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In the PC era, Xunlei was once a must-have software for every Internet user. In the past few years of the popularization of mobile Internet, its shadow seems to no longer appear in front of users. Is Xunlei still the download software that once defeated all opponents? On May 13, Xunlei released its financial report for the first quarter of this year, with revenue of 41.3 million US dollars and a loss of 8.6 million yuan. In the same period last year, Xunlei made a profit of 8 million US dollars. Although the loss was greatly narrowed compared with the previous quarter, Xunlei is obviously not developing well now.

Current status of Xunlei

Xunlei's current revenue mainly consists of three parts: advertising revenue, Internet value-added services, cloud computing and membership revenue. Among them, advertising revenue can only account for one-tenth of the revenue, and it is still declining sharply. Internet value-added services have also declined slightly due to the squeeze of B-side competitors and the market environment. The most important income is membership income, which accounts for more than 50%. In the most recent quarter, both the month-on-month revenue and the number of members have achieved a certain increase. This is the only gratifying thing in this financial report. After resuming the membership service business, the number of members has bottomed out and rebounded since the third quarter of last year, returning to the growth range. From the revenue point of view, Xunlei is still a tool provider that provides download services, and there is not much difference from Xunlei 10 years ago.

Is Xunlei returning to the old business or continuing as usual?

As a download software, Xunlei has killed many competitors many years ago and has always firmly occupied the top spot, but this is not all of Xunlei, or Xunlei, which uses download as a moat, is not safe. Almost all management have this understanding. Therefore, although as early as 2007, Xunlei's users exceeded the terrifying scale of 400 million, Xunlei has never stopped its transformation.

The earliest idea was to transform into a game, but before the direction was implemented, it was rejected due to disagreements among senior managers. In the end, Xunlei chose the direction of a video website and launched Xunlei Kankan. There are both positive and negative reasons for going in this direction. On the positive side, Xunlei can use its accumulated technology in the download field to provide better buffering services than competitors, and a better viewing experience can attract some new users. On the other hand, Xunlei's download foundation is based on the service provided when the network speed or bandwidth is not enough to support the user's instant needs. At that time, the Internet speed had greatly improved compared to Xunlei's heyday, and the attraction of downloading to existing users was gradually weakened. If it did not transform, it would be equivalent to waiting for death.

When Xunlei entered the video website, the competition was not so fierce, but there was not much time left for Xunlei Kankan to grow. After that, there began to be vicious prices, copyrights, and other expenses. Xunlei, which could not withstand the pressure, eventually failed, and Xunlei Kankan was also swept out.

The failure of the video website made Xunlei's management think again about what the core of Xunlei is? Xunlei, confused, heard the voice of blockchain. After a simple internal evaluation and judgment, Xunlei All
in blockchain, relying on the wind, Xunlei launched Wanke Cloud, Chaink and many other products in the blockchain field. The sign of successful transformation in a short period of time is reflected in the soaring stock price and the doubling of revenue. When blockchain was in its heyday, the expanding Xunlei also entered the field of cloud computing.

But the ending of Xunlei Blockchain is still surprisingly similar to Xunlei Kankan. After the short-term effect brought by blockchain was lost, revenue began to decline and there were signs of losses. In order to realize profitable income, Xunlei had to go back to its old business and pick up the download service that can make money. At the end of last year, Xunlei launched the upgraded download service software Xunlei X. Although this operation has been reflected in the growth of the number of members in the last two quarters. But downloading is already a sunset business.

Looking back at Xunlei, it seems that the two words that appear most are: "download, failure". Xunlei Download was able to top the list at that time, which was also related to the strategic choice of its opponents. Tencent QQ Cyclone was a strong competitor of Xunlei at that time, but later Tencent strategically gave up the business. From a long-term perspective, Tencent's decision not to get entangled with Xunlei was a correct decision, but for Xunlei, it may be a false halo.

For the video website that failed to transform later, even if Xunlei did not give up Xunlei Kankan at that time, it can be seen from the current BAT money-burning war that Xunlei still has no ability to win. Now Xunlei can only rely on membership business and cloud computing services without advantages to survive.