Core Viewpoint - The article discusses how AI-generated content is flooding the internet, making information less scarce, while professional and original content becomes increasingly valuable. It highlights the recent financial performance of Zhihu as a case study of how a content platform can thrive amidst the AI wave [1]. Financial Performance - Zhihu achieved a total revenue of 3.6 billion yuan for the year 2024, with Q4 revenue reaching 860 million yuan. The adjusted net profit for Q4 was 97.1 million yuan, and the adjusted operating profit was 23.1 million yuan, marking the first quarter of comprehensive profitability since its IPO [3]. - The paid membership business contributed 1.76 billion yuan in revenue, accounting for nearly half of the total revenue. The average monthly subscription members grew from 14.5 million in 2023 to 15 million in 2024, indicating strong demand for professional content [3]. - By the end of Q4, Zhihu had a cumulative content creation volume of 870 million, a year-on-year increase of 12.9%, with over 77 million creators driving professional discussions [3]. Professional Content and AI Integration - The article emphasizes that as AI-generated content becomes more prevalent, original and professional content will become scarcer. Platforms like Coursera and Substack, which focus on high-quality professional content and subscription models, are gaining traction [4]. - Zhihu's CEO stated that AI amplifies the value of professional content rather than replacing it, indicating a strategic direction that combines expert networks with technology [5]. - The integration of AI into Zhihu's platform, particularly through the "Zhihu Direct Answer" feature, aims to enhance the quality and efficiency of content generation, addressing the common issue of AI hallucinations [9][13]. AI Model Development - Zhihu has developed its own AI model, "Zhihai Map AI," and has made significant advancements in AI capabilities, including the integration of the DeepSeek-R1 model, which enhances reasoning and output quality [7][13]. - The article notes that the hallucination rate of mainstream AI models ranges from 10% to 35%, with Zhihu's approach leveraging its community-driven content to mitigate this issue [10][11]. Community and Commercialization - The user engagement on Zhihu has significantly increased, with monthly active users of the "Zhihu Direct Answer" feature rising from one million to ten million, indicating a tenfold growth [14]. - Zhihu's cash reserves amounted to approximately 4.9 billion yuan, providing a financial cushion for further AI commercialization efforts [15]. Trust Mechanism and Value Redistribution - The introduction of the "source answerer" feature allows creators to have digital sovereignty over their content, potentially leading to a new revenue-sharing model based on content contributions [20]. - The article suggests that as AI-generated content proliferates, there will be a growing demand for verified and authentic content, positioning platforms like Zhihu to redefine trust mechanisms in knowledge production [17][18]. Conclusion - Zhihu's recent financial success and strategic integration of AI highlight the enduring value of professional content in the AI era. The company is poised for growth as it navigates the challenges and opportunities presented by AI technology [21].