From leveraging top Key Opinion Leaders (KOLs) like Luo Yonghao at BeFriends, to signing up celebrities at YoWant, MCNs are employing various strategies to stand out. But it’s not just about the hosts; MCNs are also exploring other diverse approaches, from studios to real-store experiences, to differentiate themselves and stay competitive.
And in this dynamic industry, every detail matters, from the critical role of hosts in driving sales to the meticulous operational details to the real-time decision-making during live streams.
Join us as we explore the MCN landscape, from business strategies to operational intricacies, including:
- Is MCN a good business model?
- What are the different business models of MCNs?
- How is it like to actually run a MCN?
You can watch the full episode here:
Or if you prefer to listen on the go, the full podcast is available on Spotify and Apple Podcasts.
Featured materials:
Most unfortunate entrepreneur’s first live streaming experience, on TikTok, TheLowDown
How did KFC sell 190m cups of coffee in China?, TheLowDown
How did this company reach $280m sales in Live commerce?, TheLowDown
Why you should join MW Live Commerce immersion to Hangzhou, TheLowDown
Momentum Works Immersion: Live Commerce [Hangzhou edition]
[AI-generated transcript]
[00:00:00] Sabrina: So, hi everyone, and welcome to Momentumworks YouTube channel. So today, for the first time, we’re going to be trying something new. We’re doing a live stream, because we’re going to be talking about live commerce, and more specifically, how to run an MCN.
So today joining me, I have Jianggan, who is the CEO of Momentum Works.
[00:00:19] Jianggan: Hello.
[00:00:19] Sabrina: Hello. You can say hi there, the camera is there. So you should look at your camera. And of course, Elody as well. So, Elody and Jianggan you guys were in Hangzhou last week, right? Visiting a couple of players, and you guys actually visited two of the top three MCNs in Hangzhou.
[00:00:38] Jianggan: So first, I think it’s worth telling people who are the top three MCNs in Hanzhou.
You have BeFriends, YoWant, and Joy Media. So since Hangzhou is the live streaming or live commerce capital of the world, so this pretty much means that it’s at the top three in China, possibly in the world. BeFriends is famous for this famous KOL called Luo Yonghao. He used to be a teacher at New Oriental but, you know, I mean, New Oriental is the school where kids go and learn English. Since he’s so good that he started becoming a KOL and he started building his own business, I think first he tried building a smartphone brand, which didn’t quite work out.
Then he also tried to build a brand on e cigarettes, right before the government started climbing down e cigarettes. So we actually have a blog post saying that he was the most unfortunate entrepreneur in China. And then he went live and I think this is where his true talent was maximized.
I think he owed like billions of Yuan of debt because of his failed ventures and he managed to repay all of them. We don’t know how much he’s making but of course, I mean, his shows and stuff are followed by a lot of people and sometimes it can be very controversial. We put his name here and you probably noticed that he’s actually ethnically Korean So we put his Korean name here.
You can read Korean, right?
[00:02:03] Sabrina: (Korean here).
[00:02:07] Jianggan: In mandarin is Luo Yonghao, right? So this is Befriends and it is Hong Kong listed, I think. Right? Hong Kong listed. Right. Then you have Yaowang, Yowant right? Which is famous for signing up lots of famous celebrities and TV stars.
[00:02:23] Sabrina: Who are some of the celebrities and TV stars?
[00:02:26] Jianggan: And of course, I don’t follow any of them. So Elody, I think you are more representative of the generation who follow celebrities.
[00:02:30] Sabrina: I should ask Elody who are some of them.
[00:02:32] Elody: Zi and
[00:02:35] Jianggan: Oh yeah, Zhao Yazhi. Yeah. Do you know who that is?
[00:02:38] Elody: Like some TVB stars.
[00:02:41] Jianggan: Like Hong Kong stars? Yeah. So basically this lady plays , the snake kind of, Baisuzhen yeah, in the 1990s.
