"Good voice" has been singing for 10 years. How can the Chinese language in the starry sky sing well in HKEx?

2012 In the summer , The rotating tutor chair goes out of the circle ,《 The voice of China 》 Become a phenomenal variety .

Another midsummer ！ The good voice of China that has been singing for ten years , Behind it is the company starry sky Chinese , Can Hong Kong stocks be listed this summer ？

As 《 The voice of China 》 The producer of and IP Operator, , The Chinese language in the starry sky has been impacted several times IPO failed .

▲ Picture source :《 The voice of China 》 Officer of micro

In the near future , XingKong Chinese again submitted the form to the Hong Kong stock exchange ,「 No two studies 」 According to its new prospectus , It's updated 2021 Performance data for the whole year ：2021 year , The revenue of XingKong Chinese is 11.27 One hundred million yuan , fell 27.77%; Last year's net loss 3.52 One hundred million yuan .

last year 12 In an old article in June , We focus on the star Chinese transit Hong Kong stocks IPO, variety show IP The sustainability of hot money is in doubt .

This summer , Its trump card IP《 The voice of China 》 It's season 10 ,2021 year , XingKong Chinese comes from 《 The voice of China 2021》 The income of is 2.52 One hundred million yuan , As a percentage of revenue 28.6%, But the gross profit margin is only 2.2% . Besides ,《 this ！ Is the street dance 》 It's the fourth quarter 、《 The masked singer will guess 》 It's season five , Where is the next phenomenal explosion of starsky Chinese ？ thus ,「 No two studies 」 Updated 12 Some data and charts in the old article of the month , following Enjoy：

last year 11 month ,《 The voice of China 》《 this ！ Is the street dance 》 Waiting for variety show IP Operator, 、 XingKong Chinese submits the prospectus to the Hong Kong stock exchange , Another sprint IPO Drums of war .

「 No two studies 」 Find out , Its main business is variety show IP The gross profit margin is declining year by year . One of the trump card programs 《 The voice of China 》 Although the audience rating is considerable , But the benefits are not obvious .

▲ Picture source :《 The voice of China 》 Officer of micro

Although the starry sky is full of Chinese 《 The voice of China 》《 this ！ Is the street dance 》 Wait for a hot variety show IP, But in the context of stricter regulation of the variety industry , Starry sky Chinese not only needs to face variety shows “ Late show ” competition 、 Short video pressure , We should also be prepared for the spread of the long video winter , Can it cut through thorns and thorns , Sing a good voice again ？

Turn from profit to loss and fight again IPO

Starry sky Chinese may be relatively strange to most people , Its predecessor is Canxing culture , I was in 2012 The singing competition program was launched in 《 The voice of China 》. According to frost Sullivan , Ten seasons later , It has set a record for the longest seasonal variety show in China .

Another popular variety show , It is a dance competition program co produced by XingKong Chinese and Youku 《 this ！ Is the street dance 》. According to frost Sullivan , The show is in 2018 After going online in, it became popular , The total number of broadcasts in the same year exceeded 17 100 million times , Top of the variety show list .

▲ Picture source :《 This is the street dance 》 Officer of micro

meanwhile , It is also 《 The masked singer will guess 》《 Chinese good songs 》《 Brilliant Chinese 》 The creator and operator of .

Besides , There are other types of programmes in XingKong Chinese , Such as 2020 Cultural variety programs broadcast in 《 Great Wall 》. According to frost Sullivan , Its audience rating ranks third among all TV variety shows in the same period .

before , Canxing culture failed to submit the prospectus for many times . I have been to the Hong Kong stock exchange 、 Shanghai stock exchange 、 Shenzhen Stock Exchange , However, the listing failed for various reasons . The Shenzhen stock exchange is responsible for “ How to identify the actual controller ” And other questions .

According to the prospectus ,2018-2021 year , The income of XingKong Chinese is 17.39 One hundred million yuan 、18.07 One hundred million yuan 、15.60 Million dollars 11.27 One hundred million yuan . among 2020 Years and 2021 The annual revenue decreased year on year 13.67% and 27.77%.

