Edited by CITIC Construction Investment Co., Ltd.: "10 billion Blue Ocean Market, New favorite of Virtual consumption"

Abstract: under the pressure of rapid economic development, the uncertainty of family and career makesMiddle classFeeling anxious, this anxiety makes the middle class have a stronger need for rapid access to information and knowledge to improve themselves than other groups.

1. Knowledge payment is becoming more and more popular, and the industry has entered a period of rapid development.

In 2013, the official account "Luoji thinking" took the lead in introducing the paid membership system, which opened the prelude to China's knowledge payment market. 2016 is known as the "first year of payment for knowledge". With the "opinions on strict Patent Protection" issued by the State intellectual property Office, the online copyright environment has improved, and a large number of knowledge payment programs and applications have been launched one after another. At the same time, knowledge payment merchants through Youzan, Gosling and other service providers, set up knowledge payment on Wechat and e-commerce Mini Program and other models are becoming more and more popular, knowledge payment industry has entered a period of rapid development.

2. Most of the paying users are middle class, and knowledge has become the new favorite of virtual consumption.

The age of paying users ranges from 21 to 40, accounting for 81%, and the monthly income is 5000 million yuan, accounting for 34.8%. Under the pressure of rapid economic development, the middle class has a stronger demand for rapid access to information and knowledge than other groups because of anxiety. Moreover, most of the middle-income people have a strong willingness to pay and a certain ability to pay for self-improvement and practical knowledge, so knowledge has become the new favorite of virtual consumption.

3. The base of knowledge payers is close to 200 million, and the market space may reach 10 billion yuan.

We estimate the market size of knowledge payment according to "user group size × payment conversion rate × annual ARPU". It is estimated that the base of knowledge payment population in 2017 is 187 million, and the market size is 3.7 billion yuan. In 2020, the base of knowledge-paying population will reach 243 million, and the market size is conservatively estimated at 7.776 billion to 29.16 billion yuan.

4. Related subject matter

There are likes in China:The company is engaged in new retail Saas services around Wechat ecology. To create an integrated management platform for payment for knowledge and physical e-commerce. Youzan knowledge payment has a mature business model, which provides integrated services of knowledge payment and e-commerce platform to help users realize business cash through the integration of business, membership, data and capital.

City Media:The company is mainly engaged in traditional publishing and distribution business and new media development and operation business. At the beginning of 2016, Qingdao Publishing House, a wholly-owned subsidiary, signed a "Strategic Cooperation Agreement" with Himalayas. In June of the same year, the company indirectly held a 1.45% stake in Himalayas with 60 million yuan. At present, its new media audio product development company, Carpenter's voice, has established close cooperation with a number of audio platforms to create multiple paid programs, which have been broadcast tens of millions of times.

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