[00:02:48] Elody: It’s shot in Hangzhou as well, next to West Lake, so it’s very cultural.
[00:02:52] Sabrina: Oh, it’s like a historical drama.
[00:02:54] Jianggan: But she’s in her, like, 50s or 60s, because that show was in the 1990s.
And of course parents generation. And then she signed up , as a live host. So Yowant has actually signed up with lots of, lots of celebrities. The problem with celebrities is that they are not experts in sort of selling. So they’re good at like acting and stuff. So there’s lots of I think the set up and skills and be able to help them actually sell live effectively.
So that’s Yowant. The last one, Joy Media, Wuyouchuanmei. So this is started by I think a few executives of a Phoenix, which is one of the largest TV stations. I think it used to be private owned.
So a friend of mine who is actually now working at Phoenix went to the studio and said, like, okay, this guy’s studios are bigger than ours. So that their family is a Cantonese couple, which is a drama series or kind of like, you know,
[00:03:43] Elody: They are like very rich couple in Cantonese and they position themselves to be Receiving income from the rentals, if you know that, because Oh, yes, yes, yes.
And then they are easily to sell themselves like rich couples, so they can sell high Luxury goods exceptionally make-ups.
[00:04:02] Jianggan: So basically they position themselves as someone that the audience aspire to be?
Yes. In a way, that then you sell people the things that
[00:04:10] Elody: luxury lifestyles.
[00:04:12] Jianggan: Okay.
[00:04:12] Elody: Very . Interesting.
[00:04:14] Sabrina: So you guys actually visited two of the, these three, right?
You guys visited Befriends as well as Yowant
[00:04:20] Jianggan: yes yes we did. And what I found particularly interesting is that of course, I mean they are in office buildings,
but if you look at Yowant. What do you see next to it?
[00:04:28] Sabrina: Luckin Coffee.
[00:04:29] Jianggan: And KFC, which also sells coffee cheaper than Luckin.
[00:04:32] Sabrina: Yes, so KFC has this coffee brand now, right? K Coffee.
[00:04:37] Jianggan: K Coffee.
Which sold, what, I mean, hundreds of millions of cups of coffee last year.
[00:04:41] Sabrina: Yes, I’m trying to remember the number. We have an article about it. It will be linked in the comments when this video goes.
[00:04:46] Jianggan: Yeah, but Elody, only buy from Luckin. Because it’s easy to order.
[00:04:51] Elody: Faster.
[00:04:51] Jianggan: Yeah.
[00:04:53] Sabrina: So, what do you think is the main, I mean, we’ve talked about it briefly that these are the top three MCNs in China, but they all also have different business models, right?
They don’t operate exactly the same because they do have to differentiate themselves. So maybe in like one or two lines, what do you think is the key differences between these three MCNs?
[00:05:10] Jianggan: I think Befriends is basically this guy. I mean, a top KOL which is hard to acquire, , which comes by luck, right?
Yowant, they have the ability to to sign up lots of lots of celebrities. And Wuyou (Joy Media) I think it’s just a bit of professional production, creative stories, and lots of like, you know, like, KOLs which actually come from unknown backgrounds.
[00:05:32] Elody: And I think Yowant has the most relationship with government authority side.
[00:05:37] Jianggan: Yes, they have a communist party committee inside. But we’re not going to do much about this.
[00:05:43] Sabrina: Okay. So, I think one of the interesting things that you guys saw when you were there is what MCN studios actually look like, right? Because most of the time when we watch live stream, we’re just looking at the host.
You don’t actually see what’s behind the scene. But we got to see what the studios actually look like.
[00:05:59] Jianggan: We actually saw a number of studios and some of them are similar to the ones we visited in Guangzhou and Shenzhen and some of them are different. So, What we do see in Hangzhou is, I mean, compared to Guangzhou is that there’s a lot of activities set for brands was in Guangzhou.