While the revenue drops , Performance has also changed from profit to loss .2018-2021 year , The net profits of XingKong Chinese are 4.76 One hundred million yuan 、3.80 One hundred million yuan 、-0.28 Million dollars -3.52 One hundred million yuan .

meanwhile , The situation of gross profit and gross profit margin is not optimistic .2018-2021 year , The gross profit of XingKong Chinese is 8.25 One hundred million yuan 、7.05 One hundred million yuan 、5.87 Million dollars 2.74 One hundred million yuan ; The gross profit rates are 47.5%、39.0%、37.7% and 24.3%.

stay 「 No two studies 」 It seems , Drop in revenue 、 The situation in which performance changes from profit to loss , Or due to the decline in the revenue capacity of Star Chinese's trump variety ; Superimposed epidemic effects 、 Short video impact 、 Long video winter 、 External factors such as variety show cold , It is imperative that it be listed for blood supplement .

stay IPO For the purpose of raising funds , XingKong Chinese mentioned that it will invest and acquire assets and businesses that are complementary to and in line with the strategy . however , First of all, it needs to smoothly open the door of the Hong Kong stock exchange .

ace IP Gold absorption is weakened

The main business of XingKong Chinese is divided into variety shows IP Operation and authorization 、 music IP And authorization 、 Movies and dramas IP Operation and authorization and others IP Related business . Its revenue is 2021 Proportion in total revenue in 78%、10.5%、7.7% and 3.8%.

all the time , variety show IP Operating and authorized businesses contribute to the company's main revenue sources , The proportion of revenue accounted for by 2018 Year of 72.9% Slide down to 2021 Year of 78%, But it is still its largest business .

meanwhile , The gross profit margin of this business also shows a gradual decline .2018-2021 Years respectively 39.2%、27.6%、18.7% and 13.2%.

The decline of gross profit and gross profit margin , But it still does not reduce the burden of its sales cost ,2018-2021 year , variety show IP The sales cost of operation and authorization business accounts for% of the total cost respectively 84.4%、88.1%、91.1% and 89.5%, It is basically increasing year by year .

The other three businesses , The performance of gold absorption ability is obviously insufficient .

music IP And authorization business 2018-2021 The annual revenue is 2.55 One hundred million yuan 、2.39 One hundred million yuan 、2.17 Million dollars 1.18 One hundred million yuan ; Respectively account for the total revenue 14.7%、13.2%、13.9% and 10.5%.

Movies and dramas IP Operation and authorization business 2018-2021 The annual revenue is 0.83 One hundred million yuan 、1.15 One hundred million yuan 、1.74 Million dollars 0.86 One hundred million yuan ; Respectively account for the total revenue 4.8%、6.4%、11.2% and 7.7%.

other IP Related business 2018-2021 The annual revenue is 1.31 One hundred million yuan 、1.12 One hundred million yuan 、0.78 Million dollars 0.43 One hundred million yuan ; Respectively account for the total revenue 7.6%、6.2%、5.0% and 3.8%.

「 No two studies 」 Think , Star Chinese is too dependent on a single business ,《 The voice of China 》 As its representative variety show , The ratings have not been optimistic in recent years .

《 The voice of China 》 It has been broadcast on Zhejiang satellite TV for ten seasons , Its first season ended with a huge audience , The ratings are as high as 3.08%. According to frost Sullivan report ,2018-2021 The annual average ratings are 1.67%、1.75%、2.52% and 2.32%.

Although the audience rating is still increasing year by year , However, the growth rate of advertising sales and other revenue began to slow down . As a variety show IP The main source of revenue from operating and authorizing businesses , Advertising sales are made by 2018 Year of 7.32 Billion yuan down to 2020 Year of 5.71 One hundred million yuan , It's down nearly year on year 22%.

Although in terms of the proportion of revenue , Starsky Chinese is making adjustments , variety show IP The operation and authorization business is the main revenue business , Revenue capacity is declining , At the same time, its sales cost is increasing year by year , New vitality is urgently needed .

Lack of innovation in main variety shows

From the perspective of the overall TV variety show market , According to frost Sullivan ,2016-2020 year , The compound annual growth rate of the TV variety show market decreased 2.9%, But with IP The further development of content operations for the center may bring new growth potential to the market . The market is expected to grow at a CAGR of 2020-2025 It remained stable during the year , about 2.4%, to 2025 The year will reach about 422 One hundred million yuan .

Although the market size is considerable , But the starry sky Chinese variety show IP The decline in the ability of operating and authorized businesses to attract money 、 The sales cost accounts for a high proportion of internal problems , Will become a stumbling block to its future path .

