entertainment industry has been quite uneven lately. Taiwanese actor Gao Yixiang's sudden cardiac death during the recording of the show triggered countless people's crusade against variety shows.
However, since the film and television industry policies have been tightened in 2018, and the "salary limit order" has been implemented, variety shows have once become a "refuge" for actors to maintain income. Nowadays, variety shows have fallen, and the entire cultural and entertainment industry has not yet come out of the dilemma of setbacks. Let's wait and see the film and television industry. Compared with last year, the "earthquake" of the film and television industry has finally transmitted to the entity. A few days ago, the data released by Tianyancha showed that since 2019, has 1,884 film and television companies shut down, and the specific manifestations are that the company status is cancelled, revoked, liquidated, and closed. Spring Fusion, which includes actor Huang Bo's investment, also suffered a stock freeze recently. “The ebb tide is more ferocious than expected.” At a recent cultural industry summit, an investor who had paid attention to the film and television entertainment sector said that “there is a large systemic risk and a long return period. The pace of investment in such projects is slowing down, and it is expected that film and television projects will not be seen again in one or two years." With strict control of policies, platform adjustments, and declining capital, the film and television industry in the cold winter is more "cold" than other industries. Even Yu Dong, chairman of Bona Pictures, with a box office revenue of 8 billion yuan, said bluntly, "Don't dare to relax."
rumblings: collectively miss 2015-2017
If you communicate with practitioners in the film and television industry recently, almost everyone misses the film and television industry from 2015 to 2017. Hot money from traditional industries represented by "coal bosses" has poured in in batches, and market funds are abundant, spurring a large number of young people who are eager to try at the door of the film and television circle. With the frenetic capital "rushing in", the supply of the film and television industry has increased unprecedentedly, and the entire industry has flourished for a time. "Monster Catching", "The Return of the Great Sage", "Pancake Man", "Wolf Warrior" and other movies with both word-of-mouth and box office are emerging, and high-quality TV series such as "Langya List", "Miyue Biography" and "Tomb Robber Notes" are overwhelming . The acquisition and expansion of the cultural media sector was also fully released this year. Wind data shows that in 2015, the total market value of the cultural media industry reached 1.66 trillion yuan, and the sector increased by 74.32% year-on-year. At the same time as the market value soared, cultural media company mergers and acquisitions and expansion have also entered a fever. In 2015, there were 196 mergers and acquisitions of cultural media companies, involving approximately 89.383 billion yuan in capital. In other words, an acquisition of a cultural media company takes place in less than two days on average. Wang Botao also began to enter the ranks of film and television investment at this time. He is still a little proud of the projects such as "Detective Chinatown 2" and "New Condor Heroes" that have been voted in the past few years. He used "that era" to describe the past few years. "In that era, film and television projects accounted for more than 30% of roadshows in various venture capital circles, and there were more cultural projects. Many film and television dramas can be taken with PPT. To the money," Wang Botao suffered a mixed reputation for the "coal bosses" who rushed in. "The bosses in the traditional industry have sold 5-20 million yuan. In the past few years, they have also supported half the sky for small-cost movies. But because They lack professionalism and lose the most money. These "outsiders" of enter the industry for two purposes. One is to take the opportunity to transform, and the other is to launder some unknown money and make another profit by the way." But after losing money, the hot and stupid money of these "wild" film and television investors began to clear out. The film and television drama practitioners who could not raise money also missed these "coal bosses". The well-known screenwriter Wang Hailin even made public The media said, "The current capital is really like not the'coal bosses', the'coal bosses' especially respect professional people... never interfere with creation." Although high-box office cases have been cast in the industry, under the current circumstances, Wang Botao also bluntly said that “there is no way to invest again, the return period is long, and the investment risk is high”. Asked why he didn't invest in the upcoming "Detective Chinatown 3", Wang Botao said that "has the success verified by the previous work, and the premium for the third part has reached 600 to 700 million yuan, which is really hard to invest." He also told the editor that the surviving film and television companies on the market are almost "collectively" considering transformation. Some are converted to equity investment, and some are converted to industrial investment. Most of the rich film and television funds are such as Beijing Wentou Group, "Guozihao" funds such as Shaanxi Wentou Group.
