以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 小红书找到恰饭新路径 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜视觉中国 万万没想到，刷小红书要步入"氪金"时代了。 1 月 6 日，小红书内测"笔记付费"新功能的消息不胫而走，市场将此解读为：平台尝试在广告、电商之 外，开辟一条创作者变现的新路径。 坦白说，尽管知乎盐选、公众号付费文章等模式已逐渐被用户接受，但小红书以"笔记付费"抢夺创作者注 意力、加速商业化的动作，仍让市场颇感意外——原因在于，这一功能可能加剧平台生态的"马太效应"： 头部博主凭借影响力拥有更高付费转化率，而用户付费后对内容质量的要求会更严苛，使得中小博主的变 现处境越发逼仄。 对此，接近小红书人士向虎嗅表示，"此次笔记付费功能仍处于产品定向内测期，属于常规产品的更新动 作，并非战略规划。" 事实上，小红书在"内容-交易"链路的踌躇不前，亟需新的商业路径破局，而"内容-付费"的成熟模式无疑是 试水方向之一——长期以来，小红书创作者的变现渠道集中于广告、带货、开店等， 而笔记内容始终缺乏 一个可参照的定价体系，平台也迫切需要多元变现方式缓解增 ...

面对竞争，小红书的最大机会或许在于其独特的社区属性与用户基础。平台女性用户占比高、互动性 强，在生活时尚、情感故事、垂直干货等领域具有天然优势。若能将这些基因与内容付费相结合，推出 如"穿搭剧情连载""美食生活短故事"等创新形式，或许能开辟出区别于传统网文的赛道。与此同时，付 费机制也可以与电商、广告、IP开发等现有业务形成协同，打造从内容消费到商业转化的闭环，为创作 者提供多层次收益路径。 在这一过程中，平台运营策略至关重要。一方面，需通过流量扶持、创作指导等方式激励优质内容生 产；另一方面，也要设计灵活付费模式、建立用户权益保障机制，维护消费体验。更关键的是，必须控 制付费内容在社区中的比例，保持免费内容为主体的生态结构，以避免商业化步伐过快。 近期，小红书平台低调开启"笔记付费功能"内测的消息，在内容行业激起阵阵涟漪。这一动作，通过降 低参与门槛，让更多中腰部创作者有机会将内容价值直接转化为实际收入。然而，在"免费分享、真实 互动"的社区基因面前，引入付费模式犹如一场精密的平衡术，既考验平台策略的精准性，也映射出当 下内容消费生态的深层演变。 从机制设计来看，小红书此次内测展现出"低门槛、广覆盖"的特点 ...

作者 | 王小娟 编辑 | 周智宇 小红书的商业化路径，又有了新的尝试。 近日，有消息称，小红书开启了一项重要的产品内测——"笔记付费"功能。据了解，此次内测主要推出 了三种付费模式。 当前，小红书已有着庞大的用户基础，这些用户不仅有着较高的消费能力，而且创作分享互动欲望都比 较高。这也为探索笔记付费提供了一定的用户基础。 根据智云研报数据，在2025年，小红书的月活用户（MAU）已突破3.39亿，其中95后占比达85%，一线 及新一线城市用户占比66%。小红书 CMO 之恒此前介绍，每天发布超过 900 万篇笔记、产生 7000 多 万条评论。 其一，高清原图付费下载，服务于视觉创作者，用户支付费用后可获得无水印的高质量原始图片。其 二，单篇笔记付费阅读，允许长文或故事作者设置部分内容为免费试读，用户需付费解锁全文。其三， 笔记合集付费解锁，主要针对连载小说、系列专栏等内容，支持用户试读前部章节后，一次性付费解锁 整个系列。 截至发稿前，小红书官方尚未对该事件作出回应。据了解，该功能采用邀约制，并未向所有创作者开 放。内测门槛相对宽松——粉丝数不低于100人、近90天无违规记录且完成实名认证即可申请。 过去 ...

Core Insights - The Chinese internet content industry is overcoming long-standing profitability challenges, with companies like Bilibili and Zhihu achieving quarterly profitability for the first time in 2024, driven by advertising growth and membership optimization [1][2][15] - The "content five giants" (Tencent Music, Bilibili, iQIYI, Yuewen Group, and Zhihu) share a common revenue model focused on content payment, contrasting with reliance on advertising and e-commerce [2][19] Group 1: Industry Challenges - High copyright costs and weak user payment awareness are significant barriers to profitability, with some platforms spending 40%-60% of operational costs on copyright procurement and average long video industry payment conversion rates remaining at 10%-15% [1][14] - The competition for quality content has driven up copyright prices, creating financial burdens for companies [14][28] Group 2: Financial Performance - In 2024, Tencent Music led in adjusted net profit with 77 billion, followed by iQIYI with 15 billion, while Bilibili and Zhihu reported losses of 221 million and 96.3 million respectively [21][22] - Revenue sources vary among the giants, with membership income being the primary revenue stream for Tencent Music and iQIYI, while Bilibili and Zhihu also rely on advertising and other services [20][19] Group 3: Business Strategies - Companies are adopting cost control strategies to maintain profitability, with iQIYI reducing costs significantly from 207 billion in 2021 to 157 billion in 2024, while Zhihu also cut costs to achieve a reduction in losses [31][32][33] - Tencent Music, Bilibili, and Yuewen Group are exploring new business increments alongside cost reductions, with Bilibili's revenue growing by 19% in 2024, driven by increases in membership and advertising [34][35] Group 4: Future Outlook - The market is cautious about the sustainability of profitability among the content giants, with Tencent Music's market value significantly higher than its peers, indicating a disparity in perceived growth potential [39][40] - Companies are focusing on stabilizing core businesses and exploring AI integration to enhance content creation and user engagement, although the commercial viability of AI applications remains uncertain [41][42]

Core Viewpoint - Fenix International Ltd, the parent company of OnlyFans, is in talks to sell the company for an estimated valuation of $8 billion, reflecting its significant market value and growth potential in the current market environment [2][4]. Financial Performance - As of November 2023, Fenix International reported revenues of $6.6 billion, a nearly 20-fold increase from $375 million in 2020 [2][11]. - The valuation of $8 billion is based on the company's revenue growth, expanded user base, and enhanced market position [11][12]. Sale Negotiations - The investment group leading the acquisition talks is Forest Road Company, based in Los Angeles, although other investors remain undisclosed [4]. - Negotiations have been ongoing since at least March 2023, with expectations of a preliminary agreement in the next one to two weeks, though uncertainties remain regarding deal terms and regulatory approvals [4][5]. IPO Considerations - Fenix International is also considering the possibility of an initial public offering (IPO), indicating a strategic evaluation of capital options to maximize shareholder value [4][5]. - The company's actions suggest that the IPO path may be less viable, leading to the consideration of a sale as a more favorable monetization strategy [5]. Market Position and Competition - OnlyFans has established itself as a leading platform in the content subscription space, particularly during the pandemic, which significantly boosted its user base and revenue [9][11]. - The platform faces competition from traditional social media giants like Facebook and Instagram, which are exploring similar monetization strategies, as well as emerging platforms targeting specific niches [14].