Original title: “blind box +” mode fast fission “surprise economy” explodes youth market
Yan Cui, reporter of Securities Times
Roman Roland said that there is a kind of heroism in the world, that is to love life after recognizing the truth of life. Forrest Gump says that life is like a box of chocolates. You never know what you’re going to get next.
Perhaps it is this persistent love of life, the exploration and attempt of the unknown, as well as the surprise and happiness brought about by it, that spawns and heats up the blind box economy.
According to a survey conducted by a reporter from securities times · e company, at present, the wind of blind box is sweeping all aspects of life. E-commerce businesses such as shopping malls, stationery and gift wholesale markets, Alibaba Taobao Jingdong and other e-commerce companies are bound to be new hot spots and sales volume increase. At the same time, the “blind box + X” mode is rapidly splitting. As an innovative sales form, it is rapidly expanding from the fashion market to stationery and services Decoration, beauty, digital, archaeology, food and other fields.
However, there is no doubt that blind box is only a primary entrance for all walks of life to enter the youth market. The essence of blind box is still in IP and products. In China, such a 100 billion wave game market focusing on young people has just started. With the rapid rise of bubble mart’s secondary listing, it has become the focus of public opinion, and there are different opinions about it.
Blind box sales increase
One day in mid December, “blind box first stock” bubble Mart had just completed its second listing in Hong Kong, with a market value of more than 100 billion Hong Kong dollars. At that time, Shenzhen was already in winter. However, the cold weather did not dampen people’s enthusiasm to go to Shenzhen’s largest stationery and toy trading center – Shenzhen Sungang stationery, toy and gift wholesale market.
Perhaps there are Christmas, new year’s day, Spring Festival and other festival elements close to the blessing, the whole market is filled with thick warmth, busy.
The price of stationery box, pencil box and so on, which are very different from that of stationery box and toy box in shops.
Some people are curious about the blind box products in various stores, but the staff are almost too busy to welcome potential new customers. They just sort out the products, pack the products and answer the phone. When someone asks, they will answer by the way.
“It’s 59 yuan a piece, and it’s 60% off wholesale.” “We have been selling this very well recently. I also took some gifts for the children’s classmates a few days ago. There are 12 dolls in a series. You can take as many as you want, and you can get 5 yuan each.” “Blind box is like this. You don’t know what is inside, but if you really want to take it, we have one or two opened here to show you, and roughly know what it is.” The wechat of all businesses recently released all kinds of new blind box products. For a time, the market heat of blind box exceeded the words.
In the daily necessities layer of a large commercial square in Futian District of Shenzhen, the attribute of blind box is still difficult to hide.
In this floor, there is a bubble Mart flagship store, and a bubble Mart robot shop is less than 100 meters away. In addition, several gift and toy stores, such as mingchuang Youpin and Jiumu sundry club, are placed with all kinds of blind box products. Manufacturers include bubble mart, aofei entertainment, and other small factories or Japanese and Korean products.
The staff of bubble Mart flagship store told reporters that the flagship store entered the mall in June this year, and its sales have been relatively good since it entered. “Some customers take a series as soon as they take it, because it won’t be repeated. There are all kinds of styles that they like, and there may be a hidden one. However, the price is the same even if you take more than one.” except for 29 yuan each You can change the badge if you don’t like it, but you can’t change any other products. “.
Although the popularity is unprecedented, the blind box Sales Department of all businesses prominently displays the “blind box sales notice”, reminding that the sales are not returned or exchanged. It can be seen that the blind box is still in the initial stage of development.
“The blind box hasn’t come out yet. The designer is too busy. Several partners are urging me. I’m looking forward to it.” Recently, a person in charge of a tide play enterprise in Shenzhen also revealed to reporters.
This year’s “double 11”, bubble mart tmall flagship store has achieved a final sales of up to 142 million yuan, becoming the first member of the “100 million yuan club” in the category of toys. It is reported that the main consumer group of bubble mart is composed of young people aged 15-35 with high consumption ability and keen to share and display, with women in the majority.
The 1688 data of China’s domestic trade wholesale platform also shows that in the first half of December 2020, the turnover of blind box and derivatives platform was 2.7 times that of the same period in November, and the number of customized buyers increased by 300% year on year.
According to tianyancha professional data, as of November 30, 2020, there are more than 260 new chaoplay related enterprises in mainland China this year. At present, there are at least 800 chaoplay related enterprises in the mainland, and the status is in business, existing, moving in and moving out.
Ignite “surprise economy”
The blind box originated from Japan’s Fukuoka, which can be traced back to the 1980s. There are various kinds of twisted egg, blind box and other products in China. 2019 is known as “the first year of blind box”.
The reason why it is attractive is that players only know what they have bought after they buy it, and it is this uncertainty that makes players happy, surprised or unsatisfied with the desire to buy again.
At present, the blind box commonly referred to by all walks of life is the blind box in the field of fashion play, that is, the outer box is not marked with what it is, and the internal product is generally the blind box of various kinds of dolls. Because a series of blind boxes generally have more than ten or dozens of models, it is easy to become a carrier for the new generation of young people to entertain, exchange, exchange and purchase.