On the other hand , Because of the epidemic , There are many shackles in the live recording of variety shows ; In addition, the content supervision is becoming stricter 、 The variety market is cold , The Chinese language in the starry sky shows that the road ahead is difficult .

For all that , The blue ocean of TV variety shows , Still attract the attention of the same industry . With the blessing of the Internet , The competition track of the variety show is even more crowded , The speed of upgrading is accelerated .

Of Xiaoguo culture 《 Poking fun at the conference 》, With the media 《 Desired life 》, The Milky Way entertains each other 《 Mars intelligence 》, Depending on the salt culture 《 Please refrigerate 》, Miwei media's 《 Wonderful work said 》 And so on, they are scrambling for various sub circuits of the variety show , Add another brick to the pressure of Chinese in the starry sky .

As a Chinese character in the starry sky “ ace ”《 The voice of China 》, Its profitability and ratings are limited , The main reason is the common fault of most programs .Funny As 《 The voice of China 》 My former fans summed it up in three sentences “ The song is not good , The plot is old-fashioned , Quite false ”.

▲ Picture source :《 This is the street dance 》 Officer of micro

“ Aesthetic fatigue 、 Lack of professionalism ”, Include Funny Including many 《 The voice of China 》 Fans to 「 No two studies 」 call , The form of back-to-back players won enough attention in the first season , But in the later period, there was aesthetic fatigue ; Besides , In the competition “ Grassroots players ” The phenomenon of being exposed as a professional singer also happens from time to time ; In addition, the judges also changed frequently in the later stage , From the perspective of the audience , Some judges are silent and boring 、 General ability .

meanwhile , Rising star 《 The children of tomorrow 》《 Our song 》《 Idol trainee 》 And other music variety programs , The audience of the audio synthesis sub circuit is once again diverted ; There is no obvious innovation 《 The voice of China 》, stay “ The era of network integration “ Weak competition , At this time, other circuits were also preempted by competitors .

▲ Picture source :《 This is the street dance 》 Officer of micro

stay 「 No two studies 」 It seems , Although variety shows are a blue ocean , But it also means that the competition track is crowded . As more shows seize the market , Star Chinese is in urgent need of more innovative programs to attract the audience .

Can Chinese in the starry sky still sing well ？

IP Effect is a double-edged sword , Starry sky Chinese bet IP It must also bear the business risks behind it .

《 The voice of China 》《 this ！ Is the street dance 》 Etc IP The success of the , Its essence is the transformation of star fans , Not consumer recognition of their company . in fact , The audience may not know the company behind it .

On the one hand ,IP The effect provides a guarantee for the company's profits . For example, the legend of Superstars , Its main revenue comes from the magic carcass bulletproof coffee in the new retail business , The proportion of revenue in the last three years has been 70% above .IP The effect will bring more “ Slash ” The possibility of , Make its business scope more possible .

On the other hand ,IP The effect is unstable , It is difficult to be stable for a long time “ Have ”, Its IP The negative impact of change will directly affect profits . In the dimension of audience perception , For starry sky Chinese IP The impression is bigger than the company itself ; To some extent , The audience is loyal to IP, Not loyal to the company .

If the competitors create better IP, Not only will the audience be robbed and diverted , It has IP It is also difficult to control the ability to absorb gold , Or affect IP vitality .

Several times IPO after , Star Chinese is making a comeback in the capital market , A successful listing may ease the financial pressure , But can it bring new growth opportunities , All is unknown .

Some references in this article ：

1. 《 Three halberds IPO, Can the star Chinese make a comeback “ A good voice ”？》, Straight through IPO

2. 《 Starry sky Chinese goes to Hong Kong IPO：2020 Annual performance turns into loss 2780 ten thousand , The gross profit margin fell to 37.7%》, G long hui IPO research institute

3. 《 The voice of China IP The operator XingKong Chinese proposed Hong Kong IPO list ,2021 First half loss 2500 Ten thousand yuan 》, Blue whale Finance

4.《 Sitting on the good voice of China 、 This is hip-hop and other popular variety shows IP, How did Star Chinese lose money ？｜IPO stories 》, Wall street news

author | Yixin Xiuyi

Typesetting | Cathy

Supervise the manufacture of | Yoda

Produce | No two studies