Pao Mart creates a 'paqu' community to create a 'B station' in the fashion world
In the blind box economy, high-quality IP products are the core of their sales. Therefore, the ability to gather high-quality upstream creative resources is the key to their future development.
From the perspective of the development of the Internet platform, the 'fashionable IP economy'-from the perspective of the development of the top Internet platform, high-quality resources on the supply side are the cornerstone of its long-term development. For example, the development of Taobao and Tmall benefited from abundance Merchant resources have driven users to gather to form a network effect; Meituan can continue to grow, and the local promotion team that helped it acquire merchants in the early stage is indispensable; the rapid break of the video community B station is inseparable from those high-quality UP owners. The Matthew effect of realizing IP is significant, and players with advantages on the IP side will benefit. Bubble Mart has 85 IPs, among which the popular IP Molly contributed 456 million yuan in revenue in 2019, accounting for 26% of total revenue, and accounting for 73% of its own IP revenue. The importance of IP is self-evident.
Source: InternetAs of 2019, the market share of Bubble Mart is 8.5%, and the total market share of CR5 is less than 23%. In a highly dispersed stage. We believe that due to the significant Matthew effect of Chaowan's IP sales, the overall industry concentration will further increase in the future, and companies with first-mover advantages on the IP side will benefit. Supporting the community effect of 'Paqu, It also spontaneously produced derivative activities such as 'changing babyThe two-dimensional cultural gathering at the time was still a 'niche' two-dimensional users have similarities and similarities. They are all unique circles formed based on a certain 'hobbyOperational perspective: IP selection is essentially a choice for designers to continue to create high-quality capabilities, but the ability to gather designer resources is the foundation, and a good creative community is a weapon for attracting high-quality creators. The success of station B is inseparable from the up-hosts who continue to upload high-quality PUGV videos; similarly, 'Panqu' has gathered a large number of original fashion designers and users in China, which provides a high-quality publicity channel for IP creators. A platform for mutual exchange. In terms of the competitive landscape: In 2019, the market share of CR5 in China's fashion industry was 8.5%/7.7%/3.3%/1.7%/1.6%, and Bubble Mart ranked first. The company's competitors include Dreams, MedicomToy, 52Toys, Twelve Dong Culture, etc. Dreams and MedicomToy are long-established Japanese toy companies. Among them: 1. Dreams has been deeply involved in the field of box eggs/blind box toys, but its content is mostly animal series and other ornaments, which have certain collection value, but lack of trendy IP and cooperation with top artists. 2. MedicomToy has an early fortune, and its [email protected] image has been popular for many years, but the price is relatively expensive, which is different from the specific position of PaoMa. 3. 52Toys is a Chinese local fashion brand. Compared with Bubble Mart, the target customer group is lower in age. It also launched a gashapon lottery model, which has a higher customer stickiness. 4. The Twelve Buildings culture is similar to Bubble Mart. Its core competitiveness lies in its excellent IP operation and mining capabilities. Relying on cartoon characters such as Changcao Yan Tuanzi, it has realized low-cost and high-traffic conversion. Compared with competitors, it can be seen that the core advantage of Bubble Mart lies in the industry's top IP operation capability + omni-channel sales network + high stickiness of blind box members. It is easier to obtain top trend resources under the superimposed leading position, and it is easier to obtain top trend resources after IPO With the acceleration of platform construction, the company's moat is expected to be further strengthened. Source: Soochow Research Institute, Sina Finance, Essence Securities Research