Molly is the most prominent label on the blind box, and the blind box is the most prominent label on Bubble Mart. According to the report of the China National Securities Research Data Innovation Center, from the perspective of Bubble Mart’s product matrix, blind boxes are still the main product type, and the richness of other products developed based on IP is steadily increasing, but the overall revenue contribution does not account for high. In the first half of 2020, the sales of Bubble Mart’s blind box products accounted for about 84.2% of the revenue. It is worth noting that the prospectus data shows that this proportion is increasing year by year. In other words, Bubble Mart’s The dependence on box products is also increasing.
From the beginning of the rise of the blind box, many people thought that the blind box was just a temporary new product. Today, no one can say with certainty how long the blind box can be popular. As mentioned earlier, the two main reasons consumers buy blind boxes are IP and the experience of blind box extraction. However, in the experience of blind box extraction, consumers have complaints:
“I’ve never drawn a hidden money, and it gets a little discouraged after a long time.”
“After I picked a style I didn’t like several times in a row, my enthusiasm faded. I didn’t like the duplicates I didn’t like and I didn’t want to buy it again.”
“The scalper problem of the Bubble Mart limited edition is too serious. The limited edition says that everyone can only buy one. In fact, the scalpers have several number plates in their hands. The supply is monopolized by the scalpers, and we can’t get them.”
During the interview, many consumers reported the unpleasant experience in the blind box consumption process to the CBN reporter. Although some people complained, they still stayed at the bottom of the blind box; others quickly “out of the pit” , Switching to other trendy products, such as hand-made, etc., the phenomenon of blind box audience loss has long existed.
In fact, the products inside the blind box are essentially hand-made ornaments, while ordinary hand-mades lose the excitement of “drawing cards”, while consumers’ choice of products is more clear and stable, and the product accuracy is relatively higher. Hand-made enthusiast Miss Ye has bought blind boxes several times, but has not formed the habit of continuing to buy. “A blind box is 59 yuan. If you just want to experience the feeling of drawing cards, then I might as well spend a little less money to draw boxes of eggs. . If you want to buy a figure, then the blind box is definitely not the first choice. It is better to add a little more money to buy a scene product (a figure with a normal workmanship and a relatively low price) or a GSC clay man.” Miss Ye told the CBN reporter.
Therefore, in the case of blind box gameplay and limited audiences, the products projected by Chaowan’s IP are far more than blind boxes. From the perspective of the richness of Bubble Mart’s IP products, Molly and Pucky’s products are more abundant. In addition to blind boxes, there are also hand-held handles, charging cables, badges, keychains, co-branded eyeshadow trays, makeup remover, and isolation cream. Take Molly as an example. In addition to blind box products, Molly also has BJD (Ball-jointed Doll) doll products and other hand-made products. Compared with the blind box of 59 yuan, the price of BJD can reach several At one hundred yuan, the accuracy and playability will be higher than ordinary blind box products.
However, in the trendy game product categories such as hand-made, the self-built IP of the trendy game company does not have a clear advantage. The low revenue contribution of Bubble Mart’s non-blind box products has shown this. In the field of figurines, whether it is the scenery ornaments made by Japanese manufacturers or the clay figurines made by GSC (GOOD SMILE COMPANY), the market is relatively mature and stable. For example, GSC is linked with many well-known domestic IPs such as “King of Glory”, “Love and Producer”, “Jian Wang 3”, etc. Nendoroid products can also be connected to ob11 (an 11 cm doll body without a head produced by Obitsu) Parts) to change clothes, poses, etc., and the gameplay is more diverse. Many blind box consumers have turned to buyers of other trendy goods after “out of the pit”.
Therefore, in addition to being the leader of the blind box, Bubble Mart also needs to transfer this advantage to other trendy products. Perhaps seeing the huge limitations of blind box products and gameplay, Bubble Mart positions itself as a trend culture company in the prospectus, not a blind box company, or even a trendy toy company.
So what is presented to Bubble Mart is how to replicate the success of the existing IP on the blind box to other links. Zhu Yue said that Disney has a comprehensive coverage of animation, movies, peripheral products, parks and other categories, and has strong IP shaping, operational capabilities, brand appeal and global layout. If Bubble Mart really wants to become the next Disney, it will face challenges from various aspects. For example, self-built successful IP requires a lot of manpower, resources and time investment, and small-scale IP incubation without a mature system faces the risk of failure. Also very big.
In Shi Fanke’s view, Bubble Mart is based on the blind box business model, essentially choosing a very interesting and trendy gameplay based on trendy play. In the future, Bubble Mart will use blind box gameplay + multi-directional consumption. Zhezhida occupy the minds of consumers and gradually form a brand effect. In this process, the influence of IP will also be improved, which will gradually extend to a diversified product structure and a multi-dimensional industrial chain, such as hand-made products and box machines. “The amusement park, film, game and other industry chains are essentially a process of realizing multiple rounds of successfully operated IP.” Shi Fanke told the CBN reporter.