Dragonfly FM COO Xiao Yi: Improving permeability is the key to the development of audio industry

 Dragonfly FM COO Xiao Yi: Improving permeability is the key to the development of audio industry

On January 5, at the 2009 Influences Summit held by China Daily Network and Netease News, Xiao Yi, a dragonfly FMCOO, in an interview with Netease Science and Technology, pointed out that the biggest pain facing the audio platform was the low penetration rate of the audio industry. Only nine or ten points, far below the penetration of news, video, graphics and text almost 100 percent.

Xiao Yi appealed that enterprises in the audio industry should work together to educate users, lower the cognitive threshold of the audio industry, and let more people listen to it. We should at least step over 40% of the industry penetration before we dare to say that we are a mature area in the Internet industry.

At the same time, Xiao Yi told Netease that dragonfly FM has revenue channels such as advertising, membership, e-commerce, payment, etc. Among them, paid content (single product payment, super membership payment) accounts for about 50%, advertising revenue accounts for about 40%, the rest is the value-added business of derivatives and operators, in addition, live broadcasting in incubation, children and other businesses also contribute a certain amount of income.

Xiao Yi is more optimistic about membersincome. He discloses that since the opening of membership services in April 2018, members income has risen sharply, just like the sunny line of the stock market, it has been pulling up all the time. In addition, membersrepurchase rate is relatively high, and the listening time is significantly longer than that of all platform users.

It is reported that dragonfly FM has three types of users: ordinary users, paying users and member users. The absolute length of time that member users listen to on the platform is about twice as long as that of ordinary users, and this time is still growing.

Xiao Yi said that this is also related to the dragonfly FMs cost-effective design of membership packages can impress users. After buying the membership of dragonfly FM, users can not only listen freely, listen first, but also avoid advertising, except that some high-end ticket items are not included in the membership.

For dragonfly FM income proportion, Xiao Yi hopes that shelf-style single-item payment, members and advertising can be three or even four days, such audio business is benign and healthy rolling, and can have life cycle management.

When talking about the ceiling of IP content on the head, Xiao Yi believes that it exists in all programs in the audio industry. Firstly, because the audio is not visible, it limits the types of programs and the people who can make programs, so the price of guests will naturally rise; secondly, the upper limit of the ability of guests greatly affects the upper limit of programs. This is different from the film and television industry, the subject matter, the scriptwriter and the program itself have increased the upper limit, artists will have greater space to play.

However, the audio industry platform is also consciously carrying out some reforms, Xiao Yi introduced that in November dragonflies took the lead in introducing super radio drama. Entertainment, general audio content ceiling is high, so now everyone is seeking some changes.

The following is the interview record:

Netease: I was impressed by a word you said just now. It says that it is still in a saline-alkali land.

Xiao Yi: Yes.

Netease: Its not yet the dividend period.

Xiao Yi: No.

Netease: What does the so-called saline land mean? Because I know that our industry should be a few years old.

Xiao Yi: Let me explain that the audio industry, such as dragonflies, Himalayas, litchis and so on, is dominated by these head players. Its rising cycle has a distinct era. Dragonflies are the earliest entrepreneurs in the whole industry. In 2011, in 2012, there will be Himalayas, followed by a number of companies.

They started with tools, and dragonflies were the first to do radio aggregation. They were actually a tool that brought live broadcasts from radio stations around the world together, a bit like video websites that aggregated microvideos from the beginning. Everyone said that I want to listen to both Beijing radio and Shandong radio, because my hometown is Shandong. I also want to listen to American radio stations and to European radio stations. There is a tool that will be very convenient. In the first few years, they got up like this. It wasnt until 2014 that VOD was officially started.

At that time, I thought it was a starting point for audio programs, a bit like when video websites started making homemade. When do we start doing our own on-demand programs? There is also a year, in 2014 and 2015. I remember that 2017 should be called the first year of payment, that is, Teacher Ma Dongs Talk Well and Teacher Hima and Dragonfly Gao Xiaosongs Short and Big Tightly North, began the payment of high passenger tickets. Actually, its only two years old.

