The domestic film and television industry is in a golden investment period, and the amount of film and television crowdfunding has exceeded 1 billion yuan.

Recently, a "big fish begonia" and another "female man true love formula" investors "crisis war" finally released after more than 3 years of crowdfunding, the original is not "mass" film crowdfunding pushed to the public. In fact, since the end of last year, film and television crowdfunding has risen rapidly at an unprecedented rate. But it is also accompanied by constant questioning and risk disputes.

Original title: Film crowdfunding "Spring" really came?

The amount of film and television crowdfunding has exceeded 1 billion yuan

. Last year, a domestic 3D animated film "Journey to the West: The Return of the Great Sage" completely ignited the summer holiday. In just 20 days of release, it grossed 730 million yuan in box office, which was praised and popular. It is a miracle, so it is called the light of the rise of domestic animation.

Accompanied by its overnight popularity, there were nearly 100 investor names scrolling in the credits. It is reported that there are 89 crowdfunding investors participating in the investment of "Return of the Great Sage", with a total investment of 7.8 million yuan. It is expected that they will receive approximately 30 million yuan in principal and interest when redeemed. In other words, after several months of waiting, the movie brought an average of up to 250,000 yuan per person to 89 crowdfunding investors.

This return is undoubtedly eye-catching.

Affected by this, the film and television crowdfunding industry, which had existed for many years but was not originally "popular", was completely ignited overnight, rose rapidly, and was favored by many investors.

"I recently partnered to crowdfund an online movie with seven or eight friends. It was broadcast on iQiyi a while ago, and the response was good. I estimate that the 20% return promised during crowdfunding for 8 months will be no problem." Mr. Chong (pseudonym) disclosed this to reporters.

Third-party data also confirmed the popularity of film and television crowdfunding. The latest data from Zero One Finance shows that as of the end of the first quarter of 2016, there were at least 46 film and television crowdfunding platforms (including comprehensive platforms) in my country. As of May 31, 2016, a total of about 1400 film and television crowdfunding projects have been launched across the country. Among them, among the approximately 150 crowdfunding projects, approximately 89% were funded for script solicitation, actor recruitment, and equipment raising. A total of about 34 million yuan has been successfully raised in product-based film and television crowdfunding, about 360 million yuan for income-based film and television crowdfunding, and a conservatively estimated total of more than 1 billion yuan.

Film and television crowdfunding risks and capital dance

together. So, is the spring of film and television crowdfunding really here? However, there are different voices in the industry.

"After all, cases like" Return of the Great Sage "are extremely rare. It is based on well-known big IP and technology, and is supported by word-of-mouth fermentation of later works. But in fact, there are very few domestic films that can be praised and won, and most film and television projects may be lost. Real film and television investment is an industry with extremely high barriers." Cao Yi, partner of Lechuang Capital and executive director of Iwei Media, pointed out in an interview with reporters yesterday.

She pointed out that unlike traditional industries, the film and television industry has too many uncertain factors. Not to mention production to publicity and distribution, and theater layout, its core resources such as producers, directors, screenwriters, actors, etc. are all extremely difficult to copy. Resources, once replaced during the film preparation process, will affect the final release of the film. "Different from traditional venture capital institutions investing in film and television, because they involve large amounts of funds and often account for a large proportion of production capital, they have a say in the team participating in the film and television industry. However, since crowdfunding accounts for The proportion of capital is relatively small, they have no say in the team. This is very dangerous for crowdfunding, and crowdfunding investors often do not have enough right to know all aspects of the film."

This is the case with the recent uproar of "The Formula of True Love for a Woman". The movie "The Formula of True Love for a Woman" was originally an equity crowdfunding project launched by Guangying Factory at the original meeting of the equity crowdfunding platform in mid-November 2015. Guangying Factory sold an 18% stake and raised 5.04 million yuan, the investor and the project party signed an investment agreement in late December last year.

According to the agreement, this is the time for the "Female Man True Love Formula" project to disclose its income to film crowdfunding investors and pay relevant rights and interests. However, after the project entered the contract signing period on December 22 last year, the project's progress information was disclosed no longer. Recently, its crowdfunding investors have been entangled with the project party for a long time, and have begun to expose information through multiple crowdfunding portals to protect their rights.

It is worth noting that the box office of "The Formula of True Love for a Girl" finally ended with only about 63 million yuan, while in the business plan of the early project roadshow, its expected box office was 200 million yuan. In other words, no matter whether the project party finally clearly discloses all aspects of the project, the investor may not be able to obtain income, and even how much principal can be recovered is a problem.

"For investors to ultimately obtain a return on investment, the prerequisite is that the film and television project they want to invest in makes money and obtain higher box office and related income. However, due to the high-risk characteristics of film and television investment itself, there is a high degree of uncertainty in the box office, and even whether it can be successfully released is also certain uncertainty. This is the main reason that affects the success of crowdfunding projects." Zhijinhui founder Yang Yi also pointed out in an interview with reporters.

The domestic film and television industry is still in a golden investment period

. Although there are many risks, many industry insiders said in interviews with reporters that the domestic film and television industry is indeed in a rare golden investment period.

"With the development of the economy and the upgrading of domestic consumption, the domestic film and television industry is in a rare golden investment period. Due to the 'aesthetic fatigue' of foreign film and television and the rise of demand for domestic film and television, the film and television industry, as an industry with high investment, high risk and high return, faces a large funding gap; on the other hand, due to the lack of idle funds from the general public. Enough investment channels, film and television investment will surely continue to be popular in the next few years." Lin Ling, partner of Cornerstone Capital, pointed out in an interview with reporters yesterday.

Cao Yi also said that through her organization's research and judgment, domestic film and television will be in an absolute upward period in the next 3 to 5 years. And in addition to movies, there are more vertical areas worthy of attention. This is the case with "Expedition", an outdoor desert island reality show he has just invested in. She believes that although reality TV programs have become popular all over China in recent years, outdoor desert island survival programs are still blank in the market, so the market space is very imaginary. "The most taboo in investing is to rush to follow the trend. More importantly, we must explore products that are not available in the market, so that we can invest in 'dark horse'."

Editor: Nancy