The deviation of iResearch's report is that the value chain analysis only regards WeChat as a channel. After WeChat already has two basic elements of originality + payment in 2018, iResearch does not regard WeChat as a potential entrant in the competitive landscape. In 2019, when the "window" of knowledge payment passed, for startups that were still in the small and medium-sized industry and could not establish a firm user base, they would become pigs about to fall. At this time, the market was initially mature, and it was the giants. Time to enter. Market trend development summary: It is easy to enter the market in the initial stage. When the supply is far less than the demand due to few participants, it is easy for start-ups to acquire users and face less competition. However, with the development of users' usage and purchasing habits, more and more competitors will enter. When the supply and demand balance moment (ie market equilibrium) is reached, it will become more and more difficult for new entrants to acquire customers and existing suppliers to retain customers. .

If the market size is large enough at this time, reaching the level of tens of billions or even hundreds of billions, it will become the main battlefield of the giants. Platforms: Disruptors in the Value Chain The iResearch report defines three types of participants in the value chain of the paid knowledge industry, and the content provider and the paid knowledge platform are further subdivided into six roles. WeChat Pay Reading has reshaped sms marketing service the supply side of the entire industrial value chain into two roles: platform and original author. This reinvention greatly simplifies the value creation and delivery process and increases the share of value captured. For the entire industry,y 10-29