What kind of play is it to decrypt the micro film capital industry +vc outside the independent micro film era?

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micro film capital defines this mode as the VC2.0 mode of "industry +vc", that is, it uses the investment mode of VC to participate in industrial investment, and introduces a large number of industrial resources at the same time, so that the industrial LP behind the fund has a capital connection with the invested company

micro film capital recently held its first media communication meeting, and this investment institution hidden behind the era of micro film finally unveiled its mystery. This investment fund, called "micro shadow capital", is not a part of the micro shadow era, but relies on the platform of micro shadow to maintain complete independence in operation and decision-making. Micro film capital defines this model as the VC2.0 model of "industry +vc", that is, it uses VC investment to participate in industrial investment, and introduces a large number of industrial resources, so that the industrial LP behind the fund and the invested company have a capital connection. After the communication meeting on the same day, Yien interviewed Zhang Yi, the managing director of micro film capital, trying to make an in-depth interpretation of this unique cultural industry fund

< strong > independent investment territory < / strong >

the relationship between micro shadow capital and the micro shadow era is not just as simple as the name. Micro shadow era is one of the shareholders of micro shadow capital, and lin ning, the founder and CEO of micro shadow era, is also one of the core decision makers of micro shadow capital. The micro shadow era is one of the important platform resources of micro shadow capital, but the investment departments of micro shadow capital and micro shadow era are independent of each other, This independence is not only reflected in the capital structure, but also in the business method

Xu Dongsheng, partner of wechat capital, said, "On the first day of its establishment, we seriously considered its independent operation. We have set up a firewall with the micro image era in terms of operation system, project selection, decision-making process and risk prevention and control system. For example, the strategic investment at the level of the micro image era will be completed by the Investment Department of the micro image era, while the micro image capital will focus on the projects and layout beneficial to fund investors. In terms of project selection, micro image The primary factor that shadow capital considers is the return on investment, rather than the strategic significance of the project to the era of micro shadow. In fact, projects with large returns can reflect greater strategic value. "

micro film capital makes project investment in Pan entertainment content in the three major fields of film, performance and exhibition, and sports, as well as equity investment in the whole industrial chain of film, television, performance, and sports, production and distribution marketing, venues, etc. The investment strategy is a new business model of investing in the cultural industry with the tools of the Internet based on the ecology of the comprehensive transformation of the Internet. The investment stage mainly focuses on the middle and early stages, but it does not rule out investing in mature companies that are particularly attractive

here are some transcripts of micro film capital: < /p >

< strong > what is" industry +vc "? < / strong >

Tang Xiaoming, chairman of the micro film capital investment committee, is a veteran of the cultural industry investment community and previously worked for the China cultural industry fund. Tang Xiaoming said, "With the rapid growth of various listed companies, everyone began to use capital means to carry out the layout of upstream and downstream industries, and set up M & a funds or their own investment departments to make strategic investment around their own businesses. While PE and VC people are making pan industry investment, and the scope of investment spans several industries, which will be inferior to industrial capital in terms of professionalism and depth."

in Tang Xiaoming's eyes, industrial funds are an effective way to play. "I resigned and started my own business last year. After a lot of industry exchanges, everyone agreed that industry +vc is a good direction. What is the concept of industry +vc? First, introduce companies with strategic capabilities in the industry as fund partners, but do not hold shares for them, and maintain an independent VC structure; second, establish a mature team with tacit understanding and senior working background in the cultural and financial fields; third, establish a complete VC and PE companies' organizational structure and incentive system to promote the development of the company. "

< strong > market view: is the decline in box office growth due to the rise in house prices? Performance sports will become the next rapid growth point < / strong >

in Tang Xiaoming's view, there is a simple but important reason why the box office growth in the first half of the year was not as good as expected, "At the end of last year, houses began to rise, resulting in a strong crowding out effect, and those who buy houses are the main groups. In the absence of income growth, the crowding out effect of this accidental factor on consumption is very obvious. Therefore, to see investment and consumption, we must follow population consumption."

