LeTV's story came to a close, and the stories of Internet TV makers following LeEco also began to be confusing.
Throughout 2017, with the exception of LeTV, micro-whale TV and popular TV are constantly exposed to difficulties in financing, huge losses, and the company's difficulty in operating news; the CCTV, which has a background in the national team, has also been plagued by layoffs and owed money from suppliers. Even the only millet that has achieved market growth is only gaining a global share of 0.4%, completely filling the market space vacated by LeTV.
Given the overall sluggish environment of such an industry, it is absolutely remarkable that anyone who still wins the favor of the capital market with Internet TV services.
Who ever thought that when there is less than a month left in 2017, such good things will fall on the head of the storm.
Ever since the GEM took advantage of the VR concept to obtain 55 daily limit storms, what kind of story is going to be told on Internet TV?
How long can I burn 800 million in my hand?
On the evening of December 7, Stormwind Group announced that it had terminated major asset restructuring. The storm was commanding the capital increase and the introduction of Dongshan Precision and Rudong Xinxin as new investors, and Storm TV received a total of 800 million yuan in strategic investment.
For this 800 million yuan, in fact, we should pay more attention to two issues:
First, how much value does Stormwind now have?
In addition, after the investment, how far can the storm go? Or that Storm TV can be said as Storm Group CEO Feng Xin, in 2019 to achieve profits?
First of all, after Dongshan Precision Co., Ltd. and Rudong Xinyu added a total of 800 million yuan to the storm commander, the ratio of the total equity held by Storms will be 21.58%, and they will actually hold 31.97% of the voting rights of the storm commander.
It is not difficult to figure out that the current market value of Storm TV is about 3.7 billion yuan.
In contrast, during the peak period, LeTV was estimated to have reached 30 billion yuan.
After this year's acquisition of Tencent and the strategic cooperation with Jiangsu Broadcasting and Television, the company relied on the opening of traditional TV companies. At this stage, the valuation also reached 8 billion yuan.
In view of this, with a valuation of less than 4 billion yuan, Storm TV obviously cannot enter the first-line brand camp of the Internet TV industry.
What's even more noteworthy is that if you talk about the amount of brand losses that Stormwind has made in the past two years, the money will look more like being used to renew your life rather than helping your company to "get long."
As of June 30, 2017, the net assets of the Storm Commander were -2.36 billion yuan, and the net profit of 2016 was a loss of 358 million yuan.
Coupled with a net loss of RMB 129 million in revenue for the first half of 2017 from January to June 2017, only 18 months later, Storm TV lost nearly RMB 500 million.
Contacting Storm CEO Liu Yaoping to realize single-user profit/loss balance as one of the goals that Storm TV tried to achieve in 2018, it is not difficult to see that selling a single loss is still the predicament that the current storm can't do without TV.
Storm Group CFO Jiang Hao also revealed that the first three quarters of this year, Storm TV product sales of 550,000 units, belonging to the first half of the first quarter and second quarter sales were 235,000 units and 115,000 units.
Therefore, the "loss-making business" of Storm TV is reflected in the sale of 350,000 TV sets, which burned nearly 130 million yuan. On average, it lost 371 yuan for every TV sold. This data is even worse than LeTV. Every time you sell a 200 yuan loss, you have nearly doubled.
It can also be seen that the storm is far from being as LeTV in the supply chain and the ability to control sales, let alone traditional enterprises that hold upstream and downstream resources such as screens.
At such a rate, the storm will burn up the 800 million yuan that has just arrived. It may not really take a year. After all, how much of this 800 million yuan is a replacement of resources, how much is cash, how much is a debt-to-equity swap, and everything needs to look at the storm announcement.
Earlier, there was news that an Internet giant had invested hundreds of millions of dollars in an Internet TV company. Most of it was using film and television copyright to offset it. Real cash was not much.
Can 800 million windstorm this storm to next year?
On the one hand, Storm TV wants to achieve better development after getting investment, it will sell more TVs, but now the situation is to sell more and lose more, even if it is set to sell millions of grades next year. Small targets and storms must be ready for another loss of 500 million yuan.
If you do not make a loss, the consumer will lose the low price. The core reason for choosing Storm TV is to sell the stock market to stimulate the stock market or to lose money to tell the story. The storm has no reason to choose the latter.
On the other hand, today's storm also lays out more concepts in the television business. From AI to no screen, investors will not tolerate storm TV sales continuing to be disastrous with hundreds of thousands of sales each year. Everyone wants to find something The hot potato is taken off, and the speed with which to spend money in the future is bound to be fast or not.
For example, the popular TV that was similar to the situation of the Storm TV, after completing a financing of 2 billion yuan at the end of last year, was rumored to burn 1.2 billion yuan in funds in one year, resulting in a subsequent downturn in development.
Can the new plans proposed by the storm be achieved?
At the storm brand strategy conference on December 7, Stormwind CEO Feng Xin reaffirmed the importance of the "AI+ Two Screens" strategy. AI has become the engine of the storm's entire line of business, but it may not be able to launch Storm TV.
Just as the "Storm of the Big Storm" emerged, Storm TV's idea of ​​AI is still in essence unable to escape the formal routine of speech-based recognition and morphologically focusing on personalized content recommendations.