People are more focused on, like, creating their own brands and make money. So on this page, you will see that two studios, right? So the one without the real human in it, and this focuses on selling alcohol. And of course, I mean, alcohol is a huge category in China.
And this studio is only live I think late afternoon, they were there late morning. So it was kind of empty, but that allowed us to actually take a full glimpse of what was inside. First, there was lots of alcohol. And you remember that before we went in, you have the smell of alcohol.
[00:06:45] Elody: Yes, the Chinese alcohols.
[00:06:47] Jianggan: Bai jiu. Sabrina you have tried this?.
[00:06:49] Sabrina: Yeah, I tried it. It tastes like pepper water.
[00:06:53] Jianggan: It tastes like what?
[00:06:55] Sabrina: Pepper water. Like if you put a lot of pepper in the water. You drink it as a shot. I don’t know that. I’ve never tasted that. It’s just, I would imagine it to taste like. Cause it burns.
Do they taste the alcohol when they’re doing the live stream? Cause they have some cups here as well, right?
[00:07:10] Jianggan: I don’t know.
[00:07:11] Elody: I think that’s for showcase.
[00:07:13] Jianggan: Yeah. So obviously here’s where do people actually sit? You notice the calculator there, they’re probably like calculating, discount and stuff.
And what’s interesting is that you don’t have that many people in a room. They usually have three to four employees and they own next door with all the sort of stuff. But this room sometimes have representatives from the brands.
Like, you know the host shouting at the screen saying that, Hey can I get more discount or whatever?
[00:07:42] Elody: Can I have more products?
[00:07:44] Jianggan: Yeah, sometimes it’s real. Like, you actually have someone from a brand sitting at the audience. Yeah, making a calculation saying that, Okay, this guy’s about to sell more than I’ve committed.
And he can possibly sell more or he can possibly sell more discount. Shall I do it and somebody actually, sometimes there’s that person there from the brand side making a decision live.
[00:08:06] Sabrina: So they’re making a lot of quick decisions on the spot, right?
[00:08:09] Jianggan: Yeah, they have to because yeah. So you never know that the audience will be very engaging and , you think that, okay, this is the best time to convert. Do I put more goods or do I , give a better discount? And I think that depends on a sense of the host as well as the sense of the old people like in that room. They’ll make joint decision and more goods will be sold.
So on the right so this is actually studio just for one brand. I think they had one celebrity, which the trial. Him or her? Him. I think it’s a him.
[00:08:39] Sabrina: I think it’s him.
[00:08:40] Jianggan: Yes, it’s him. So for multiple sort of scenarios, and he realized that he’s really suitable for selling this particular brand.
[00:08:47] Elody: So he only does for this brand.
[00:08:49] Jianggan: He only does for this brand, and he comes in like three to four hours.
[00:08:52] Elody: Every day.
[00:08:53] Jianggan: Yeah, every afternoon, every evening. I mean, just to do a few hours. But of course, the studio is always open, right? And and in the morning hours, you have somebody else who comes in with not a celebrity, but who still has the I mean, who probably has more professionalism, right?
Comes in, talks nonstop, sells the product. And then you have two other people in it.
[00:09:12] Sabrina: That’s one guy behind and then one guy.
[00:09:16] Jianggan: Yeah. So one person is in charge of, like, controlling the whole studio. And of course, engaging with the audience. kicking out the people who are not wanted and the other person is in charge of like a digital marketing so at Douyin, I think it’s down to the minute I’m, sorry second level to see how the audience like and you decide on a marketing budget and whether you want to spend more Or whether you want to like, you know target a different audience and it’s really dynamic there
[00:09:41] Sabrina: It sounds very Scary actually because Everything, every decision has to be made in like the split second, right?
Oh, are we going to give more discounts? Can we sell more? Am I going to spend money to push this stream to others? So when you’re running an MCN, you actually have a lot of people to manage. And these people have to be able to make all these quick deals on the spot.
