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2021-07-23
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Amazon Stock: This Is How Subscriptions Matter<blockquote>亚马逊股票：这就是订阅的重要性</blockquote>
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But the suc","content":"<p> Amazon’s subscriptions do not amount to much revenue – probably even less so to profits. But the success of the company and the upside to Amazon stock may depend greatly on this business. Amazon (<b>AMZN</b>) -Get Report is well known for its e-commerce and cloud services. But the company has been diversifying its business model in the past several years and gaining scale. For example, the 200 million Prime accountsmeanthat Amazon’s Prime Video has become one of the most widely available streaming services in the world.</p><p><blockquote>亚马逊的订阅并没有带来多少收入，利润可能更少。但该公司的成功和亚马逊股票的上涨可能在很大程度上取决于这项业务。亚马逊（<b>AMZN</b>）-Get Report以其电子商务和云服务而闻名。但该公司在过去几年中一直在实现商业模式多元化并扩大规模。例如，2亿个Prime账户意味着亚马逊的Prime Video已成为世界上使用最广泛的流媒体服务之一。</blockquote></p><p> But if potential investors were to consider buying Amazon stock today, should they focus their due diligence on Amazon’s “side gigs”, particularly subscriptions? Amazon Prime, Prime Video and others: could they be an important piece of the investment thesis?</p><p><blockquote>但如果潜在投资者今天考虑购买亚马逊股票，他们是否应该将尽职调查重点放在亚马逊的“副业”上，特别是订阅？亚马逊Prime、Prime Video和其他：它们能成为投资论文的重要组成部分吗？</blockquote></p><p> <b>A snapshot of Amazon’s businesses</b></p><p><blockquote><b>亚马逊业务概况</b></blockquote></p><p> Around 70% of Amazon’s revenues come from e-commerce, broken into two major categories: 1P and 3P. The first consists of sales made by Amazon itself, while the latter pertains to thirty-party vendors that sell their products through Amazon’s marketplace.</p><p><blockquote>亚马逊大约70%的收入来自电子商务，分为两大类：1P和3P。第一个包括亚马逊自己的销售，而后者涉及通过亚马逊市场销售产品的三十方供应商。</blockquote></p><p> Another 12% of Amazon’s revenues come from AWS, the acronym for Amazon Web Service. The segment provides cloud infrastructure services primarily to enterprises and competes with the likes of Microsoft’s Azure.</p><p><blockquote>亚马逊另外12%的收入来自AWS，即亚马逊网络服务的缩写。该部门主要向企业提供云基础设施服务，并与微软Azure等公司竞争。</blockquote></p><p> Aside from physical stores and other minor activities, subscriptions account for only around 7% of Amazon’s total revenues – a drop in the bucket.</p><p><blockquote>除了实体店和其他次要活动，订阅仅占亚马逊总收入的7%左右——杯水车薪。</blockquote></p><p> <b>Does it matter?</b></p><p><blockquote><b>这有关系吗？</b></blockquote></p><p> At first glance, even if all of Amazon’s sub revenues were to vanish overnight (not practical, only a thought exercise), the company would still be left with a giant retail and cloud business that grew sales ata dizzying rate of around 40% last quarter. Without subscriptions, Amazon’s Q1 sales would have still increased by a respectable 34% year-over-year -- more so than in any quarter of 2019.</p><p><blockquote>乍一看，即使亚马逊的所有子收入在一夜之间消失（不切实际，只是一个思考练习），该公司仍然会留下一个巨大的零售和云业务，上个季度销售额以令人眼花缭乱的40%左右的速度增长。如果没有订阅，亚马逊第一季度的销售额仍将同比增长34%，增幅高于2019年任何一个季度。</blockquote></p><p> From a number’s perspective, Amazon would probably be fine deemphasizing its subscription businesses to become a pure-play e-commerce and cloud giant. US e-commerce isforecastedto grow 20% by 2025, and Amazon is likely to control a large piece of this expanding market. Worldwide, e-commerce is expected to grow an even better 30%, and Amazon’s footprint expansion opportunities outside North America are substantial.</p><p><blockquote>从一些人的角度来看，亚马逊可能可以淡化其订阅业务，成为一家纯粹的电子商务和云巨头。预计到2025年，美国电子商务将增长20%，亚马逊可能会控制这个不断扩大的市场的很大一部分。在全球范围内，电子商务预计将增长30%，亚马逊在北美以外的足迹扩张机会巨大。