Wechat is a product with online social distribution function. Wechat social distribution mechanism is designed to meet the social information of acquaintances (content) sharing scenario. From the perspective of distribution objects, wechat social distribution is close to the real name system, and the distribution objects are mainly friends; from the perspective of browsing rights, wechat social distribution is based on a closed social chain, and non other friends cannot view the circle of friends or only display the last ten circles of friends; from the perspective of real-time performance, wechat users mainly obtain content by viewing historical messages, which is not strong Tune real-time interaction.
The official account and video number can be seen in the development process. What's more, the two are all done by social distribution, but the final traffic distribution is focused on subscription distribution and recommendation algorithm distribution. Why? In different scenarios, the criteria for users to judge whether they are "interested" in information are different: in spending more time to think and understand graphic reading, the criterion of "interested" is high content quality. In short video scenes with higher entertainment demand, the criterion of "interested" is more entertaining, and in the circle of friends who understand the dynamics of friends, The standard of "interested" is related to friends, which has little to do with the quality of content.
Wechat distribution shows a transformation trend from distribution content to distribution service.
(1) WeChat search has become an important entrance to user access services, showing the trend of global search. At the beginning of the search, search only supported the search of WeChat circle and official account, and then slowly released to some Tencent departments APP and outside information network station. In this context, wechat ecology is expected to be further open to content outside the station.
(2) the input method is expected to become a new mode of service distribution in WeChat ecosystem. Zhang Xiaolong once said that the goal of WeChat input method is to develop new input forms and make it the entrance to text expression. The core point of WeChat input method is to get through with other products of WeChat, and realize fast connection of official account, video number, small program, and so on. Wechat payment and other functions to improve service distribution efficiency.
Investment strategy:
At present, the growth of mobile Internet traffic is flat, but the short video with the recommendation algorithm as the core continues to reap the user time, and many tracks are squeezed. Although WeChat Kwai has launched video numbers to make up for the short video track vacancies, it can not compete with the jitter tiktok in the recommended algorithm distribution mode. In this situation, wechat upgraded the search distribution and input method distribution mode, from information distribution to service distribution, and from competing for user duration to competing for user use frequency. We believe that the competition of mobile Internet is the competition of distribution mode. WeChat's ecosystem enhanced service distribution helps to enhance user frequency and user stickiness, which can be compared to friends and official account numbers. At the same time, in the field of distribution services, the competition is relatively relaxed, and wechat has completed accurate card positions in this field. Therefore, we are optimistic about the service distribution track, wechat and Tencent.
Relevant listed company: Tencent Holdings (0700. HK).
Risk tips: (1) the user privacy protection policy is becoming stricter; (2) the development of wechat input method is less than expected.