[00:10:01] Jianggan: I think at the end of the day, I mean, there was one question which was asked when we were in Guangzhou, right?
I mean, we visited, we had 80 studios. Question asked by the audience from Asia was, how do you manage all these people effectively? I, I think , the answer from the co founder of that MCN came in two parts. I mean, first is that, okay, we try to give the all the support as we possibly can so that they don’t have to worry about all this nitty gritties about where to source for goods, et cetera, et cetera.
And the second is that we make sure that group teams and the team members For their performance. I think same that was in Hangzhou, right? Yes. so each of them is operating team and because sometimes if the performance is not doing well, it could be that I mean the guy doing the digital marketing is not marketing correctly, but it could also be that, I mean, I don’t know, the host is tired and it’s not engaging. Right? I mean, it’s very hard to. To assign that responsibility to individuals.
So that’s why they make the team responsible for that. And
[00:10:59] Sabrina: of course, I mean, here we see the team is three people and one live stream,
[00:11:03] Jianggan: and this is typically happening, but it’s not necessarily. So we have seen studios have like 3 to 4 people, but still sell millions. But it was also seen studios which have like more than 100 people and much bigger than a TV studio, which also do a lot of sales. I think it’s natural evolution, right?
[00:11:19] Sabrina: So we actually have a video as well so this is they are actually doing A live stream right now. You can see she’s filming He’s moderating behind and then he is so there’s so many like quick decisions and so many things going on behind the scene, right? How does the host know what to say? Because I think that live stream hosts are amazing
[00:11:40] Jianggan: a good one is and of course since I think Was there statistics saying that every 244 residents of Hangzhou that’s one live host.
So basically there are lots of them And when there are lots of them of course you have competition and the good ones will stand out, right? I think the one we saw here was probably not a nonstop,
[00:11:57] Elody: but she’s already amazing. She talks non stop and very fast
[00:12:03] Jianggan: Is that amazing?
[00:12:05] Sabrina: How do you classify a good host
[00:12:09] Jianggan: I think eventually someone who sells someone who continues to sell right?
I mean at the end of the day, this is measured by ROIs and And I think but we’re sort of breaking toast would have the ability to engage with the audience and keep the audience engaged and know where to sort of raise the voice, lower the voice, where to slide in the discount. I do think that Some MCNs have been trying to formulate that. But at the end of the day, the sense of the host actually matters a lot.
[00:12:38] Sabrina: So, A lot of these MCNs we visit have multiple studios, right? Not just one or two.
Yeah. They have like, how many does Sunchain have? They have like Like
[00:12:48] Jianggan: 80s? 80s, yeah, 70s, yeah, quite a lot.
[00:12:51] Sabrina: And we see they have different ways of managing their MCNs. Because obviously if you have so many studios and they don’t live stream at the same time, right? It’s a little more old school, just a paper. This is interesting.
What is this?
[00:13:03] Jianggan: What is this?
[00:13:04] Elody: This is on how the live streaming studio agenda of Li Xuanzhu, the alcohol seller.
[00:13:09] Jianggan: Yeah, the alcohol seller. Okay so this is what they have at the door, right? I mean, people keep coming in and assigning by scale how, how much of the monthly target that we have achieved.
And on the right, it shows that, okay I mean, the detailed, like, you know, the number of employees and who is responsible for what , so, , it’s one notch up in terms of management, right? I mean, you use a system to make sure that, I mean, the information is transparent and accountable.
[00:13:35] Sabrina: . So back to what we were saying about a host, I think someone we spoke to when we were in Shenzhen mentioned that a great host is very, very hard to find.
’cause a lot of it is based on luck but these MCNs do have SOP to make, might not be great, but they would at least be decent, you know? And one thing we saw is that. They have a lot of posters around just guiding the host on say how they should act while they’re on screen.
