二次上市首日破發，3年虧損49億，不重視技術的B站有沒有夢想？

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"blockquote","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"儘管擅長“出圈”，但B站一直以來被質疑的不重視技術，又被反覆提及。助生成對抗網絡的力量，本文帶你瞭解其中五種生成對抗網絡，可根據自己的實際需求進行選型。"}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"B站香港二次上市首日破發"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"3月29日，B站（嗶哩嗶哩）正式在香港二次上市，股份代號9626，IPO定價爲808港元，是目前港股市場第二高價股，僅次於再鼎醫藥（不復權），總市值約3000億港元（約2526億元人民幣）。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股書顯示，B站CEO陳睿持股14.2%，B站創始人徐逸擁有8%的股權，以開盤市值計算，陳睿持股身家達到54.48億美元（約356億元人民幣），徐逸持股價值約243億人民幣。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"敲鐘儀式上，12位B站UP主與公司高管一同敲響開市鍾。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"慶祝儀式現場，B站CEO陳睿表示，相比起用戶量和業績的增長，更讓自己高興的是，B站一直是中國最有活力和創造力的內容社區。“用戶感到了快樂，創作者因爲UP主的身份而感到自豪”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"陳睿表示，視頻必然會成爲互聯網內容的主流，視頻創作會滲透到生活的方方面面，預計會出現上千萬的UP主，這些內容會在視頻化的浪潮中，走向全世界。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站港股上市首日開盤破發，跌2.23%，股價報790港元\/股，發行價爲808港元\/股，總市值約3000億港元。一週前，百度回港上市首日盤中一度破發，參考百度，不少業內人士曾預測B站上市首日破發的可能性較大。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"“十年之後，沒有人會記得嗶哩嗶哩的股票在第一天是漲還是跌。”陳睿在接受媒體採訪時迴應港股上市破發，“因爲按照香港的規則，是需要我們在IPO之前提前好幾天就把價格定下來，結果我們定價完之後，在上週中概股應該遇到了過去5年來最大的一個跌幅，這個應該算是一個黑天鵝事件。所以，在這種情況下，我們自己覺得能夠順利上市已經算是成功了，因爲大的形勢比較差。第二個我是認爲對於我們公司來說，我還是有充分的信心，就是未來的發展，長期的股價應該會證明一切。”"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站此次二次上市募集近30億美元。B站表示，募資用途將約50%用於內容，約20%用於研發，約20%用於銷售及營銷，約10%用於一般企業用途及運營資本需要。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"上市前夕，B站剛因提交給港交所的招股書出現了低級錯誤而鬧出了個大烏龍。這個場景，像極了，小時候抄作業，還把別人的名字抄上了..."}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"3月26日上午，B站在港交所披露最新公司資料表，在公司名字處出現了低級失誤，將“嗶哩嗶哩”寫成了“百度集團”。隨後，B站將公告做了更改，名字處改回了“嗶哩嗶哩”。有消息稱，之所以會出現如此失誤，是因爲B站和百度聘請了同一家律所—世達國際律師事務所，可能是使用了同一個公司資料表撰寫模板。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"對於B站公告失誤烏龍事件，央視網評論稱, “失誤的具體原因不得而知，但背後暴露出的問題令人細思恐極 — 對嚴格的上市申報材料都“複製粘貼”了，會不會還有其他敷衍了事的地方？公開上市不是兒戲，要面對所有公衆投資人的挑剔目光，申報材料是其中常規性、必要性的部分，是最不應該發生錯誤的地方”。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"一直在出圈的路上"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2009 年，徐逸創立 mikufans（B 站的前身）之時，它還只是一個二次元愛好者的小社區，十年過去了，它已發展成爲超 1 億月活的泛青年文化社區。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站被認爲是中國最年輕一代 —“Z 世代”的自留地。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2021年，B站2億月活用戶中，平均年齡在21歲左右，每兩個年輕人中，就有一個是B站用戶。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"Z 世代（出生於 1990-2009 年的人）佔比高達 81.7%。由於准入門檻嚴格，“小破站 ”的用戶粘性極高，80% 的人因爲通不過 100 道題而無法申請會員，留下來的都是擁有共同愛好的人。“當初我曾爲了入站考試‘抓狂’，現在想想這也挺好的，社區的用戶都是經過精挑細選的”，一位 B 站忠粉表示。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"成立初期，社區二次元風格濃厚，動漫、番劇等內容深受 Z 世代喜愛，但這些番劇多是從海外搬運，存在版權風險。2014 年，B 站開始購買正版番劇的版權、申請視頻牌照，積極實現合規化。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"與此同時，B 站也開始向泛二次元擴展，探索遊戲、廣告、直播等多元化的商業模式，踏上了“出圈”的探索之路。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在剛剛過去的2020年，B站就因爲多次出圈，火出了天際。