How to layout investment in the early days of the rise of the "non-mainstream" secondary ecosystem?

Two years ago, a report "From Non-mainstream to AB Station" attracted the attention of the capital market to the secondary element, which was thus characterized as a "subculture." Time has changed. Whether it is the popularization of Station B or the popularity of Pokemon Go, the second dimension has become the mainstream culture today.

Original title: Early investment, what is a good secondary yuan project

Two years ago, a report "From Non-mainstream to AB Station" attracted the attention of the capital market to secondary yuan, and secondary yuan was thus characterized as a "subculture". Time has changed. Whether it is the popularization of Station B or the popularity of Pokemon Go, it has proved to us that it is difficult for the secondary dimension to be concealed by "subculture". The "intention" is based on the universal needs of human nature, and the "momentum" is based on the growth of the post-90s generation, radiating, permeating, and even subverting. The second dimension is fierce and has become today's mainstream culture.

The "meaning" of the second element: It is rooted in the universal needs of human nature and is a spiritual attitude

. Literally understood, the second element represents the flat world and corresponds to the real world.

"Dimension" means "dimension". Early Japanese animation and game works were composed of two-dimensional images, and the picture was a plane, so it was called the "secondary dimension world", or "secondary dimension" for short. The opposite is the "three-dimensional", which is the real world.

In terms of connotation, the secondary dimension is rooted in the universal needs of human nature and is a spiritual attitude.

Beauty comes first. The second element is a beautiful world dreamed of by human beings. It contains the ultimate pursuit of beauty and appearance, and uses various visions to impact the viewer's visual experience. At the same time, everything in this world is exaggerated. Behavior is exaggerated, beauty is exaggerated, ugliness is exaggerated to the extreme, and so is evil.

Self-deprecating spirit. A wry smile expression, noting common expressions such as lonely life, full of cattle, tired but not loving, exhausted friends, etc., self-deprecating oneself is already a habit; it is a helpless response to the disappointments in life, and it is also a humble expression.

Entertainment spirit. Don't take things too seriously, treat life as a game; watching a movie for the first time is called swiping the first win, the second time is called swiping the copy, encountering embarrassing things is called the wrong way to open the door, encountering strange people is called the skills are wrong, encountering good ending, etc.; because entertainment life is the highlight, I am also accustomed to entertainment life in daily life.

There is love and emotional resonance. Emotional resonance is an important purpose of cultural consumption. The second element user report released in 2015 showed that 63.4% of users can find resonance, healing and love in the second element world. For individuals, the secondary space exists in the spiritual field and is a virtual spectacle that allows the target audience to get rid of trivial daily life, yearn for and immerse themselves in.

The "momentum" of the second element: Taking advantage of the growth trend of the post-90s generation, the core group continues to radiate and spread to

immerse the growth of the post-90s generation, making the post-90s generation the best endorsements of the second element. The post-90s generation, who are in the critical period of forming cultural tastes and consumption preferences, have a relatively prosperous material life and wysiwyg information. There is a strong sense of loneliness in reality, the prevalence of consumerism + the individualization of consumer subjects, which creates a sense of boundaries between people. The post-90s generation has fermented secondary culture by focusing on themselves and seeking companions. The second dimension is accompanied by the growth of the post-90s generation.

Emerging groups drive the growth of the secondary market. At present, the number of people born in the 1990s in my country has reached 170 million, and the number of people born in the 1990s (including 00-05, which has certain consumption power) has reached 250 million. According to data, my country's core secondary yuan users (watching anime at least once a week in the past six months) reach 30 million to 40 million, and pan-secondary yuan users (watching anime at least once in the past six months) are about 100 million. Judging from the number of transactions of Taobao's secondary goods, 2015 increased significantly by 300% compared with 2013. 19-22 Young people over the age of 20 contribute 1/4 of orders, far exceeding that of other categories.

With the help of the post-90s generation, the second element has continued to spread from the core population and become popular culture. As the post-90s generation gradually became the backbone of society, the post-00s generation began to speak out on social media, and the status of secondary yuan in mainstream culture increased. On the other hand, bullet screen websites, paragraph writers, and online original platforms will promote the penetration of niche culture into the public context, and the secondary dimension will continue to radiate from hardcore people to the surrounding areas. Emoji, emoji, emoji, voicing and brain holes have also become daily routines for public entertainment.

The rain is coming, what changes are taking place in the industry?

The animation industry: From quality to quantity, there is a large room for growth in the future.

The industry used to rely on government subsidies, and the degree of marketization was not enough. The "quantity" production bottleneck has arrived, and the demand for high-quality IP at the top is highlighted.

