Core Viewpoint - The crisis faced by Bojue Travel Photography is attributed not only to macroeconomic factors but also to inherent issues within the business model, particularly its inability to scale effectively in a non-standardized service industry [5][8][10]. Group 1: Business Overview - Bojue Travel Photography was founded in 2011 by Xu Chunsheng, who previously operated two photography studios and identified the travel photography market as a blue ocean opportunity [7]. - At its peak, the company expanded globally and sponsored various reality shows, significantly increasing its brand visibility [8]. - However, since 2020, the company has experienced prolonged losses, leading to its eventual collapse, indicating that a blue ocean market does not guarantee success [8][10]. Group 2: Business Model Challenges - The travel photography business is asset-heavy, requiring significant investment in locations, equipment, and personnel, which increases operational costs [10]. - The nature of wedding photography is low-frequency and non-recurring, making it a one-time service with high customer acquisition costs, further complicating profitability [10][12]. - The lack of standardization in services leads to difficulties in scaling, as each customer has unique preferences that cannot be easily standardized [11][12]. Group 3: Comparison with Other Models - Other service industries, such as medical aesthetics, have found ways to standardize processes, allowing for scalability, unlike the travel photography sector [14][22]. - Companies like Flytographer have adopted a platform model, matching photographers with clients without incurring high operational costs, demonstrating a more sustainable business approach [22][23].

Group 1 - The wedding photography travel market in China has seen rapid growth since the introduction of the concept by Platinum Travel Photography in 2011, leading to a surge in similar services by various OTA companies around 2016 [1][2] - Platinum Travel Photography, once a market leader, has faced severe operational issues, including employee salary arrears exceeding 15 million yuan, customer deposits not being refunded, and a significant reduction in business operations since July 2025 [2][4] - The overall customer experience in the wedding photography travel sector has deteriorated, with numerous complaints about poor service quality, hidden costs, and subpar products [3][4] Group 2 - The wedding photography travel industry is characterized by a plethora of low-priced packages and a mix of quality, leading to many studios struggling for survival after the fall of Platinum [4][22] - A significant percentage of consumers, estimated at over 90%, report being deceived by the pricing and service quality in the wedding photography travel market [22][24] - Many studios operate as virtual shops with minimal overhead, often leading to inflated costs for consumers who are lured in by attractive package deals [23][24] Group 3 - The industry has shifted towards a sales-driven model, with many studios prioritizing marketing over quality photography, resulting in a decline in customer satisfaction [31][35] - The collapse of major players like Platinum has created a vacuum, leading to a proliferation of low-quality service providers who do not prioritize customer experience [35][42] - The competitive landscape has forced many traditional photography studios to adapt to a sales-oriented approach, often compromising on service quality to remain profitable [40][41]

Core Viewpoint - The article discusses the decline of the wedding photography company, Bojue Travel Photography, highlighting its operational struggles, customer complaints, and the broader industry challenges due to decreasing marriage rates and economic downturns [4][5][16]. Group 1: Company Overview - Bojue Travel Photography, headquartered in Xiamen, has faced numerous complaints regarding store closures and unresponsive customer service [4]. - The company has historically been a leader in the wedding photography sector, with over 100 travel photography bases globally and significant marketing efforts, including sponsorships and celebrity endorsements [8][20]. - At its peak, Bojue's annual revenue approached 1 billion yuan, with an average of 100,000 wedding photography orders per year [20]. Group 2: Current Challenges - The company is currently scaling back its travel photography business, closing unprofitable stores, and undergoing organizational restructuring due to ongoing financial losses [9][16]. - Complaints from customers include difficulties in obtaining refunds and completed photography services, with many reporting that the company has become unresponsive [10][9]. - Employees are also facing significant delays in salary payments, with reports of wages being overdue for up to five months [15][12]. Group 3: Industry Context - The wedding photography industry is experiencing a downturn, exacerbated by a decline in marriage rates, which fell from 13.5 million couples in 2013 to an estimated 6.1 million in 2024, marking a 40-year low [8]. - The shift in consumer behavior, with younger generations opting out of marriage, has negatively impacted related businesses, including wedding photography [8]. - The company's reliance on a prepayment model for services poses a risk of cash flow issues, especially in a challenging market environment [16][21]. Group 4: Financial Implications - Bojue Travel Photography reportedly has a debt of approximately 15 million yuan in unpaid salaries, with additional liabilities from customer deposits [19][20]. - The company’s current operational model, which includes a significant amount of pre-sold services, could lead to a total liability of up to 120 million yuan if the service delivery cycle extends to two years [21]. - The financial strain is compounded by negative publicity and operational challenges, making it difficult for the company to secure new investments or funding [18][16].

