Wednesday , January 27 2021

The eye of the cat has been listed on the market and is broken. "Very OK" is hard to achieve – Wall Street

The cat's eye selection was listed on the last day of the Chinese Dog Lunar Year, and he broke again at the opening.

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The cat's eye selection was listed on the last day of the Chinese Dog Lunar Year, and he broke again at the opening.(Photo: Oriental IC)

Detailed report group Phoenix Phoenix Technology Network "Wind Eye Group" was produced

Author Hua Zijian

WeChat Editor of Yang Qian

Not only is it deliberately, but the cat eye chooses land in the capital market on the occasion of the resignation of a Chinese Lunar New Year.

On February 4th, New Year's Eve Chinese Lunar Calendar – the day between the Year of the Year and the Year of the Swine, Cats Eye was officially listed on the Hong Kong Stock Exchange, stock code 01896, and A price per share per HK $ 14.8. With the bell ringing to welcome the advent of the Year of the Pig, there may be an expectation of "everything is good".

However, Cat Eye suffered double in the capital market and broke at the opening. In terms of press time, its share price was HK $ 14.42, which is 2.57% lower than the price of the issue.

For the cat eye, it's not easy to end the long distance of seven years in the online ticket market that has killed the tragic once. But listing does not mean the end of this difficult time, because the cat eye still faces many problems.

With the help of the US Mission and Thencent, how to open a new battlefield under the goal of maintaining the country? The Light Media is the biggest shareholder of Cat Eye. How do the two sides work together to form the benefits of the industry chain? And Ali Pictures is a rival between the two guys, but both sides are still friends who lose money.

Ali's competition is before, after the support of the United States Mission Tencent

For the cat's eyes, its entrepreneurial history can be seen as a microcosm of online ticket history.

As early as 2007, the website went on information about Guevara's life online and providing information on film arrangements. After that, Guevara chose to vote for the movie, and only happened to be on "Avatar." This 3D revolutionary movie, IMAX has driven Guevara's film to introduce a revolutionary feature – an online choice, which is still the user's favorite feature today.

This feature has encouraged users to turn to online tickets, and as the spending habits of players change, more players are involved.

In 2011, with the beginning of Thousand Regiments, represented by Mission Mission, Wowo Group and, the purchase of a movie ticket group is also one of the important businesses. In February 2012, the Meituan Film, which was internally embedded by the US Mission, was officially launched. In January 2013, Meituan Film changed its name to Cat Eye Movie. If there is no strong support from the US group in the early days, it is hard to say if the cat eye can exist.

Another chance for cat eyes is the explosive growth of the Chinese film market. At the beginning of the Cat Eye project, a Chinese box office has also risen year on year, from 170.7 billion yuan in 2012 to 60.176 billion yuan in 2018.

Like Guevara, the Cat Eye movie has also created a new operating model, which is also a magic tool for them to survive.

In 2014, the group group battle that bought a group was close to its completion. At the time, Wang Xing, producer of "Xinhua Road", CEO Wang Xing, found his relationship, hoping to sell before the cat's eyes.

At the time, the pre-sale was still a relatively new model, and the US group did not just put it in the "Transformers 4". Wang Yibing believes that the traditional publicity method allows producers and viewers to be separated from distribution companies, theaters and cinemas. The distance is too far to know the ideas of the user. The biggest problem is that the officially released films can not buy tickets only one day before the release date, and most of them are sold on the same day, very ineffective.

In a pub at Jiuxianqiao, Wang Yibing and Wang Xing's hands were held with each other, and decided to let the movie "Xinghua Lulu" sell tickets in the cat-eye movie by ex-sales. In the end, the film became a domestic film champion at the box office of 1.17 billion yuan.

In 2015, the cat's eye, a micro ticket and Guevara led the three strong ones; in 2017, the online ticket market was large altered. First, a lithographic period restricted with Guevara. Then he combined a lithography with the eye of the cat and began to enter the cat's eye. , Taobao Ticket and glutinous rice baidu pattern.

At the beginning of 2018, the entertainment ticket service was stopped, and Baidu's movie ticket business was sold to iQiyi. Ultimately, since Guevara finished in 2007, under the promotion of the giants and market competition, the online ticket market formed a pattern of conflict between the cat eye and the # 39; the Taobao ticket.

Compared to Ali's Taobao, Cat Eye's advantage is that he has social and consumer views. WeChat provided an entrance to the cat eye under Jiugongge. The US group gave a cat access to the second in its app. After the food, it's enough to see its importance to the eye of the cat.

According to the data disclosed in the prospectus, in the first nine months of 2015, 2016, 2017 and 2018, Cat Eye's average monthly users through the US Mission and public attention were 31 million, 49 million, 66 million and 7200 respectively. Million. In the first nine months of 2017 and 2018, Cat Eye received $ 43 million and active monthly users of $ 55 million through WeChat and QQ.

Clearly, the consumer growth rate of Tencent products has been significantly higher than what was done by the US group unit, which is the true weakness of Taobao and competitors.

The lack of objectors in the lottery ticket is a social scene, but the scene used is Ali's strength. In Alipay, taobao and other super apps have given enough support for Taobao's ticket.

