Abstract: In the long run, NiceTV holds a key position in the television based service industry chain, with the potential to expand diversified businesses (such as e-commerce and electronic payments) and integrate television content services (including IPTV, smart TV, and internet TV). In the future, NiceTV will become the leader of the fourth screen industry chain.
The implementation of "fiber to home" provides industrial impetus for IPTV and drives the high growth network expansion of the IPTV market, which is a leading factor in the development of IPTV. Encouraged by policies, various telecom operators have proposed large-scale broadband transformation and fiber to home plans, with a cumulative investment of over 100 million during the 12th Five Year Plan period, covering over 100 million users.
In order to realize revenue and reduce the offline rate of broadband users, telecom operators have sufficient motivation to promote IPTV services. With the huge broadband user base and strong marketing capabilities of telecom operators, the IPTV market has entered a period of rapid growth. We expect the national IPTV user base to reach 50.8 million in 2015.
The company has a first mover advantage and core capabilities of a centralized control platform, with a stable industry position
We believe that NiceTV's leading market position is stable enough, and NiceTV's core advantages are as follows: the national content operation license is extremely scarce in the IPTV pilot stage, and the possibility of subsequent additional issuance is small; As a content integrator, it is impossible to be surpassed by competitors in the short term in terms of two core capabilities (broadcasting platform operation capability, EPG and other technical service capabilities).
The market is concerned about the sustainability of NiceTV's development. But we believe that the NiceTV industry has a stable position: 1) Appropriate competition can stimulate industry vitality, and market growth is sufficient to benefit all parties. Other manufacturers still need to improve their operational capabilities on broadcast control platforms, which is not enough to replace NiceTV's leading position in the industry. There is still a possibility of division of labor and cooperation between the two parties due to differentiated needs. 2) The essence of local radio and television and BesTV is the upstream and downstream relationship of the industrial chain. NiceTV has adopted a more flexible and pragmatic market strategy, expanding the market together with local radio and television stations through profit sharing and other forms, and has achieved practical results.
In the short term, we are optimistic about the high growth of IPTV subscription revenue, and the growth of medium - and long-term advertising and value-added service with explosive potential users will ensure the growth of IPTV subscription revenue. It is expected that the average annual settlement users of the company will reach 9.88 million in 2023, with subscription revenue reaching 1.26 billion, a year-on-year increase of 74%. At the same time, advertising and value-added service have explosive potential after the number of users exceeds 10 million. It is expected that advertising revenue will increase from approximately 80 million to 250 million in 2023, an increase of 207%. In the long run, NiceTV holds a key position in the television based service industry chain, with the potential to expand diversified businesses (such as e-commerce and electronic payments) and integrate television content services (including IPTV, smart TV, and internet TV). In the future, NiceTV will become the leader of the fourth screen industry chain.
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