Core Viewpoint - The travel photography brand "Platinum Travel Photography" has been reported to have "disappeared" and is allegedly defaulting on consumer payments, prompting a response from popular livestreamer Li Jiaqi who has promised refunds and compensation to affected customers [2][3]. Group 1: Company Issues - Multiple consumers have reported issues with Platinum Travel Photography, including undelivered services and difficulties in refunding deposits. Some customers mentioned that they had ordered wedding photography packages in May 2024 and had not received any products, while others stated that they had paid deposits in 2025 without receiving any services [3]. - Platinum Travel Photography was established in 2010 and pioneered the O2O e-commerce model in the travel photography industry. The brand has collaborated with various internet platforms and has been recognized as the "founder of travel photography" by the China Portrait Photography Association [4]. - The company has faced financial difficulties, citing a decline in marriage rates and increased competition in the industry, leading to ongoing losses. As a result, it has decided to reduce its travel photography business and close some unprofitable stores [6]. Group 2: Response and Compensation - On July 24, Li Jiaqi announced three compensation plans for customers affected by Platinum Travel Photography's issues: refunds for users who had purchased but not completed their photography, cash compensation for those who had completed their photography but not received their photos, and advice for users who had not redeemed their services to contact the platform for refunds [2]. - Li Jiaqi's commitment to refunding orders from Platinum Travel Photography gained significant attention on social media, reaching the second position on Weibo's trending list with nearly 92 million views [2].

Core Viewpoint - The article discusses the decline of the wedding photography company, Bojue Travel Photography, highlighting its operational struggles, customer complaints, and the broader industry challenges due to decreasing marriage rates and economic downturns [3][5][14]. Group 1: Company Situation - Bojue Travel Photography has faced numerous complaints regarding store closures and unresponsive customer service, leading to speculation about the company's potential bankruptcy [3][6]. - The company has announced a reduction in its travel photography business and the closure of unprofitable stores, while also attempting to reassure customers about fulfilling their orders [6][9]. - Employees are reportedly facing significant delays in salary payments, with some wages overdue by five months, raising concerns about the company's financial health [12][13]. Group 2: Industry Context - The wedding photography industry is experiencing a downturn, with marriage registrations in China dropping from 13.469 million in 2013 to a projected 6.106 million in 2024, marking a 55.5% decline [5]. - Bojue Travel Photography previously thrived, achieving nearly 1 billion yuan in annual revenue at its peak, but is now struggling with a significant reduction in order volume, estimated at only 30,000 orders per year [18]. - The company's business model, which relies heavily on prepayments and repeat consumption, is particularly vulnerable to cash flow issues, especially in a declining market [14][19]. Group 3: Financial Implications - The company currently faces a debt of approximately 15 million yuan in unpaid salaries, with total liabilities potentially much higher when considering customer deposits [17][19]. - The average prepayment per order is estimated at 2,000 yuan, leading to potential unfulfilled contract liabilities of 60 million to 120 million yuan, depending on the fulfillment cycle [19]. - The financial strain is compounded by negative publicity and operational challenges, making it difficult for the company to secure new investments or funding [15][16].

Core Viewpoint - The recent turmoil faced by the leading company, Bojue Travel Photography, highlights the vulnerabilities in the travel photography industry, particularly the risks associated with the "prepayment + secondary consumption" model, which has been exacerbated by increased competition and changing consumer preferences [1][10][20]. Group 1: Company Situation - Bojue Travel Photography has resumed taking orders on its Taobao flagship store despite previous reports of operational shutdowns and customer service issues, indicating a potential attempt to stabilize its business [4][5]. - The company has faced significant operational challenges, including a sharp decline in customer volume since 2020, leading to a cash flow crisis exacerbated by high fixed costs associated with its numerous storefronts in popular tourist destinations [9][10]. - Many of Bojue's physical stores are being outsourced to third-party teams, with most original staff having left, reflecting a severe operational paralysis within the company [5][10]. Group 2: Industry Trends - The travel photography industry is experiencing a shift as younger consumers increasingly prefer personalized and cost-effective services offered by independent studios over traditional high-priced packages from established companies [19][20]. - The competitive landscape has intensified, with many new entrants offering lower-priced services, leading to a "price war" that further pressures established firms like Bojue [11][19]. - The industry's cyclical nature is evident, with companies typically experiencing a life cycle of rapid growth followed by a decline, influenced by changing consumer preferences and market dynamics [19][20].