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在2020年告別 10 年代的最後一夜，一直以來被認爲是小衆亞文化的 B 站，因爲一場跨年晚會衝破次元壁，成功打進主流文化圈層，博得廣泛關注：B 站跨年晚會豆瓣評分高達 9.1 分，播出當晚有 8000 萬人在線觀看，彈幕總量 200 萬，晚會結束後 6 天內還有 6700 萬人因爲口碑轉化前來“補課”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"這場跨年晚會也讓資本市場看到了 B 站的潛力。晚會後的第一個美股交易日，B 站股價一路高漲 15%，截止收盤，股價漲 12%，市值一夜暴漲 50 億。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"這場晚會與其說是 B 站的勝利，倒不如說是 Z 世代與青年流行文化的勝利。跨年晚會之所以取得如此大的成功，本質上源於過去十年來，B 站對其用戶的精準洞察和把握。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"跨年晚會之後，“出圈”成爲 B 站身上關注度頗高的標籤，但其實在跨年晚會爆紅之前，B 站就已經在多個領域成功“出圈”了。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2016 年，在央視播出後收視慘淡的紀錄片《我在故宮修文物》，轉到 B 站播出後意外走紅，並隨後在全網持續發酵，成爲一大現象級熱點。這次試水嚐到“甜頭”後，B 站在自制內容方面繼續發力，又出品了《人生一串》、《故事王》、《尋找手藝》、《極地》、《但是還有書籍》等爆款紀錄片。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在泛娛樂領域之外，B 站還將“觸角”延伸到了泛知識領域。很多人在 B 站看番的同時早就在 B 站學習了，“我在 B 站學習”甚至成爲了一種熱門潮流。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"疫情下“宅經濟”崛起，B 站所推出的線上課、雲蹦迪掀起熱潮。B 站與國內上百所高校和教育機構合作推出了線上課程服務。B 站是上海市教委“欽點”的網絡學習平臺之一，上千名教師通過 B 站“直播+點播”的形式爲全市中小學生免費上課。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"疫情帶來的特殊機遇加速了 B 站在在線教育領域的佈局，也動了其他在線教育機構的“奶酪”。但是在這次“嚴肅”課程試水之前，B 站上其實已經有很多泛知識類內容了。在很多忠實粉絲的眼裏，B 站是一個豐富的“寶藏”站，編程、高數、健身、考研等各種類型的學習視頻都可以在 B 站找到。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"去年2 月 28 日 B 站發佈的《宅家抗疫大數據報告》顯示，B 站用戶觀看疫情相關視頻 19 億次，UP 主創作相關視頻總長度達 61218 小時，如果連續播放的話得花 7 年才能放完。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"不重視技術，運營來湊？"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在很多人的印象裏，B 站並不是一家技術屬性濃厚的公司，尤其在“出圈”後，挑戰更大— 推薦算法比不上頭條，直播技術比不上騰訊、優酷，甚至有人質疑 B 站並不重視技術。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"去年3月技術大神"},{"type":"link","attrs":{"href":"https:\/\/mp.weixin.qq.com\/s?__biz=MjM5MDE0Mjc4MA==&mid=2651024812&idx=1&sn=859c4cd236fdf54b846f43208e8af7e7&chksm=bdbe95ff8ac91ce959bad15563e3603469480458be4339d424b98c6fba2708f987b0e53cd13e&scene=27#wechat_redirect&fileGuid=CkDRjYCqygxrYjGV","title":"","type":null},"content":[{"type":"text","text":"戈君"}]},{"type":"text","text":"離開 B 站的消息引發網友熱議，爭論焦點集中於 B 站不重視技術、不是一家技術驅動型公司。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"面對戈君的離開，有網友評論：“這種事情不是一次兩次了”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2016 年，B 站技術大牛謙謙因爲月薪不到 5000，憤而離職，引起圈內轟動。謙謙是 HTMI5 播放器核心組件 flv.js 的開發者，對 B 站發展做出了很大貢獻，但因公司唯 KPI 論，謙謙多次績效考評爲 C，到手月薪低得可憐。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"知乎上，一位曾在 B 站工作了 2 年的程序員坦陳：在 B 站當一個底層碼農很開心，但晉升很難，待遇屬於互聯網行業偏低的。“公司層面決定了運營驅動產品，產品驅動開發，因此開發的話語權較小”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"不過值得一提的是，B 站創始人徐逸和 CEO 陳睿其實均是技術出身。作爲二次元資深愛好者的徐逸原是 A 站的忠實粉絲，他因 A 站經常宕機所以跟朋友花了三天時間建立了一個新的網站 mikufans，作爲 A 站崩潰時粉絲們的去處。半年後，徐逸辭職專心做 B 站，聚焦二次元社區。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"而陳睿曾任中國最早的互聯網軟件企業之一金山軟件聯合創始人，2006年任金山毒霸事業部總經理，後加入獵豹移動，成爲聯合創始人。2011年，陳睿以天使投資人的身份加入B站，推動B站的公司化運作。2014年，陳睿正式加入B站擔任董事長。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"所以如果說 B 站不重視技術，理由未必站得住腳。但是如果說技術被 B 站看做核心競爭力，又肯定不是這麼回事兒。