Capital frequently enters the IP derivative market, how far is the domestic animation IP from the outbreak?
How does it feel to own a house of blind boxes? Xiaomei, a player who has been in the pit for 2 years, said: When I open my eyes every day, I am very happy to see so many blind boxes in the house. In the trendy game circle, it can be divided into only 0 and countless times to buy blind boxes. Obviously Xiaomei belongs to the category of countless times. According to data from Tmall and CBNDatau0026Huya, the top five hobbies with the fastest year-on-year growth in consumption of post-95s generation in 2019 are e-sports, figures, fashion shoes, photography, cosplay, and figure tops with a height of 189.7%. It is worth noting that the top five hobbies that burn the most money are the hand-mades. The Z generation (born in 1995-2009) and the post-90s have gradually become the main consumption force of the hand-made models. Cosplay is directly related to IP derivatives, and users' favorite consumption such as e-sports and trendy shoes is also indirectly related to IP derivatives. IP economy bursts with capital pouring into leading companies. As the IP boom hit, many toy and animation companies began to vie for content upstream, and capital also increased their investment in IP derivative industries. According to IT Orange data, the number of investment in China's IP derivatives industry increased from 37 to 178 from 2012 to 2019, and the investment amount increased from 1.86 billion yuan to 17.8 billion yuan. However, from 2016 to 2019, the number of investments began to decline. In the past three years, the number of financings was 335, 258, and 178, but the amount of financing increased, respectively 24.4 billion yuan, 29.54 billion yuan, and 34.47 billion yuan. Yuan. This also reflects that the capital market pays more attention to high-quality companies and is willing to pay high investment for leading companies. In addition, the companies involved in investment include Manluotuo, Magic Department Store, Mengqi Culture, Dimension Warehouse, Yumao, Hobbymax, Yuzuo Culture and other companies. Among them, Twelve Building Culture completed nearly 100 million yuan in Series B financing in March 2019. Cowin's exclusive investment is used for front-end IP training and back-end commercialization. During the severe capital period, this year’s IP industry market supernatural investigation team completed an angel round of 7 million yuan in financing; the trendy brand Bubble Mart completed a strategic financing of more than 100 million US dollars before the listing, which was funded by Huaxing New Economic Fund and Zhengxingu Innovation Capital. Investment: In June, Zifeiyu completed 8 million A+ rounds of financing. The investor was Shenzhen Qianhai Chenting Fund. After the investment, Zifeiyu was valued at 160 million yuan. According to public information, investors value Zifeiyu’s original content output and Chaowan product development capabilities. In terms of company business revenue, it is estimated that the company’s revenue will reach 30 million yuan, but Chaowan accounts for 60%. IP content revenue is about 30%, and toys and licensed products account for the remaining 10%. It can be seen that capital is paying attention to the IP industry, but compared with foreign authorized markets, the Chinese market is still in the early stage of development. Foreign head IP authorization development is more mature. The domestic market still has difficulties in the domestic market. Among the 18 foreign head IPs (revenues above US$20 billion) reported incompletely reported, it can be seen that the origin of IP is almost dominated by the United States and Japan. , The British native IP only has Winnie the Pooh and Harry Potter occupying two seats. Among them, the US IP series content revenue was US$5.52 billion, and the derivative revenue was US$23.15 billion. It can be seen that there is a four-fold difference between the US derivative revenue and the IP content revenue. The reason for this difference lies in the overall environment of the US market and the development of IP The displayed form is mainly in the form of film and television animation, which drives the income of toys, cards, TV copyrights, etc., but the development of film and television content is limited. In terms of the realization of the IP industry, Japan’s IP series content revenue was US$7.63 billion, and derivatives revenue was US$15.78 billion; the UK IP series content revenue was US$7.64 billion, and derivatives revenue was US$2.28 billion. It can be seen that the content revenue of Japan and the United Kingdom is slightly higher than that of the United States. This is because the head IP of Japan and the United Kingdom is mainly in the form of comics and books. Taking Japanese comics as an example, even in the current Internet age, users are still Maintain the consumption habit of buying physical comics. Of course, this is also due to the mature IP market environment in foreign countries, especially when it comes to the realization of IP authorization, we have to mention that Walt Disney, a bigwig in the authorization industry, began to create virtual animation images such as Mickey Mouse and Donald Duck in the 1920s. , These IP images are still loved by users of all ages today, creating greater business value for the company. According to License Global’s annual licensing rankings, Disney’s authorized retail sales in 2018 reached US$54.7 billion, an increase of 3.2% from US$53 billion in 2017. Such high results have a lot to do with the operating model behind it. For example, before the movie is released, about 40% of the Disney derivative products have been put on the market and realized. In addition, there are intensive and screen-scrolling publicity activities to increase exposure and deepen consumer awareness. Take a look at the development of the domestic derivatives market. Take domestic animation as an example. In 2015, the box office of 'Journey to the West: The Return of the King' was nearly 1 billion, and the final revenue of genuine derivatives was less than 50 million. In 2019, the box office of 'Nezha: The Devil Boy Comes to the World' is 5 billion today, but the later derivatives did not follow suit. Some consumers have even fallen into the embarrassment of buying pirated products, and genuine products are still being manufactured. Therefore, if animation IP wants to become a big-screen film and television, not only must it cross the threshold of rampant piracy, but also make up for the short board of the domestic film derivative industry chain. There is still a long way to go in the future. At present, the frequent entry of capital has proven the value of the IP derivative industry, but the market dilemma needs to be broken. Data reference: Tmall and CBNDatau0026Huya report, iResearch 'China Entertainment Content IP Derivative Industry Research Report'