Light Media is a company whose main business is the investment production and distribution of television programs and film and television dramas. It mainly uses television programs, performing arts activities and film and television dramas as the company's three major media content as products. The company's business is mainly based on the investment, production and distribution of film and television drama projects, with content as the core, film and television as the driver, in the horizontal content coverage and vertical industrial chain extension of the two dimensions of simultaneous layout, the business has covered the film, TELEVISION series (network drama), animation, music, literature, artist brokerage, live entertainment and other fields, is the most comprehensive coverage of the content field, the industrial chain vertical extension of the most complete comprehensive content group;
The controlling shareholder of the company: Guangguang Holdings Co., Ltd. (holding Beijing Guangguang Media Co., Ltd.: 42.71%) Actual controller: Wang Changtian (holding Beijing Guangguang Media Co., Ltd.: 40.57%);
Wang Changtian Profile: In 1988, Wang Changtian graduated from the School of Journalism of Fudan University, and in 1990, he entered the China Industry and Commerce Times, and three years later he was promoted to deputy director of the market news department, when he was probably the fastest-rising journalist. In 1991, Wang Changtian came to work at China Industry and Commerce Daily. In 1998, Wang resigned from the TV station, and in January 1999, Wang Changtian borrowed 100,000 yuan and started a business in a simple office building converted from a residential house. Wang Changtian transplanted his experience as a Beijing Express to China Entertainment Report. In less than two months, a rich, informative, lively entertainment news program was released. In the television market where entertainment programs were poor at that time, Wang Changtian's "China Entertainment Report" made people shine, and it quickly entered the country's cable television stations almost in a siege-like manner. Within half a year, more than 60 local television stations signed contracts with Wang Changtian to broadcast his programs.
A year later, Wang Changtian's company was already strong. This small private television production company already has a large team of entertainment news gathering and editing. Old writers flew all over the sky, and even went abroad to interview, except for CCTV, even the provincial television station could not imagine things were turned into reality by Wang Changtian. More and more celebrities took the initiative to come to the door, and Wang Changtian built an entertainment communication network that collected songs, movies, and videos. No matter what happens in the entertainment industry, the light can quickly "pounce". With the expansion of the influence of the program, the resources of the entertainment industry began to take the initiative to move closer to Wang Changtian. Many performing arts companies and agencies came to the door, and Wang found that the resources of these companies could be used to open separate columns. So Wang Changtian created two new programs, namely the chart-topping "Music Chart" and the celebrity interview "Entertainment People Weekly". The former has organized a cross-strait and three-place music song selection activity, while the latter has also caused a sensation in the country because of the popular Li Xiang as the host and the frequent appearances of big-name stars from Hong Kong, Macao and Taiwan in the program, and more than 30 provincial-level television stations have competed to broadcast it.
On November 19, 2007, Light Media and Huayou Century (Music) officially announced the merger, and the new company was named "Light Huayou". Huayou Music's main source of profit is sp business. Wang Changtian became CEO of the new company. "After the merger, just when Wang Changtian believed that he had laid the roadbed for the company's listing, the situation took a sharp turn for the worse. A few months later, "Light Huayou" announced that it would abandon the merger.
On July 30, 2008, Guangguang Media announced that it had obtained a loan amount of more than 100 million yuan from the Bank of Beijing, paving the way for the restart of the listing, and on 2011-08-03, Guangguang Media was listed on the A-share market. Wang Changtian has always believed that doing media is like raising a "hen", which will lay eggs on its own, but what about entertainment? It is to grab one "egg" one by one, grab one to count one, grab this "egg" does not mean that you can grab that "egg", there is no relationship between these "eggs".
