Photo by Maelle Ramsay on Unsplash, source: IT orange (itjuzi521), by Wu Yue
Following the continued cooling of cultural investment in 2018, investment in the entertainment sector continued to be depressed in 2019. Recently, we have collected investment data in the field of entertainment in the past six quarters, and through the data to restore investment in the entertainment sector in the first half of 2019.
The policy sends the signal of "recovery", and the proportion of early investment in 2019Q2 is on the rise.
IT Orange data shows that from Q1 to 2019 in 2018, there were 721 publicly recorded investment events in the cultural and entertainment field, involving a transaction amount of 126.738 billion yuan. Among them, there were 109 total investment events in the first half of 2019, involving a transaction amount exceeding RMB 8.044 billion; compared with the same period of 2018, the investment volume decreased by nearly 71%, and the transaction amount decreased by about 85%.
Influenced by the decline in the stock price of the primary market in the entertainment sector in 2018, the taxation in the film and television industry and the tightening of the media sector, the investment enthusiasm in the cultural and entertainment sector continued to decline from 2018 to 2019.
However, it is worth noting that from the end of 2018 to the beginning of 2019, some vertical areas of the policy have signs of “recovering”, such as the film and television field:
At the end of 2018, the State Film Administration put forward the "Opinions on Accelerating the Construction of Cinemas to Promote the Prosperity and Development of the Film Market", saying that "encourage cinema investment and construction. In 2020, the number of screens will exceed 80,000. Through financial subsidies, the screening technology and facilities will be upgraded and the county will be upgraded. At the same time, the General Office of the State Council has given more attention to the development of cultural enterprises, saying that in the next five years, income from film screening and distribution will continue to be exempted and reduced. VAT, the film industry in the middle and lower reaches will continue to enjoy the state's policy support in the future.
Affected by policy orientation, there were 8 investment events in the Q1 film and television field in 2019, a slight increase from Q4 in 2018.
At the same time, at the beginning of 2019, the propaganda Department of the Central Committee of the Communist Party of China also clarified the direction of supervision and control in the field of cultural and recreational affairs in 2019, and put forward "outstanding problems such as" highlighting the key points of management, adhering to the unified guidance, unified standards, continuous rectification of pan-entertainment, star-frying, sky-price film pay, viewing rating, illegal broadcasting of advertisements, and so on. "
At this point, the management scope and strength of the cultural and recreational field tend to be clear, for the "main contradictions" existing within the industry, we should "highlight the management key points", make clear the industry supervision "unified guidance, unified standards and unified standards" for the development of the cultural and recreational industry in 2019, and draw a clear guiding direction for the development of the cultural and recreational industry in 2019.
Of course, the further clarification of the policy has also stimulated changes in investment in the entertainment sector in the first half of 2019. In the 2019, Q2, more potential early projects were invested. IT Orange data shows that the proportion of Q2 early investment events increased slightly in 2019, from 63.23% in Q1 in 2019 to more than 5% to 68.29%.
Since the media, short video is still a hot investment topic.
Media and reading, short video is still the hot spot of investment in 2019. According to IT orange data, there were 31 investment events in media and reading in the first half of 2019, with a transaction amount of more than 4.1 billion yuan, while 21 investment events occurred in the video / live broadcast field, involving more than 1.3 billion yuan.
Among them, in 2019, the Q1 media sector investment showed a new round of investment peaks, a total of 31 investment events, an increase of 36% over Q18 in 2018. Especially in the field of vertical media, such as the financial media field, including "alpaca blockchain", "deep chain finance", "gyro finance" and other blockchain related media.
In terms of amount, we counted the TOP5 list of events invested in the media sector in the first half of 2019, of which $448 million in strategic investment was the highest number of transactions in the first half of 2019.
In the above table, in addition to the platform type of enterprises, the content field projects - "mother fund weekly", "business people" also received a higher amount of investment.
It can be seen that in the first half of 2019, the content field is still “hard currency”, and the proportion of events in the professional content field is high. This type of content is highly professional and has high barriers. It is a "scarce" resource and its value is relatively high.
After the rapid growth of users in the “short video” field in 2018, the growth rate of short video users in 2019 has stabilized, but the number of users continues to rise. Ai Media data forecast shows that the number of short video users will exceed 600 million in 2019; at the same time, the user usage is also increasing, the fast data shows that the average user usage time in 2016 is 40 minutes, to 2019 6 It increased to 70 minutes on the 27th.
The increase in user usage and stickiness has driven the outbreak of the short video marketing market. The data of the 2019 Short Video Marketing Trends White Paper shows that the short video marketing market in 2019 will exceed 20 billion yuan. The ability to commercialize short video platforms has gradually increased.
However, the development of short video has not led to the overall growth of investment in this field. IT Orange data shows that as of June 24, there were 8 investment events in the short video field in 2019, a decrease of 77% compared with the same period of 2018.
