Xiaohongshu mainly involves the first two. Let's talk about advertising first. The current valuation ceiling of the advertising business is outside of advertising. Taking the listed content community targets similar to Xiaohongshu as an example, Weibo and Zhihu, which have lower unit user value (market value), have lower corresponding business model value coefficients. Weibo's latest financial report disclosed that the proportion of advertising business reached 10.3%, and the proportion of Zhihu's advertising business and membership business reached 10.3%, which is relatively certain but lacks imagination. In contrast, Kuaishou's business model is broader and faster.
The advertising business of the website only job seekers database accounts for 10% of the overall business, and the membership value-added and game business account for 10.3%, which has a higher commercial value coefficient that can be used by a single user. The same is true for Kuaishou. Although the advertising business accounts for 10.3%, a part of the internal circulation advertising revenue serves its own e-commerce business, and the fast growth rate of the e-commerce business brings enough room for the market to think. Figure: Calculation of unit user contribution based on user scale and market value Source: Calculation by financial client Jinduan From this form, we can also roughly see the value of different business models.
Based on this, we add data on user interaction time (the longer the usage time, the easier it is to generate trade behavior). Taking Weibo, which has the highest proportion of advertising business, as an example, Weibo is limited by the shortage of commercial links. According to the data, the average usage time of Weibo is about 1.5 times that of Kuaishou (about 2.5 minutes). The economic output per minute of 1.5 yuan roughly represents the economic value of pure advertising business. Using the same caliber to calculate the unit minute economic output of the advertising business of the website, 1.