Youku Aiqiyi æ’¼ æ’¼ street dance variety production Fang Canxing culture sprint IPO

[Abstract] Less than a month, "This! It is the street dance and the "hot blood street dance group" have been filed one after another, Youku, iQiyi suddenly opened the face of regret, for a time, the "street dance" in the minority culture circle has become a hot topic in variety entertainment.

Less than a month, "This! It is the street dance and the "hot blood street dance group" have been filed one after another, Youku, iQiyi suddenly opened the face of regret, for a time, the "street dance" in the minority culture circle has become a hot topic in variety entertainment.

However, just as the two programs fought, as "this! It is the Canxing culture of the street dance producer, but it causes no small fluctuations in another field. March 22, power equipment manufacturer Zhejiang Fu Holdings 002,266, shares in the Shenzhen Stock Exchange to interact easily diagnosed on said material IPO of the company's shares Canxing culture is being prepared.

It can be learned from the website of the Shanghai Regulatory Bureau of the China Securities Regulatory Commission that Can Xing Culture submitted the IPO guidance filing materials as early as February 5 and disclosed it on the official website of the CSRC on February 11. According to the guidance materials, Can Xing Culture is preparing. On the GEM of the Shenzhen Stock Exchange, the entire coaching period will last for three months.

This means that this program production company that has created a variety of variety shows, such as "China's Good Voice" and "Masked Singing", is completing the first round of financing at the end of 2017 and obtaining a valuation of 21 billion yuan. The first part of the production of the show "initiated the impact.

It is worth noting that for a capital market that is profitable, companies need to constantly create more value. Under the general trend of “Comprehensive N-generation”, even if there are many Candidate cultures with large variety IP, can Finding new growth poles in the "street dance" turn is still a test.

Explosion "Good Voice" boosts performance

As a veteran production company of domestic variety, Can Xing Culture was established in 2006. The company's origins and start-ups have many connections with SMG, the original Shanghai Wenguang. Time Weekly reporters checked the corporate credit information. Canxing Culture Media was held by Shanghai Xingtou Investment Co., Ltd. with a shareholding of 65.6861%. The company’s substantive controller is Chinese culture. It holds Shanghai Star Investment by Shanghai Xingshuo Investment Management Co., Ltd. 34% shares.

It is reported that Li Ruigang, the chairman of Chinese culture, was once the "top leader" of Shanghai Wenguang. In addition, the actual controllers of Canxing Culture include Tibet Yuanhe Investment Management Co., Ltd., Tian Ming, Jin Lei, and Xu Xiangdong. The latter three have served in Oriental TV, Shanghai Wenguang, and Shanghai TV. Among them, Tian Ming, the legal person and chairman of Canxing Culture, holds a 22.9% stake in Can Xing Culture through natural person and wholly-owned Shanghai Haoxing Investment Co., Ltd., and is the second largest shareholder of the company.

In 2012, Can Xing Culture introduced the "China Good Voice" model, which became another phenomenon-level music variety show after the "Super Girl" in China. With this program, Can Xing Culture subsequently launched "China New Songs". Influential programs such as "China's Good Songs", "Golden Star Show", "Meng Mask Singing Guess", "Dancing Forest Hegemony", etc., quickly became a major giant in the industry.

As of April 2016, Tibet Yuanhe Investment Management Co., Ltd., the third shareholder of Canxing Culture, and its parent company, A-share listed company Zhefu Holdings, increased the capital of Canxing Culture by 300 million yuan and obtained 6% of it. The equity, and the relationship company of Canxing Culture is loaded into it. According to the transaction price, Can Xing's valuation is about 5 billion yuan.

According to the financial data disclosed at that time, in 2015, Can Xing's operating income was 2.215 billion yuan, net profit reached 730 million yuan, operating income in the first two months of 2016 was 160 million yuan, net profit was 450 million yuan, profitability Ranked first in the industry.

It is worth noting that although the cultural variety show produced by Can Xing Culture has more than 20 files, including music, dance, comprehensive talents, interviews and other types, but from the perspective of operating income, the "China Good Voice" big IP plays Important role. It is reported that in the production of this program, Can Xing Culture has truly broken the domestic separation of production and broadcasting, and adopted the gambling model to obtain most of the advertising revenue.

In 2012, only the "China Good Voice" program, the income of Canxing Culture reached 217.8 million yuan, and then the title of "China Good Voice" and advertising revenue also rose. According to the data, in the second quarter, the title of "China Good Voice" doubled to 200 million yuan, the second quarter was 250 million yuan, and the advertising revenue was 1.3 billion yuan. The fourth quarter finals announced that the pre-champion advertising price reached per second. 500,000 yuan.

Turn to the network to find new growth points

In fact, as early as December 2017, Can Xing Culture blew the horn of the IPO. At that time, it announced that the company completed the first round of financing, with a valuation of 21 billion yuan, and plans to declare IPO listing early next year.

The relevant person in charge of the company said in an interview with the media that there are two main purposes for the Pre-IPO financing: First, introduce some financial and strategic investors before the listing, optimize the shareholder structure, integrate resources, and help the future better. The second is to reserve funds and human resources for the further development of the Internet strategy.