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在 InfoQ 此前採訪 B 站資深前端工程師"},{"type":"link","attrs":{"href":"https:\/\/www.infoq.cn\/article\/MXdHgWu9I8SmvQRFB-hL?fileGuid=CkDRjYCqygxrYjGV","title":"","type":null},"content":[{"type":"text","text":"譚兆歆"}]},{"type":"text","text":"和蒙版彈幕技術負責人"},{"type":"link","attrs":{"href":"https:\/\/www.infoq.cn\/article\/2018\/08\/bili-bili-mask-barrage?fileGuid=CkDRjYCqygxrYjGV","title":"","type":null},"content":[{"type":"text","text":"光驅子"}]},{"type":"text","text":"的時候，對於 B 站的播放頁秒開、不擋臉彈幕等技術，他們都做過詳細解讀。據我們瞭解，這些技術既牛又超前。B 站於 2018 年進行了一次基於 “video first” 的年度性優化，針對用戶體驗的關鍵指標進行性能優化改造，包括交互設計改版、基於 MPEG-DASH 協議的視頻體驗優化、播放頁秒開、彈幕體驗優化等方面。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B 站對音視頻技術、彈幕技術的重視直接支撐其主營業務，但是面對“出圈”後對直播、互動視頻、推薦算法等技術的井噴需求，還是體現出了不夠重視以及研發投入和人才儲備上的不足。遠有去年 4 月 B 站部分工程源代碼外泄的事故，近有清華直播課因爲太卡頓而迎來的吐槽。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"但是不把技術作爲核心戰略就是錯的嗎？縱觀當下所有視頻平臺，以及社區運營屬性的互聯網公司，現在面臨的最大問題都不是技術問題，而是獲客問題，更何況 B 站已經連續虧損了 5 年，更爲迫切要盈利。而跟獲客有關的內容、運營、產品、策劃，技術手段上是無法再有更大突破的，幫不上太大忙。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"3年虧損49億，B站上市後能走多遠？"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"盈利難題一直是懸在 B 站頭上的一把達摩克利斯之劍。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"財務資料顯示，2018年至2020年，B站分別實現營業收入41.29億元、67.78億元、120億元。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"但B站當前的虧損態勢仍有隱憂。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站財報顯示，自 2015 年以來，B 站已連續虧損 5 年，且年虧損幅度不斷擴大：2017 年 B 站淨虧損 1.8 億元，2018 年淨虧損增至 5.65 億元，2019年虧損擴大至13.04億元；2020年虧損30.54億元，近三年累計虧損49.23億元。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站向投資者解釋連年虧損的原因， “在業績記錄期我們之所以產生大額虧損，是由於我們一直處於高增長階段，且通過投資於我們的品牌及優質內容的方式，戰略性聚焦於用戶基數的增長，爲長期盈利能力作準備。”"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站表示，2020年虧損，主要由於三大原因，推出了更多遊戲，導致向獨家代理遊戲開發商支付的款項增加；因移動遊戲和增值服務業務擴展，導致向發行渠道支付的款項增加；因主播及內容創作者人數上升，以致向平臺上的主播和內容創作者支付款項增加。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B 站是一個優秀的社區，但可能並不是一門好生意。B 站用戶忠誠度、留存率等指標很高，但會員制門檻高，番劇永遠不插廣告，這無疑放棄了一大塊收入“蛋糕”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"長期以來，B 站的盈利模式相對單一，重度依賴單款遊戲。對於一家上市公司來說，單一的盈利模式必然會給未來的發展造成掣肘。因此，近年來，B 站一直在努力地“去遊戲化”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2019 年 12 月，B 站在直播領域做出了 2 個大動作，令外界側目，先是月初耗資 8 億元拿下了英雄聯盟全球總決賽中國地區連續 3 年的獨家直播權，月底又緊接着以每年 5000 萬的價格簽下了原“鬥魚一姐”馮提莫。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"兩次重金投入顯露了 B 站在直播領域的野心，但直播業務能否因此風生水起還有待於時間來驗證。另一方面，B 站積極擴展電商業務，自淘寶成爲 B 站股東後，雙方也就 IP、內容電商等領域展開了合作。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"一系列多元化策略後，B 站的“去遊戲化”取得了一定成效。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"財務資料顯示，B站的營收主要來源於四部分：遊戲業務、增值服務、廣告收入、電商及其他業務。2020全年，這四部分的營收分別爲48億元、38億元、18億元、15億元，同比增幅分別爲34%134%、126%、109%。在2018年、2019年及2020年，其收入中分別有71.1%、53.1%及40.0%是來自移動遊戲。除遊戲業務外，其他業務均實現了翻倍的增長。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B 站“出圈”，機會來了，但是挑戰更大。對手撲面而來，B 站沒有天敵？這個說法早就不存在了。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"上市之後，B站的表現能否令投資人滿意，可能還要打一個問號，以及需要靜待時間來給出答案。"}]}]}