Where is the invitation code for interesting headlines? How to enter the invitation code of interesting headlines?

The "Fun Headlines" APP can read books to make money, watch news to make money, and accept apprentices to make money. Bian Xiao seems to have never played it, and I don't know much about it. Recently, many people don't know how to fill in the invitation code. Next, I love the liar Bian Xiao to share the relevant content with you.

Where is the invitation code for interesting headlines?

Official invitation code for fun headlines: A 123643820 (fill in the invitation code to get the 0.5 yuan red envelope).

1. Open the fun headline app. At the top of "My" page, we can see "Enter the invitation code and get the 0.5 yuan red envelope". Click to enter the invitation code details page.

2. After entering the "Enter Invitation Code" page, we can see that if you enter the invitation code of your friend's interesting headline (A 123643820), and then click "Submit Invitation Code" to submit it successfully, you can get the 0.5 yuan Prize.

3. Invite friends to earn 0.5 yuan cash prize. If the invitation of friends is successful, you can get extra cash rewards, and friends can continue to earn gold coins for you. If you invite 10 friends every day, you can easily earn thousands of dollars a month!

Of course, you can also scan the code to register, and you can get a red envelope filled with cash if you agree.

6 billion capital to buy 1 100 million installed capacity! After washing the Internet population, it has become a 50 million daily live APP camp, achieving billions of revenues and billions of profits. Is this interesting title reliable?

A year ago, I first received a download link of interesting headlines shared by my relatives on WeChat. Relatives also specifically told me that I must download the registration activation, so I will continue to watch it for a few days and let him earn a few dollars.

I didn't notice. The mode of "sharing, downloading and giving out red envelopes" was very popular at that time. Every application is spending money to get new customers, which is nothing special. However, I am not a reader of this information APP, and naturally I am not interested in helping my relatives complete this task. In fact, before this, I have received too many invitations from him for such tasks, including the famous Pinduoduo and a number of small apps such as Mi Earn.

Relatives have been very picky about this matter. When they met during the Spring Festival, they jokingly said, "Look, I downloaded, registered and shared this kind of mobile phone software when I was free this year, and earned more than 1000 yuan! You young people in big cities really don't like this little money. "

One year later, interesting headlines appeared on Nasdaq. The IPO issuance range corresponds to a valuation of more than $2 billion. In the days after the release of the prospectus, I had to download this APP with "curiosity", trying to decrypt the business secrets behind this "wonderful application" that was constantly ridiculed by users in first-tier cities.

0 1

The "customer loyalty" of cash escort encourages the temptation.

I registered the interesting headlines and immediately got 10000 gold coins, 10000 gold coins corresponding to 1 yuan. After taking 1 yuan, the banner "Invite 2 friends to earn 20 yuan" will be prompted in the APP. I invited my other mobile phone as a friend.

Another mobile phone immediately received a very attractive message:

At the same time, the picture received by WeChat is like this:

This is the beginning of fission marketing to get customers.

After registering and activating interesting headlines, interesting headlines will provide a set of task incentives to help you develop a good habit of reading every day and sharing it with your friends frequently:

The above is the "user loyalty system" mentioned in the prospectus. This loyalty system relies on cash to clear the way, and uses "making gold coins-withdrawing cash" to lure you to form a loyalty habit:

(1) Loyalty helps headlines to invite new users and supervise them to read interesting headlines every day, so as to continue to earn cash. This is "loyalty to get customers";

(2) Loyal daily punching in interesting headlines and completing tasks such as sign-in and reading, which is "loyalty maintenance".

In order to make changes, many customers are more diligent than they think:

(1) Many people specialize in how to make money. The number one user has a total income of nearly 240,000 and 66,273 friends.

(2) It is mentioned in the prospectus that the average daily usage time of 65438+August 2008 is 55 minutes, far exceeding most domestic applications, and only WeChat and headline system can match;

Anyway, can you withdraw 60 yuan quickly? If you are interested, you can download an interesting headline and invite friends to try it.

02

Small temptation and big business: users earn 22 cents a day and interesting headlines earn 30 million a day.

According to the prospectus of Fun Headlines, in the latest quarter (20 18Q2), the revenue was 439 million, most of which came from advertising. According to this calculation, the daily advertising revenue of interesting headlines has exceeded 5 million.