This also means that under the abrupt opening of the net market, the “star of production” Canxing Culture of the variety show began to turn to the exploration of the production of the network. In fact, in the "China Good Voice" is caught in copyright disputes, and under the "comprehensive N-generation" ratings and reputational weakness, Can Xing Culture is not required to create new explosion programs, look for new programming models, and "this! It is the street dance that is its new focus.

It is understood that "this! It is the street dance, which was produced by Youku, Tmall, and the giants, and was produced by the joint artist of Can Xing Culture. The theme of "Street Dance" continued the excavation of the niche theme triggered by "Chinese hip hop" last year. The director of the program is Lu Wei, and the producer Xu Xiangdong is the deputy general manager of Can Xing Culture. On January 31, Youku announced at the 2018 Spring Collection Variety New Products Seminar that the total investment amount of the program was nearly 600 million yuan, breaking the highest record of 400 million yuan in net investment before the "Qi Yu said 4".

For many people in the industry, this is unimaginable before the "I have a hip hop" in 2017. Even "China has hip hop" is also called "streaking" in the early stage. The success of the program has given the industry a test of the niche, and it has also reduced the difficulty of niche culture in the transformation of variety.

Youku related people have introduced, "This! It is the street dance that is almost smooth in the investment. From the show, "This! It is the famous brand of street dance, a leaf mask exclusive name of 150 million yuan, in addition to the program also gathered vibrato, Tmall, Beijing Hyundai, Shrimp music, Sophie, Meitu Xiuxiu, homework, Himalayan FM, ticking More than 10 cooperative brands such as carpooling and pro-baby.

Recently, Time Weekly reporter and "This! It is the related person of Street Dance who tried to interview related issues, but the relevant personnel gave a "rejection to prepare for the final recording, and did not accept the interview", and therefore refused to know the revenue of Canxing Culture.

It is undeniable that this market is becoming a promising Nugget field when the amount of investment in network variety shows is frequently refreshed under the “ceiling”. Recently, Tencent's video "The Son of Tomorrow" has a title of more than 200 million yuan in the second quarter, creating the highest record of the net comprehensive title. At present, the project is expected to attract more than 700 million yuan.

From another point of view, if Can Star Culture, as a "newcomer" in the network, can gain a place in this new field, whether it is to expand its business, find new growth points, or stabilize in the IPO 210 The valuation of 100 million yuan is a big boost.

Create a "street dance" IP derivative industry chain

Can Star Culture and Youku for "This! It is the street dance that has high hopes, but the aim of "street dance" is not limited to them.

As early as last November, Beijing Satellite TV started the hip-hop competition in advance with "Awakening of Dancing Power", and in October last year, it was also announced by Aiqiyi's "Hot Blood Street Dance Group". In addition, Tencent Video It is also planning to launch the street dance program "Dancer 24" this year, and enter the "first year of competition for street dance movies" in 2018.

Judging from the effect of the current broadcast, the "Awakening of Dance" that grabbed the opportunity did not arouse the splash, and "This! It is "street dance" which belongs to "slow-heat type". Although it was broadcast earlier than iQiyi and Tencent video, the first two episodes failed to meet expectations in terms of word-of-mouth and playback volume, and the transformation of the third episode system showed a good momentum. However, with the launch of iQiyi's "Hot Blood Street Dance Troupe" on March 17, the two major programs began to face each other.

Judging from the first-time on-demand volume, as of March 25, in the Youku platform, "This! It is the street dance that the number of on-demand is 73.231 million times, and has remained at 50 million times since then, while the iQiyi's "Hot Blood Street Dance Group" premiered the number of on-demand broadcasts of 200 million times, and it was broadcasted 40 minutes later. Breaking billions. However, the major video website on-demand weekly list of the drama star media shows that the same is the number of on-demand broadcasts on March 19, and the on-demand quantities of the two are: 11.51 million and 18 million.

In fact, perhaps limited by the same subject, the two programs have many similarities in content, scene settings and gameplay, and the competition between the two will not only be carried out in the production of the program itself, but more importantly Yes - How to build a derivative industry chain around "Street Dance" IP?

Judging from the success of the TV series "Super Girl", "China's Good Voice" and the net "China has a hip hop", the multi-dimensional development of these phenomena-level variety shows has proved the commercial value of the variety IP derivative industry chain.

Can Xing culture may not be unfamiliar in the development of the variety industry chain. As a related company of Can Xing, Meng Xiangqiang has signed an agreement with Canxing Production to represent the brokerage business and brand management of the "China Good Voice" students. And the Internet derivative business, the company has signed Wu Mozhen, Zhang Wei, Li Qi and other "good voice" artists. If Can Star Culture can rely on "this! It is the street dance that intervenes in the network-integrated derivative industry chain, which will inevitably open an open market.

It is understood that Youku platform is having such a plan. Yang Zhen, senior vice president of Alibaba Entertainment Group's market, said in an interview that relying on "this! It is the street dance. The Ali platform has developed several links such as e-commerce and brokerage. "Before Ali and Youku have set up a physical brokerage company, the main job is to run the early stage of the artist's fame. On the 'street dance' program Among the potential dancers, the platform will push them up to become China's influential dance stars."