"Judging from my years of experience in following adults to solve cases, this is nonsense, and some people want to kill me. Chu Yuanxi frowned and played a stalk, "Operation, first of all, we must find the right thing that is worth operating, something that can amplify the value, and it is very easy to produce results after finding the right one." So you see that I'm doing a good job, it's a good effect, it's my ability to find the right things, it's not how high my level of operation is. ”

Many investors in the audience showed their own thoughtful looks. If it was two years earlier, I would have voted with my eyes closed, but the recent copyright transaction is simply invincible and cold, and I can't even sell all kinds of big IPs.

But on the other hand, it is also an indisputable fact that the audience of the second dimension is getting wider and wider, and animation products are constantly changing from the niche status of the past. Although the two-dimensional tuyere has been burning for a long time, according to investment experience, the wind has been blowing for two or three years, and it seems that it is almost over, but this wind is not quite the same as other winds, it is the kind of wind that can be layered. Those who rise can enter the long-term wind and rely on successful animation IP to eat dividends, and the Ba Ren Group is a typical example of it, and those who swim naked will be filtered out by this wind and thrown to the beach to swim naked.

Today's investors are basically knowledgeable even if they are not leaders in the field of cultural and creative investment, otherwise they would not be interested in an animation platform. It is said that a big production of animated films is about to be launched, Nezha theme, not only the producer is very confident, but all parties are also extremely optimistic, it was originally scheduled for mid-August, but the result was a good form, so it was advanced to late July. In the context of one domestic blockbuster group after another, it is clear how strong it is in the context of rescheduling, withdrawing and postponing one after another.

The reason why it has not yet been screened is that it is favored by all parties, because the producer of this film has also done "The Return of the Great Sage", Sensei asked, this is called strength guarantee, there is no need for hype, strength is the cornerstone of word-of-mouth communication. On the other hand, some so-called blockbusters, as soon as they saw that the pre-sale was not good, they immediately touched the porcelain radio and television, and put on a posture of being targeted for hype, as if they had suffered a lot of grievances and injustices.

So the peak visual effects were born at this time, it's really difficult to qualificate, it seems to be stepping on the two-dimensional dividend, but I don't know how big this dividend is, and how long can it last? And this valuation, with whom to benchmark? Not to mention China, looking at the world, there is no such animation production platform launched in the face of the general public, this is to let the whole people do the rhythm of animation? God knows if there is an angel or a devil hidden here?

It's completely different against station B, although station B is also an original contributor to UGC users, but the business logic is very direct, and part of the traffic gathered is realized through live broadcast, and part of it is handed over to the game operated on behalf of it, and it does not produce IP but borrows chickens to lay eggs.

In other words, station B is doing pure traffic trading, UGC content and monetization are not directly related, UGC is the traffic entrance, monetization is the traffic outlet, a little bit of relevance is the live broadcast of those big up masters, the website is mainly through operation and activities to adjust the user tonality, as well as control the health of the product line, match the user tonality, in order to achieve the maximum effect of the operation.

Later, Kuaishou and Douyin learned this trick, which greatly lowered the threshold for the production of video content, and then opened live broadcasts for up masters to make money and make money.

Then Baren Entertainment learned this trick again, and after clever adaptation, one end absorbed traffic through the self-media straw, and the other end was realized through self-produced IP, which effectively upgraded the simple traffic model.

So at first glance, it seems that the peak visual effects are a bit similar to station B, but the business logic is completely different.

Perhaps the only thing worth benchmarking is the network station, for example, it is also for ordinary people, it is also a low threshold, it is also cultural and creative, and it is also through IP licensing and paid viewing to do income, all forms look similar. The only difference is that the barrier to entry is slightly higher, and the creator needs to invest money in advance to customize special art resources. Of course, if there is no special pursuit, it is perfectly fine to use all the free resources on the platform.

In short, one word likes!

The problem is that the Internet was rising back then, at the beginning it was all forum code words, there was no so-called station at all, and the website form did not appear until 2002, and then it was not until 2015, that is, after cultivating the market for 13 years, that Sheng was acquired by Penguin for 5 billion yuan, and then China Literature Group was established to go public in Xiangjiang.

Such a long process is not at all what capital likes, capital likes fast in and out, it is best before Sheng is acquired by Penguin, or before the IPO of China Literature Group, if it is not good, it can be accepted in 2012, and then it is a strategic investment layout, not to make money. How long is the cultivation cycle of peak visual effects? five years or eight years?

So there's a question that has to be said. "Mr. Chu, what is the basis for this valuation of 700 million?"

The question is Dong He, Chu Yuanxi doesn't know this person but knows a lot about comfortable investment, it is a group of investors who used to work hard in the investment institutions under Meiliang Enterprises pulled out of their own private equity funds, the main field is TMT, commonly known as technology media communications.

Because of the strength of Meiliang Enterprise, the network of the investment team is also strong. The most important thing to do private equity is the ability to find money, this team has been very good in the past, and the company that has been invested hundreds of times has now pulled out and worked alone, and immediately found a large number of commissions, but good projects are not easy to find, and this year is in a state of gearing up.

