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In the PC era, Xunlei was once a must-have software for every netizen. In the past few years as the mobile Internet has become popular, its shadow no longer seems to appear often in front of users. Is Xunlei still the download software that once dominated the world? On May 13, Xunlei released its financial report for the first quarter of this year, with revenue of 41.3 million U.S. dollars and a loss of 8.6 million yuan. However, in the same period last year, Xunlei was profitable. 8 million US dollars. Although the loss has narrowed significantly compared with the previous quarter, Xunlei is obviously not developing well now.

Xunlei's current situation

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 significantly. Internet value-added services have been squeezed by B-side competitors and the market environment has also experienced a slight decline. Among them, the most important revenue Membership income accounts for more than 50%. In the latest quarter, both quarter-on-quarter revenue and the number of members have increased to a certain extent. This is the only happy thing in this financial report. After regaining the membership service business, the number of members has bottomed out in the third quarter of last year and returned to the growth range. In terms of revenue, Xunlei is still a tool provider that provides download services, and there is not much difference with Xunlei 10 years ago.

Is Xunlei going back to its old business or is it business as usual?

As a downloading software, Xunlei has defeated many opponents many years ago and has always been firmly at the top of the list. However, this is not all of Xunlei. In other words, Xunlei, which uses downloads as its moat, is not safe. Almost all management Have this understanding. Therefore, although Xunlei's users exceeded the terrifying scale of 400 million as early as 2007, Xunlei has never stopped transforming for a moment.

The first idea proposed was to transform the game, but before the direction could be implemented, it was rejected due to disagreement among senior managers. In the end, Xunlei chose the direction of video websites 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 its competitors. The better viewing experience can attract some fresh people. users come in. Looking back, Xunlei's download base is based on services provided when the network speed or bandwidth is insufficient to support users' immediate needs. At that time, Internet speeds had greatly improved compared to Xunlei's heyday, and the appeal of existing users was gradually weakening. Failure to transform would be equivalent to waiting for death.

When Xunlei entered the video website, the competition was not so fierce, but Xunlei did not have much time to see how to grow. After that, vicious prices, copyrights, and other expenses began to increase wildly. Xunlei could not withstand the pressure. In the end, it failed, and Xunlei Kankan was kicked out.

The failure of the video website made Xunlei's management think again about what is the core of Xunlei? The confused Xunlei heard the voice of blockchain, and after a simple internal evaluation and judgment, Xunlei All
In Blockchain, with the help of Xunlei, it has launched a number of products in the blockchain field such as Wanke Cloud and LinkToken. The successful transformation in a short period of time is reflected in the soaring stock price and doubling of revenue. When the blockchain was at its peak, the expanding Xunlei also entered the field of cloud computing.

But the outcome of Xunlei Blockchain was still surprisingly similar to Xunlei Kankan. After the short-term effects brought by the blockchain were lost, revenue began to decline, and there were signs of losses. In order to achieve profitable revenue, Xunlei had to Instead of returning to the old business and picking up a profitable download service, Xunlei launched an upgraded download service software, Xunlei X, at the end of last year. Although this operation has been reflected in the growth of membership in the last two quarters. But downloading is already a sunset business.

Looking back at Xunlei, it seems that the most common words are two words: "download, failure." Xunlei downloads were able to top the list at that time, which was also related to the strategic choices of their opponents. Tencent QQ Tornado was a strong competitor of Xunlei at the time. But later Tencent strategically abandoned this business. From a long-term perspective, Tencent's decision not to entangle with Xunlei is a correct decision, but for Xunlei, it may be a false halo.

As for the video websites that later failed to transform, 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 survive by relying on its membership business and cloud computing services that have no advantages.