MeLive Overview Performance H22023

Author

Vi Duong

Published

March 20, 2024

Assumption and Data Sources

1 Executive Summary

MeLive Performance and Growth Opportunities (H2 2023)

Revenue and Sales:

  • MeLive achieved an estimated Gross Merchandise Value (Est. GMV) of approximately 433 billion VND in H2 2023, reflecting strong growth (CMGR 23.3%). However, a data discrepancy requires validation (reported vs. estimated GMV).
  • Net Merchandise Value (NMV) grew at a slower rate (17.1%) compared to Est. GMV, suggesting a potential rise in cancellations. Revenue per seller is increasing, but seller growth lags behind Est. GMV growth, highlighting the need for seller expansion strategies.

Creator Performance:

  • Partner creators are the backbone, contributing 86.2% of Est. GMV with a balanced NMV ratio (57%). Creator No Sharing Fee contribute high GMV (12.4%) but minimal commission (2.4%) due to their revenue-sharing structure.
  • Full-Management Creators, despite low GMV contribution (1.4%), boast the highest NMV ratio and lowest cancellation rates, indicating high potential for strategic development.
  • A lack of category diversification among top creators is evident, suggesting an opportunity to encourage broader content reach.

Data Quality and Next Steps:

  • Significant data discrepancies across sources necessitate immediate investigation and correction to ensure reliable decision-making.
  • Further analysis of creator performance should utilize NMV as the primary KPI due to variations in the NMV/Est. GMV ratio.

2 Total Overview

Source: gmv_nmv

  • Revenue: Approximately 380 billion VND (~380k mil VND).
  • Estimated Gross Merchandise Value (Est. GMV): Approximately 433 billion VND. There was a discrepancy with reported GMV due to an unlinking issue in November. Est. GMV is used in this report for a more accurate picture.
  • Net Merchandise Value (NMV): 201 billion VND. The NMV/Est. NMV ratio was 53%.
  • On average, one creator earned approximately 200 million VND per month across the six-month period, while one seller generated an average of 23.8 million VND monthly.
Number of active sellers and creators
first_month last_month no_months total_gmv total_est_gmv total_nmv no_sellers no_creators nmv_over_gmv
2023-07-01 2023-12-01 6 379,685 433,021 201,115 3,011 368 53.0%
Average active sellers and creators per month
avg_monthly_seller avg_monthly_creators avg_monthly_gmv avg_monthly_est_gmv avg_monthly_nmv
1,440 240 63,281 72,170 33,519

There are three primary creator categories on MeLive, each with distinct commission structures and performance characteristics:

  • Creator No Sharing Fee: These are typically high-profile talents and key opinion leaders (KOLs) who generate significant revenue but do not share commission with MeLive. While contributing to 12.4% of GMV, their low NMV ratio (24%) suggests a high rate of cancellations or refunds.
  • Partners: This is the largest creator group, representing 340 out of 368 total creators (H2 2023). They share commission with MeLive, typically ranging from 30% to 70% (with MeLive receiving the remaining share). Partners contribute significantly to the platform, generating 86.2% of GMV and achieving a NMV ratio of around 57%.
  • Full Management Creators: These are MeLive’s full-time employees who receive a fixed salary and share 100% of their commission with the platform. While boasting the highest NMV ratio and lowest cancellation rate, their contribution to GMV is currently the lowest at 1.4%.
Est GMV by creator type (mil VND)
creator_type total_gmv total_est_gmv total_nmv no_sellers no_creators contrib_est_gmv nmv_over_gmv
creator_no_sharing_fee 49,219 53,761 11,698 486 22 12.4% 23.8%
full_management 4,681 6,071 3,919 184 6 1.4% 83.7%
partner 325,786 373,190 185,498 2,806 340 86.2% 56.9%
Total 379,685 433,021 201,115 3,476 368 100.0% 53.0%