Even if AI is placed at the core of brand development, in terms of television business, Storm has not made more differences than other Internet TV brands, and will not become a driving force for more users to buy products for them. This may be because the storm does not have sufficient ability to change the industry in the AI ​​field.
Of course, with the confirmation of this 800 million yuan financing, the new idea of ​​Storm TV doing AI TV is still falling on the hands of investors such as Dong Xinxin, taking Storm TV as a leader and building AI TV industrial base in Rudong.
This appears to be a significant boost to the AI ​​development of the Storm TV business. However, behind the tendency of the storm to focus on AI elements in AI TVs, it is often confusing to do AI TV first. The preconditions for making television.
As we all know, one of the major problems in the development of the TV industry in 2017 is that the cost of the screen has risen, and the screen has taken up 60 to 70% of the cost of the entire TV.
Storm TV, as a TV brand whose sales volume is far less than one million, is obviously located on the weak side when it comes to dialogue with the industry. Moving forward and even pursuing profits, optimizing the upstream screen supply chain should be placed before chasing the AI ​​concept.
Unlike a large number of television companies, which have different production bases in areas with abundant screen resources, Storm TV plans to establish an AI television industry base in Rudong County, which belongs to Nantong City, Jiangsu Province, and is located on the north side of the Yangtze River Delta. There are no supporting facilities that can help the television industry chain. There are many electronics manufacturers, but there is no screen factory.
Even more puzzling is that the current overall environment of the entire Chinese TV market is in the state of shrinking consumption and oversupply. According to data from Aowei Cloud Network, the online TV market in the first half of 2017 will decline by 4.7% year-on-year. Among them, the market share of Internet TV brands, which are dominated by the online market, fell by 4% year-on-year.
In the face of such reality, the storm chose to establish a television base in an area without screen resources. If the belief of the brand is not too strong, it can only be interpreted as if investors from Rudong don’t understand the TV industry feel stormy. The PPT used to find investment is doing pretty well.
Feng Xin and Jia Yueting are no different
The storm TV that got investment in Internet TV in the cold winter period can't be the role of getting out of the industry in many winters. In addition, 800 million yuan to sell more than one-fifth shares, the commander of the storm is also close to selling.
However, in retrospect, the storm is not really trying to use Internet TV in Storm TV. It also needs to be questioned.
Recalling the product line of Stormwind Group in these years, no matter where the capital heat is, the product focus is on where.
From VR to Internet TV, to AI artificial intelligence, and even to the introduction of broadcast control cloud using blockchain technology, without exception, to stimulate the attention of capital.
You basically can't find a particularly successful example of a type of product being made by storms. The imitation of product strategy copying is also very obvious. However, the most important feature of these products following the situation is to let the storm’s foreign press releases be titled. There are always the key words that the capital market is most concerned about.
The 55-year-old "demon stock" history of the storm has chased the concept of hot spots.
Even on June 6, 2016, when "Storm Technology" was renamed as "Storm Group," Feng Xin also proposed to do storm ecology, emphasizing that some aspects of LeTV's involvement were highly respected, saying that "should be learning without hesitation" .
When the story of LeTV could not be written down, the storm began to shun LeTV on the outside.
So, is the storm story really different from LeTV? Or is Feng Xin really not the next Jia Yueting?
According to the information presented in the capital market in May this year, Feng Xin, the CEO of Stormwind Group, has accumulated six shares of pledges in the first five months of 2017. Among them, five of the shares pledged were concentrated in April.
In other words, in April of this year, Feng Xin averaged a share pledge every week.
In essence, equity pledge is a kind of pledge of rights, and is also a common method of Bo Chong's liquidity. Pledge of stocks will be implemented. Stocks of shareholders of listed companies will be sold off. The price of equity pledges is generally 3 to 6 percent off the current price of stocks.
For Feng Xin’s extremely frequent equity pledges, the outside world understood that he was helping the Storm Group in a loss state to ease the financial pressure.
However, some insiders have disclosed that the equity pledge is actually a new way for the actual controller to cash out. Although the price of the equity pledge is 3-6 fold off the current price, the cost of the founder or the founding shareholder is extremely low, and some even It is a dry stock, even if it is sold out 3-6 fold, in fact, earning a special profit.
And Jia Yueting, it is this kind of cash flow method to carry forward the person, Feng Xin after letting the storm copy LeTV model, they began to copy Jia Yueting's equity pledge behavior, and ultimately whether it is for individual cash benefits, had to make people doubt it motivation.
Unfortunately, the difficulty with Feng Xin is that the story of Storm is far less than the story of LeTV which looks beautiful and read wonderfully.
It should be noted that before LeTV's "seven-segment ecology", coupled with a strong television business and an imaginative vehicle-building plan, failed to stop the collapse of the building.
Now that the storm is relying on the VR virtual reality products that have already passed through, the Internet TVs that are less than megabytes in size, the experience of similar AI technology, and the future even with screen resources that cannot be guaranteed, there is really a chance for the second TV Did the story of the lucky girl come to an end?
In the past year, the Storm Group's share price fell below the 30-yuan mark, and the market value evaporated more than 30 billion yuan. It has already shown that the capital market does not buy the story of the storm.
Next, when everyone saw clearly that the 800 million financing of Storm TV was still to support this endless story, the only thing left for Feng Xin was a copy of Jia Yueting.
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