now, people pay more and more attention to the whole field of cultural content, which is affected by various factors, such as economic strength, scientific and technological progress, and the promotion of awareness of copyright protection.
original title: dialogue with Huaying Capital Ji Wei: what new changes have taken place after the cultural industry has become a tuyere?
before the industry realizes the investment potential of the cultural industry, Huaying Capital has already begun to enter this field. since 2009, Huaying began the layout of the cultural industry. At that time, online video was still in its infancy, and it was impossible to pay for content, but Huaying Capital has invested in a series of projects since then, covering novels, animation, online dramas, music and other fields. so far, Huaying Capital has invested in more than 50 companies in the cultural field, and has realized the layout of the whole industry chain in some key areas. the result of our ancestors is that investors in Huaying Capital already have their own views on the development of the cultural industry, and they are not stingy in sharing their judgments on the investment trend of the cultural industry in various public occasions. when attending the 11th China Investment Annual Limited partner Summit held by CIC Information, Ji Wei, founding managing partner of Huaying Capital, also gave an interview to the media and participated in the discussion on the development trend and investment views of the cultural industry in recent years. 
Ji Wei, founding managing partner of Huaying Capital
< strong > Reporter: in the past year or two, the cultural industry has become a new outlet. What is the driving force behind it? < / strong >
Ji Wei: the cultural industry has been relatively hot in the past two years, not only due to the situation of its own industry, but also due to the factors of the whole big market. from the market point of view, the popularity of culture and even the whole field of consumption is relative. when the vents in other areas are not obvious, the popularity of cultural consumption is highlighted. from the perspective of the industry itself, after the rise of the mobile Internet, the opportunity for technology-driven platforms has not yet been formed. People pay more attention to the opportunities in the process of deepening the promotion of information technology, and large consumption is one of them. Spiritual consumption at the cultural level is also a part of large consumption. previous Internet users paid attention to getting information for free. But now it is very different. Young people are more likely to reward and pay for what they like online, and recharge for the content they like. The payers have formed a certain scale. This also has a huge promoting effect on the content. < strong > Reporter: what changes have the emergence of tuyere brought to the cultural industry? < / strong > Ji Wei: the first is to see that content can bring huge traffic, which is why giants such as BAT attach so much importance to video and content cultivation. In the current state that the flow dividend is relatively fixed or even basically disappeared, the traffic brought by the content is a new increment. the second is that the cashability of the content itself is greatly enhanced. In the past, the realization of content mainly depends on advertising as a source of income, and the content is free of charge. but now the weight of the content itself as a payment is increasing. The operation of the entire IP industry chain is relatively mature, and the derivative cash ability of content has also been enhanced. An online article with a large number of clicks can be realized through various forms such as follow-up games, big movies, Taiwan online dramas and so on. At the same time, it continues to strengthen fans' recognition of it in the process. the third is that content can lead users into more areas, such as content-led consumption and e-commerce. at present, the typical model is MCN. Internet celebrities often play the role of opinion leaders in vertical fields, such as makeup, mother and child, education, clothing shopping guides, etc. Ordinary netizens follow online celebrities on social media, generate willingness to pay according to their recommendations, and finally generate payment behavior through Taobao or other vertical e-commerce platforms. reporter: how to treat and deal with these new changes in the cultural industry? < / strong > Ji Wei: Huaying Capital has an early layout in the cultural industry and began to invest in 2009 and 2010. At that time, investors in the industry said that it was basically impossible to invest in the cultural industry in 2009 and 2010. except for the film industry, the whole industry did not show enthusiasm, the scale of the website was limited, and the investment of video websites was not much. the concept of content payment has not yet emerged, and the giants have not paid more attention to the content industry. But it was during that period that Huaying began to lay out. in our view at that time, the value of content was undervalued. If we had the opportunity to participate in the investment in the entire content industry chain, there would certainly be a better return in the future. This is a kind of intuition, which has been proved to be very correct later. now, people pay more and more attention to the whole field of cultural content, which is affected by various factors, such as economic strength, scientific and technological progress, and the promotion of awareness of copyright protection. We believe that at the level of the cultural industry, the opportunities for venture capital in the early stage have passed, and now we pay more attention to integration and coordination, and pay more attention to product form innovation, diversification of issuance and communication, and diversification of cash realization ability. it is necessary for the entrepreneurial team to enhance the ability of integration and coordination on the basis of providing good content. < strong > Reporter: what are the core indicators for investing in the cultural industry? < / strong > Ji Wei: first of all, Huaying Capital's earliest investments are often concentrated in the field of content aggregation, valuing the platform companies in each vertical industrial chain, which is a very important part of our investment strategy. generally speaking, we first focus on the aggregation and distribution platform of content, and then invest in content-focused companies upstream to meet the needs of specific users with specific content. These companies will enlarge the platform companies we invest in, gather more traffic and achieve diversified realization, so as to achieve win-win results. as for the specific criteria, they are reflected in the following aspects: 1. Cultural companies that can quickly or cost-effectively obtain traffic on social platforms, and companies that can make better use of social media attributes. 2. At present, some top content companies continue to win. Behind this, there is a group of relatively outstanding talents, some of whom are also outstanding talents in other companies in the past. After they come out, they become some new companies and have also achieved success. In our view, this kind of talent who can continuously produce good content has great potential. 3. The cash strategy is relatively clear. Both content payment and content-guided consumption have some experience, as well as teams that have a relatively clear strategy to accomplish this. 4. Pay more attention to the assessment team. In the past, if you want to do the content, you can open a self-media number. But now, the ways of cashing out have been diversified. If it is IP, there must be team members who understand film and television and games; if you want to do e-commerce cash, there must be team members with supply chain experience. So now we pay more attention to the cross-border ability of the team, and if the team has all these aspects, there is a chance to win quickly. < strong > Reporter: which subdivided projects in the cultural industry have a particularly high return on investment? < / strong > Ji Wei: some of the platforms we invested in content clustering at that time did have high returns. For example, the book-chasing artifact, we began to invest at an early stage, and then with round after round of financing, it is now a relatively leading company in this field. In the later development, it can be constantly improved according to the needs of the content. when the strategic focus changes, once a platform company is formed, the value is very high. the valuations of some content companies are also rising rapidly, and it seems that the income of companies that do purely good content, whether they are doing movies and TV dramas, online dramas, or paying for online knowledge, is also rising rapidly. there are some areas where the cash efficiency is relatively low, such as comics. The industry is still in the stage of training and seizing users, and the cash efficiency is currently lower than other content forms, but this does not prevent us from judging that it is a good time for layout. < strong > Reporter: how much do you think is the gap between the domestic entertainment industry and the entertainment industry in Europe and the United States? < / strong > Ji Wei: this is not the same as before. In the past, China used to make investment or start a business first by Copy to see if there is a similar model in the United States, but now it even surpasses the development of the United States in some areas. such as MCN (Multi-Channel Network), there is no dominant platform like Taobao in the United States, so its industry chain based on the entire MCN, social media, and some e-commerce platform is not as complete as in China. MCN originated in the United States, but it has been booming and magnified in China. On the contrary, the models and types of institutions in China may be far richer than those in the United States. Some MCN platforms in the United States have been acquired by large social platforms. Of course, there are many things to learn from the United States, such as the industrialization of the content production system, and we still need to continue to learn from the United States. Edit: mary
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