3 Monthly Summary

3.1 Monthly Revenue

3.1.1 Total

  • Over six months, MeLive’s estimated Gross Merchandise Value (Est. GMV) experienced a strong compounded monthly growth rate (CMGR) of 23.3%. This translates to an increase in estimated revenue of 23.3% each month. However, Net Merchandise Value (NMV) only grew by 17.1% during the same period. This discrepancy suggests that the cancellation rate might be rising faster than revenue growth.
Compound Monthly Growth Rate
gmv_cmgr est_gmv_cmgr nmv_cmgr
23.8% 23.3% 17.1%
Sales Through Time
metric 2023-07 2023-08 2023-09 2023-10 2023-11 2023-12
gmv 40,595 69,173 61,269 63,107 27,554 117,987
est_gmv 41,494 69,287 61,365 63,234 79,486 118,156
nmv 24,562 26,808 27,080 28,879 39,691 54,096
Created with Highcharts 9.3.1monthmil VNDChart context menuSales Trend Over TimeData Source: gmv_nmvest_gmvgmvnmv2023-072023-082023-092023-102023-112023-12025k50k75k100k125k
  • The significant discrepancy between estimated GMV (est_gmv) and recorded GMV in this chart highlights the need for data validation and potential corrections.

3.2 Monthly Seller

  • While the average number of active sellers with sales grew at a modest Compound Monthly Growth Rate (CMGR) of 8.4% over a period, the Est. GMV was significantly higher at 24%. This suggests that revenue per seller has been increasing. However, the lower growth rate in active sellers compared to Est. GMV warrants further investigation. This could indicate a need for seller expansion strategies to keep pace with rising revenue.
Compound Monthly Growth Rate
CMGR
8.4%
Number Of Sellers Through Time
2023-07 2023-08 2023-09 2023-10 2023-11 2023-12
1,153 1,368 1,388 1,485 1,522 1,726
Created with Highcharts 9.3.1monthNumber Of SellersChart context menuActive Sellers Trend Over TimeData Source: gmv_nmvJul '23Aug '23Sep '23Oct '23Nov '23Dec '230500100015002000Average: 1440

3.3 Monthly Creator

  • The average number of active creators with sales was 240. Notably, the CMGR of active creators (3.7%) was the lowest compared to sellers and revenue growth.
Compound Monthly Growth Rate
CMGR
3.7%
Number Of Creators Through Time
2023-07 2023-08 2023-09 2023-10 2023-11 2023-12
216 226 232 260 248 259
Created with Highcharts 9.3.1monthNumber Of CreatorsChart context menuActive Sellers Trend Over TimeData Source: gmv_nmvJul '23Aug '23Sep '23Oct '23Nov '23Dec '23050100150200250300Average: 240

4 Sales Order Overview

Source: Paid And Unpaid Orders

4.1 Compare With GMV_NMV Source

  • A significant discrepancy exists between the GMV and NMV reported from two sources. The GMV in the “sales order” data is 38% lower than the GMV in the “gmv_nmv” source, while NMV in the “sales order” data is 11% higher. This inconsistency requires thorough validation and correction before proceeding with further analysis.
Summary Paid And Unpaid Sales Order
first_month last_month no_months total_gmv total_nmv no_sellers no_creators nmv_over_gmv
07-2023 12-2023 6 268,604 223,194 2,603 332 83.1%
Compare GMV/NMV Gap 2 Sources
source first_month last_month no_months total_gmv total_nmv no_sellers no_creators nmv_over_gmv gap_gmv gap_nmv gap_sellers gap_creators
gmv_nmv 07-2023 12-2023 6 433,021 201,115 3,011 368 53.0% NA NA NA NA
paid_unpaid_sales_order 07-2023 12-2023 6 268,604 223,194 2,603 332 83.1% -38.0% 11.0% -13.6% -9.8%

4.2 Total

MeLive Revenue and Commission Structure (H2 2023):

  • MeLive generated approximately 6 billion VND in commission fees after sharing a portion with creators. This translates to a commission rate of 2.2% on total revenue. However, the accuracy of these figures requires further verification due to potential data inconsistencies.
  • The average commission rate from brands was 9.8%. MeLive typically retains 27.2% of this commission, with the remaining portion shared with creators.
  • On average, a single livestream generated an estimated Gross Merchandise Value (GMV) of 14 million VND, with a corresponding commission of approximately 312,000 VND. Again, these figures might be skewed by data inaccuracies.

Product Portfolio:

In H2 2023, MeLive’s product portfolio comprised roughly 19,334 products. While this represents a sizable selection, it is considerably smaller compared to established e-commerce businesses like Tiki, which boasts a stock of approximately 25,000 products.