</blockquote></p><p> <b>Think bigger picture</b></p><p><blockquote><b>考虑更大的图景</b></blockquote></p><p> The catch is that subscriptions serve as a hook to attract and retain Amazon customers into its retail ecosystem.</p><p><blockquote>问题在于，订阅可以吸引和留住亚马逊客户进入其零售生态系统。</blockquote></p><p> For instance, a Prime subscription brings in no more than $120 per year to Amazon’s coffers. Considering the costly benefits of a Prime account (i.e. fast delivery, access to audio and video content that is expensive to produce), the Seattle-based company probably sees little of the revenue trickling down to earnings.</p><p><blockquote>例如，Prime订阅每年为亚马逊带来的收入不超过120美元。考虑到Prime帐户的昂贵好处（即快速交付、访问制作成本高昂的音频和视频内容），这家总部位于西雅图的公司可能很少有收入会转化为收益。</blockquote></p><p> However, a Prime member is a much better Amazon customer compared to those who do not have a membership. According toForbes, a staggering 96% of all Prime members agree that they are more likely to buy from Amazon than from other e-commerce vendors. See below.</p><p><blockquote>然而，与没有会员的人相比，Prime会员是更好的亚马逊客户。据《福布斯》报道，惊人的是，96%的Prime会员认为他们更有可能从亚马逊购买商品，而不是从其他电子商务供应商那里购买商品。见下文。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/348e859b0c882c8e45d3edc9324f8351\" tg-width=\"700\" tg-height=\"314\" width=\"100%\" height=\"auto\">“Ecosystem” may be an overused term, but it seems to be the path to success that Big Tech companies like Amazon have been carving. While the company’s subscription business is far from being a large revenue generator, it probably contributes greatly, although mostly indirectly, to Amazon’s dominance in e-commerce.</p><p><blockquote>“生态系统”可能是一个被过度使用的术语，但它似乎是亚马逊等大型科技公司一直在开辟的成功之路。虽然该公司的订阅业务远不是一个大的收入来源，但它可能对亚马逊在电子商务领域的主导地位做出了巨大贡献，尽管大部分是间接的。</blockquote></p><p></p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Stock: This Is How Subscriptions Matter<blockquote>亚马逊股票：这就是订阅的重要性</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Stock: This Is How Subscriptions Matter<blockquote>亚马逊股票：这就是订阅的重要性</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-23 19:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p> Amazon’s subscriptions do not amount to much revenue – probably even less so to profits. But the success of the company and the upside to Amazon stock may depend greatly on this business. Amazon (<b>AMZN</b>) -Get Report is well known for its e-commerce and cloud services. But the company has been diversifying its business model in the past several years and gaining scale. For example, the 200 million Prime accountsmeanthat Amazon’s Prime Video has become one of the most widely available streaming services in the world.</p><p><blockquote>亚马逊的订阅并没有带来多少收入，利润可能更少。但该公司的成功和亚马逊股票的上涨可能在很大程度上取决于这项业务。亚马逊（<b>AMZN</b>）-Get Report以其电子商务和云服务而闻名。但该公司在过去几年中一直在实现商业模式多元化并扩大规模。例如，2亿个Prime账户意味着亚马逊的Prime Video已成为世界上使用最广泛的流媒体服务之一。</blockquote></p><p> But if potential investors were to consider buying Amazon stock today, should they focus their due diligence on Amazon’s “side gigs”, particularly subscriptions? Amazon Prime, Prime Video and others: could they be an important piece of the investment thesis?</p><p><blockquote>但如果潜在投资者今天考虑购买亚马逊股票，他们是否应该将尽职调查重点放在亚马逊的“副业”上，特别是订阅？亚马逊Prime、Prime Video和其他：它们能成为投资论文的重要组成部分吗？</blockquote></p><p> <b>A snapshot of Amazon’s businesses</b></p><p><blockquote><b>亚马逊业务概况</b></blockquote></p><p> Around 70% of Amazon’s revenues come from e-commerce, broken into two major categories: 1P and 3P. The first consists of sales made by Amazon itself, while the latter pertains to thirty-party vendors that sell their products through Amazon’s marketplace.</p><p><blockquote>亚马逊大约70%的收入来自电子商务，分为两大类：1P和3P。