It is not only Xu Zheng that Zhang Yiming missed

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Welcome to the wechat subscription number of chuangshiji
Written by Wu Zhaohan
Source: Alphabet (ID: wujicaijing)
After breaking up with byte jump, happy media and the former’s dead enemy station B got married.
On August 31, station B announced a strategic investment of HK $513 million in joy Media Group Co., Ltd. (hereinafter referred to as “joy media”), after the completion of the transaction, station B will acquire 9.9% shares of joy media and will send one person to the board of directors of joy media.
In addition, station B has obtained the exclusive external broadcasting right of existing film and television works and new works of joy media, that is to say, in the future, all exclusive film and television content of happy media will be opened to station B, not just the cooperation of one or two films. In the near future, Zhang Yibai’s “the sky of the wind dog boy” will land in station B in the third season, and Chen Kexin’s “winning the championship” will be launched in station B as soon as possible after the next screening.
In terms of film and TV series cooperation, station B’s wholly-owned subsidiary and Huanxi media’s wholly-owned subsidiary have signed a five-year business cooperation agreement. The two sides will seek more cooperation opportunities in the fields of film and TV drama, and carry out derivative development around the film and television IP of happy media.
This is tiktok media’s second public access to the screen this year. The last time it was linked to the byte beating, embarrassed mom was released on App, such as jitter, watermelon video, today’s headlines, happy premiere. According to the agreement at that time, the 630 million consideration paid by byte skipping was not only the online premiere right of the movie “Jima”, but also a package license fee, including the platform broadcast license of all new films and online dramas of joy media in the next six months.
The picture is from the official microblog of “Jiong Ma”
According to the semi annual report released by Huanxi media on August 28, the first stage of cooperation with byte skipping ended on July 23. Due to the impact of the epidemic, it is estimated that the total cost from the above cooperation will be adjusted from RMB 630 million to RMB 449.7 million. More than a month later, station B got a deeper cooperation than byte skipping with a little more money.
It is worth mentioning that station B has been fighting with byte hopping for a long time, and it is even more tit for tat in content snatching. A typical case is the seesaw battle between station B and wizard finance.
On June 14, the famous up owner “Wizard finance” of station B released the video of “exit from station B” and “my youth” — about online celebrities, content industry and my growth. According to subsequent reports, wizard finance and watermelon video signed a content cooperation agreement excluding station B.
As to why station B was chosen, it didn’t continue with byte skipping. After the investment news was released, the alphabet contacted Huanxi media. The other party refused the interview on the ground of “inconvenient response”.
At the beginning, joy media’s behavior of bypassing the cinema’s free webcasting was severely attacked by cinemas. Many cinemas even appealed to the national film administration to boycott the joy media and Xu Zheng’s films. However, after a few months, joy media’s wind review reversed and became a reformer actively embracing the Internet.
As a matter of fact, joy media has become an Internet company as early as 2018.
On July 2, 2018, “I’m not the God of medicine” was still on the screen, and Huanxi media released an announcement announcing that it had reached a strategic cooperation with Tianjin cat’s eye micro film culture media Co., Ltd. cat’s eye purchased about 488 million shares of joy for about HK $953 million, accounting for 15% of the issued share capital. In March 2019, cat’s eye entertainment once again subscribed for 7.5% of the total number of shares issued by joy media with HK $391 million (about RMB 334 million). Behind cat’s eye, Tencent, the big brother of China’s Internet, also has the same Tencent background. In this sense, byte skipping and missing Huanxi media is not only lost to station B, but also to Tencent.
Joy media is not worth grabbing – if only in terms of market value (4.953 billion) and brand awareness.
It can get the favor of big Internet companies, no doubt thanks to the director behind it.
Holding many director resources means having strong content output ability. The content ecological competition is the main theme of the competition among the giants. Li Ni, vice chairman and COO of station B, also stressed that “happy media has reached a good cooperative relationship with many top domestic directors”.