Sales Order Summary P1
total_gmv total_nmv commission melive_commission creator_commission no_livestreams no_products
268,604 223,194 21,902 5,955 15,947 19,065 19,334
Sales Order Summary P2
aov_gmv aov_nmv asp commission_rate melive_takerate ml_com_over_gmv ml_commission_per_livestream gmv_per_livestream
218,607 216,559 195,688 9.8% 27.2% 2.2% 312,343 14

4.3 Monthly

Sales Order Summary P1
month total_gmv total_nmv qty_sold no_gmv_orders no_nmv_orders commission melive_commission creator_commission no_livestreams no_products
07-2023 37,519 26,556 184,439 161,634 123,387 2,739 815 1,924 5,124 5,962
08-2023 40,877 29,888 244,708 217,346 158,815 3,309 925 2,384 5,162 6,180
09-2023 41,125 30,542 234,825 207,319 157,644 3,253 840 2,412 4,973 5,739
10-2023 43,721 33,452 226,510 204,446 161,334 3,528 942 2,586 5,546 6,860
11-2023 46,399 45,257 225,261 204,106 200,019 4,431 1,157 3,273 5,692 7,079
12-2023 58,963 57,498 256,874 233,859 229,441 4,642 1,275 3,367 6,001 7,357
Sales Order Summary P2
month aov_gmv aov_nmv asp commission_rate melive_takerate ml_com_over_gmv commission_per_livestream gmv_per_livestream
07-2023 232,124 215,227 203,423 10.3% 29.8% 2.2% 1 7
08-2023 188,071 188,197 167,042 11.1% 27.9% 2.3% 1 8
09-2023 198,365 193,743 175,130 10.6% 25.8% 2.0% 1 8
10-2023 213,851 207,348 193,021 10.5% 26.7% 2.2% 1 8
11-2023 227,330 226,264 205,981 9.8% 26.1% 2.5% 1 8
12-2023 252,132 250,598 229,542 8.1% 27.5% 2.2% 1 10

4.4 Content Type

  • MeLive leverages three primary content formats to drive sales: Livestream (67.5%), Video (28.2%), and Showcase (4.2%).
  • While Livestream currently generates the majority of commission (4 billion VND out of 6 billion VND), video content offers a slightly higher commission rate (10.1% vs. 9.7%). Additionally, MeLive’s commission as a percentage of GMV is slightly higher for video (2.3%) compared to Livestream (2.2%).
  • Given the lower operational cost associated with video content creation, exploring its expansion as a focus area could be a strategic move for MeLive.
Sales Order By Content Type P1
content_type total_gmv gmv_contribution total_nmv qty_sold no_gmv_orders no_nmv_orders commission melive_commission creator_commission no_livestreams no_products
a. Livestream 181,375 67.5% 148,695 848,060 764,292 624,544 14,494 4,029 10,466 11,110 14,755
b. Video 75,875 28.2% 66,353 468,078 424,269 371,281 6,728 1,753 4,975 7,676 6,681
c. Showcase 11,355 4.2% 8,147 56,479 41,697 36,177 680 173 506 279 7,068
Sales Order By Content Type P2
content_type aov_gmv aov_nmv asp commission_rate melive_takerate ml_com_over_gmv ml_commission_per_livestream gmv_per_livestream
a. Livestream 237,311 238,085 213,870 9.7% 27.8% 2.2% 362,604 16
b. Video 178,836 178,712 162,098 10.1% 26.1% 2.3% 228,370 10
c. Showcase 272,314 225,190 201,043 8.3% 25.5% 1.5% 621,201 41

5 Livestream Data Review

Source: Livestream Traffic

While this data source is crucial for analyzing advertising performance, it only reflects a total GMV of 5 billion VND over six months. This significant discrepancy with other data sources necessitates immediate investigation and potential data corrections.

5.1 Total

Livestream Summary
first_month last_month no_months total_gmv no_livestreams no_creators total_view total_ads_gmv total_ads_spent ads_gmv_contrib roas gmv_per_livestream
07-2023 12-2023 6 5,794 6,167 250 62,373,299 618 135 10.7% 5 1