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Wang Sicong's Panda Live announced bankruptcy! 22 months without funds injection
China Fund News Qiao Mai
Many pandas with a halo added will be officially closed.
On Friday afternoon, Panda Live announced on the official Weibo that it would shut down the server, confirming the previous rumors about the panda live broadcast. The pan-entertainment live broadcast platform founded by Wang Sicong has been burning money since it was launched more than three years ago. After May 2017, there is no new financing news for the panda live broadcast that relies on burning money. Currently, the Panda Live App is no longer available on the Apple App Store App Store.
Panda Live announces the shutdown of the server
On Friday afternoon, Panda Live released a message on the official Weibo. “The first phase of the main station wandering plan is open. Engineers should gradually disconnect from the parent star. Please note that it is necessary to keep the connected services normal.” Say goodbye" picture.
This means that the previous rumors about "Panda live is about to close down" have been officially confirmed.
On the afternoon of March 6, Weibo bloggers said, "The pan-live broadcast platform of Wang Sicong's Pan-Entertainment Live Platform is about to cool down." According to the content of the broke, the suspected panda live COO Zhang Juyuan's assistant publicly collected the employee's resume in the employee group and said to help recommend the next home, including the headline, fast hand, Yingke, pepper, etc., including the live broadcast business are considering Inside.
On the evening of March 6, the official microblog of Panda Live was also changed to the bloody and playful style of the past, and the state of “talking” was heavily knocked down. A large number of anchors and old users appeared in the comment area, and the message was nostalgic.
In addition, there is also a related news that the Panda Live will close the server on the 18th of this month. The company will give half of the monthly salary of the demobilized employees as compensation, but the Panda Live official has not responded.
On Friday, Panda’s live microblog officially announced that the Pan-Entertainment Live Platform, which was founded by Wang Sicong and was born with “Golden Spoon”, ended the life of more than three years.
Fund Jun found that the Panda Live App is currently not available on the Apple App Store App Store, but the Panda Live Host App is still available.
The current official website has not been shut down, and hundreds of anchors are currently broadcasting. The Android version and the Apple version of the Panda Live App have not been removed from the app store. However, the official website has a farewell atmosphere, and the live broadcast is mostly based on goodbye. Keywords such as “final”, “goodbye” and “thank you” frequently appear.
Net red blessing has been hot for a while
Wang Sicong officially founded Panda Live in July 2015 and is affiliated to Shanghai Panda Mutual Entertainment Culture Co., Ltd. The company was formally established in July 2015 and the legal representative is Longfei.
Immediately after the performance of the League of Legends' four-year celebration on September 5th of that year, the ID of the owner of the Wang Sicong team was preceded by the words Panda. On the night, Wang Sicong announced on Weibo that the “Panda TV” game live platform will be online, and he will be the CEO of Panda TV, the live video platform.
Then, Wang Sicong hit the iron hot, and held a number of activities in succession, and Wang Sicong, who had a good relationship in the entertainment circle, was brought to Lin Junjie, Lu Han, Chen He, Lin Xin, Angelababy, and e-sports player Zhou. PDD, Ruofeng and others helped to publicize, and some also settled in Panda Live. The Panda Live broadcast also stood out in the "Thousands of Broadcasting Wars" at that time, becoming the second only to the existence of the betta.
As a barrage video live broadcast site, Panda Live was officially launched on October 21st of that year, and the main game was broadcast live. Since its inception, Panda Live has continuously expanded its content categories, including outdoor live broadcasts, live entertainment, and variety shows, and is currently positioned as a pan-live entertainment platform.
In 2016, it was called “the first year of webcasting”, and the rise of Panda Live was just the right time. There have been institutional statistics. In 2016, there were more than 300 live broadcast platforms in China, and nearly 100 of them were awarded A round of financing.
When it was online, the server was smashed. Wang Sicong is also playing its "local tyrants", and in the panda live room, he throws millions of anchors and signs high-priced PDD, Yin Suzhen and other anchors. In the most glorious period, basically all the popular game areas have big god anchors.
Behind the bankruptcy: no money has been injected for 22 months
Behind the bankruptcy, there is a rumor that the money-burning game and the management are not satisfied.
According to public information, since the establishment of Panda Live, there have been five rounds of financing records so far. In November 2015, Panda Live won two million angel rounds of financing from Beijing Junhouze Information Consulting Co., Ltd. and Yuanshi Capital. In September 2016, it completed a 6.5 billion A round of financing. In the meantime, 360 in November 2016 strategy Participated in the Panda live broadcast, and completed the A+ and B round financing in May 2017. But since then, there has been no new financing news for the panda live broadcast that relies on burning money.