According to the official website, joy media is a film and television content investment, production and new media broadcasting platform company, which was jointly founded by Dong Ping, Ning Hao, Xu Zheng and Xiang Shaokun in 2015 and listed on the Hong Kong stock exchange. The new film and television company follows Spielberg’s three person dream factory model: Dong Ping, who is good at capital operation, is firmly at the top of the table, and Ning Hao and Xu Zheng, two famous directors with box office appeal, play the role of protector.
Xu Zheng (left), Ning Hao (right)
Directors who can carry box office and word-of-mouth are scarce resources for major film and television companies. Famous philatelic directors are the core competitiveness of happy media. So far, Huanxi media’s shareholder team has seven heavyweight directors in the Chinese film circle, including Ning Hao, Xu Zheng, Zhang Yimou, Wang Jiawei, Chen Kexin, Gu Changwei, Zhang Yibai, etc., and has signed contracts with several well-known directors and producers such as Jia Zhangke, Wen Jun, Wang Xiaoshuai, Liu Xingang, Li Yang and Chen Daming. The lineup is quite luxurious.
With the “director partner” system, the director and the company are bound, and the director becomes the company’s shareholder, which can not only effectively gather resources, but also realize the sharing of interests and risks. “This mode will give directors more sense of security, and the film projects they pass will get financial support. In addition, directors all hold shares of the company, and they can obtain greater economic returns through the growth of the company’s performance.” Happy media CEO Xiang Shaokun said in an interview with 36 krypton.

According to Xiang Shaokun, CEO of Huanxi media, each director’s exclusive agreement is different. For example, Ning Hao and Xu Zheng completed three films with exclusive investment of Huanxi media within six years; Wang Jiawei is the exclusive investment of Huanxi media for two seasons; Zhang Yimou is Huanxi media’s exclusive investment in three online dramas, and the exclusive investment right in one online drama can be replaced by The priority of investment in its films, and the investment of happy media is no less than 60%.
Happy media signed a number of top domestic directors, Dong Ping’s plot is very big. “If you don’t bind these contents, how can you compare with Tencent, Youku and iqiyi? We can’t compare money and traffic. ”
These top directors give joy media a unique creative advantage in the entertainment industry where content is the king. They have successfully created many popular blockbusters such as “crazy alien”, “I’m not the God of medicine” and “later we”. Its discourse power is also gradually improved with the content production capacity.
Li Wen (not his real name), who is in charge of the South China District of a leading cinema, told the alphabet that happy media means quality assurance. Box office and word-of-mouth have been recognized by the public. Therefore, as long as the films controlled by happy media are basically popular.
“However, after this year’s” lost mother “was transferred to the Internet, we are now worried. We are not sure how much of the company’s content will be shown in the cinema. They have such a strong content output capacity and Internet thinking. If we reduce the proportion of theater lines in the future, many good content will have nothing to do with us.”
Such worries are not unreasonable. After all, the company has been moving closer to the Internet company since its establishment, and now it has more choices after joining hands with station B. moreover, joy media has been sparing no effort to create an exclusive broadcasting platform “happy Premiere”.
Dong Ping once disclosed to the media that in the signing of the contract between joy media and the directors and shareholders, it was clearly stipulated that if the film layout rate of his works was less than 2%, the film would be exclusively launched on the Huanxi premiere platform. In an interview with several entertainment dream factories in 2018, he once said that it is expected that high-quality films will go online directly without going through the cinema channel in the future.
There are many companies willing to spend money for well-known directors, and the mode of signing up for directors at sky high prices is not new. Why happy media can bring so many top directors together? Dong Ping’s deep contacts in the film and television industry and the trust relationship established through long-term cooperation with all directors should be the main reasons.
Dong Ping’s cooperation with Zhang Yimou and Gu Changwei can be traced back to the 1990s.
In 1996, Dong Ping founded Beijing Huayi film and television company, becoming the first group of private enterprise leaders to step into the field of film investment in China. In a few years, Dong Ping released Zhang Yimou’s “have a word to say well”, Chen Kaige’s “Jingke stabbing Qin Wang”, Feng Xiaogang’s “not over”, Ang Lee’s “Crouching Tiger, hidden dragon” and Jiang Wen’s “devil’s coming” (Gu Changwei was the photographer) )Wait for the film. It is these works that make Dong Ping quickly accumulate his reputation in the film and television circles.