But on the other hand, the blind box itself also represents an innovative way of sales, which is gradually being used for reference by stationery, clothing, beauty, food, archaeology and other fields. A “surprise economy” brought by blind box is rapidly fission in various industries.
Take stationery as an example, the penetration of blind box in this field has been relatively thorough. At present, stationery stores in the market generally sell blind box stationery. They have separate blind box pens, blind box erasers and blind box gift boxes. In a word, all kinds of stationery are innovatively packaged and sold in the form of blind boxes, which are popular among students and young people.
“I recently bought some blind box gift boxes for my friends. The price is not high. Each box is about 30-50 yuan.” A woman in Shenzhen told a reporter that the reason why she chose the blind box was that she sent a low price blind box, which not only gave a little care, but also represented that she was sharing and delivering a kind of happiness, a joy of advocating the unknown and surprise, and the happiness of young trendsetters. Such gifts were not deliberately sent out, and the recipients were also willing to accept them.
In the field of food, Starbucks launched the blind box of Christmas in December, seven kinds of bear toys designed by ourselves, with a unit price of 108 yuan, with gift certificates for consumption in the store. For Starbucks, which often launches seasonal peripheral products, blind box is its first attempt. At present, it can be seen that the blind box is widely praised on a number of social software. Moreover, the emergence rate of this series of hidden items is high. Many buyers can draw hidden items at one time, and the consumption experience is greatly satisfied. Previously, Ruixing coffee also launched Liu Haoran series of blind boxes, which not only sold out, but also paralyzed the software.
In the field of furniture, IKEA also launched the Christmas themed blind box for the first time in December. The image is Sweden bijo bear. There are five styles in total, namely pen holder, note box, gift box, bottle stopper and hidden style, which are both practical and lovely. However, unlike other businesses, IKEA’s blind boxes are not sold separately as goods, but as gifts that customers can receive free of charge after the consumption quota is reached, and they are limited daily.
On taobao.com, the reporter saw various kinds of blind box + X stores centered on blind boxes. There were archaeological blind box stores, and the products purchased were archaeological products or appliances, such as various stones, mining hammers, physical objects and toy products. There were also blind boxes of clothing and footwear, each of which was priced at the same price, but the shoes or clothes styles were different. There were also blind box stores for consumer electronic products, which ultimately led to consumers The products purchased include data cable, mobile phone, headset, charger, etc.; in addition, there are also online blinding machines. What you get online will be delivered to you. Generally, the display cannot be replaced. However, some professionals have warned that consumers should be wary of buying second-hand products, such as some old mobile phones, old headphones, and old clothes, when buying blind box products online.
If you type in the blind box on alibaba.com, it will automatically display a number of popular searches, such as blind box empty box, blind box handmade, blind box toy, blind box customization, blind box storage, blind box doll, blind box vending machine, etc.
“For any industry, blind box is just a way of marketing. With its uncertainty, it can stimulate the vitality and vitality of the industry. As the scope of blind box + X becomes wider and wider, some enterprises with their own IP may get more IP licensing opportunities and improve their liquidity.” Cai Jinshun, assistant to the president of aofei entertainment and head of toy business, told the reporter of securities times · e company.
The core of blind box is IP + products
“The focus of blind box is still the products in the blind box and the emotional experience of consumers brought by IP itself. To a certain extent, blind box is only an entry-level product in the youth market. With more recognition and emotional input to IP, users have more and more demand for high-quality products with long aesthetic points, and even consider the value of their collection. ” Cai Jinshun, assistant president of aofei entertainment and head of toy business, told the securities times · e company reporter.
Cai Jinshun introduces, “blind box” and “tide play” is the concern of new growth market in recent years. The toy brand “Audi double drill” of Austria fly entertainment started to test children’s blind box products in 2019. In June of last year, it launched the blind box series of super flying guy blinking, Ba la la, piggy page puppet and so on. The overall market feedback is good, the sales volume of this series of products exceeds 1 million. In September this year, the company joined hands with “Yin Yang Shi” game to launch the diedieyue blind box series, Q version blind box series products and hand-made products derived from IP roles for K12 + market. “Yin Yang division” blind box products have been in a state of short supply since the market. In the fourth quarter, the number of “Yin Yang division” series blind boxes was about 2 million.
“The blind box of enterprises, to be exact, is a kind of game and animation IP derivative business. The core competitiveness lies in creativity, design and deduction ability, market channel ability, and supply chain advantage.” Cai Jinshun said that the blind box project is only the first step for aofei entertainment to enter into the youth business. Compared with the overall business scale of the company, the K12 + fashion game business is still a relatively small part. However, the company has fully realized the huge consumption potential of young people, as well as the emerging technologies such as the Internet and the new consumption habits of young people are also supporting the development of the fashion game market In the future, the company will focus on its own advantages, explore and accumulate experience in the K12 + fashion game business. Meanwhile, it plans to use the company’s own IP, such as zhenhun street, beckon bear and other young people’s well-known IP, as the second echelon of K12 + fashion game business.