The second reason is about saline-alkali land. Saline-alkali land is a term used by Huawei. To do a new business in Huawei, we call it saline-alkali land. We need some people who are willing to sacrifice, because saline-alkali land is really difficult to produce. The hardest thing about saline-alkali land is two points. The first point is that users dont recognize it. The second point is that you have to screen out some of the ingredients that affect the harvest of crops in saline-alkali land. These elements are likely to be, for example, as soon as you hear the audio business, you will want to say, why do you attract consumers to listen to the audio business, why dont I go to the Kings Glory, why dont I go to Yanxi Strategy, why dont I go to Netease News? These things are more mainstream, people will subconsciously put a new business and traditional business on the same track, so this is two very difficult things.

Let me first explain the perception of the track. I think it is wrong to put us on the same track as words and videos. Why? We say that people, now the Internet business has come to this day, the more apps you have on your mobile phones, the less you use them. In fact, this is a trend. The second thing is to say that you find that everyone is grabbing your time. For example, I use the beauty troupe, spell more, use Netease to select strictly. I watch Netease News. I even listen to public classes. My absolute time is so much. Okay, people have three hours a day, eight hours rest and eight hours work. Now you can guarantee that eight hours work is already a very mild company. 996 is no longer a company. Enough. Its 007 now. How can you possibly have the mind to entertain at work? Did the boss catch it? So the remaining eight hours are in jeopardy. These eight hours include commuting, lunch breaks, meals, and prime time for entertainment. In fact, most of the Internet entertainment businesses are competing for the four-hour entertainment time in the prime slot. So what we said about the glory of the king and the Yanxi Strategy actually happened there.

Audio business is really strange. First, it shouldnt grab those four hours, or it shouldnt play those four hours. For example, commuting time, the cost of commuting in big cities now is 40 minutes to 1 hour, and the slowness may still exist. For example, I drive to work in Beijing. Its very painful. My home is at the airport. I work in International Trade. I need to drive for more than an hour. At this time, besides listening, I dont have any safe business. I have to look at the map. The second working time, in fact, we are in the open office area, most of the time will be disturbed by noise, to some PPT, to think, to be creative, and to write code of the elder brother Manon, in fact, what do they end up doing? Buy headphones and wear them. Thats an opportunity. What does he listen to? Its eight or nine hours to listen to music or something.

There is also time for sleep, that is, time before bed. For example, now I hear that many big companies in the head, whether traditional companies or Internet companies, are very competitive. When people even begin to take naps, our mattress culture has become popular. Sleep quality is very important in an open office area when taking a nap. Otherwise, if you dont take a nap at noon, you will collapse in the afternoon. Well, whats the most painful thing in an open office? Its hard to fall asleep. In my experience, the key to a good nap is that your colleagues next door dont snore, so many people wear noise-reducing headphones, which is also an opportunity, and this time is not short.

There are also three common diseases of urban people: allergy, hesitation and insomnia. Insomnia is very common. Everyones work is very stressful. They need to sleep before going to bed. This scene is exclusive.

I just said these scenes, the audio players are doing very badly, these audio exclusive scenes together for nearly 10 hours, we have not done in, you are ashamed to say what dividends, I think this saline land has not been washed, is your own home.

Secondly, there is also a kind of accompanying with the corresponding business, such as news reading platform cooperation, we have a model of cooperation.

Of course, we hope that we can cooperate with Netease News very soon. When we listen to the audio, watch the news and read the news, we will find that the profits are very good, because these two scenarios are not affected. My ears are listening to something, and my eyes are quick to browse the news. Its not affected at all. But video and games are not allowed.

So I think the audio itself has a high penetration and compatibility. It has its advantages. It should be played. Dont say who I want to replace all the time. In fact, you cant win games and videos on direct physical stimulation. So it should do its own thing, I think these are actually the most important saline-alkali land.

But unfortunately, I am now evaluating the audio industry as a whole, and I do not think that you have achieved the correct method or strategy on saline land. So dragonflies will adjust quickly in 2018 and do these things in 2019. If it is done well, consumers are satisfied, and there are products or programs that explode, maybe it will slowly rise as the video did. Im still optimistic about its ceiling.

Netease: What position is the dragonfly in the same track at present?

Xiao Yi: Actually, the audio industry is very oligopoly. Now it is actually two or three companies.

Netease: Himalayas, dragonflies, who else?