[00:14:00] Jianggan: Mm. Right. So actually , live and you have to do a lot of things very fast. You might have to work very fast. You have to constantly decide what to say and a script doesn’t work. So people have to basically use, how would I say? Basically, like I have something to remind them. Okay, this is something that I need to say.
This is something I need to do. But of course it can’t be a full script because when you read from script, it comes across as monotonous. So but there are also things which people need to be reminded off. So, for instance, in China, there’s this fairly strict law on advertising. So there are many things you can’t say, which will violate the law.
So, for instance, Can’t say that your product is the best in category. you can’t say that that I mean, if you are saying it’s a supplement, you can’t say that it has medical benefits, et cetera, et cetera. So for life hosts, I mean, professionally trained life host, usually their sense is a bit better.
But for celebrities who do not do this as a full time job, sometimes they slip, right? So you need more reminders for them.
[00:15:03] Sabrina: So it’s interesting. They have so many posters just supporting the host. Don’t say this.
[00:15:08] Elody: There’s also a whiteboard the team can just hold up to remind,
[00:15:13] Jianggan: yeah. This is the one you see everywhere saying that.
[00:15:18] Sabrina: What does this mean?
[00:15:19] Jianggan: You need to understand the goods that you are selling. Do not speak monotonously. Do not speak flat. Do not read the transcript. And I think this is something that’s of such critical importance to MCNs and to the sales performance of each studio, that they actually put that at almost like Every studio.
[00:15:38] Sabrina: It’s so interesting.
[00:15:41] Jianggan: 懂货，不要平播。Warning
[00:15:41] Sabrina: warning is like, it’s sounding scary. So we see that we’ve been talking so far about all these MCNs and their studios, right? But we’ve also seen that they don’t just do live streams in studios. So one example we saw is, maybe Elody, do you want to elaborate on this since you guys were there?
[00:16:01] Elody: Yeah, this is a shopping mall bought by Yowant.
They do live streaming everywhere in this shopping mall, and according to them the live streaming, if you do on scene, it is double or triple the times selling then you do it in the studio and you can see this one is still a little bit like a studio, but in every store in this shopping mall, they have a live streaming ongoing.
And also, if you go to the next one, you can see lots of celebrities. They own a store in this shopping mall. Some of them maybe only have one person. Like they do for selling furnitures. And the upper left one is Tao. If you know that he’s a, Singer from EXO,
[00:16:48] Sabrina: he’s a, Chinese singer that was part of a Korean group, EXO
okay. Yes. .
[00:16:52] Elody: Okay. He owns a store in this shopping mall, and then you can also see the people selling durian. He built up just like you are street selling a durian. Yeah.
[00:17:04] Jianggan: So this is interesting. We’re talking to people there and they said that we do it in a real store setting.
The conversion is typically higher because Mm-Hmm. . Because people see that, I mean, people relate more to the real shopping experience. And especially for branded goods. So this, I think it’s X27, right? Yes,
[00:17:19] Elody: X27 Steam Park.
[00:17:22] Jianggan: So it’s a big commercial real estate that I think Yowant sort of acquired with the help of the government.
And of course, I mean, the governments in China would have incentive to revitalize some of the offline shoppings because now so much percentage of the retail is happening online and they just set up like multiple studios and everywhere. So that becomes a like theme park and and they do have the bus like moving people around, the crew around.
[00:17:47] Elody: From city center to. Because this is a little bit far away.
[00:17:52] Sabrina: So they send, but it’s not just studios, right? There are actual stores, so you can actually shop there.
[00:17:58] Jianggan: Can you actually buy things there?
[00:17:59] Elody: Not for now, but they are promoting to, they are going towards a direction to see to customer. You can enter it now, but some of the goods, you can only scan the QR code and then buy online.
[00:18:10] Jianggan: Isn’t that a better experience rather than like, buy and carry your stuff? Carry it back or have it delivered, yeah.
