Core Viewpoint - The decline of top livestreaming hosts like Xinba signifies the end of an era in the e-commerce landscape, revealing the vulnerabilities and risks inherent in their business models [21][22]. Group 1: Industry Dynamics - The livestreaming e-commerce sector has transformed from a blue ocean into a fiercely competitive environment, characterized by intense rivalry among top hosts [6][19]. - The relationships among leading hosts are competitive rather than collaborative, leading to a zero-sum game where one host's gain is another's loss [6][8]. - The competitive landscape is marked by rapid dissemination of negative news, often fueled by rival hosts seeking to capitalize on each other's missteps [8][9]. Group 2: Structural Vulnerabilities - Many top hosts operate with a "grassroots" team structure, lacking the robust systems necessary for sustainable business operations, such as supply chain management and compliance frameworks [10][12]. - The collapse of hosts like Viya and the controversies surrounding Xinba highlight systemic failures in legal, financial, and quality control processes [15][13]. - The reliance on a single host's persona creates a fragile business model that is susceptible to risks, as seen in Xinba's recent controversies [12][19]. Group 3: Persona and Trust Issues - The personal brand or persona of hosts is their most valuable asset, but it is also the most precarious, as it relies on continuous performance and public perception [16][18]. - Trust can erode quickly when hosts fail to align with their crafted personas, leading to significant backlash from their audience [18][19]. - The decline of trust in these personas is evident in the fallout from various scandals, which have led to a loss of credibility and consumer confidence [18][21]. Group 4: Future Outlook - The era dominated by super hosts is coming to an end, with a shift towards a more professional and diversified approach in the livestreaming e-commerce sector [21][23]. - The industry is expected to evolve into a healthier environment, focusing on mid-tier hosts and brand-driven content rather than solely on celebrity figures [21][23].