It is estimated that Yang Jiangang may not know much about these backgrounds, Chu Yuanxi pointed out directly: "This question has to be answered by Yang Jiangang, he started a business not because I started a business, I am an investor like you, that is, I give him a part-time CFO, the kind that does not need to be paid." In short, he is the protagonist today, and if you have anything to torture or make things difficult, look for him. ”

"Yang Jiangang, pay attention, this Dong Zong is the master of projects with money and lack of money, mainly investing in science and technology media communications, which is strongly related to peak visual effects, you have to serve well. ”

"Delle. Yang Jiangang immediately flashed back to Chu Yuanxi's teachings in his mind, and after flashing back for a while, he said: "There is a saying that the product is not as good as the channel, and the channel is not as good as the platform." Since we choose to be a platform, we should first look at the limits of our capabilities, how big the platform can be, and how many dividends there are in the fields described by the platform, and finally calculate what its future valuation is.

Then, based on this result, work backwards to achieve this goal, how much help is needed in the process, how much risk is taken for this help, and how much time it takes to get paid. In this way, you can clearly know what your value is at this point in time......"

Soon, this financing mantra taught by Chu Yuanxi made the investors in the audience have obvious differentiation, some agree, some are at a loss, and some choose to wait and see. However, from the perspective of counting the basket one by one, Yang Jiangang feels that it is relatively easy to share an investment share of 100 million.

After all, although he didn't say it, everyone knows in their hearts that the core advantage of peak visual effects is that they are backed by Ba Ren Entertainment, which can be blessed by traffic. This advantage is not as good as the pleasure of relying on penguins or headlines, Penguin headlines, as today's traffic duo, can kill a hundred Ba people group in seconds, but they have tens of thousands of sons to milk, and the Ba people group is such a son.

Another advantage is that there is a lot of money to burn for this project, and there is no big pit to "subsidize users", it is nothing more than the expansion of art resources and the optimization of the engine, and the financing of 100 million yuan can be used for a long time.

Therefore, the key to investing in peak visual effects lies in the barriers, where and how deep the moat is. Thinking of this problem, many people can't help but think of station B. Compare,In fact, station B is also a platform for the main content of user-made video works,Since lying down station A, it has shown a very strong moat,This moat is the simplest and the least difficult to cross,It's called user ecology。

Station B's user ecology is unique in the Celestial Empire, and with this user ecology, even the big penguin, which is also extremely strong in the two-dimensional field and extremely powerful in itself, has not used what it is best at. If this moat can be easily crossed through the cottage, how can it be possible to rush to invest with Ali? Of course, it is the only one to dominate the world!

The question is, what about peak visual effects?

Everyone here is an expert, and soon someone asked this question: "Mr. Yang, after you build this platform, what if the benefits are really good, what if you are sniped by giants?

Yang Jiangang was stunned on the spot, not because an unprecedented distinguished investor called himself Mr. Yang, but because Chu Yuanxi had never explained this matter. He swore he had thought about the question, but unfortunately he couldn't find an answer after thinking about it several times. It's like finding a question in the college entrance examination room that you found that you couldn't do it when you were obviously reviewing, but you forgot to ask the teacher for advice......

But before he could finish his stunned thoughts, Chu Yuanxi had already started arguing with the microphone. "I'll interject. I know the main question you have about the valuation of peak VFX is where the barriers are. To be honest, Yang Jiangang and I can't answer this question, because we have to cross the river by feeling the stones. This market has not yet been cultivated, and as a pioneer, you must take a risk when you take your first bite of crab. This is a very worthwhile risk, even if you don't have a plan, you can still improvise, it's not too much of a problem, especially for an investment with a valuation of only 700 million, it's not a big problem. ”

Some people in the audience nodded and some shook their heads, only to see Gu Hongru raise his hand like a primary school student and wait for the teacher to speak by name, Chu Yuan Xixin said What kind of cuteness are you selling? Selling cuteness can't lower the valuation.

I only heard Gu Hongru ask: "What is it called improvisation, what will it become?"

"Yes, there are ready-made examples. Chu Yuanxi is very skilled in this aspect, and he can come as soon as he opens his mouth, "For example, short videos, Kuaishou and Connotation Duanzi are the pioneers of short videos, assuming that their positioning of their content ecology at that time was Douyin, what will they do in the end?"

He paused, looked at the reaction, and then continued: "It's better to make a quick hand and a connotation joke." Do you understand why? The market is not cultivated, there is not so much PGC to provide content, and it is all UGC that provides content, so they can only do what it is. Everyone wants to make Douyin, but Douyin needs a lot of PGC, and there is no such environment at the beginning of the market, and it is impossible to predict when there will be, so you can only improvise. ”

UGC is an individual content provider, which belongs to wild users who are free-range, and usually does not have a script, while PGC is called a professional content provider, and the works are all iterated and post-processed, usually according to the script. In the same street shooting, UGC chased after the mobile phone, while PGC asked the young lady to go ten times, and edited after shooting ten times, and the quality is not the same.

