The number of advertisers who turned red Wang Xinling urged mango super media "Lang Jie 3" has declined

Recently, Wang Xinling's "Love You" brought a wave of memory killing to netizens, exploded the so-called "middle-aged male fans", and incidentally triggered a carnival of capital. Since the broadcast of "Ride the Wind and Waves" (hereinafter referred to as "Sister Lang 3"), Mango Super Media (300413. SZ) stock price has risen for 2 consecutive trading days, attracting a lot of attention from the outside world.

In the secondary market, following the stock price of 5.46% on May 24, as of the close of trading on May 25, the stock price of Mango Super Media closed at 37.71 yuan / share, up 0.72%, with a total market value of 70.545 billion yuan. The daily trading volume was 206,600 lots, and the transaction amount was 778 million yuan.

However, the reporter noted that at the time when the popularity of "LangJie 3" remained high, the number of advertisers in this season declined compared with the previous two seasons. At a time when the anxiety of long video platforms is deepening, where is the new vitality of Mango Super Media? How much room to grow?

The number of advertisers in "Sister Lang 3" declined

In 2021, the advertising business revenue of Mango Super Media exceeded the 5 billion yuan mark for the first time, reaching 5.453 billion yuan, an increase of 31.75% year-on-year, accounting for 35.51% of the company's total revenue. Among them, the advertising revenue has developed 118 new advertisers, and the total number of various advertising brands of Mango TV exceeds 1,000.

Behind the growth of advertising revenue, the "Sister Riding the Wind and Waves" series is indispensable.

According to past information, "Sister Riding the Wind and Waves Season 1" (hereinafter referred to as "Sister Lang 1") received 13 advertisers before the start of the broadcast, and the total number of advertisers in the program exceeded 40. "Sister Riding the Wind and Waves Season 2" (hereinafter referred to as "Sister Lang 2") has a total of 15 advertisers, exclusively titled by Jindian, and its partners include Meituan Preferred VIVO, Vipshop, Youdao Boutique Class, Swisse, LUX, Pea Thinking, Dove, etc.

Researchers at Open Source Securities have conservatively estimated that the advertising revenue scale of "LangJie 1" is around 455 million yuan, and the pull of the program on member income is about 500 million yuan, and the commercial income brought by "Langjie 1" is expected to reach about 1 billion yuan.

After the success of "Lang Jie 1", the investment scale of "Lang Jie 2" has increased significantly, according to the 2021 annual report of Mango Super Media, the investment amount of "Lang Jie 2" has reached the highest in the industry, the volume of investment in comprehensive N-generation high-quality IP projects has increased steadily, and customized variety show advertising has achieved leapfrog climbing for 4 consecutive years.

But in contrast, the number of advertisers in "Sister Lang 3" is not as large as the previous two seasons. According to public promotional materials, "Lang Jie 3" is exclusively titled by Jindian, and the partners include Hopson, Swisse, LUX, Dev, in addition to a special thank you brand Hushubao, a total of 6.

The number of advertisers has declined, will "LangJie 3" have an impact on the performance contribution of Mango Super Media in 2022?

For the above problems, the 21st Century Business Herald reporter called the secretary of the board of directors of Mango Super Media on May 25, and the other party said, "The number of advertisers and the overall amount of advertising are not necessarily directly related, not necessarily proportional, and this should be analyzed specifically to the actual situation of the project." ”

It is reported that Mango TV's advertising business is mainly divided into soft broadcast business and hard wide business, soft broadcast business with content as the core, fully explore the marketing value of high-quality content IP, to provide customers with naming, implantation and other advertising products; hard wide business to provide customers with patches, interpolation and other advertising services.

In fact, unlike "Sister Lang 1" and "Sister Lang 2", "Sister Lang 3" faces a more complex macroeconomic situation.

Mango Super Media has also hinted at the relevant risks in the annual report, the cultural media industry has a strong correlation with the macro economy, and macroeconomic fluctuations will increase the uncertainty of the company's operation from two aspects. First, macroeconomic changes will affect the company's expenditure budget for B-end customers, which will lead to greater fluctuations in the company's business for B-end customers. For example, during the macroeconomic downturn, corporate customers will reduce their advertising expenditure budgets, thus putting pressure on the company's advertising business; second, macroeconomic fluctuations will affect the income level and structure of the company's C-end customers, which in turn will affect their consumer confidence and consumption preferences.