After 2000, Dong Ping shifted his investment focus to low-cost art films. Gu Changwei’s directorial debut “Peacock” and subsequent “spring” were completed with his support. Other investment works include Xu Jinglei’s a letter from a woman and Jiang Wen’s let the bullet fly.
Some people call Dong Ping the “Godfather” of China’s private films, while others call him a master of capital. However, Dong Ping positions himself as a “cultural businessman.” he says that my purpose is to combine culture and capital. Wang Zhongjun, chairman of Huayi Brothers, introduced him in the circle before. Because of Dong Ping, he did not lose money when he entered the film circle.
“People in the film and television circles basically know Dong Ping. Although he is not as famous as Wang Zhongjun and Wang Changtian, he has deep contacts and resources in the circle. He is a master of capital operation and has Internet thinking.” For Li Wen, who has been in the business for more than ten years, the name “Dong Ping” is like a thunderbolt. She especially emphasizes that he has “strong capital operation ability”.
Dong Ping
Dong Ping, who has strong capital operation ability, has successively realized the backdoor listing of two companies in Hong Kong. Such a situation is rare in China’s cultural industry.
After the creation of Huayi film and television, Dong Ping first cooperated with Peking University and then got married with poly, a state-owned enterprise. In 2003, China Poly Huayi media announced its establishment, which was also the largest cultural industry merger and acquisition case at that time. In 2005, he backed up the listing of poly Huayi in Hong Kong and renamed it Huayi new media. In 2007, he sold the company to Tian Suning, the former CEO of China Netcom.
In 2009, Dong Ping bought Shanglian cement, a Hong Kong listed company in his own name, and sold the cement production business of the company. In October 2009, Shanglian cement was renamed cultural China Communication (hereinafter referred to as “cultural China”). After the listing of culture China, Dong Ping has invested in Shangjing’s “dinner is crazy” and Zhou Xingchi’s “journey to the west” during his five-year term of office, and has successively signed contracts with Zhou Xingchi, Chen Kexin and Chai Zhiping, opening the binding cooperation with well-known directors.
In 2014, he sold cultural China to Ma Yun at a valuation of HK $10.4 billion. Later, cultural China was renamed Ali film.
It was also in that year that Dong Ping was investigated by relevant departments. Dong Ping has not responded positively to such rumors. A friend of Dong Ping’s wechat circle said that the latest update of Dong Ping’s circle of friends was March 9. There were only pictures and no text on the circle of friends, and there was nothing important, but there was nothing unusual in general.
Until January 28, 2015, Dong Ping appeared in the public view again. On that day, the Hong Kong Stock Exchange disclosed that he had reduced his holdings in Ali film. After Ali became the owner, Dong Ping gradually reduced his shares and faded out of the company.
After leaving Ali film, happy media became Dong Ping’s next stop, which was his third successful masterpiece.

21 Holding Co., Ltd., the predecessor of Huanxi, is a Hong Kong listed company mainly engaged in property agency and securities investment. Due to its poor operation, it suspended trading in April 2015 and issued a “new share certification” announcement. It issued about 1.7 billion shares to the subscribers, with an issue price of HK $0.4 per share and a total subscription amount of HK $680 million. In the list of subscribers at that time, Dong Ping purchased 24% of the shares, becoming the largest shareholder. Ning Hao and Xu Zheng respectively invested HK $175 million in shares and became the second largest shareholder with 19% shares respectively. 21 holdings officially changed its name to Huanxi Media Group Co., Ltd. At this point, happy shell was born.
After the birth of Huanxi media, Dong Ping made full use of his rich network resources and quickly recruited the top directors in the Chinese film industry. Of course, the massive introduction of director shareholders has also brought huge losses on the financial statements of Huanxi media, and some people have questioned its “director partnership” model, which has also caused a downturn in the stock price of joy media to a certain extent.