Xiao Yi: Litchi is doing audio live broadcasting. It is an oligarch in the field of audio live broadcasting. Hima and dragonflies do audio live broadcasting, but they are no better than litchi. Litchi is NO.1 in this small pendulum. Dragonflies and Himalayas are the only two integrated platforms, and other audio has been subdivided. Now the copyright of the audio industry as a whole, the head of the cafe, as well as users and the length of play, and so on, basically 90% of the market is eaten up by the two. At present, the ratio of the two is about two to one. I think Hima is bigger than dragonflies.

Dragonflies used to be NO.1 in the industry, but now they are NO.2. We did make some mistakes in getting customers in the past few years. In 2017 and 2018, we made rapid adjustments, especially in bringing our business closer to ecology. So in fact, dragonflies will soon have an eco-flow conference, which will announce our latest achievements in 2018. Maybe the situation of the whole industry will have a huge reversal. I leave a suspense.

Netease: Is it possible to reverse that?

Xiao Yi: At least what I see now may turn over.

Netease: What exactly do you mean by flipping?

Xiao Yi: Traffic flips over, because the root of Internet business is traffic. Existing traffic is commercialized again, so it is called traffic realisation. Let me close the door, because we will invite your media teachers to attend our conference, and we will have a lot of key data release.

Netease: Oligopoly competition, the core competition exists at what level?

Xiao Yi: There are two levels, one is the competition of head content, the other is the competition of brand identity. Let me start with the head content competition. Its understandable that all copyright businesses, whether video, audio or reading, or web text, are the same. In fact, dragonflies and Hippos are basically the same in this respect. You sign the head of a big cafe, and I sign one. They are all exclusive. If they are not exclusive, they will be on both sides.

Netease: Sharable?

Xiao Wei: Yes, there are also some big cafes that they may only give to two, not to the third. The agreements they signed are independent. In fact, they have jointly pushed out the third copyright giant. Now all the cultural celebrities who are suitable for this industry are basically separated by the two.

Maybe in the field of culture, dragonflies account for more than Hima. Hima because it is the content of UGC, so its total content is more than dragonflies, PGC content of the two are basically the same, for example, Mr. Ma Dong did it in him, Mr. Gao Xiaosong is here, for example, they have Mr. Guo Degang, we have Mr. Liang Hongda, we are all equal, we spend the same copyright budget.

In terms of brand identity, its actually a problem of business customers. In the past few years, our friends and businessmen have been more radical in business customers than our strategy. For example, if they spend a lot of money on pre-installation, the dragonfly may be more cautious and stable. Because now everyone knows that pre-installed revenue is very low, installed mobile phones may soon be deleted by users as soon as they turn on the phone, and even many clones or iCloud, he will copy old mobile phones, but you still have to pay so much money. But I think this more radical strategy can still bring a lot of users.

The second is that maybe our friends and businessmen in many cases, for example, last year, you will see that many films and TV programs in 2017 will do what the title, then it is more prestigious than us in the brand, this is a very real existence. It also involves brand strategy, and we quickly made adjustments. For example, in 2018, we exclusively named several very phenomenal programs in the audio industry, such as A Good Book and See the Word as Face 3, and its derivative programs are also very considerable. The recently concluded A Good Book, our derivative programs broadcast more than 100 million, and the audio derivative programs of video programs broadcast more than 100 million, which is unprecedented. u3002 As soon as See the Words Like Face began to broadcast, the first and second issues of the broadcast volume directly soared up, which was also very unexpected to us, and advertisers were also interested.

So in fact, I think, not afraid to run early, afraid you do not chase. In fact, these two companies are very close to each other in copyright right right right now, and each has its own advantages. In the brand business is slightly better than us, we are now accelerating the catch-up, roughly in this state.

Netease: In this process, can we talk about burning money?

Xiao Yi: I dont think there is any burning part. Because the film and television industry is burning, the audio industry is relatively rational. But the cost of copyright and artists, including big cafes, is rising every year. Because these people are all cross-border, the hosts we invited, such as Mr. Ma Dong, Mr. Gao Xiaosong or all the big cafes, are not only playing audio, but also playing publishing, film and television. Their status is comprehensive. So if you want to talk to them about cooperation, naturally you have to consider his whole status and cafe position. The waist and tail are more rational, but the head is used to attract attention.

Netease: But this header content shouldnt be all you have.

Xiao Wei: Surely not. Whether its our friends or ourselves, the content of the head is only a small part.

Netease: I also listen to some concerned people, it seems that there will also be a ceiling, or enter a period of weakness?