With the support of traffic, cat eyes and Taobao tickets all aspects of the film industry chain, including the production, promotion, sale of tickets, scoring, investment and cinema marketing.

Li Jie, president of Taobao's ticket, described the relationship between the two parties: "Both sides have entered a simple zero game. The two sides are no longer competing for each other's users, but they should be committed to leaving more users to go to the cinema. "

Losing almost has become an eternal theme

As for Ali's ticket in Taobao or the cat's eye, he still has no trouble to get rid of losses. Of course, the reason why the capital is still supporting, or I hope to seize the traffic portal with online tickets. This is also a thriving movie market ticket.

According to the data disclosed in the prospectus, Cat revenue from 2015 to 2017 was 597 million yuan, 1,378 billion yuan and 2.548 billion yuan respectively; The losses were gradually narrowed to 1.297 billion yuan, 508 million yuan and 76 million yuan.

Profit seems to be close by hand, but the eye-catching media and the main shareholder are that both sides have not made much progress in business cooperation.

In May 2016, Wang Changtian, Chair of Light Media, bought a Cattle of Eye's 57.4% share for a 8.3 billion yuan valuation. A year later, Wang Changtian received some eye equity of the cat from the US Mission, and therefore totaled 58.13%.

Since then, the cat's eye has fallen into a dilemma. The traffic depends on Tencent and the US Mission. In the context of hoping to take part in the film industry, we need to find a better way of making "1 + 1 more than 2" with the light media.

The cat prospectus shows that its revenue mainly comes from online entertainment ticket services, entertainment content services, entertainment e-commerce services and advertising services. Although the revenue of online entertainment ticket services has fallen year on year, the proportion in 2017 is still more than 50%.

In terms of general losses, Ali Pictures and Taobao tickets are called cats and brothers, but according to the 2019 financial year interim report released by Ali Pictures in November 2018, the business announcement of Alibaba Pictures was in the reporting period. The company achieved an operating profit of RMB 64 million, a loss of RMB 220 million compared to the same period last year.

This means that Ali Films has had an unfair development by relying on the integration of Taobao tickets and cutting into the movie market. For cat eyes, here's the weight.

One thing that happened in 2018 also reflected the instability and embarrassment of the cat eye. The first novel Liu Ruoying "Later Us" opened the pre-sale on April 13 that year, but there was a large repayment at the time of the official statement, which caused the loss of the theater. This event even attracted the attention of the National Film Board. The eye of the cat is exactly when producing and distributing this movie together. This method of being a referee and athlete has been criticized by the industry.

Tickets are canceled at any time. Challenges are also opportunities.

The problems that seem "Late Ni" are more than just examples. This is enough to show that the online ticket platform can already have a significant impact on the cinema. Among them, the effect of replacing a ticket is very obvious.

As soon as the group's buy website, the movie tickets appeared in different types of ticket attachments. The most direct exposure is that the price is very low – a large number of 9.9 yuan movie tickets appear on the market, and the lowest even reaches 0.1 yuan.

Li Jie, president of the Taobao ticket, said once the Chinese film was almost cheaper in the world. This is consistent with China's Internet development, attracting new consumers through low prices. Indeed, more and more users are entering the cinema, which has also opened up a boom in the Chinese film market.

However, when the growing market has gradually broken, the ticket has become less important. The market has also repeatedly reported that the management department seeks to cancel the ticket subsidy by introducing controls.

If the cancellation of the ticket is made true, both online ticket platforms, Taobao and Cat Eye Tickets will also go to a new stage of development, that is, the new market in the customer market will turn to work refining, on the industrial side, both sides will also be deeper. Take part in all aspects of the movie industry chain.

However, as the industrialization process accelerates, the film will become a product that depends largely on the creativity and user experience.

Ye Ning, vice president of Huayi Media and general manager Huayi Film, said the audience had become more and more intelligent in the cinema in recent years, as more and more viewers went to the cinema. "For the creator, when telling a story, the audience will have expectations and awards," he said.

It is hoped that both platforms will help creators understand the user's expectations and reduce the risk that the creative will be separated from the user's expectations. On the production side, the film can help the highlights design, provide casting tips, designing the publishing method, etc. In the theater, they can support their more rational arrangement.

However, for the movie industry, which has been in existence for hundreds of years, the Internet remains a plot. The "Internet + Movie" model of development still needs Chinese features. Just before, Cat's eyes have dragged behind Ali and Taobao's movie tickets as the success of producing and publishing films.

Ali Pictures has not achieved profitability in his business. In 2018, 15 of the 15 films had a box office of more than 1 billion deep input from Ali Films. Among them, Ali Films produced and published "I'm not a drug god" and "Xihong City richest man" jointly, with more than 3 billion, 2.5 billion ticket office to become the summer recipe.

Can the cat after the list be able to use the capital market help to eliminate the consumer's impression of an online ticket platform, not just the traffic gateway supported by the cheers, and thus becoming a real movie and entertainment company with core competitiveness? At least from the current situation, this possibility is quite low.

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The original title "Cat Eyes listed on the market breaks open and broken" "all things smoothly" hard to achieve |

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