On March 7th, Panda Live Founding Team member and COO Zhang Guoyuan's internal letter was exposed. It was also mentioned in the internal letter, which was obtained in May 2017.Industrial SecuritiesAfter the financing of RMB 1 billion led by Xingzhen Capital, there has been no external capital injection, and the decision to demobilize employees has been made in the absence of a funding gap.
From the operation of the live broadcast platform, capital is very important, and many platforms are eliminated because of the lack of “burning money”. The live broadcast industry, which is characterized by burning money, quickly entered the cruel reshuffle period in 2018. The live TV platform such as the National TV directly followed the pace of Tencent, and the tiger tooth successfully listed, and the fighting fish was actively preparing. Other platforms, such as Yingke, Huajiao, YY, etc., have capital behind them.
There is no steady cash flow behind the Panda live broadcast, and the Panda live broadcast is mainly based on game live broadcast. In the face of Tencent's investment in tiger teeth and betta, the advantages are not obvious. Without any external capital injection for 22 months, the panda can only go bankrupt.
On the platform reward level, the live broadcast of the game is lower than the live broadcast of the show, and it is crucial to reward the core financial income as the live broadcast. In a 2018 anchor revenue top10 list released by Ai Media, the game live platform only accounts for 40%, and there is no anchor for the Panda live broadcast.
Guojin SecuritiesAccording to the research report, although the game live broadcast industry's revenue growth rate exceeded 100% and has 300 million users in 2018, its business model is still single. At least 80% of the industry's revenue is created by users, even the head. The game's live broadcast platform can only swing between profit and loss, and the current business model is in urgent need of innovation.
However, it is also said that the closure of the Panda live broadcast is also related to management disharmony. As early as March 6th, the network screenshot broke the news, it has been mentioned that the hidden dangers of the company have already been buried. The problem lies in the management: "The executives from shareholder 360 have repeatedly excluded other executives within the company, including Wang Sicong. The executives they bring are marginalized."
What does the startup team and the investment institution say? In the Panda live broadcast, it is clear that the investment institutions have more say. Wang Sicong was the founder and CEO. However, at the beginning of the establishment, 360 acquired a certain share of shares in technology. All the technicians in the Panda live broadcast were 360 people, and gradually controlled the rights and the right to speak. The executives brought by Wang Sicong were excluded and the power was overhead, which largely determined the future of Panda Live.
In fact, as early as last year, the media has been exposed in succession. Since the beginning of 2018, the Panda Live Broadcasting Association has not been able to settle the wages on time, the big anchors have left, and even the news that Wang Sicong is about to withdraw. At that time, the Panda live response, the above news is rumored, the employee's salary is not timely issued is the internal financial process problems, and the main broadcast is a normal phenomenon in the industry. In addition, the Panda also said that the 1 billion-level C round financing news will be announced soon.
19 investors behind, Zhou Hongyi is the second largest shareholder
The results of the sky-eye survey show that the Panda Live stock ownership structure is complex, with 19 investors behind it. Among them, the founder Wang Sicong actually controlled the panda live broadcast through the 100% holding of the entertainment (Huzhou) Cultural Development Center and the shareholding of Qihoo 360, with a shareholding ratio of 40.13%.
At the end of 2016, the Panda Live stock information changed, Qihoo 360 officially took shares, and Wang Sicong and Zhou Hongyi took the line. Tianxue data shows that Qihoo 360 currently holds 19.35% of the shares, which is second only to Wang Sicong's second largest shareholder.
Pingtan Xingzhen Chuangyi Cultural Investment Partnership (Limited Partnership) holds 5.08% of the shares. The company GP Fangxingzheng Innovation Capital Management Co., Ltd. is a subsidiary of Xingye Securities. Tianjin Zhongyi Rongzhi Enterprise Management Partnership (Limited Partnership) holds 2.31%, the company's major shareholder is Zhonghao Investment Co., Ltd. (referred to as “Zhongyi Investment”), and the first two major shareholders of Zhonghao Investment areRongsheng DevelopmentwithNutrient drink.
In addition, Yantai Hanfu Manlin Investment Center (Limited Partnership) holds 4.62% of the company's GP Fang Hanfu (Beijing) Capital Management Co., Ltd.Brand newThe company of the controlling shareholder.
Earlier, a person familiar with the matter said that 360 had considered the acquisition of Panda Live to settle the account before the year, but in the end, Wang Sicong did not sign, and instead replaced his own pepper and Zhou Hongyi. Earlier, it was reported that the host PDD, who had a good personal relationship with Wang Sicong, left the panda and was suspected to be related to the 360. In addition, there are also reports that after the 360 team entered, they did not do anything except Wang Sicong's team overhead and internal struggle.
Editor in charge: Robot RF13015
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