Xiao Wei: Yes, yes. I think the ceiling of the head content lies in the invisibility of the audio program. For example, if we dont have this camera today, we can chat here. Its easy to distinguish your voice from mine. If there are four people chatting here, its hard for the audience to tell who is speaking. This is a very real situation.

So talk shows or interviews are suitable for audio, and the rest are troublesome. This limits the types of programs and the audiovisual performers and cafes. So people will chase them, and chasing them will naturally raise the boat.

Second, the upper limit of their own ability greatly affects the upper limit of audio programs. Film and television industry is different, for example, we can plan Tucao conference, wonderful flower, planning a lot, for example, planning white night pursuit, in fact, before Yueming Pan may be in a low tide, and later he entered a climax of the creation, the two peak of his career, I think it is actually a theme, including the entire screenwriter and festival. If the upper limit of the object itself is raised, artists will have more space to play.

The audio industry is also making such reforms. For example, at the Autumn Content Ecology Conference held in November, dragonflies took the lead in introducing super-radio dramas. Radio dramas are actually a bit like audio dramas, or it comes from Japan. There are many roles, sound effects and environment in them, just like a person blindfolding his eyes to listen to a happy drama on the stage. Same. Thats a lot. It doesnt just depend on one or two people. It depends on the whole world outlook and the construction of the whole plot. The ceiling of entertainment and general audio content is high. Now everyone is looking for some changes.

Netease: Looking at this profit margin, which types of content are in the front rank of our paid content?

Xiao Yi: There are three or four types that are more advanced and focused.

The first category is culture. Because content payment is still a shelf sale, it is like shopping in Wal-Mart, unlike the membership package of video websites, the unit price is not cheap, so in fact, it is the three high crowd, that is, the people with high knowledge, high quality and high income, who are willing to spend money. They also have a good taste, and they want the quality of the content to be good. Cultural masters condense their lifelong knowledge into one or two programs, they will recognize, so they can easily spend this money, 100, 200 tickets, even 400, 500 are sold, there is no problem, this is the first category.

The second category is what we call general education. As Mr. Wu mentioned just now, what Mr. Tang also mentioned is that it is very sellable to lower the learning threshold with very difficult and complicated knowledge and to interpret the course with a more grounded and modern understanding method.

The third category is financial, because business is always a core, you do not manage money, financial ignore you, so this piece is also very good.

Finally, there is another interesting category, which is emotional companionship.

Netease: Thats easy to understand.

Xiao Yi: Yes, but emotions used to be free, such as nighttime companionship or some voice. Now there are more teaching you, such as dealing with family emotions and contradictions, dealing with intimate relationships of love, affection, friendship, or dealing with some psychological problems, or workplace anxiety, etc. These four categories are actually very good.

The fifth category is more interesting, such as constellations, geomantic omen and gossip. Maybe you will pursue some interesting knowledge.

Netease: As I said before, in 2019 you wont just consider paying as the only proposition.

Xiao Yi: Yes.

Netease: Speaking of content e-commerce, what kind of practices will this have?

Xiao Yi: It should be said that we will not overemphasize and highlight knowledge. First, we will lower the threshold of knowledge and do general education courses, such as Masters Lesson, originally produced by dragonflies, which is to sell a lot of profound knowledge for two hours with twelve or thirteen episodes, such as an American opera, at a very low price per customer. Our consumers. For example, two hours to understand quantum mechanics, two hours to understand the history of Song Dynasty, two hours to understand the history of Ming Dynasty, like this. Let the threshold of knowledge come down, let more people contact, enlarge the area, this is one of our goals in the popularization of knowledge payment.

The second content e-commerce, content e-commerce is actually to put more valuable things, such as vertical field content - childrens classified content deep ploughing, parent-child communication, early education, after the second child, in fact, we are now in the competition for education at a younger age, children may be two or three years old, at the time of primary school began to learn knowledge, then you have matching knowledge. Matching in place, in fact, this is not the kind of profound knowledge we say, nor the transactional knowledge, but the early enlightening things, this thing is often presented in an entertaining way, I think it is called content payment. Because it is no longer a concept of curriculum, for example, piggy page, and tell you knowledge again. Is it a course? Of course not.

Netease: What do you mean is that knowledge payment is more important or something like courses?

Xiao Yi: Yes.

Netease: But e-commerce is not like this.