At the same time, the interesting headline prospectus shows that in the most recent quarter (20 18Q2), the total expenditure on loyalty maintenance was 246 million yuan, and the average daily active customers were12.3 million. According to this calculation, Fun Headlines will reward 0.22 yuan for each customer who logs in to the APP and reads the content that day, and each reading user will create 0.43 yuan of advertising revenue for Fun Headlines every day.

Generally speaking, when you read headlines for 50 minutes a day and earn more than 2,000 virtual gold coins (equivalent to 0.22 yuan in cash), you create 0.43 yuan in advertising revenue for headlines.

Advertising revenue is the oldest revenue in the development history of the Internet in less than 30 years. In the early days of the Internet, advertising even played the only way to realize the Internet on a large scale. Today, the revenue scale of China Internet marketing market has reached 500 billion yuan, accounting for more than one third of the Internet liquidity.

If you want to know more about the online advertising industry, you can click to read our member-specific content, "New Jianghu of online advertising: headlines accelerate, Baidu is in danger".

Long press the above picture to join the membership immediately and read the exclusive content.

The income of interesting headlines comes from advertising. When users browse the information flow of interesting headline apps, they will see display advertisements loaded between information flows. Every time a user clicks on an advertisement, interesting headlines will earn advertising revenue.

Information flow advertising is the fastest-growing advertising category in recent three years, and its leading enterprises are Sina Weibo and Today Headline. Today's headlines have a high probability of advertising revenue exceeding 40 billion this year, which is basically four times that of Sina Weibo. Compared with the headline and Weibo 100 billion, the interesting headline should earn no more than 3 billion this year, and it is still a little brother outside the giant camp.

The vigorous development of information flow advertising is mainly due to the improvement of advertising efficiency, which makes the revenue logic very clear.

(1) Compared with the PC era, information readers in the mobile era have added accurate information such as geographical location, gender and interest to the information flow platform, greatly improving the ability of accurate advertising;

(2) The information flow platform enjoys a lot of cheap content, and the income distribution obtained by content producers is pitiful. Revenue generated by advertisements loaded between multiple pieces of information does not need to be shared with content providers. The more platform users, the greater the advertising value, but the content cost is fixed.

Interesting headlines interpret "encouraging readers with cash" as business innovation, rather than "having to do it" in a fierce competitive environment: if you want to grow rapidly under the attack of giants, you should either subsidize content producers to provide unique content quality to retain customers, or directly subsidize customers to make users "make money". Interesting headlines choose the latter, and the subsidy scale is quite large: half of the income goes to users.

According to an underwriter's report contacted by Jane, the investment bank predicts that the daily users of interesting headlines may reach 80 million (no later than the end of 2020), which is six times that of Q2 20 18. If the advertising revenue capacity remains unchanged, the daily advertising revenue will also increase sixfold to 30 million yuan.

This is the most wonderful chapter in the "big story" that interesting headlines tell the capital market.

03

Super ambition: Did you buy an installed capacity of 65.438 billion units?

The advertising revenue of interesting headlines is the product of the advertising revenue of daily active customers and individual customers. Under the assumption that the advertising marketing efficiency is sufficient, the advertising revenue of single customer is the result of the advertiser's demand, and daily active customers become the core operating index of interesting headlines.

The goal of daily active customers is the result of a series of operations. The most important operational objective is the installed capacity. Only when customers install and activate the APP can they become real customers.

Compared with reading motivation (or "loyalty maintenance"), the same motivation is to send red envelopes to get customers (or "loyalty to get customers").

The financial data released by (1) Fun Headline shows that the last quarter (20 18Q2) spent 205 million yuan to buy 35 million new installation customers, with an average cost of 5.83 yuan per new customer.

(2) According to the past data of Interesting Headlines, 12 months' observation, only about 20% of installed customers will be converted into monthly active customers, and daily active customers are about 40% of monthly active customers. Multiply the two, and about 6% to 8% of installed customers will turn into daily active customers.

According to the above calculation (1)-(2), the customer acquisition cost of each effective customer is between 70 yuan-100 yuan. As mentioned above, the daily net income contribution of each daily customer is 0.2 1 yuan, so the payback period of an effective daily customer is 300 to 500 days. (70 yuan /0.2 1 yuan/day-100 yuan /0.2 1 yuan/day)

Interesting headlines need to rely on continuous purchases to maintain the growth of daily customers.