第一个包括亚马逊自己的销售，而后者涉及通过亚马逊市场销售产品的三十方供应商。</blockquote></p><p> Another 12% of Amazon’s revenues come from AWS, the acronym for Amazon Web Service. The segment provides cloud infrastructure services primarily to enterprises and competes with the likes of Microsoft’s Azure.</p><p><blockquote>亚马逊另外12%的收入来自AWS，即亚马逊网络服务的缩写。该部门主要向企业提供云基础设施服务，并与微软Azure等公司竞争。</blockquote></p><p> Aside from physical stores and other minor activities, subscriptions account for only around 7% of Amazon’s total revenues – a drop in the bucket.</p><p><blockquote>除了实体店和其他次要活动，订阅仅占亚马逊总收入的7%左右——杯水车薪。</blockquote></p><p> <b>Does it matter?</b></p><p><blockquote><b>这有关系吗？</b></blockquote></p><p> At first glance, even if all of Amazon’s sub revenues were to vanish overnight (not practical, only a thought exercise), the company would still be left with a giant retail and cloud business that grew sales ata dizzying rate of around 40% last quarter. Without subscriptions, Amazon’s Q1 sales would have still increased by a respectable 34% year-over-year -- more so than in any quarter of 2019.</p><p><blockquote>乍一看，即使亚马逊的所有子收入在一夜之间消失（不切实际，只是一个思考练习），该公司仍然会留下一个巨大的零售和云业务，上个季度销售额以令人眼花缭乱的40%左右的速度增长。如果没有订阅，亚马逊第一季度的销售额仍将同比增长34%，增幅高于2019年任何一个季度。</blockquote></p><p> From a number’s perspective, Amazon would probably be fine deemphasizing its subscription businesses to become a pure-play e-commerce and cloud giant. US e-commerce isforecastedto grow 20% by 2025, and Amazon is likely to control a large piece of this expanding market. Worldwide, e-commerce is expected to grow an even better 30%, and Amazon’s footprint expansion opportunities outside North America are substantial.</p><p><blockquote>从一些人的角度来看，亚马逊可能可以淡化其订阅业务，成为一家纯粹的电子商务和云巨头。预计到2025年，美国电子商务将增长20%，亚马逊可能会控制这个不断扩大的市场的很大一部分。在全球范围内，电子商务预计将增长30%，亚马逊在北美以外的足迹扩张机会巨大。</blockquote></p><p> <b>Think bigger picture</b></p><p><blockquote><b>考虑更大的图景</b></blockquote></p><p> The catch is that subscriptions serve as a hook to attract and retain Amazon customers into its retail ecosystem.</p><p><blockquote>问题在于，订阅可以吸引和留住亚马逊客户进入其零售生态系统。</blockquote></p><p> For instance, a Prime subscription brings in no more than $120 per year to Amazon’s coffers. Considering the costly benefits of a Prime account (i.e. fast delivery, access to audio and video content that is expensive to produce), the Seattle-based company probably sees little of the revenue trickling down to earnings.</p><p><blockquote>例如，Prime订阅每年为亚马逊带来的收入不超过120美元。考虑到Prime帐户的昂贵好处（即快速交付、访问制作成本高昂的音频和视频内容），这家总部位于西雅图的公司可能很少有收入会转化为收益。</blockquote></p><p> However, a Prime member is a much better Amazon customer compared to those who do not have a membership. According toForbes, a staggering 96% of all Prime members agree that they are more likely to buy from Amazon than from other e-commerce vendors. See below.</p><p><blockquote>然而，与没有会员的人相比，Prime会员是更好的亚马逊客户。据《福布斯》报道，惊人的是，96%的Prime会员认为他们更有可能从亚马逊购买商品，而不是从其他电子商务供应商那里购买商品。见下文。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/348e859b0c882c8e45d3edc9324f8351\" tg-width=\"700\" tg-height=\"314\" width=\"100%\" height=\"auto\">“Ecosystem” may be an overused term, but it seems to be the path to success that Big Tech companies like Amazon have been carving. While the company’s subscription business is far from being a large revenue generator, it probably contributes greatly, although mostly indirectly, to Amazon’s dominance in e-commerce.</p><p><blockquote>“生态系统”可能是一个被过度使用的术语，但它似乎是亚马逊等大型科技公司一直在开辟的成功之路。