Xiao Yi: Content e-commerce even includes making virtual things real. For example, we have some derivatives. For example, we are making a calendar recently, which is to sum up 365 knowledge for you in 365 days a year and put it in the calendar so that you can scan and hear it when you see the calendar. This is also a form. But its a real thing, its really sold in the electronics business, the result is very good sales, called listening experience. I think this is a representative of the combination of reality and emptiness. You first identify with a program, a course, or a knowledge, you may visualize it into the real world, put it on your desk and desktop, then sell in content e-commerce, I agree with the content, then incidentally produce a sales, we often say GMV, is exposure plus transformation of the real e-commerce, our online one. What parameters, attributes, sellersshows and reviews do you see in Taobao and Jingdongs e-commerce? In fact, content e-commerce is the value that you should first identify with, and then you will take away the representations of this value, or the carrier of this value. I think this is content e-commerce.

Netease: Do you think our comprehensive platform will be more viable and promising, or will it be better to have a single platform?

Xiao Yi: I still think that comprehensive is more promising.

Netease: Why?

Xiao Yi: Because being single means having only one long board. We may be talking about focus, but some people may have a narrow understanding of the word focus. Focus actually means domain focus, not that you only do one thing. For example, if I only do the opening of the bottle cap, I can open it well and cant be a platform. My short board is obvious, but nothing else, you become a screw. Now we need to focus on making a machine. If you want to make an engine in a car, you need to understand every link of the engine, and you cant have a clear short board, otherwise that short board will directly limit the output of your engine. But that doesnt mean you have to make tires. Tires are also very difficult. Material science, how to have snow tyres, skid-proof and so on, such as the process of making steel frames, is very difficult.

So the focus of dragonfly understanding, such as platforms, is actually to make an engine in our existing audio field. That is, we do not want to make only a drumstick in the engine at present. Such a pituitary, I think it is possible to continue to dig deep after the industry is fully competitive, even without space. In the audio industry is still a very early riser, when salt and alkali and farming, a versatile person is better able to deal with various crises.

Netease: It can be readjusted later.

Xiao Wei: Yes, I can adjust it slowly later.

Netease: What is the proportion of advertising members, paid content and businesses in our current revenue?

Xiao Yi: Basically, Dragonfly payment now accounts for more than half of the income, that is, single-item payment and super-Member payment. Advertising revenue accounts for about 40 percent, and there are still others, such as derivatives, value-added businesses of operators, and even dragonflies, as well as live broadcasting and children business in incubation. Because we have just started new business incubation this year, they have not been included in our overall inventory for 2018. I think its almost such a situation now.

Later, I prefer members, because since we became members this year from April to now, members have been pulling up like the sun line of the stock market, and they have not stopped at all. And its superimposed month by month. This year, I have many members who paid for my membership. We amortize it monthly. So in fact, next year, I have some members who bought it this year to be amortized to my income. I wont count it all at once. I bought a membership for a year, and I cant count it on me now, so its a cumulative, overlapping, and were very optimistic about it.

Second, the members repurchase rate is relatively high, and one members listening time is significantly longer than all users. Dragonfly has three kinds of users, one is ordinary users, one is paid users, and the other is member users. Membersabsolute listening time on the platform is about twice as long as that of ordinary users, and it is still growing. It does not fall back at all, and there is no sign of folding. So I think this has something to do with the trend that the first industry in China is becoming a member, and then educating many users that members are valuable.

Second, it has something to do with our cost-effective design of the whole package for our members. Because dragonflies now buy members, in addition to some high-end ticket items not included in the membership, most of them are free members to listen to, and there are some very good free can also go to advertising, free drama members can listen first, so members have a good rights and interests advantage.

Netease: Do you think members will make up the main proportion of income after that?

Xiao Yi: I hope they can be three-thirds of the world, three-thirds of the world or even four-thirds of the world is healthy. Because we have a few business in dragonfly incubation now, and I think its very promising. Now lets make a sale and introduce it to you on a certain scale. At least now, I think it is very healthy to hope that it will be three-thirds of the world, that is, the payment of individual products, members and advertising, it is better to be able to Wei Shuwu, so that the whole audio business of dragonflies is healthy rolling, and they can have life cycle management.

Netease: We may be more instrumental here, social attributes are not strong enough, in the context of the trend of content socialization, what will we consider this piece?