Among them, in 2016, the most concentrated loss was due to the introduction of four director shareholders, including Wang Jiawei and Chen Kexin, by Huanxi media within one year, resulting in a one-time non cash expenditure of HK $1.12 billion based on share payment, resulting in a huge loss.
But Dong Ping has always been very confident about the model, and said in 2018: the content accumulated in three years has just begun to explode. With such blockbuster films as “I’m not the God of medicine”, “later we” and “crazy aliens”, happy media will turn the corner in 2019.
For the other side of the cooperation station B, to invest in a film company, is to enter the film industry?
This is not the first time station B has set foot in a film company. As early as 2015, BiliBili film was established in station B. However, BiliBili film has fallen into silence in the past two years. In today’s film and television companies because of the epidemic situation and the general situation, B station is still investing a lot of money in the stock, which shows that it attaches great importance to the content of long video.
Investment in happy media can be regarded as the “offensive defense” of station B. Since the beginning of this year, watermelon video has been constantly tapping the up owners of station B. before the corner digging wizard finance and economics, watermelon video has signed exclusive contracts with many up owners of station B. the loss of these high-quality content creators has brought harm to station B and users.
Site B is a typical video website with UGC or pugc content as its core, which is regarded as China’s YouTube by some people. However, the content of UGC and pugc is limited by the production capacity, and it can not support the performance demand of B station in the capital market.
After entering 2020, station B, who is determined to break the circle, frequently makes moves on the film and television content, and buys the copyright of many classic films such as “Police Story”, “Crouching Tiger, hidden dragon” and “Kung Fu”, and has launched the first home-made music variety show “rap new generation”.
The picture is from the official microblog of rap new generation
The strategic cooperation of hi media investment led to the addition of a series of long video content, announcing that station B officially entered the field of integrated video and entered the hinterland of “aiyouteng”.
However, compared with the Q2 financial report in 2020, iqiyi has 105 million subscription members, 114 million Tencent video paying members and 10.5 million members of B station, which is obviously different. At the same time, although the charging standard of members is similar to that of youaiteng, the large members of station B have been criticized by some users because of the less and single copyright content. If the series cooperated with Huanxi media can be launched on station B in the form of unicast / simulcast to expand the copyright content, it will have the opportunity to boost the members’ income and recognition of station B, and increase the user stickiness.
For the “novice” B station in the field of integrated video, it is a proven ready-made way to cooperate with experienced film and television companies.
Before that, youaiteng cooperated with some small companies. After laying a certain foundation, they began to cooperate widely with old and new film and television companies such as Huace, Gongfu and Wuyuan culture to enhance their production strength, occupy the highland in the user competition with high-quality content, and accumulate experience for self-made content production. At present, the documentary and variety show made by station B have a good reputation. In the future, station B will also have more opportunities to have more connections with happy media’s Director Tian Tuan, so as to improve self-control ability.
This is exactly what Xiang Shaokun, the CEO of Huanxi media, said: “integrating advantages and resources to complement each other”. Station B gets the blessing of high-quality content, and Huanxi media gets more publicity channels outside the cinema, which is a win-win situation no matter from any angle.
However, for station B, while dealing with the impetuous byte jumping and challenging the three mountains of ChangAi Youteng, a happy media is not enough to support the long video content. It needs more “happy media”.
reference material:
China boss Dong Ping: by Xu Zhengning Hao’s “playing capital game”, Wang Baoqiang “left alone”, entertainment capital theory, Yu Lezi
“Bind Zhang Yimou, Wang Jiawei, people like media not to be Netflix in China Interview Dong Ping”, shuyumeng factory, Guo Yaqiong
Is it a good way to go through the cycle by binding Ning Ning Hao and Zhang Yimou? 》, 36 krypton, Gao Haibo
Station B: 500 million shares in happy media: entering the era of comprehensive platform, marching into the “hinterland” of aitengyou, mirror entertainment, Liang jialie
“Decoding happy media: binding directors and connecting upstream and downstream, will it be a big winner in the film and television capital market?” film and television risk control
(statement: This article only represents the author’s point of view, not Sina’s position.)