虽然该公司的订阅业务远不是一个大的收入来源，但它可能对亚马逊在电子商务领域的主导地位做出了巨大贡献，尽管大部分是间接的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/media/amazon-stock-this-is-how-subscriptions-matter\">The Street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/media/amazon-stock-this-is-how-subscriptions-matter","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147980203","content_text":"Amazon’s subscriptions do not amount to much revenue – probably even less so to profits. But the success of the company and the upside to Amazon stock may depend greatly on this business.\n\nAmazon (AMZN) -Get Report is well known for its e-commerce and cloud services. But the company has been diversifying its business model in the past several years and gaining scale. For example, the 200 million Prime accountsmeanthat Amazon’s Prime Video has become one of the most widely available streaming services in the world.\nBut if potential investors were to consider buying Amazon stock today, should they focus their due diligence on Amazon’s “side gigs”, particularly subscriptions? Amazon Prime, Prime Video and others: could they be an important piece of the investment thesis?\nA snapshot of Amazon’s businesses\nAround 70% of Amazon’s revenues come from e-commerce, broken into two major categories: 1P and 3P. The first consists of sales made by Amazon itself, while the latter pertains to thirty-party vendors that sell their products through Amazon’s marketplace.\nAnother 12% of Amazon’s revenues come from AWS, the acronym for Amazon Web Service. The segment provides cloud infrastructure services primarily to enterprises and competes with the likes of Microsoft’s Azure.\nAside from physical stores and other minor activities, subscriptions account for only around 7% of Amazon’s total revenues – a drop in the bucket.\nDoes it matter?\nAt first glance, even if all of Amazon’s sub revenues were to vanish overnight (not practical, only a thought exercise), the company would still be left with a giant retail and cloud business that grew sales ata dizzying rate of around 40% last quarter. Without subscriptions, Amazon’s Q1 sales would have still increased by a respectable 34% year-over-year -- more so than in any quarter of 2019.\nFrom a number’s perspective, Amazon would probably be fine deemphasizing its subscription businesses to become a pure-play e-commerce and cloud giant. US e-commerce isforecastedto grow 20% by 2025, and Amazon is likely to control a large piece of this expanding market. Worldwide, e-commerce is expected to grow an even better 30%, and Amazon’s footprint expansion opportunities outside North America are substantial.\nThink bigger picture\nThe catch is that subscriptions serve as a hook to attract and retain Amazon customers into its retail ecosystem.\nFor instance, a Prime subscription brings in no more than $120 per year to Amazon’s coffers. Considering the costly benefits of a Prime account (i.e. fast delivery, access to audio and video content that is expensive to produce), the Seattle-based company probably sees little of the revenue trickling down to earnings.\nHowever, a Prime member is a much better Amazon customer compared to those who do not have a membership. According toForbes, a staggering 96% of all Prime members agree that they are more likely to buy from Amazon than from other e-commerce vendors. See below.\n“Ecosystem” may be an overused term, but it seems to be the path to success that Big Tech companies like Amazon have been carving. While the company’s subscription business is far from being a large revenue generator, it probably contributes greatly, although mostly indirectly, to Amazon’s dominance in e-commerce.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/175510166"}
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