“The company has achieved the top position in K12 toy and animation field in China. In the future, we hope to build the popular game market for young people into the second growth pole of the company.” Cai Jinshun revealed.
In the prospectus of bubble mart, the company also clearly points out that the core business of bubble mart is IP. At present, the company operates 85 IP, including 12 self owned IP, including Molly, dimoo, etc.; 22 exclusive IP, such as pucky; 51 non exclusive IP, including Mickey, Hello Kitty, despicable me, etc. All kinds of trendy toy products developed around these IP will contribute 82.1% of revenue in 2019.
Therefore, in addition to the current product sales around IP, how to realize secondary realization around IP has been put on the agenda of enterprise development.
Aofei entertainment disclosed to the reporter that aofei is planning the game, animation head IP derivative movable hand-made, high-quality handmade, and even IP derivative sculpture products. Meanwhile, aofei will continue to take IP as the core and promote the business model of “IP +” whole industry operation.
It is understood that bubble Mart actively explores the additional liquidation opportunities brought about by IP licensing, and the related revenue is growing rapidly. From 2017 to 2019, the IP license fee revenue increased from RMB 700000 to RMB 12100000, with an annual compound growth rate of 315.8%, accounting for 0.7% of the total revenue, and the license fee revenue in 2020h1 increased by 290.5% to 8.2 million yuan, further increasing to 1%. In terms of specific authorization, the company successively authorized Molly to Yili, Ponzi, Casio Baby-G, ZA, etc.
Fashion game market “mixed reputation”
Recently, blind box has attracted much attention due to the fire of bubble Mart listing in Hong Kong. On December 11, bubble Mart opened more than 100% on the day of its listing. At present, its market value has exceeded 100 billion Hong Kong dollars.
Data show that the gross profit rate of bubble Mart increased from 47.6% in 2017 to 64.8% in 2019, and the net profit increased nearly 300 times in three years from 2017 to 2019.
In addition, according to frost Sullivan report, the global trend toy retail market size is expected to further increase to $44.8 billion in 2024, with a compound annual growth rate of 17.7%; China’s trend toy retail market will grow more rapidly, and is expected to increase to 76.3 billion yuan in 2024, with a compound annual growth rate of 29.8%.
Attracted by factors such as high gross profit rate, high growth, innovative sales model and emerging 100 billion young people’s market, capital and listed companies have rushed to the beach.
It is reported that at present, the tide play industry is growing at an alarming rate, attracting Youku, Tencent, bilibilibili and other Internet companies to launch trendy game products and programs full of fashion play elements. More than 10 fund companies, such as Sequoia Capital and venture workshop, are also accelerating the layout of the fashion game market.
In addition, the securities times · e company found that in addition to the aforementioned bubble mart and aofei entertainment, many investors have recently consulted on the interactive platform about the layout of Listed Companies in the blind box field, and relevant companies have responded to this.
Gaole shares said that the company has set up a special fashion business unit, which is responsible for the development, marketing and operation of blind boxes and other products. At present, the company has developed Disney Tsum Tsum dessert house blind box series, rainbow house blind box series, floating bottle blind box series, magic fantasy show blind box series, Mulan military blind box product series, etc., and has launched to the market. Four series of blind box products are planned to be launched in the second half of 2020, and at least 12 series of blind box products are planned to be launched in 2021.
Jinke Culture said that around the “talking tom cat family” IP, the company has launched IP derivatives of fashion shoes and clothing, daily household, intelligent toys, children’s early education and other categories through independent research and development and authorized development. At the same time, the company’s IP business team is also actively trying to blind box and other fashion items that meet the needs of young consumers, and continue to expand the consumption of IP derivatives Fee group and brand influence.
New Beiyang disclosed that the company’s intelligent micro supermarket products can be used for blind box sales, and the company’s customers have purchased intelligent micro super products for the sale of blind box and other fashion products.
In short, the core business model of blind box is the perfect replication of “uncertain game”, that is to attract consumers through strong IP attribute products, stimulate curiosity by pulling out the unique sales mode of blind box, and improve the repurchase rate by seizing consumers’ satisfaction with collections.
Guosheng securities research report said that bubble mart is a leading company in the domestic fashion industry. At present, the head IP reserves are sufficient and in the stage of rapid channel expansion, and the future growth is more certain.
However, some people hold a wait-and-see or doubt attitude towards the future of blind box. Cui Lili, executive director of the E-commerce Research Institute of Shanghai University of Finance and economics, told a reporter from securities times · e company that at present, blind boxes are sold both online and offline. Around blind boxes, a trend has formed among young people, especially after generation Z, that is, after 1995. Their exchanges, mutual gifts and exchanges have even triggered second-hand transactions or scalpers, but their playing methods are similar to those of gambling or lottery tickets “This is attractive to people who don’t know the blind box, but it may not be attractive to those who have seen through the rules of the blind box game.”
The CEO of a private enterprise in Shenzhen told reporters that he thinks the business of blind box is a short-term business that can gain benefits in the short term, and it is not a long-term business, unless the IP it obtains is exclusive and many users like it. Financial expert Wang Yaowu said that the blind box is still in its infancy, and the sustainability of its business model is not clear.