At the same time, the regulation of platform content in 2018 has made the capital in the field of short video content in a wait-and-see state, and more resources have been invested in MCN organizations with content production, publicity and distribution capabilities.
We have sorted out the short-term video field companies in 2019. According to the platform type, content type and MCN organization classification, it can be seen that in the first half of 2019, MCN institutions received the most events, totaling 4 cases, accounting for about 50%.
Among them, the typical cases include the knowledge short video platform "Vision TV" completed the tens of millions of A rounds of financing invested by New Oriental on March 20, 2019, and the MCN organization "May Beauty", which hatched more than 20 beautiful makeup people, received 10 million yuan Pre-A round financing with new way capital investment.
At the same time, they have strong content production capacity. In terms of content, TV signed a contract with more than 20 knowledge interpretation content institutions;``May beauty'' has formed over 70 short video team production content, hatching more than 20 makeup people.
The high-quality content produced by powerful content production has attracted huge traffic, with "Vision TV" video content exceeding a billion views a month, with a single video broadcast of more than 8 million; as of April 2019, the total number of fans of "May makeup" in "Kuaishou" and "Douyin" are 25 million and 20 million, respectively.The total number of followers of "May makeup" in "Kuaishou" and "Douyin" is 25 million and 20 million, respectively. Of course, the huge traffic also provides a realization channel for both.
Listing is no longer frenetic and delisting is still
In terms of listing, there were 2 listings in the first half of 2019, which occurred in the media and film and television fields. Compared with the four listing events in the same period of 2018, the number of listed companies in the first half of 2019 was halved. Under the influence of the “listing tide” in 2018, some high-quality entertainment head enterprises have basically completed listing.
In the stock price, the Cultural and Cultural Unit in the first half of 2019 has continued its 2018 market break. In the first one of April,2019, the cat's-eye film "was selected to be listed on the Hong Kong Stock Exchange, the closing price was HK $14.82, and the stock price after 8 minutes fell by 0.68%. The closing date of the closing day, the price of HK $14.64 and the offering price decreased by 1.08%.
In addition, the “new three board delisting tide” in the entertainment field continued, and IT Orange data showed that there were 4 delisting events in the first half of 2019.
In the middle of the period, more attention was paid to the "Happy Blossom" of the comedy company. The data shows that on March 29,2019, the "Happy Blossom" applied for a new three-board card, which was officially taken on May 21. The "Happy Blossom" entered the new three-board on December 29,2015, with the message saying that the cut-off "Happy Blossom" was removed from the new three-board, and the financing transaction was not completed at all times during the period.
On the one hand, it stems from the lack of liquidity of the New Third Board and the financial pressure brought by the higher financing costs; on the other hand, the problems of insufficient sustainable management and normativeness of the cultural enterprises themselves are further highlighted, and the country’s film industry The strictness of taxation issues and the withdrawal of cultural enterprises have become a trend.
According to incomplete statistics, at least 40 film and television companies delisted from the new third board in 2018, including the "Jiahang Media", which is indirectly owned by actor Yang Mi, Hu GE, Liu Shishi and many other stars, such as "Tang people Film and Television." Some analysis said that the delisting trend in 2019 may continue.
Active investment institutions in the field of entertainment in 2019
In the first half of 2019, we have combed the active investment institution in the first half of 2019 to order the number of investment events, and select the top ten to make the form.
IT Orange data shows that IDG capital is the most active in the entertainment field in the first half of 2019, and participated in the investment experience video community “brushing and watching”, the square dance service platform “sweet bean square dance”, military network video production company “junwuwu” The company is the top of the company, and the other is the investment in the “female fund weekly” from the media, the “playing things” of the national style wenwan e-commerce platform, and the “bit starlight” developer of fashion short video sharing applications. The Enlightenment Star was also active in the first half of 2019. It participated in the investment of Internet media company “Small Division Culture”, video-paid personal brand “Fire Eye FE”, and cultural media company “Flying Fish Mutual Entertainment”.
It is worth noting that active investment institutions in the field of culture and entertainment in the first half of 2019 also include Taiyou Capital, 3,000 Capital, Ceyuan Ventures and other new institutions. Among them, Taiyou invested in the financing of information platform China Energy, video platform Fire Eye EF, 3, 000 capital participated in 52 TOYS, ask animation and other projects, while Ceyuan Ventures was more interested in financial media, investing in Mars finance, deep chain finance and other projects.
Overall, the cultural and recreational media sector in the first half of 2019 continued the previous downturn, not only in terms of the number of investments, but also did not improve in listing. Although there is a signal of "encouraging development" at the national level in the vertical domain, the continued downturn in secondary market stocks has led to a lack of confidence in the cultural and recreational market. With the emergence of new technologies such as 5G in the second half of 2019, new technological revolutions may emerge, which may give birth to new products and new investment opportunities.
"Half-year powder increase of 45 million, get millions of financing, how does "May Beauty Makeup" conquer impetuous users? 》
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