In shopping malls in first- and second-tier cities, it is easy to see blind box machines on the side of the road. These blind box machines are not noisy and eye-catching. They seem to be no different from other self-service vending machines selling beverages and snacks, but only recently , Bubble Mart (09992.HK), which is listed on the Hong Kong stock market, proved that this is a business worth more than 100 billion yuan.
Although many people still think that the blind box is just a toy for children, more and more people have begun to realize that the blind box economy has become a trend. Bubble Mart’s hundreds of billions of empires have a blockbuster and boundless scenery on one side, and hidden worries and many competitors on the other.
Miss Liu started buying Bubble Mart blind boxes in 2019. In just over a year, she has spent more than 20,000 yuan and became the VIP 3 of Bubble Mart. Her home has almost an entire wall of cabinets. It is filled with bubble Mart and other brands of trendy play. “Because each set is cute, I want to keep repeating the purchase, and the process of drawing the blind box is very decompression and fun.” Miss Liu described her obsession with the blind box to the CBN reporter, “I’m going to Macau Traveling doesn’t need to go to the casino, but as long as I go through the box pumping machine of Bubble Mart downstairs, I will want to do it a few times.”
There are many consumers like Ms. Liu who repeatedly buy blind boxes with high frequency. According to the prospectus of Bubble Mart, as of June 30, Pop Mart has 3.6 million registered members, and the repeat purchase rate of these registered members It reached 58% in 2019.
The common price of a blind box is 59 yuan. Although the unit price is not high, a large number of consumers have used repeated purchases to support the brilliant performance of Bubble Mart: The total revenue of Bubble Mart increased from 158 million yuan in 2017 (RMB, The same below) increased by 225.4% and reached 516 million yuan in 2018. On this basis, it further increased by 227.2% to 1.683 billion yuan in 2019.
In the opinion of Zhu Yue, executive director of CIC Insights Consulting, Chaowan products start from consumers’ pursuit of satisfaction and happiness, propose the mission and concept of creating trends and conveying beauty, combining commerciality with art, and satisfying aesthetics and emotions. Consumer needs such as identification and collection. In terms of specific motives for consumption, many blind box consumers told China Business News that the reasons for buying blind boxes are nothing more than two: IP is good-looking and cute, and the process of drawing blind boxes is interesting and decompressing.
Obviously, the gameplay and format of the blind box is not unique to a certain fashion company. Any merchant can use blind box products to attract consumers. Therefore, the decisive factor is IP.
Bubble Mart’s representative IP “Molly” is a miracle. This little girl with short hair, green eyes and a pouting mouth does not seem to be a pleasing image in the traditional sense, but it is a trend in the image of Molly. Play, brought 456 million yuan in revenue for Bubble Mart in 2019, accounting for about a quarter of Bubble Mart’s total revenue in 2019. In addition to Molly, Bubble Mart also has IP images such as Dimmo and LABUBU. As of June 30 this year, Bubble Mart has operated a total of 93 IPs, including 12 own IPs, 25 exclusive IPs and 56 non-public IPs. Exclusive IP.
“IP is the core of Chaowan, and signing an IP is also a way to quickly master the core of Chaowan, but only signing an IP is far from enough.” Shi Fanke, chief analyst of the light industry manufacturing industry of Zheshang Securities, told China Business News reporter. On the one hand, Chaowan companies need to have their own IP or unique IP to ensure differentiation. On the other hand, they also need to have the ability to continuously realize their liquidity. This requires the company to have a mature IP commercial transformation model in the middle of the industry chain and a deep layout in downstream channels. And can widely protect downstream consumers’ stickiness. In addition, relying on the company’s core advantages such as integration of the industrial chain and extensive consumer reach, the market brand effect will gradually be established, and it will be easier to obtain high-quality IP in terms of upstream IP acquisition.
This is why Bubble Mart continues to emphasize its strong IP creation and operation capabilities, and its attraction to top artists and high-quality IP providers. But after more and more people enter the race track, IP competition has become increasingly fierce.
“In fact, the domestic blind box market is still relatively concentrated. Bubble Mart has obvious first-mover advantages. Considering the positive feedback from the industry, high-quality IP will also tend to choose leading companies to ensure IP promotion and sales. The expected performance is strong. Hengqiang situation.” Shi Fanke told the CBN reporter.