No scenes to film: Di Lieba, "I haven't filmed for eight months"
Now, the tide has receded and the scene is no longer. Since 2018, with the approach of policies, many mergers and acquisitions in the film and television industry have been terminated.The one-drawer contract of Yongyuan upset the film and television industry, and the salary limit orders were issued one after another. The three-year tax reimbursement of the film and television industry fell from the sky. The blockade of the game version number approval for 10 months broke the important back of film and television derivatives, and the capital was scattered everywhere. , Practitioners hide and talk about fleeing. “I haven’t been filming for eight months this year.” On a reality show in August 2019, the popular star Di Lieba confided to his peers, and the former “screen domineering CEO professional household” Ming Dao also recently appeared in the “Actors Please "In Place" this variety show bluntly said, "This is my first acting this year." This is true for first-line actors, and waist actors are even worse. There is no drama to film, which is almost the current situation facing the entire film and television industry in 2019. Industry data also reflects this. When market conditions are improving, the market value of leading companies on the film and television media board is approaching 100 billion. Since 2019, the market value of listed companies in the entire film and television industry has fallen by an average of 72%. The overall market value is less than one-third of the previous one. The market value of a listed company has fallen by 80 % Is normal. Under such circumstances, capital has a serious lack of confidence in the film and television industry, and a large number of films cannot be funded for shooting. Both the number of film filings and the number of film startups are severely declining. In terms of TV series, the latest data shows that in the first three quarters of 2019, the number of filming and production TV series records nationwide decreased by 27% compared with the same period last year, and the operating rate of Hengdian Film and Television City dropped sharply by 45% year-on-year. On the whole, the mainstream platforms of the film and television industry mainly come from three aspects: movie theaters, mainstream satellite TV, and video platforms led by "Youyi Teng" (Youku, iQiyi, Tencent). However, the current status quo is that large-screen large-scale productions require large amounts of funds, financing difficulties, satellite TV revenue decline, and TV dramas and variety shows are more inclined to online video platforms.
However, in the struggle for market share in the past few years, the video platform led by "You Aiteng" competed for users for high-quality content and raised the purchase of film and television programs at "astronomical prices." The dilemma of loss. However, after the formation of the "three pillars" situation where the market position is basically stable, as the entire film and television industry restricts the "high-priced remuneration" to eliminate the trend, the purchase price of film and television dramas has been jointly pressed to the cost price, leaving the film and television drama suppliers to complain. "The market situation is not good. At this price, there will be no food if you don’t pick it up," some practitioners confided to the media. "The downturn in TV stations, the inability of video websites to burn, and the tightening of policy supervision, the addition of the three overlaps, and the poor cash flow of film and television companies now make the entire industry worse," said Yang Renwen, director of the Founder Securities Research Institute. How
spends winter: Cash is King
The current situation, Wang Changtian, the president of Light Media, has a foreboding. In June 2019, during the Shanghai Film Festival, he made a public statement saying, “In 2018, I predicted that thousands of film and television companies would go bankrupt. I didn’t expect that the industry’s closure wave would intensify and continue to the present. The winter is getting more and more severe. Intensified, a storm has blown, and the industry has fallen to the bottom. In this case, a large number of business closures are also normal feedback from the market." In his view, the performance of the film industry’s downturn has three aspects. First, the film industry. Box office has changed from rapid growth to decline; second, the crisis of trust caused by industry tax issues; third, poor financing, sharp decline in the market value of listed companies, and capital withdrawal. "Behind the cold winter of the film industry are the overcapacity caused by overheated film investment in the past few years, the trust crisis caused by tax issues, the overestimation of assets caused by excessive capital pursuit, the lack of industry talents, and the insufficient film industrialization system." At the CEIS Summit of the Entertainment Industry on November 28, 2019, Bona Pictures Chairman Yu Dong said bluntly, “Before we were talking about how to make the cake bigger, but now the cake is so big, we can only talk about how to make a cake. More points on the top. The industry has become accustomed to the explosive growth of 2015-2017, but the market has indeed entered the era of stock.” He revealed that Bona Pictures has gained nearly a share in the past 11 months in 2019. The 8 billion yuan in box office revenue exceeded the best record of 5.4 billion yuan in box office revenue in 2018, but he was not optimistic at all. As for the 8 billion yuan in box office revenue in the cold winter, Yu Dong attributed it to the strategic victory of vigorously promoting the "main theme" film five years ago. Recently, Yu Dongshi often remembered that when he completed the first round of financing in 2008, Sun Qian, a partner of Sequoia Capital China Fund, gave him a warning- "Cash is king" . At that time, Bona Pictures was in the second round of financing and planned to go to U.S. stocks. It coincided with the global financial turmoil, and it came to the conclusion that "Cash flow is optimistic about resistance."The only way to cycle" is the conclusion. For the film and television industry that cannot get out of the predicament for a while, Yu Dong also gives several suggestions: first, as mentioned above, cash is king; second, invest carefully , For film project investment, we must establish a professional green light committee, and be cautious; third, be brave to innovate, even in the field you are good at, you must make innovation and change. "Although innovation is a risk, not innovation is waiting To die, it is better to take risks than to wait for death.” In the end, Yu Dong murmured, “I didn’t read the script before, and I decided to have a meal with the director (invested), but now I can’t. You must watch the script. We must have a business mindset. Although we must have a ten-year plan, money is the most important right now."