Xiao Yi: Its true that dragonflies have done some key actions recently, so this is not only dragonflies, but also the whole audio industry. In fact, they are not doing enough socially. Video websites have done some, but I think the best of the three industries is reading, reading friends, booklists, including the edition groups. You go to those websites, they all do very well, and the atmosphere of discussion is very good. There are also special editors and group managers, that is, layout management.

Video website you see more is actually comment, that comment is a single item, such as my comment on a play.

Netease: But now there is a barrage.

Xiao Yi: Yes, Im starting to do this. Audio actually so far, the community began to work hard, until last year, before our press conference, one of the best programs in the whole industry was Mr. Gao Xiaosongs Short, Big and Big, Tight to the North. There were 24,000 reviews in the whole program until the end. We checked in the industry and did not see any one, because maybe his fans were loyal, so we discussed the non-fiction here. Often fierce.

In November, Mr. Gao Xiaosong began to make his last audio program before he was 50 years old, which was Xiaoyearbook. In this program, we introduced the concept of community management, including Weixins fans, our own micro-community, as well as the audiovisual rollover, praise and page interaction of the anchor to the fans, just like the attitude news of Netease.

As a result, in our first episode, our commentary area was blown up, and more than 9999 valid comments appeared in one episode. So I guess we cant do well in Xiaoyearbook. Maybe in his career, its a one-year program. Its a weekly issue. If we cant get over 100,000 reviews, its possible. We cant estimate it. Now, every issue has gone up too fast. We will even have, for example, for artists and anchors, as well as the programs micro-communication ecology and fission card, communication, many, many, many, we form a matrix to operate.

To what extent are users even? Come and complain to us, say that each comment in your comment area is limited to 300 words. We are very dissatisfied. Finally, we upgrade it to 1000 words, and it becomes a long comment.

So I think dragonflies are very encouraged in this respect first, and we will use this mode to promote all our headlines.

Netease: Finally, I would like to ask you to tell me, in the next year or two, what kind of differentiation will there be in this field?

Xiao Wei: Actually, I think the most important thing to do in this field now is that all players in this field, no matter how they compete with each other, should at least work together. This is a good thing for everyone. Its a good thing to start this saline land, educate users, reduce the cognitive threshold of the audio industry, and let more people not listen to the audio. Listen.

I think no matter how fierce the competition is in the industry, the enterprises that are dead and alive should have a general outlook in the broad direction. Like Youku Tencent Aqiyi Video Website, they will resist the high pay, the excessive expansion of actors to reduce costs. I dont say you boycott it. I let it go. I brought him over. I think its a consensus.

I think, in fact, I have talked about this in many forum speeches. Now our industry penetration rate is too low. We have not prized the users awareness at all. The penetration rate of 9-10% is extremely low. We should at least step over 40% of the industry penetration rate before we dare say that we are a mature area of the Internet industry. Because like news, is there anyone in China who doesnt watch news? Old people and old women in cities on the fourth and fifth tiers use mobile phones to watch news, and no one does not. Netease: You can make headlines like today, not only in first-tier cities, but also directly. Xiao Yi: Go down to the 4th and 5th tier cities. While we are working in these cities, we also believe that this is not something we can accomplish alone. It should be for every player in the industry, our friends and businessmen, ourselves, and all new entrants. I believe that some people want to make new entries. First of all, they should devote themselves to educating users. It is competition and cooperation. This is actually my biggest wish. We should cultivate and mature this market as soon as possible. Lets talk about competition. Source: Liable Editor of Netease Science and Technology Report: Yao Liwei_NT6056

I think, in fact, I have talked about this in many forum speeches. Now our industry penetration rate is too low. We have not prized the users awareness at all. The penetration rate of 9-10% is extremely low. We should at least step over 40% of the industry penetration rate before we dare say that we are a mature area of the Internet industry. Because like news, is there anyone in China who doesnt watch news? Old people and old women in cities on the fourth and fifth tiers use mobile phones to watch news, and no one does not.

Netease: You can make headlines like today, not only in first-tier cities, but also directly.

Xiao Yi: Go down to the 4th and 5th tier cities. While we are working in these cities, we also believe that this is not something we can accomplish alone. It should be for every player in the industry, our friends and businessmen, ourselves, and all new entrants. I believe that some people want to make new entries. First of all, they should devote themselves to educating users. It is competition and cooperation. This is actually my biggest wish. We should cultivate and mature this market as soon as possible. Lets talk about competition.