Tang Xiaoming believes that the cultural industry will experience a period of rapid development and integration. At least large media groups will appear, and more and more mega mergers and acquisitions will appear in this market in the future. Although the film growth rate has slowed down this year, it is believed that it will still maintain a relatively high growth rate. The next high-speed growth point, or investment hotspot, should be performance and ground entertainment, and then sports

the sequence of films, performances and sports is related to the price. Movie tickets are the cheapest, followed by performance tickets. At present, the popularity of sports is not high, and sports have high requirements for equipment and equipment. At present, only a few elite classes are playing, and the time of large-scale and industrialization has not yet come. With the application of mobile Internet technology, there will be a lot of golden VC investment and early venture capital in the next five years

"we believe that two phenomena coexist in the cultural industry companies behind. The first is large-scale integration. The traditional enterprises that have a platform for capital listed companies will integrate, and at the same time, a number of new business startups will sprout. Among these companies, we hope to have a new unicorn."

three elements of selecting a company: market space, industry pain points, team < / strong >

the criteria for screening investment targets of micro film capital, Zhang Yi said, "At different stages of industry development, the dimensions of investigation are different, but we mainly focus on three elements:

first, the business direction chosen by the company, and the market space should be large enough, which is the premise. < /p >

Second, whether the company has solved the pain points of the current cultural market. At different stages of cultural industry development, the pain points of the industry are different. At this stage, excellent content creation and IP development and operation companies are invested by micro film capital One of the key points. After the broadcast and distribution channels become more and more sufficient, content is the most original, and it is also the focus of current grabbing. Although the forms of scarcity are different in different stages, the essence of the cultural industry is always content centered. Based on the current stage in China, it has not yet reached the stage of paying attention to the development of original content. It is mainly used to adapt IP that already has a large number of fans. The current situation is that many people will not develop IP, but simply consume or waste it. Therefore, we attach great importance to companies with content creation ability and IP development and operation ability by using industrial thinking. We believe that such companies are the most scarce in the current market

third, looking at the team, people are the focus of the cultural industry. If there is no content production capacity, the profitability of the company cannot be sustained. Companies in the cultural field are most likely to have a flash in the pan, which is mainly caused by the traditional project operation thinking. Many companies may hit a project and get up. However, if it is operated with the industrial thinking of workflow, its requirements for the team are much higher. The team with this ability naturally has high anti risk ability and enterprise stability. "

film project investment standards: head content, new types or projects with strong control

up to now, micro film capital has invested in several film projects, including "journey to the West: Monkey King three dozen white bone marrow", etc. When selecting film projects, the most important thing for micro film capital is not the director and cast, but the following aspects:

first, the companies in which the invested enterprises participate in the organization. Such projects can achieve earlier intervention, deeper understanding of the project and higher control

second, the projects produced by the head company, such as those produced by Huayi, Wanda and other companies with successful operation experience. These projects are relatively transparent and reliable. At present, there are still many irregularities in the operation of film project investment. Even if the box office is transparent, what is really allocated to investors may be different from what is calculated according to the public Box Office figures. There will be various hidden costs, such as the increased costs of publicity and distribution, the increase and decrease of the cost of copyright income, etc. Therefore, we will be very careful when investing in projects with low trust and control

third, new types of films. As Chinese film users are updating and iterating rapidly, their preferences for films are changing greatly, which leads to the demand for new types of films

fourth, some film projects invested or organized by the micro film era. In this way, we can intervene in the middle and late stage, and the risk is more controllable

film projects are more team work, from looking for directors and actors to looking for publicity and marketing teams. If social resources are allocated, it may take one to two years, but in the ecosystem of micro film capital, the time of resource allocation can be greatly shortened through post investment management

"I have invested in dozens of companies, all of which are leading companies in the industry. Everyone must admit that it has a strong strategy. The clustering strategic effect produced by the bosses of dozens of leading companies in the industry is equivalent to a large media asset participation and holding company." Tang Xiaoming said

it is reported that the size of the micro film capital fund is more than 4billion yuan, mainly investing in film and television, performance, sports and new media

editor: Queenie