mynovelweb Chapter 288 Shareholders' Meeting
Chapter 288 Shareholders' Meeting
At 8:50, the first group of people arrived.
Goldman Sachs' Chen Wenhao entered with two analysts. They were dressed in tailored suits, walking briskly and conversing in hushed tones. Upon seeing Ling Yun, Chen Wenhao nodded but didn't offer any pleasantries, heading directly to his designated spot. The analyst opened his laptop and plugged it in.
Next came the Morgan Stanley team—a senior vice president and a financial advisor. They shook hands briefly with the Goldman Sachs representatives before taking their seats. The Morgan Stanley representatives were quieter, simply flipping through folders and quickly scanning through them.
At 8:55, Dr. Leila from Abu Dhabi entered. She wore a dark robe over a well-tailored suit jacket and carried a fine leather notebook. A young assistant followed behind her, carrying a briefcase.
"Mr. Ling," Dr. Leila extended her hand, her grip firm, "I look forward to today's data."
"I won't let you down," Ling Yun said.
At 9:00 sharp, everyone was in place. Eight people sat on either side of the long table: Ling Yun, Carly; three from Goldman Sachs; two from Morgan; and two from Abu Dhabi. At the far end of the table, a large screen displayed a video link—Durand in Paris was sitting in his office, with the silhouette of the Eiffel Tower behind him.
"Good morning, everyone." Ling Yun sat down at the head of the table. "Thank you all for attending. Today's meeting has only one topic: preliminary data and future plans for Xingyu's new business model."
He gestured for Carly to begin.
Carly stood up and walked to the projection control panel. She pressed the remote, the large screen switched, and the first chart appeared.
"On March 20th, the new version of Star Language was launched, introducing a level system and a diamond membership system." Carly's voice was calm and professional. "As of 8:00 AM today, the data for the past 48 hours is as follows."
Enlarge the chart:
- Total number of paying users: 94,327
- Highest single-day payment (March 21): $148,763
- Total charge for 48 hours: $223,417
- Percentage of paying users: 4.7%
- Estimated average monthly spending per paying user: $8.50
- Paid user day-two retention rate: 89%
- Paid user 7-day retention rate (based on early samples): 72%
The meeting room fell silent, with only the sounds of typing and turning pages.
"The data is 30% higher than our most optimistic predictions," Carly said, switching to the next chart. "Even more crucial is the user behavior data. Paid users spend an average of 47% more time on the platform daily, send 61% more messages, and establish 83% more social connections (friends, groups) than non-paid users."
The charts are colored bar charts and line charts, with the trend line clearly trending upwards.
"This means," Carly paused, "that paying not only generates revenue, but also significantly enhances user engagement and social activity. Users who spend money on virtual privileges will use the product more frequently and build their social networks more actively—because they want to 'get their money's worth."
Chen Wenhao from Goldman Sachs raised his hand. "What are the distribution characteristics of paying users?"
卡莉调出另一组数据。「年龄：72%在18-25岁之间。地域：主要集中在大学城和都会区。消费层次：单次付费在$0.99-$9.99之间的占85%，$10以上的占15%。最受欢迎的付费项目依次是：红钻（个人装扮）、加速卡、黄钻（建群特权）。」
"Is there any user feedback on the product?" Morgan asked.
"We've included a simple questionnaire in the product." Carly played several screenshots of user comments:
"Finally, I can decorate my space! It was worth the five dollars for the skin!" — Stanford University student
"I raced with my roommate to see who could reach level 10 first, bought a speed-up card, and won a dinner." — Berkeley student
"I created a gaming group with 200 members, and being an administrator feels great." — MIT student
The reviews are followed by a star rating, with an average score of 4.7 out of 5.
"Then," Dr. Lyra began, her voice clear and calm, "what about sustainability? Is this consumption driven by novelty or long-term demand?"
Carly switched to the last chart. "This is based on tracking data from beta testers. The beta test started a month ago, with a sample size of three thousand. We observed how their payment behavior changed over time."
The chart shows that the percentage of paying users rose rapidly in the first week; in the second and third weeks, the percentage stabilized at around 5%; and in the fourth week, it rose slightly to 5.3%. In terms of spending, the average spending in the first week was $7.2, and in the fourth week it was $6.8 – a slight decrease, but trending towards stability.
"The data shows," Carly said, "that after the novelty wears off, paid behavior doesn't decrease significantly. Instead, some users develop habitual spending habits—renewing their diamond memberships monthly and occasionally buying new skins or speed-up cards. Virtual privileges have become part of their digital identity, just like clothes and accessories in the real world."
Dr. Lyra took notes in her notebook without saying a word.
In the video, Durant then speaks, his voice coming through the speakers: "The technical barrier to this model is very low. ICQ or other competitors can easily copy it. How do you plan to respond?"
The questions are sharp and get straight to the heart of the matter.
All eyes turned to Ling Yun.
Ling Yun stood up, but did not walk to the podium. He remained beside his seat, his hand resting on the back of the chair.
"First of all, I admit that the tier system and diamond memberships don't have a technological moat," he said. "Any team with basic development capabilities can replicate it in a few weeks."
The air in the meeting room was slightly tense.
"However," he continued, "in the realm of social products, the first-mover advantage in innovation is not just about the time difference. More importantly, it's about capturing users' minds."
He gestured for Carly to play the next set of materials.
Screenshots of social media appeared on the screen—discussion threads from forums, blogs, and campus websites. The titles were varied:
"The new Star Language feature is so cool! ICQ is still stuck in the same place."
"The Plagiarist's Fate: Always One Step Behind"
"I use the language of stars because I don't want to use counterfeit products."
Carly amplified one of the discussion threads. The poster was comparing the features of Star Language and ICQ, and there were dozens of comments below. One highly upvoted reply read:
"ICQ is only now remembering to add file transfer, while Xingyu has had it for a long time. By the time ICQ copies this ranking system, Xingyu will definitely have something new out of it. Using a follower's product feels like wearing fake designer clothes—you know they're fake."
"User psychology," Ling Yun said, "especially among young people, using 'original' and 'leading' products is a form of social capital. On the other hand, using 'plagiarized' or 'knock-off' products will get you labeled as 'outdated' and 'tasteless.' This kind of labeling is fatal in social situations."
He paused, letting his words settle.
"ICQ can copy features, but it can't copy brand perception. Xingyu now represents innovation, coolness, and youth. ICQ represents outdatedness, conservatism, and following the crowd. Once this perception is formed, it's hard to reverse."
Morgan's representative asked, "But what if Microsoft invested huge resources in ICQ, rapidly iterating and even creating better features?"
"Then we need to move even faster," Ling Yun said. "The Xingyu development team currently has 87 people, and we plan to expand to 150 after the funding round. We will maintain a pace of one small update per month and one major update per quarter. This will create anticipation among users: Xingyu will always have something new, and copycats will always be chasing after us."