Core Insights - The recent resurgence of interest in the gaming live-streaming industry is highlighted by the controversy surrounding the streamer Lan Zhanfei, reflecting both individual opportunities and the harsh realities of industry evolution [1][2] Company Overview - Lan Zhanfei, born in 1992 in Guangdong, transitioned from a game streamer to a travel blogger, gaining attention due to past statements about his earnings [2][5] - His career trajectory includes working at various jobs before entering the gaming live-streaming sector, where he capitalized on the industry's growth from 2016 to 2018 [5][6] Industry Dynamics - The gaming live-streaming industry saw explosive growth from 2011 to 2015, with platforms like YY and Douyu emerging during this period [9][10] - The "thousand-broadcast war" from 2016 to 2018 attracted 350 million users, leading to significant capital investment and competition among platforms [10] - The industry's rapid decline began in 2019, with major platforms like Panda TV facing financial difficulties, resulting in a drastic drop in total financing from approximately 7 billion yuan in 2018 to less than 2 billion yuan [10][11] Financial Performance - Lan Zhanfei's income skyrocketed from a monthly salary of 3,000 yuan to a contract worth 10 million yuan annually, showcasing the potential for high earnings in the gaming live-streaming sector during its peak [6][7] - As of 2023, Lan Zhanfei has amassed over 30 million followers across various platforms, with recent live streams generating sales between 250,000 to 500,000 yuan [12] Future Outlook - The gaming live-streaming industry's past success is unlikely to be replicated, as new platforms like Douyin and Kuaishou have shifted the competitive landscape [11] - Despite the decline of traditional gaming live-streaming, opportunities remain for niche content creators to achieve financial success through specialized knowledge and audience engagement [11]