Interesting headlines To achieve the target daily living scale of 60-80 million, the trend of installed capacity and sales expenses (including loyalty acquisition and loyalty maintenance) will be as shown in the following figure:

Data source: Jianzhi model

In this chart, we find that the "burning money" speed of the interesting headline "Loyalty to win customers" will continue to accelerate in the next few quarters, and its peak will appear near Q2 of 20 19, and then it will gradually fall back, and the total expenditure on loyalty maintenance will stabilize after sustained growth.

The more critical indicator is that the fun headline should achieve 60 million to 80 million daily activities, and the installed capacity should buy more than 65.438+0 billion units! Can you believe it?

The following figure shows the forecast trend of monthly and daily activities under the expectation of 654.38 billion installed capacity:

Data source: Jianzhi model

Let's believe this story for the time being, and the quarterly stock conversion and quarterly loss data we get will be as shown in the following figure:

Data source: Jianzhi model

On the basis of 60-80 million daily activities, the advertising revenue target of Fun Headlines will exceed 654.38+00 billion. Remember the advertising revenue scale of Weibo, an information flow giant (or social media)? The ambition of interesting headlines is to keep pace with Weibo!

Data source: Jianzhi model

04

Wishful thinking: daily life is more than 50 million, income 10 billion, profit10 billion.

If you understand the above analysis of income model and customer acquisition goal, then the following figure is the wishful thinking of interesting headlines telling the capital market:

Data source: Jianzhi model

(1) The ambition of Fun Headline is to develop a super information APP with daily customers exceeding 50 million. In the ranking of Internet applications in China, there are less than 20 apps with daily customers exceeding 50 million, with Tencent, Ali and Baidu accounting for 12. Today, the headline system accounts for 4. If the interesting headlines are among them, it will achieve a substantial leap to the Internet giant;

(2) If the ambition of this super APP is realized, the interesting headlines will generate tens of billions of income. Considering its loyal maintenance cost to customers, its profit scale should not exceed 2 billion, which is a low level among Internet giants. However, this profit scale is enough to support the future valuation of 30 billion yuan, which is still double the current IPO market value of 654.38+0.5 billion yuan.

(3) In order to achieve more than 50 million daily work, according to the existing model, the total installed capacity will exceed 654.38+0 billion. Even considering the replacement cycle of mobile phones and the possibility that users may have multiple mobile phones, about half of the Internet population (at least 400 million people) will need to load interesting headline apps.

Can the wishful thinking of interesting headlines be realized?

05

Interesting headline of three questions: the hidden dangers of violent buying and the advertising value?

(1) What is the advertising value of customers who want to make small money?

The essence of information flow advertising is effect advertising, which is essentially the marketing cost of advertisers' goods or services. On the whole, customers with interesting headlines will pay for the goods and services displayed in the effect advertisements. On the whole, the incentive of interesting headlines to customers is essentially less than half of the marketing cost of buying goods and services. In other words, customers as a whole will definitely not make money on interesting headlines.

The key question is: funny headlines are a typical "washing customers" mode. Through installation and marketing incentives, 80 million (maybe not so many) users of the 800 million Internet population who want to make a little money in their spare time have been eliminated. In the long run, customers use funny headlines for the purpose of making money, but the experience of actually making no money is ultimately untenable. Compared with the wishful thinking of interesting headlines, this holistic feature of customer groups may obviously overestimate the advertising value. This is a key question for some investors about interesting headlines: as time goes by, advertisers will find that the advertising value of interesting headlines customers is becoming more and more limited, in other words, the single-user advertising value of interesting headlines is questionable.

Data source: Jianzhi model

This is a trend chart of single-user advertising value with interesting headlines. Since Q2 2065 438+08, the single-user advertising value of interesting headlines has suddenly increased rapidly, and we don't know what is the driving force behind it.

(2) Can Fun Headlines really buy an installed capacity of 65.438+0 billion, and realize daily work of more than 50 million?