The media is the "chicken" laying eggs every day, and when the market is not good, it may be one less, more may be more, or phoenix eggs and the like. The media business model is easier to make the company bigger, and 50% of the business of light is the TV business, so we are a media company. However, the media and entertainment have a strong connection, for example, the media needs good entertainment content, and the entertainment industry needs the promotion of the media. Movies need to be advertised, they need to be publicized, stars also need to be promoted, they need to be promoted by the media, so these are often combined. ”
Company operating conditions and future development plans:
1. Film business: Affected by the epidemic, after the cinema gradually reopened in the second half of 20 years, the company has new films released, and the film business has been greatly affected. In 2020, the total box office of the films in which the company participated in the investment, distribution or assistance in promoting and counting in the box office in 2020 was about 6.787 billion yuan, of which: in 2020, "Mr. Miao", "Eight Hundred", "Buckwheat Crazy Growing", "My Girlfriend is a Robot", "Jiang Ziya", "King Kong Chuan", "If the Voice Does Not Remember", "Bo You on the Cliff" and other films, the total box office was about 6.285 billion yuan; the films that the company participated in the investment and distribution of in 2019 and had some box office counted in 2020 include "Manslaughter". Two Tigers" and "The Party at South Station", the total box office in 2020 is about 502 million yuan. In addition, thanks to the company's rich accumulation in the film industry over the years and the layout and expansion in the field of film derivative business, the company's film derivative income and profit increased significantly compared with the same period in 2019, while the gross profit margin of the film business increased simultaneously, and the film derivative business also became a powerful supplement to the company's revenue and profit. The company will focus on the development of high-quality content, actively layout high-quality IP for film and television dramas, improve the standard of pre-preparation work, and continue to promote the post-production work of film projects in production. Film projects such as "Your Wedding", "Sunshine Sister Tao", "Rock Solid" and so on have been produced, films such as "Five Splashing Teenagers" and "Flying Ants" are in post-production, and other film projects are also advancing in an orderly manner according to business plans.
2. TV drama and online drama business: In 2020, the company confirmed the INVESTMENT income of "New World", which was broadcast on Oriental Satellite TV, Beijing Satellite TV, Tencent Video and iQiyi on January 13, 2020. Profit from the TV drama business decreased compared to the same period in 2019. At the same time, the company released a list of dramas in the "Mountain River Pillow", "Spring Feast", "Dali Temple Log", "Junsheng I Am Old", "Whispering Jade Saddle", "Male God, You Walk Away", "Her Little Pear Vortex" and other projects have entered the substantive promotion stage, "All nostalgia is because of hunger", "Pillow has you", "Tianluo has a woman and a man", "Golden Jade Dynasty" and other projects in the early planning and development, covering a variety of themes such as youth campus, urban love, comic real people, costume giant and so on. The TV drama and online drama business is expected to become an important supplement to the company's revenue, and it is also an important practice for the business sector to diversify.
3. Animation business: The company is committed to creating a series of works of "Mythical Universe". In 2020, the company's main investment and control of the animation film "Jiang Ziya" was released on October 1, 2020, achieving a box office performance of more than 1.6 billion yuan, and won the second place in the box office of animated films in the history of Chinese film history, the third place in the annual theatrical film box office, and the annual champion of the animation film box office, refreshing the first day box office record of animated films. "Jiang Ziya" has carried out copyright licensing cooperation with high-quality companies that produce a variety of categories such as shoes and clothing, handmade, toys, publications, etc., to promote the development of derivatives, and provide a variety of choices for consumers who love and support their animated images. The company's helped promote Hayao Miyazaki's animated film "Hawa on the Cliff", which was released on December 31, 2020, and the company maintained a good relationship with Studio Ghibli in Japan and deepened its cooperation. The web-animated film "Star Trek - Storm Famira 2" aired on iQiyi on March 28, 2020. The company launched a comic APP to incubate 32 original comic IP, covering mythology, science fiction, suspense, comedy and other genres; developed and launched the derivative world view comic "Ao Bing Biography" of the movie "Nezha's Demon Child Descending", and the prequel comic "Mr. Miao's Other Side flower" of the movie "Mr. Miao"; and cooperated with 64 comic artists in visual and storytelling. During the epidemic period, although the production process of animation films has been delayed, compared with live-action films, the company can slowly and orderly promote the preparation, production and improvement of various animation films to be released or in production, and continuously consolidate the company's first-mover advantage in the animation film track.
