs to the WestAn introduction to1. Chinas Streaming Ecosystem 042. Most Popular Games 123. Chinas Top Game Streamers 16 Newzoo 2019Navigating and understanding Chinas unique streaming ecosystem3Tianyi GuChina Market AnalystChinas streaming ecosystem is a far cry from whats going on in the West, in terms of content, monetization, and how the audience interacts with the content. While platforms such as Twitch and YouTube generate the majority of their revenues through subscriptions, Chinas biggest platforms, including YY Live, Huya, and Douyu, predominantly make money from user donations to streamers. Streamers take home around 30-40% of these donations, with platforms and streaming guilds receiving the rest. Streaming guilds are essentially celebrity management companies that recruit, train, and promote signed streamers. Viewers in China are more willing to spend big on general entertainment content than on games, so platforms such as Huyu, Douyu, and Tencent Egame are experimenting with new promotion strategies to put their streamers in the spotlight. This has resulted in a slew of reality TV shows aiming to bridge the gap between game streaming, esports, and general entertainment, with some promising results. China is a mobile-first country and this is reflected in its game-streaming market. The collective nature of traditional Chinese culture also means that its viewers engage with content differently to Western viewers. Interactions between viewers and the streamers are far more prominent in China, thanks to innovative platform features such as bullet chats. Chinese streaming platforms are also generally less toxic toward women, as gender balance is very important in Chinese culture. In fact, there is less toxicity all round, as gaming and streaming are considered social activities in China. In this whitepaper, we deep dive into the Chinese streaming ecosystem, zooming in on its unique features, its most popular titles and streamers, and how it differs to the Western streaming market. The average user donations received by a top 100 streamer in 2018 (before platforms/streaming guilds took their cut).Note: For this whitepaper, we used the year-end exchange rate of 1 USD = 6.8755 CNY.1. CHINAS STREAMING ECOSYSTEM Newzoo 2019of Huyas revenues in 2018 came from user donations. of the top 100 Chinese streamers in 2018 were non-game streamers. Newzoo 2019How platforms monetize in China differs from the West6Entertainment content on live-streaming platforms is far more popular in China than in the West. In fact, seven of 2018s top 10 Chinese streaming sites focus on general entertainment, including singing and dance. In the West, however, most of the top platformslike Twitch and YouTubeare focused on games for live streaming. Streaming platforms in China also feature different monetization strategies compared to the West. Twitch and YouTube generate most of their revenues via subscriptions and advertising, while Chinese platforms monetize by taking a cut of virtual-item sales, which are often used as donations to streamers. In 2018, 95% of YY Lives and Huyas revenues came from the sale of virtual items. Chinas mobile-first culture is also a factor, with many Chinese streaming sites being optimized for smaller screens. Four of Chinas top 10 streaming sites are mobile first. Chinas game-streaming market first exploded in 2013 and 2014 when platforms like Douyu and Huya launched. These platforms became the market leaders by pouring capital into attracting top streamers. Both platforms signed plenty of million-dollar exclusivity deals with top streamers. The initial craze saw large amounts of money flowing into the market; yet, something had to give. Eventually, the bubble burst. PandaTV, Chinas third-largest game-streaming platform in 2018, filed for bankruptcy in March 2019. Up until this point, the company struggled for two years and ultimately failed to secure investment. Today, the Chinese game-streaming market is more stable, dominated by Huya and Douyu. Interestingly, Tencent owns a stake in both these platforms. These top platforms have shifted their focus to original content creation and buying third-party media rights. TOP 10 STREAMING PLATFORMS IN CHINABy user donations | 2018# STREAMING PLATFORM CONTENTFOCUS MAIN PLATFRORM USER DONATIONS1 YY Live YY直播 Entertainment PC $1,518M*2 Huya 虎牙 Games PC $646M*3 Huoshan 火山直播 Entertainment Mobile $542M4 Inke 映客 Entertainment Mobile $458M5 Douyu 斗 鱼 Games PC $433M6 Huajiao 花椒 Entertainment Mobile $217M7 Kuaishou 快手 Entertainment Mobile $169M8 PandaTV 熊猫直播 Games PC $167M9 Fanxing 繁星直播 Entertainment PC $134M10 KKTV KK直播 Entertainment PC $116MSource: Newzoo in partnership with * Source: public financials. Newzoo 2019Entertainment plays a central role when it comes to platforms promoting game streamers in China7Source: Newzoo in partnership with Owing to the Chinese audiences willingness to spend big on general entertainment, non-game streamers earn far more via donations than game streamers. For example, 87 of the top 100 in 2018 streamers (by donations) were non-game streamers. On average, a top 100 streamer received $3.66 million in donations in 2018 (before guilds and