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Talk of investment in cultural industries give an inkling of the PE / VC investment logic

 

PE, VC investment in cultural industries in the end how hot?
Fund-raising from the side learned from the cultural industry fund. According to statistics, in 2010 and 2011, respectively, the new set up 14 and 18 special fund of the cultural industries, including giant such as the scale of 4 billion of China's cultural industry funds and 50 billion Guangdong cultural industries investment funds. Prior to this, only three two specialized cultural industry fund.
However, cultural industries, is a very special industry. Such a popular industry actually have so far not recognized as an industry breakdown of Industry Classification Standard. To some extent, a the PE, VC, who the industry how to classify views of vaguely reflects the investment logic.
Reporters on this topic an interview with Fortune Culture & Tourism fund management company CEO Semantic View, Zhejiang Venture Capital Chief Executive Officer of China Ye Yu and Chief Investment Officer of a large-scale cultural industry fund, Xiao Qin (a pseudonym).
The culture industry is how to classify?
"21st Century": do investment in cultural industries, first of all can not avoid the topic: the regulatory authorities. Many industries, foreign investment funds or private component-based fund, simply can not vote; some can vote, but investment in the project company in the daily work produced content will be monitored by the authorities. So, in your heart, whether there is a map of cultural industries to loose arrangement to classify the degree of supervision and strict, and the most stringent automatically avoid?
Semantic View: In our view, the cultural industry can be divided into three sections of the traditional media, new media and the cultural and creative. Many countries and regions, traditional media are facing varying degrees of supervision. Singapore, for example, to prohibit foreign organizations or individuals to participate in the traditional media; Even in the United States, but also limits foreigners invested in the local television business. Murdoch in order to invest in the TV license, and even had to emigrate to America. Similarly, the domestic traditional media are also facing more stringent regulation. As investors, we must learn more about the laws, regulations and policies, in order to avoid restrictive industry to invest.
In the field of new media and creative arts, national regulators are rarely, China is also true. Many new media companies by Sina structure design, access to outside capital and created a huge group of Internet industry.
Cultural and creative industries degree of openness of the highest, many of them into the foreign investment catalog.
Of course, from the perspective of industrial development, from a global perspective, the traditional media are subject to the challenges of the new media, faced with the problem of how to transition. In contrast, the cultural and creative industries are more active is a very interesting area of ​​investment, but also very much in line with the country's industrial policy.
Hua Ye Yu: cultural industries do not have a strict distinction between classification. From areas that can be cast to do a habitual Category: Television, film and television production, post-production; media class, newspapers, television stations, magazines; publishing, the main publishing houses; animation class, animation books, animation derivatives; Internet entertainment, including games.
And even the sports industry, sports is the concept of pan-cultural. A-shares listed on the sports enterprise, only one in the technology industry, but in fact in the real estate. As in English football an industry worth £ 7 billion.
There is a is a around stylistic corporate services. Such as Shenyang, four-dimensional we vote to do the 3D software; there are a lot of hardware and software companies around the film and television creative content services, to provide them with places, such as the cinema.
Xiao Qin: I divided into three categories, the first category is the core class, mainly to do original content, like video production, newspapers, magazines, publishing houses, original animation, short-generated content. The second category is around the class, does not directly produce content, and content such as movies and books distribution companies, such as theaters. Finally, the derived category, the most typical is the original animation peripheral products.
The logic of this classification itself and regulatory strictly related to the degree, the closer the core, the more stringent regulation; However, its added value is also higher, those with low added value, the product of practical value in the periphery.
        
Optimistic about how the cultural enterprise?
"21st Century": you optimistic about what kind of cultural enterprises? Which, whether there are unique features of a number of cultural enterprises?
Xiao Qin: In the final analysis cultural enterprises is also a business, look at the companies first look at profits, look at the growth rate. Say the truth mode better, I do not know you in the end can not be successful.
But the scale of profits put it not so easy to pour. Your last 10 million this year, 20 million, you poor poor not to go. I vote for the enterprise, must have a timetable for the listing. Investment targets, the basic financial standards to achieve the listed companies, if it is not expected the future to achieve, then they would gamble.
These, the most the value of an enterprise and its core layer is the bigger the better. Honestly, 5-7 years ago, to see three portals, I will not vote. Maybe it will miss a good business. Value content, because I am optimistic about cross-border development of the media, so if a newspaper, it is the content good, but some poor marketing, I am willing to vote because of weak marketing, to be filled is relatively easy, the content in order to cross-media development.
Management of cultural enterprises in particular side: it's management to have human feelings. I listen to the people of the consulting firm, most do not like to do management consulting for cultural enterprises, because everyone has ideas, ideas are different. This is true. So many successful cultural enterprises, the management team, both can be strong in the commercial operation, but also longer than the corporate culture. The concept of corporate culture in the culture of enterprise is not a "virtual", the outstanding cultural enterprises really need a strong cultural cohesion of the people.
, Semantic View: This is a good opportunity in the past on several future opportunity. The newspaper listed not by much in the past the magazine most of the volume is not big enough, the optional small investment targets. Cable television, there is better opportunity, they are a lot of high quality assets.
Content producers, film companies have a good chance we can see that less than 20% of the movies to make money in China, it is because a lot of money layman only do film companies such as Huayi Brothers, the investment in the film earned probability is much higher. I am very concerned about the "High Fidelity 33 days" this kind of film, it is a typical low-cost, high return, but also attracting a younger audience.
In the past few years, Chinese drama field trained a lot of director, screenwriter, and actor. 3-5 years, they will enter the film industry, the new director will appear. The domestic film companies will gradually reduce the dependence on big-time director on the big production.
I especially like the kind of "cross-media". The concept of the original Yang Lan said, but was too early, the time was not ripe. Across old and new media era, which are old and new media opportunities. In the vertical field, the old media do the first three, can be considered to cross over into the new media. I have a point of view, the more vertical, the greater the probability of success in the field of all media.
Hua Ye Yu: We see a business, first to see if it is not easy to the audience to accept the business model, saying that white is to see if I can not make money. Some companies we cast into the first day, it is not suitable for listing, but it is suitable to be sold, likely to be mergers and acquisitions.
The development of cultural industries today, China's economic development to a certain extent. The material development of the people to a certain level, must have spiritual needs. The different stages of economic development, a variety of cultural and creative industries, the development of even the outbreak of the enterprises in these industries is worth seeing. Is simple, we first look at segments of the great development of enterprise.
Specific to the enterprise should pay attention to whether the company's financial norms can be. Some of the cultural industries of the nature of the industry decided it financial norms, then we need to look at whether it is financial to be standardized, the founder of whether there are norms will. Some companies, we have the vote when the specification, that after three years to go listed, we are still willing to vote, but the valuation is certainly not the same.
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