4, artist brokerage and content-related business: the company's artist brokerage business has a good momentum of development, can bring more resources, business cooperation and brokerage income to the company, while providing a large choice of actor reserves for the company's film and television drama projects, some newly signed artists have participated in the company's "Five Splashing Teenagers", "Ten Years of One Product Warm As Words" and other film projects. The company continues to look at the market, tap potential young artists, and provide rich project support for their growth. Since its establishment, the company's screenwriting and directing affairs department has established cooperative relations with dozens of high-quality screenwriters and directors, and has continuously screened and reorganized talents to improve the professional level of the overall personnel, and can also realize the interconnection and sharing of talents in various business sectors within the company and improve the efficiency of cooperation. In terms of live entertainment, the municipal roads, water systems, studio areas (including 19 studios and supporting facilities) and supporting residential areas of the first phase of the Light China Film World Project have fully entered the construction stage, and the project exhibition center was also completed and officially opened to the public at the end of the year.
5. Industrial investment business: The company's investment business is mostly based on strategic cooperation as the starting point, most of the participating companies are upstream and downstream high-quality enterprises, and the company has carried out extensive layout around the film and television drama industry chain.
Company development strategy:
(1) Seek progress in stability, continue to improve product qualityThe company has a large-scale, high-quality content matrix, a stable, excellent, cohesive and innovative team, and a full chain of content creation, production, publicity and distribution, which can provide a solid guarantee for the stable and long-term development of business performance. The company will continue to closely focus on the core strategy of "content is king", strive to expand the boundaries of film genres, focus on the series of high-quality works, enhance the profitability of derivative businesses, improve the ability to judge risks, create the brand value of head content suppliers, continue to develop intensively and large-scale, move towards the industrialization of content production, actively promote diversified monetization models, and create a more perfect content ecosystem.
(2) Deepening and consolidating the advantages of the animation track In the field of animation films, the company has an unparalleled first-mover advantage, and will continue to empower partners with platform resources, management capabilities, financial support, talent allocation, etc., effectively integrate all aspects of the industrial chain, and strive to create the most powerful animation film creation system in China. Excellent films are never achieved overnight, especially animated films, which require longer polishing and creation, we are willing to invest more time, energy, manpower and material resources in the direction of launching high-quality animated films, and the company and partners together regard promoting the continuous development of China's animation film industry as their responsibility.
(3) Actively develop and enhance the profitability of the TV drama / network drama business The company will moderately increase the investment in the TV series / network drama project under suitable and favorable circumstances, continue to promote the production and creation of the existing drama list, develop a variety of types and styles of intentional, affectionate and hard work, on the basis of risk prevention and control, continuously improve profitability, and strive to contribute more performance to the company.
(4) Extend the film industry chain and promote mutual empowerment of businessEs have a multi-point layout in the field of industrial collaboration, covering artist management, music, live entertainment and other fields. On the basis of abundant high-quality IP resources, stable project production capacity and accurate strategic layout, the company continues to increase diversified monetization channels. The company will promote the linkage of artists, screenwriters, directors, music and film and television drama projects, realize resource sharing, team combat, and jointly stimulate the deep potential of the industry. In the live entertainment business sector, the project plans to continue the construction of the project last year and strive to complete the construction of the main structure of the studio area. The project will simultaneously and fully launch the planning, design and approval of the first phase of the business office, star hotel and the second phase of the project, including 22 studios, light entertainment centers, light film academies, etc.
(5) The post-investment management is refined, and the strategic layout of the investment company value company in the upstream and downstream of the industrial chain has unique characteristics and advantages, and has achieved a certain return on investment while realizing business synergy and cooperation. In the future, the company will take refined management as the goal, fully integrate the resources of various investment companies, establish a three-dimensional resource sharing system, and promote the coordination and linkage between investment companies. At the same time, pay attention to the development dynamics of the industry, combined with the company's business development needs, choose opportunities, and choose the best layout.
Valuation Analysis:
According to the company's near-profit average of 900 million in recent years, the film and television industry can give a valuation of 30-50 times, that is, the level of 27 billion to 45 billion, because the impact of the epidemic is now the company's market value has been hit to 26 billion, but with the continuous improvement of the global vaccine clock rate, the epidemic will slowly be controlled, and the company still has greater investment opportunities.