In the whole year of 20 17, the customer acquisition cost of interesting headlines was 2.73 yuan/newly installed customer. Starting from 20 18 Q 1, Interesting Headline has greatly increased the expenditure on customer acquisition to maintain the growth curve of installed capacity. 20 18 Q 1, and the customer acquisition cost increased to about 2065438 in 6 yuan.

The information reading market is not a strong demand market. Customers' habits and interests change very quickly, and the longer the recycling cycle, the less cost-effective. The cost of buying will only get higher and higher, and investors are worried that interesting headlines may not be available soon! This may be an important reason for the interesting headline IPO!

Data source: Jianzhi model

The above picture shows the conversion rate trend of newly installed machines that we have statistically analyzed. Judging from the pictures, the installation of interesting headlines, the transformation of monthly activities and daily activities all showed a downward trend.

We observed that the conversion rate of 18 Q 1 quarter was abnormal, which may be related to the promotion of customer incentives by interesting headlines.

The latest data of 18 released by Fun Headline in July and August shows that the transformation from installed capacity to monthly activity has suddenly increased. We don't know why. Considering that this information was released before the IPO, some investors told us that this data is extremely suspicious and may be the result of further promoting incentives?

Data source: Jianzhi model

In terms of installed capacity, the installed capacity increased by 2 1 10,000 in July and 27 million in August, and the installed capacity soared. The monthly installed capacity in August exceeded that in the first quarter 18. Is violent buying of interesting headlines before listing a normal business rhythm or a deliberate rush to IPO?

Soon, the Q3 quarterly report will tell us the answer.

(3) In the long run, can interesting headlines keep customers active without increasing the maintenance cost of individual customer loyalty?

Data source: Jianzhi model

The maintenance cost of individual customer loyalty has been rising, and customers need continuous gold coin incentives to reach online time. In essence, the "pocket money" brought by customers' continuous time investment is very small, and the persistence of "freshness" always needs higher cash incentives to achieve, otherwise it is difficult to maintain a long life.

However, every penny increase in single-user maintenance costs will erode the profits of interesting headlines. The following figure shows the sensitivity analysis data of the mature interesting headlines:

Data source: Jianzhi model

The data in the above figure shows that if the advertising value of a single customer remains the same in 0.5 yuan/person/day, the profit of interesting headlines will drop by 250 million if every penny of customer loyalty is maintained as an incentive.

Interesting headlines need to constantly improve the advertising value of individual customers, so as to ensure that the company's pre-tax net profit does not decline while the customer loyalty maintenance incentive is slightly improved.

06

Interesting headlines: business innovation or capital illusion?

When we return to the essence of Internet advertising business to understand interesting headlines, its business model is not mysterious at all:

The commercial path of interesting headlines follows the typical characteristics of information flow distribution platforms aimed at obtaining advertising revenue, and providing incentives to users is the only feature that distinguishes it from other personalized information flow distribution platforms (Tencent News, Today Headlines, etc.). ).

Providing incentives to customers is not "business innovation" in essence, but a "passive choice" to seek a rapid growth path without the advantages of first Mover, user base, content and technology; Today's headlines, Tencent News, Baidu Information Flow and other competitors do not choose the customer incentive path. On the one hand, because the subsidy is too fragile, the profit model is completely unnecessary under the advantages of customers, content and technology. On the other hand, subsidizing customers will inevitably lead to "adverse selection" of customers. If the customers who are greedy for small profits become the main part of the traffic, will advertisers who hold large sums of money still invest in the budget?

Interesting headlines The daily traffic of users who buy through capital lacks continuous stability. After being exposed to the advertising marketing of high-margin disposable goods and services for many times, users who are greedy for small profits will gradually have a strong "advertising immune effect" and further reduce the advertising value. During the fast purchase period, the continuous entry of new users makes the advertising effect look good. Once it goes through the stage of "buying and washing users" and enters a stable state, the decline of advertising value is a high probability event.

If there is not enough product innovation ability to redefine the target customers, the "violent purchase of users" model of interesting headlines is undoubtedly walking a tightrope.

Anyway, the interesting headlines hit a good time when they went public: Pinduoduo and Weilai Automobile, which they don't know, just experienced a round of crazy rise. Will a little mysterious and interesting headlines continue the illusory charm that cannot be falsified? The short-term fluctuation of the capital market is unpredictable, and the long-term value has rules to follow, depending on what you believe.