[00:18:16] Sabrina: It’s like new retail, right? Online to offline. You watch a live stream, you go to the store, you see, and then you buy it, and then it ships, you know. I think,
[00:18:23] Jianggan: I think this is an interesting
Of course, each studio would need to have their ROIs measured, and each studio would need to give their SOPs and stuff. But yeah, I think it’s an interesting attempt.
[00:18:34] Sabrina: Why do you think Yowant or MCNs in general feel the need to branch out? Because we’ve seen some of them have also started acquiring like supply chain logistics, some of them have started their own brands, right?
So why do you think they’ve decided to branch out from just being MCN to exploring different types of business models as well? Is it too competitive or?
[00:18:53] Jianggan: I think MCN in China had a good time. And I think when live commerce first started, right? 2018, 2019 and all the way until like 2021, 2022. What happened since then is that the things has, I mean, like everything, every sector in China has become very, very competitive.
So you would have like so many different MCN, so many different hosts, so many different teams, so many different brands and trying to get a pie of the traffic that’s there, but the traffic is limited. It’s like in a shopping mall, right? If you double the number of stores and, and Yeah, customers will not double, right?
So I think that the fast growth phase have has already been exhausted. So now, and people are fighting to differentiate, people are fighting to diversify, to actually capture more, more of the sort of market share from others or incremental growth from other sectors. This is not happening in Southeast Asia yet.
And people’s case is that, okay, at which stage? That the life will become a bit saturated. Then people will have to fight very hard on very detailed operations or very detailed supply chain advantages to actually differentiate.
This is actually from another MCN we visited in Hangzhou.
[00:20:02] Sabrina: 8pm. Stop using.
[00:20:05] Jianggan: This is the meeting room which has been sort of drafted as a live studio. And so basically it says from the 12th to the 20th of April that you can’t stop, you can’t use this as a meeting room after 8pm. It has to be used as live studio, and please do not disturb.
But what I find interesting is the name of this studio is called 一劳永逸 , means that you work hard once and you can rest for perpetuity, like forever. So that’s a dream of many people, right? I mean, I rush into the sector. I worked really hard and hope that I can create some wealth and then I can rest.
But, but the reality is that if everybody has this kind of men’s mindset, you become very competitive and everyone has to work very hard for perpetuality. Yes.
[00:20:50] Sabrina: So, which brings us to our last question. So, we’ve mentioned that MCN is very competitive with business in China, but of course in Southeast Asia, it’s still in its infancy stage, right?
So, do you think MCN is a good business model?
[00:21:04] Jianggan: I think at the end of the day, MCN is, which is still a vital part of the, Live commerce ecosystem when the live commerce pie is big. And of course, MCNs will take part of that pie. And that means that there’s lots of value, there’s lot of revenue to be generated, and you need this kind of specialist to be able to sell on live effectively.
The question is that I mean, what kind of MCN is a good business model, right? I mean, you see that the top ones in China are trying to differentiate. I do see that in many parts of Southeast Asia, in Vietnam, in Thailand, for example, and things have become quite a competitive amongst MCNs, among the Tiktok shop partners.
And we do see lots of them telling us that, okay, we have lots of GMV, but we’re not making a profit. so I think by nature, we don’t judge whether MCN is a good or bad business model. I think there’s big enough market for it, but how do you make your MCN profitable?
How do you sustain that competitive edge? I think that’s up to each individual sort of team, each individual leadership to figure out.
[00:22:03] Sabrina: Of course, you know, it’s always good to do some market research about who are your competitors or potential partners out there, right? So for players in Southeast Asia,
we are actually going to Hangzhou in May. So from the 28th to 30th of May, Momentumworks will be doing another one of our immersions, our live commerce immersion, where we’ll be headed to Hangzhou and visiting just a couple of these MCNs, but other players in the ecosystem as well. Right.
[00:22:28] Jianggan: So now Sabrina speaks as fast as the live host.