Only when the market is cultivated to a certain stage will a professional team see the value of it, and then invest time, energy and money to make high-quality content, will a large number of PGC be generated, and the short video products positioned in PGC can stand.

This truth was understood by Chu Yuanxi, and everyone present, including Yang Jiangang, understood it, and couldn't help but nod their heads.

I only listened to Chu Yuanxi's blowing: "The birth of Douyin is to cut the pulse of the development of this market, it is a precise business action, and it is also the improvisation of the headline system." The method of the headline system is actually very simple,At that time, the ecological structure of the short video market has risen,How to do it is correct?I don't know,Then try all types,So Shanzhai Kuaishou made a volcano,Positioned in PGC to make a Douyin,Then made a watermelon in the form of aggregation,Add the original joke,Directly occupy the entire track。 Is Ms. Gu satisfied with this example?"

As he spoke, he took a look at his words and looks, and then finally put his mind at ease. In this way, it should be enough to be willing to invest according to the term sheet given by yourself, right?

As a result, I didn't expect that when the roadshow ended, it was his turn as the CFO to collect investment intentions, and the problems still followed, and the most was about the door opener.

This is the follow-up effect caused by that circle of friends, in fact, the intensity has not yet reached Chu Yuanxi's expectations, for example, the number of likes in that circle of friends is not good, not even a screen is full, and the screensaver that cannot be fully appreciated on the screen. Of course, it may also be because there are a large number of mutual friends of Li Jingfei and Wang Yueheng in the circle of friends, and they have to save face for the two of them.

The reason why I think so is because the messages of investors from all walks of life in WeChat have exploded, and I can't get back to that, so you can imagine what kind of efforts Li Jingfei and Wang Yueheng have made in the past few weeks.

It's hard for them to hide from Zheng De's network system, although Zheng De also felt their big move to absorb funds, but the feeling is not strong, at least not as strong as the splash smashed by Chu Yuanxi's porcelain article.

"Everyone, everyone, today is the peak of visual effects financing, if you are interested in the problem of opening the door, you can come upstairs to me, here I will say a few words, everyone listen, don't spread the word. Chu Yuanxi said mysteriously, "I bet that it will be difficult for the opener to jump to this time next year, and it will be limited to June next year, one year." ”

"How much money are you betting, like Miss Dong and Rebus?" Gu Hongru looked like he was not afraid of big things.

"How is that possible? How can we civilized people gamble money in public? What we gamble on is reputation. "Chu Yuan Xixin said that the gambling money is repaid, then who bets with me to win my money, and will also help the door opener, I won't become a god to assist?

When everyone left, Yuan Yu came out of the corner and asked while helping Chu Yuanxi pack up his things: "Are you serious? You will completely tear your face with Li Jingfei like this." ”

"I'm serious, what is a face? Li Jingfei doesn't have such a thing. Chu Yuanxi sorted out the investment intentions, and said to Yang Jiangang first: "You wait for me to screen these today, and then meet you again, basically the same, some still need to communicate." ”

In terms of investment intentions, investors can write some additional requirements, and the main thing that needs to be communicated is these additional requirements. Because Chu Yuanxi personally stood on the platform and the town, and everyone knew that the peak visual effects were incubated by the Ba Ren Group, accounting for 40% of the shares, but no one wrote some out-of-the-ordinary requirements, but the sparse requirements are also requirements and need to be communicated, otherwise there will be a lot of trouble at that time.

Then he took Yuan Yu out and whispered, "Is this called the strategy of killing two birds with one stone?"

"Kill two birds with one stone? Are you going to give me a whole Zhuge Liang again?"

"My realm is still a little short of Zhuge Liang, but Li Jingfei is not Sima Yi. Chu Yuanxi looked at no one on the left and right, "Li Jingfei, this grandson, still holds the share of the Ba people, licking his face and not talking about liquidation, this is not good." It's not that I'm afraid that he will make some money, but he has the right to read the investment report or something, and I have to release it on time, right? It is related to the well-off, and I don't want him to see it. ”

"Yo, do you still know that related-party transactions are not good?" said Yuan Yu and glanced at Chu Yuanxi.

"I don't want him to see Xiaokang's operation through the financial reports of the Ba people and then follow along. Now I have several armies of them in a row, he is the CFO of the opener, holding the shares of my company, he doesn't say that others have to say it, and if others don't say it, I will find a way to let their employees talk about it. ”

"What do you want him to do with this method? What do you want the employees to talk about?"

Chu Yuanxi gestured: "I'll give him a good price, he has made a lot of money by investing in Pakistan! Think about it, my company is short of cash, and as a result, the CFO of my company holds the shares of a hostile company but holds on to them and does not exchange them for cash, what does this feel? For example, you are holding the stock of the opener now, and the well-off is extremely short of money......"

"I didn't!"

"I know you don't...... I mean to make you feel it, got it?"