Cameras flashed and fans screamed, as Liu Mou stepped into the spotlight on a sweltering summer evening. Liu and his fans were on a waterfront for a carnival celebrating the industry, hosted by one of China's largest game-streaming companies, Douyu. Liu is its biggest celebrity.
在一个酷热的夏夜，伴随着相机闪光灯和粉丝们的尖叫，刘谋走入聚光灯下。刘谋和他的粉丝们正在一个码头参与一场庆祝游戏直播行业的嘉年华，这场嘉年华的主办方是中国最大的游戏直播公司之一——斗鱼。刘谋正是该平台最具人气的名人。
Liu and Douyu's fate are intertwined by the challenge: to prove their spectacular rise is more than a fad but can withstand competition and cash burn. Analysts predict the industry could grow to be a $3 billion business in China.
刘谋和斗鱼的命运被一场挑战紧紧相连——他们都要证明自己辉煌的崛起并不只是一阵风潮，而且还能经受住竞争和烧钱带来的的考验。分析师预测，游戏直播行业将会在中国发展成价值 30 亿美元的产业。
Twitch, acquired by Amazon for nearly $1 billion in 2014, is the dominant game-streaming platform in the U.S. Unlike Twitch, which has multiple revenue streams like subscriptions and ads, Chinese platform operators live and die on virtual gifts from fans.
Twitch 在 2014 年时被亚马逊公司以将近 10 亿美金的价格收购，它在美国是游戏直播行业的头部平台。Twitch 有多种获得收益的渠道，比如说订阅服务和广告，而不像 Twitch，中国游戏平台经营者的生死全靠粉丝的虚拟礼物。
Ninety-one percent of Douyu's revenue came from virtual gifts in the quarter ended March. Liu alone may have contributed as much as 3% of Douyu's revenue in the second quarter, according to Ke Yan, a Singapore-based analyst with Aequitas Research.
在 3 月结束的那个季度中，斗鱼 91%的营收来自虚拟礼物。在新加坡工作的埃魁塔斯研究公司的分析师柯研表示，第二季度中，刘谋一人可能就为斗鱼贡献了 3%的营收。
The battle to be the biggest game-streaming platform is costly. The cash burn on marketing and retaining top performers has caused investors to question the business model. Douyu's arch nemesis, Huya, is trading at only half of its June peak last year.
争夺最大游戏直播平台宝座的战斗是昂贵的。这些平台在市场营销和留住顶级主播上烧掉的巨款已经让投资者质疑这种商业模式。斗鱼势均力敌的对手虎牙，现在的股票市值仅为其在去年六月达到峰值时的一半。
That doesn't bode well for Douyu. Despite having a larger user base and more top performers, Douyu lags behind Huya on margin and revenue.
这对于斗鱼来说并不是好兆头。尽管斗鱼拥有更庞大的用户基础和更多的顶级主播，但它的利润与收益都落后于虎牙。
Douyu's founder is looking for a second act. China's game streaming industry has been experiencing a slowdown in growth.
斗鱼的创始人正在寻求一条后路。中国的游戏直播行业增速正在变慢。
At Douyu's headquarters in Wuhan's Optics Valley tech hub, a pair of Siamese fighting fish swim in the tank near the front desk. "One tank cannot house two fish," a sign reminds visitors.
在斗鱼位于武汉光谷软件园的总部里，前台旁边放着一个鱼缸，一对暹罗斗鱼畅游其中。一块标志提醒着访客们：“一缸不容二鱼。”
重点词汇
sweltering/ˈsweltərɪŋ/ adj. 热得难受的，酷热的
词性拓展：swelter (v.)
英文释义：to be faint from heat
英文释义：to become exceedingly hot
例句：Shanghai swelters.
近义词：oppressively hot
game-streaming/ɡeɪm ˈstriːmɪŋ/ n. 游戏直播；游戏串流
相关词汇：game（n. 游戏）
相关词汇：streaming（n. 串流，流式传播）
搭配短语：streaming media（流媒体）
同义词：video game live streaming
intertwine/ˌɪntərˈtwaɪn/ v. 密切关联；缠绕
相关词汇：twine（n. 两股以上的线捻成的绳子）
词性拓展：twine（v. 盘绕，环绕）
例句：Ivy twines around a tree trunk.
词根词缀：inter-（两者之间）
例句：Ivy intertwines with flowers.
withstand/wɪðˈstænd/ v. 承受住，经受住，顶住
搭配短语：withstand stresses
acquire/əˈkwaɪər/ v. 购得；获得
搭配短语：acquire knowledge
搭配短语：acquire a language
近义词：buy
例句：The company has just acquired new premises.
revenue stream 收益流，收入来源
相关词汇：revenue（n. 收入，收益）
搭配短语：advertising revenue
相关词汇：stream（n. 小河，溪流）
virtual/ˈvɜːrtʃuəl/ adj. 虚拟的
搭配短语：a virtual world
反义词：the real world
搭配短语：virtual reality（VR 虚拟现实）
arch nemesis 劲敌，势均力敌的对手
相关词汇：arch
搭配短语：an arch-rival（死对头）
相关词汇：nemesis（n. 希腊神话复仇女神；天谴，报应；宿敌，劲敌）
近义词：an arch-rival; an arch-enemy
trade at （股票等）价格为…
相关词汇：trade（v. 交易，交换）
例句：The firm's shares trade at $48 today.
bode/boʊd/ v. 预示，是…的兆头
例句：Sth. bodes well.（某事有个好兆头）
例句：Sth. bodes ill.（某事前景不妙）
例句：That bodes ill for Douyu.
margin/ˈmɑːrdʒɪn/ n. 利润；利润率
同义词：profit margin
second act 退休后或不工作之后的主业；第二幕
英文释义：something a person devotes his or her later life to, after retiring or quitting a former occupation
house/haʊz/ v. 安置，容纳；为...提供住处
词性拓展：house（n. 房子）
搭配短语：to house homeless people