[00:22:30] Sabrina: I’m doing live selling. Quick, Jianggan, what discount can we give now? So, we’ll be heading to Hangzhou and we’ll be visiting a couple of MCN players, including two which we’ve mentioned today. One is BeFriends MCN, another is Yowant. So, you’ll get to see these studios in person as well, as well as speak to key decision makers and understand sort of from their perspective.
[00:22:55] Jianggan: And what I found more useful is that, I mean, of course, you visited, you see lots of things, and you have and I remember we walked to One of the studios and there’s something at the back. This looks like a tube at the back of the seat of the host. And we’re asking, what the hell is this?
They said, Oh, yeah, it’s space fire. I said, what? So they said, Okay, yeah. So to sell this kind of product, sometimes you need to have deeper engagement. You need to have the atmosphere and the fire helps. And I was looking around , all the decoration and said, okay, this is probably not very safe.
[00:23:25] Elody: We can’t add fires in here.
[00:23:26] Jianggan: No, we can’t. But
[00:23:27] Elody: that one is in the studio selling alcohol.
[00:23:31] Jianggan: So which is by self implement. So there are lots of things which have evolved and \ that, I mean, what we have shown here is just a glimpse of of whatever we have seen. And we found it very, very useful actually Talking to the people managing those MCNs and we asked tons of questions.
We’ve got tons of questions answered they are not that afraid to share and because a couple of things, right? I mean first whatever, you know, I mean others copy very quickly so it’s kind of like hard to keep that Knowledge and the second is that they’re all constantly looking for ways to partner with others to actually expand out so one of them told us is that, I mean, TikTok has been asking them to, to expand into Southeast Asia, expand into the US.
They said, honestly, we really don’t know how to manage the KOLs in the US, for example, and they feel, I mean, it feels like they are paying us, not us paying them. I like, two of them said that. So obviously, I think it would be very useful forum for you to discuss about, I mean, how to manage things, how to run things, operations, metrics, ROI measurement, et cetera, et cetera.
But what we also do hope is that I mean beyond MCNs, we’re also visiting some tech companies, we’re also visiting some of like brands, some supply chain experts, to give you a full picture of the whole ecosystem. Because sometimes MCNs can tell you that, okay, this is doing great. But of course there’s always another side of the story and whatever is great, how can you replicate that?
I mean, how do you see the whole picture?
[00:24:50] Sabrina: So if you guys are interested, I will link more details down in the comments or in the show notes, depending on which platform you’re listening to this on. But you can check it out and see we do have a rough agenda out already that we are sharing and we are speaking to participants and getting questions, so
[00:25:05] Jianggan: We’re getting lots of questions, right?
[00:25:06] Sabrina: Yeah, so if you guys have questions, you can reach out to us as well.
[00:25:09] Jianggan: And many of the questions are actually quite operational heavy, yeah.
[00:25:12] Sabrina: People are asking about the unit economics of running an MCN. Just KOL management, I think is another question that a lot of people are asking as well. So these are concerns that I guess a lot of people have when they’re in this business.
[00:25:25] Jianggan: I think some of them are also challenges that people actually have, right? When we start operating in this business, then you’ll see that, okay, they start encountering all the operational challenges and it’s interesting to talk to people who have already been there and who have already figure out lots of solutions, but who are probably still trying to figure out how to export their experiences outside China, successfully.
[00:25:49] Sabrina: So, thank you guys for watching this episode, if you are watching it live or the uploaded version later. But we hope you guys enjoyed it and We are trying out a new format, so we are receptive to feedback. If you guys have any as well, you can let us know how it was and if you’d like it, do subscribe to us on YouTube or Spotify or Apple Podcast or your preferred podcast platform.
[00:26:11] Jianggan: Cool,
[00:26:12] Sabrina: so bye-Bye
[00:26:13] Jianggan: bye-Bye bye.