However, the research report released by the Orient Securities Research Institute on May 10 believes that although the demand side of the advertising industry in 2022 is worrying the market, the value anchoring advantage of the variety series can thicken the mango super media pipeline and drive growth for a long time.

According to the above research report, in terms of the advertising investment cost of "LangJie 1", the exclusive naming fee is 80 million yuan, the chief partner price is 50 million yuan, the partner price is 30 million yuan, and the industry designated price is 15 million yuan.

After the launch, the cumulative playback volume of "LangJie 1" was 5.14 billion, which prompted a sharp increase in the advertising price of "Langjie 2", with the exclusive title price of 500 million yuan (up 525%), the chief partner price of 300 million yuan (up 500%), the partner price of 100 million yuan (up 233%), and the industry designated price of 50 million yuan (up 233%).

Therefore, analysts at Orient Securities believe that in terms of advertising prices, if the traffic of serial products in the previous quarter remains growing or stable, more and more advertisers will be willing to participate in investment bidding, and investment prices can be continuously improved.

The second quarter results are expected to be repaired

In fact, before the broadcast of "Sister Lang 3", the report card of the first quarter reported by Mango Super Media was not satisfactory.

In the first quarter of 2022, the company achieved operating income of 3.124 billion yuan, down 22.08% year-on-year and 16.13% month-on-month; net profit attributable to the mother of 507 million yuan, down 34.39% year-on-year, an increase of 278.46% month-on-month; and net profit of non-attributable to the mother of 474 million yuan, down 38.49% year-on-year.

Analysts believe that the decline in the performance of Mango Super Media in the first quarter was mainly affected by the rhythm of content scheduling. It is reported that due to the repeated outbreak of the new crown epidemic, the company's content production progress has been affected, and the annual key variety show scheduling time has been delayed.

However, with the launch of a number of blockbuster content such as "Sound and Endless" and "Lang Jie 3" in the second quarter, the company's performance is expected to recover.

The 21st Century Business Herald reporter learned that in addition to the advertising business, Mango Super Media will make concerted efforts in consolidating the main business, new business expansion, digital intelligence, and media integration this year.

In terms of long videos, in 2022, the company's film and television dramas will take the "Mango Monsoon" theater as the starting point, set higher standards, mobilize wider collaboration, and sustainably produce high-quality products that empathize with the times and renew the visual experience; variety shows will increase innovation and research and development efforts, and strive to launch more than 40% of innovative programs.

In 2022, the company will increase strategic resource investment to promote the steady development of emerging businesses. For example, its "new wave domestic content e-commerce platform" Xiaomang E-commerce relies on the advantages of dual-platform high-quality content IP resources in the Mango ecosystem, and iteratively upgrades the content e-commerce model of "video + content + e-commerce" through IP resource operation, and will also introduce strategic shareholders.

In addition, the company will actively adapt to the digital intelligence trend of the content industry, with the 5G Key Laboratory licensed by the State Administration of Radio, Film and Television as the base, promote the research and development and application of NFT, digital human production and virtual content production and broadcasting technology, and explore the innovation of 5G+ media product forms, technology applications and business model innovations for the metacosm.

In terms of technology empowerment, the company continues to focus on cutting-edge technologies such as AR, VR, XR, etc., and has successively launched a series of innovative achievements including virtual hosts, interactive video platforms, IMGO ultra-high-definition video repair and enhancement platforms, Internet 4K ultra-high-definition production and broadcast platforms, and 3D video content reality augmentation systems.

At the same time, in 2022, the company will continue to deepen the joint mechanism of hunan satellite TV and mango TV dual platform content co-acquisition and simulcasting, realize the deep integration layout of content from planning, operation to management, and realize the self-evolution and iteration of the media integration mango model.

On May 18, Mango TV and Hunan Satellite TV jointly held the "Headwind Doubles Fusion New Life" merchants association. In this regard, a relevant person from Mango Super Media told reporters, "The company will hold two investment promotion meetings in the summer and autumn every year, which is a fixed action." The reason for this year's co-operation is mainly due to media convergence. ”

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