From the perspective of product content, it is shifting from low-age to adolescent/full-age. The problem of low childhood is that the audience is only children, which is relatively narrow, and children grow up too fast and easily "like the new and hate the old." The back-end business model is single (toys and stationery), the payment is taken from parents 'pockets, and the ceiling is obvious. From the perspective of the global film market, adolescent/all-age anime works have always been a very important film and television category. As of the end of November 2015, among the top 25 global box office rankings, animation works accounted for 4 seats, and live-action movies adapted from comics accounted for 5 seats. "Kung Fu Panda 3" and "Zootopia" released in the first quarter of 2016 set off a movie-watching craze.

Production level is no longer a bottleneck. The core needs to solve creative problems and arouse the audience's emotional resonance from the pursuit of beauty in the picture. Works such as "Little Gate God" and "Big Fish Begonia" are exquisite in pictures, and there is no obvious gap between the production technology and foreign masterpieces. However, there are many problems in the construction of world outlook, the fluency and integrity of the story, and the setting of characters and character. In the future, audiences will become less and less satisfied with simple binary confrontations and finely painted scenery, but will tend to consume the emotions of the characters. Works need to arouse the audience's emotions and resonate through character images and narrative skills.

The entire industry chain and monetization system around IP have been initially established

. Through 14-16 years of development of the animation industry (outstanding original capabilities such as evil spirits, Weibo accelerates the consumption of light content such as strips and comics, and AB stations gather fans), the industrial chain has been initially built. The entire industry chain was tried, such as Rampage Comics, the Return of the Great Sage, and 100,000 cold jokes, and the system of animic-big movies-game-peripheral development was gradually established.

Judging from the current industry ecology, it is still in the early stages of development. Except for BAT and individual listed companies that rely on the large traffic of video websites/comic communities/online text platforms and their own strong funds, other ACGN industry-related companies are relatively small in size. The industry's exploration of the value of high-quality IP and classic images is not deep enough. Sound IP monetization capabilities require mature players in the industrial chain, first-class IP research and development, acquisition capabilities, and relatively complete industrial chain layout awareness.

The rise of secondary surrounding ecology

As the industrial chain continues to mature, secondary surrounding ecology is gradually emerging. For example, there are hundreds of thousands of secondary interest societies across the country. Societies are the gathering places for hardcore users and the core organizational form of secondary content creation, information dissemination and crowd communication. In the past, these societies were more interested in operating in interest groups, but now their commercial demands are obvious. Some of them have made bold commercial attempts, expanding from second-dimensional small circles to 2.5D/third-dimensional large circles. For example, the well-known cosplay club 304 has improved its artist training system, become a well-known IP official COS partner, established a film subsidiary, and deployed it downstream in the industry.

From the perspective of model, we are optimistic about projects that start from the core links and grow bigger and have long-term evolution potential of the entire industry chain.

Upstream content production: The core lies in the creation and cultivation of IP. The creation of high-quality IP is a long process. It requires a complete world view, rich personality, continuous content, cross-media commercial operations, and ultimately become a market-verified user emotional carrier. For early projects, it is impossible to cover everything. It depends more on the team's creativity, the attractiveness of its worldview, and the love degree of seed users (payment rate).

Midstream content platform: The key lies in IP aggregation capabilities and systematic incubation and operation capabilities, establishing scenarios for vertical people to consume content, and opening up downstream channels for monetization of movies, games, and derivatives.

Qingliu Investment Superpower Department values it to integrate high-quality community resources and content and establish in-depth connections with users. At the same time, you have the opportunity to become a "Jianghu" and community development game.

Downstream derivatives market: The development of the domestic derivatives market is still immature. Animation derivatives revenue accounts for about 30% of the total output value, while in the United States this proportion has reached 60% to 70%. For the development of derivatives, first of all, products need to have a strong sense of design, exquisitely made, and avoid homogenization. Secondly, we must focus on emotional interaction with fans and extend the life cycle of derivatives.

Judging from overseas experience, industry giants, such as Disney and Bandai, have established leadership positions in core links and joined forces to open up the entire industrial chain. The core creates R & D IP capabilities, cooperates with the complete industrial chain layout, and the diversification of IP revenue, forming a moat.

From the team perspective, we favor hardcore second-generation fans with a good business sense.

Entrepreneurs in the secondary field need to be industry enthusiasts who have been immersed in many years and have a great understanding of user needs. At the same time, they need to have a good business sense and landscape view, be able to think about issues from the perspective of industry ecology, effectively integrate resources, and save opportunities. Strong ability. Do "think about upgrading dimensions and attack reducing dimensions".

Editor: yvette