A content company with 40 million followers makes its most money selling T-shirts. One product sells 200,000 units a year, and the company brings in 100 million yuan in annual revenue.
That works out to 2.5 yuan per follower.
The company is called Yingshi Jufeng, and its operating entity is Hangzhou Xing'ao Media. This week, its corporate registration was updated: Pan Shuimiao, director and president of YTO Express, became chairman, while the business scope was expanded to include sales of prepackaged food, film production, and multi-channel distribution of online information content.
Founder Pan Tianhong responded in a post that same day. He said his father had been an executive director since the company was founded, but hadn't been involved in its operations; setting up a board of directors now was necessary for the company's growth. He added, “I don't know why these marketing accounts only started posting about this today. It's been ten years.”
The corporate records are consistent with that account. Pan Shuimiao had been an executive director of the company since August 2016, and didn't step down as its legal representative until 2020. In terms of ownership, Pan Tianhong holds 51.77%, while Pan Shuimiao holds 25.65%, making him the second-largest shareholder. This structure was established ten years ago, not put together in the last few days.
What's really worth looking at is how the company makes money.
Pan Tianhong has said himself that e-commerce is its most profitable business; video production doesn't even rank. One T-shirt product sells 200,000 units a year. During Tmall's 2025 Singles' Day sale, its store topped the Newcomer list in the Apparel and Fashion category. On Bilibili, it has received the Top 100 UP Creator award seven times. In 2024, its revenue surpassed 100 million yuan.
Forty million followers, 100 million yuan in revenue: 2.5 yuan per person. That's the exchange rate attention gets in the real world. To earn it, you have to make content for ten years, then ship out the clothes one by one.
The crypto world offered a different price tag.
ARG, the fan token of the Argentine Football Association, surged to $9.19 per token in November 2022, with a market cap of over $180 million.
Now it's worth around $0.07, with a market cap of $1.33 million—a drop of more than 98%.
The fan-token sector as a whole has shrunk by more than 90% since 2021. Even top tokens like PSG and Barcelona's are down 85% to 95% from their peaks. Rally, which made creator tokens, was more direct: in 2023, it announced that it was shutting down its platform and stopping redemptions.
It took ten years to build an audience of 40 million and bring in 100 million yuan in a year. One token went from a market cap of $180 million to $1.33 million in less than four years.
My take is that money from the fan economy ultimately goes to places that can sell physical goods. Fans are willing to pay for a T-shirt and for a vote, but you can't get them to keep bidding up something with no cash flow. Its price depends on the next person willing to take it off your hands; when buyers dry up, so does the price. DOGE's journey to this point follows the same logic: its market cap rests on people willing to keep telling the meme, not on its revenue.
There's one thing I haven't been able to confirm. What exactly Xing'ao Media plans to do with its newly added film production and food sales categories is unclear. The company only said that some interesting products would be coming, without giving details. I don't know what products they're planning to launch.
I don't own this stock or have any related positions. I'm only discussing the structure.
$CHZ $DOGE $BTC #币安广场 #影视飓风 #粉丝代币 #CreatorEconomy
That works out to 2.5 yuan per follower.
The company is called Yingshi Jufeng, and its operating entity is Hangzhou Xing'ao Media. This week, its corporate registration was updated: Pan Shuimiao, director and president of YTO Express, became chairman, while the business scope was expanded to include sales of prepackaged food, film production, and multi-channel distribution of online information content.
Founder Pan Tianhong responded in a post that same day. He said his father had been an executive director since the company was founded, but hadn't been involved in its operations; setting up a board of directors now was necessary for the company's growth. He added, “I don't know why these marketing accounts only started posting about this today. It's been ten years.”
The corporate records are consistent with that account. Pan Shuimiao had been an executive director of the company since August 2016, and didn't step down as its legal representative until 2020. In terms of ownership, Pan Tianhong holds 51.77%, while Pan Shuimiao holds 25.65%, making him the second-largest shareholder. This structure was established ten years ago, not put together in the last few days.
What's really worth looking at is how the company makes money.
Pan Tianhong has said himself that e-commerce is its most profitable business; video production doesn't even rank. One T-shirt product sells 200,000 units a year. During Tmall's 2025 Singles' Day sale, its store topped the Newcomer list in the Apparel and Fashion category. On Bilibili, it has received the Top 100 UP Creator award seven times. In 2024, its revenue surpassed 100 million yuan.
Forty million followers, 100 million yuan in revenue: 2.5 yuan per person. That's the exchange rate attention gets in the real world. To earn it, you have to make content for ten years, then ship out the clothes one by one.
The crypto world offered a different price tag.
ARG, the fan token of the Argentine Football Association, surged to $9.19 per token in November 2022, with a market cap of over $180 million.
Now it's worth around $0.07, with a market cap of $1.33 million—a drop of more than 98%.
The fan-token sector as a whole has shrunk by more than 90% since 2021. Even top tokens like PSG and Barcelona's are down 85% to 95% from their peaks. Rally, which made creator tokens, was more direct: in 2023, it announced that it was shutting down its platform and stopping redemptions.
It took ten years to build an audience of 40 million and bring in 100 million yuan in a year. One token went from a market cap of $180 million to $1.33 million in less than four years.
My take is that money from the fan economy ultimately goes to places that can sell physical goods. Fans are willing to pay for a T-shirt and for a vote, but you can't get them to keep bidding up something with no cash flow. Its price depends on the next person willing to take it off your hands; when buyers dry up, so does the price. DOGE's journey to this point follows the same logic: its market cap rests on people willing to keep telling the meme, not on its revenue.
There's one thing I haven't been able to confirm. What exactly Xing'ao Media plans to do with its newly added film production and food sales categories is unclear. The company only said that some interesting products would be coming, without giving details. I don't know what products they're planning to launch.
I don't own this stock or have any related positions. I'm only discussing the structure.
$CHZ $DOGE $BTC #币安广场 #影视飓风 #粉丝代币 #CreatorEconomy