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Censoring Profits at China's Take on Twitter
China's version of Twitter has finally learned how to turn usersinto cash. But the profit opportunity for Sina Corp. is still not asbig as investors once hoped.
被视为中国版Twitter的新浪(Sina Corp.)微博(Weibo)最终学会了如何将巨大的用户基础转化为现金，但利润空间仍没有投资者们此前预期的那么大。
Sina shares leapt from $34 in July 2010 to $134 in April 2011, as investors envisaged the hugeuser base for its Weibo microblog generating healthy ad revenues. But these have proven slow toarrive. The battered shares trade at $45 after slumping 15% Friday.
新浪股价之前由2010年7月的34美元飙升至2011年4月的134美元，因人们憧憬新浪微博庞大的用户基础将带来乐观的广告收入。但目标实现的速度被证明是缓慢的。新浪股价上周五下跌15%，至45美元。
A shift to mobile is one headache. Sina says 72% of users accessed Weibo using mobile or acombination of mobile and PC in September, up from 69% in June. As Facebook knows, sellingads on a mobile screen is harder than on a PC.
移动设备的日益兴起是拖累因素之一。新浪表示，9月份72%的用户使用移动设备或兼用移动设备和个人电脑使用微博，高于6月份时的69%。根据Facebook的经验，在移动设备上销售广告的难度大于个人电脑。
A slowing economy compounds the problem. A more competitive landscape is another threat. Sinais losing user time to Tencent's popular mobile messaging system WeChat. While that is for privatemessaging, rather than Weibo's public broadcast model, the two compete for users' attention.
经济的放缓令问题变得复杂。同时竞争的加剧也带来威胁。腾迅(Tencent)微信(WeChat)令人们使用新浪微博的时间减少。
Meanwhile, there is political risk. Hiring censors to clean up subversive Weibo tweets must alreadyadd to Sina's personnel costs, and serves to dent its credibility among users. A conservative tilt inthe new Politburo Standing Committee means going long free speech in China is hardly risk free.
除此之外，还有政治风险。对微博内容进行审查过滤肯定增加了新浪的人力成本，同时损害了在用户中的公信度。
In the third quarter, Weibo generated about $19.3 million in advertising revenue, double the levelin the second quarter and 16% of Sina's total -- with the firm's popular news portal still doing mostof the work.
新浪微博第三季度获得约1,930万美元广告收入，较第二季度提高一倍，在当季新浪总收入中占16%。新闻门户网站收入仍占大头。
Although management expects Weibo revenue to continue growing in the fourth quarter, itwon't be enough to stop overall net revenue growth from slowing substantially. It is still too earlyto be a bull in a Sina shop.
虽然新浪管理层预计第四季度新浪微博收入将继续增长，但将不足以停止总体净收入增长显著放缓之势。因此目前看涨新浪还为时过早。 |
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发表于 2016-7-11 09:55:45