platforms took a cut), with game streamers averaging $3.57 million and non-game streamers averaging $3.67 million. Looking at the platforms used by the top 100 streamers, 45 streamed via YY Live, 17 via Huya, and 11 via Douyu. In a bid to increase revenues from donations, game-streaming platforms are now innovating their streamer-promotion strategies. Huya, Douyu, and Tencent Egame, for example, have each produced an original variety show starring game streamers. Even Riot Games, the publisher behind League of Legends, is partnering with Tencent, LoLPro League, and Douyu for the “Go! Heroes, which will show three celebrities setting up professional LoL teams and inviting top streamers to compete against one another. Similarly, Huyas “Godlie features the platforms top game streamers playing the boardgame Werewolf. Meanwhile, Tencent organizes the “Egame 202 talent show, which gives contestants the chance to win a streaming partnership with the platform. This kind of shoulder content is great for reaching new demographics. of the top 100 Chinese streamers by donations in 2018 were non-game streamers. The average user donations received by a top 100 streamers in 2018. Newzoo 2019Huya and Douyu compete for market leaderYY established the first gaming-specific streaming platform, YY Gaming, which launched back in 2012. In 2014, the platform became so popular that it spun off as an independent entity: Huya. In May 2018, Huya became the first public Chinese game-streaming platform. Huya reported $678.3 million in revenues in 2018 (+113.4% year on year), and 116.6 million MAU (+34.5% year on year) at the end of 2018. Popular Asian esports leagues such as LPL, LCK, and KPL have all been broadcast on Huya. Douyu was the first game-streaming platform to pour a huge amount of capital into signing top streamers. In just two years, this strategy helped the platform overtake Huya as the largest game-streaming platform in China. While other platforms catching up, Douyu had already shifted its focus to content creation, aiming to cover a broader spectrum of content. Fast forward to today, and the platform now actively organizes first-party esports tournaments. Douyu, however, failed to capitalize on Chinas mobile esports boom between 2016 and 2017, meaning Huya was able to catch up. HUYAFounded In: Nov 2014HQ: Guangzhou, ChinaDOUYUFounded In: Jan 2014HQ: Wuhan, ChinaGame streaming platform in China by user donations in 2018Game streaming platform in China by user donations in 20188Source: Newzoo in partnership with Newzoo 2019PUBLISHERSTREAMING PLATFORMPUBLISHERSTREAMING PLATFORM Newzoo 2019Severe competition makes it difficult for streamers to succeed without a guild10TOP 10 STREAMER GUILDS IN CHINABy business value* | As of Dec 31, 2018# STREAMER GUILDS CONTENTFOCUS BUSINESS VALUE DONATIONSIN 2018 ACTIVE STREAMERS1 Bgoose 大 鹅 文化 (Mobile) Games $173M $21M 1,3782 Aipai 爱 拍原 创 Games $133M $34M 4423 xRock 炫石互 娱 Games $128M $17M 8784 YW Media 渝万 传 媒 Games $107M $27M 4,8705 Wudi Media 吉林舞帝 传 媒 Entertain-ment $105M $72M 2466 China Blue 中国 蓝娱乐 Entertain-ment $101M $78M 6857 Famulei 伐木累 Games $78M $15M 408 Elephant EL-小象互 娱 Games $73M $19M 8639 Yujia 娱 加 Combined $71M $40M 21310 AO 傲之最 Games $68M $19M 515* The business value of a guild is the aggregation of business values of individual streamers in the guild. The business value of a streamer is mainly estimated based on donations, advertising income, and proportion of paying users among his/her followers. Source: Newzoo in partnership with Streamer guilds in China are similar to celebrity management companies; they recruit, train, and promote signed streamers, earning revenues by taking a cut of the streamers earnings. Guilds help streamers build stronger connections with their followers, ultimately resulting in more revenues from user donations. Every party benefits: the streamers, the platforms, and, of course, the guilds themselves. Chinas unique ecosystem of platforms guilds, streamers, and viewers fosters the development of live-streaming communities, helping platforms and streamers boost user engagement and retention rates.Chinas streamers are not obligated to join a guild, however. While independent streamers benefit from keeping 100% of their earnings, they often lack the resources, assets, and reach necessary to grow a big community. With hundreds of streaming platforms and countless streamers, it is even more difficult for independent streamers to stand outespecially if they are newcomers. Despite the fact that entertainment content is more popular than game content in China, its gaming-focused guilds are generally bigger. Many companies are vying for a piece of the entertainment pie, meaning competition between entertainment-focused guilds is fiercer. Whats more, game-focused guilds tend to represent more streamers and are spread across several platforms. This results in higher valuations. Chinas fastest-growing guild by far is Bgoose Culture, mostly due to the company quickly adapting to the mobile esports boom. It now represents many of the top Chinese streamers for Honor of Kings, PUBG Mobile, and CrossFire Mobilethree of Chinas most popular mobile esports titles. .