Salted Fish’s Self-help Strategy

"Judging from my years of experience in following the adults to settle the case, this is nonsense. Some people want to kill me." Chu Yuanxi frowned and played a bit, "Operation, first find the right things worth operating. It’s very easy to get results when you find the right things to amplify the value. So you see that my operations are good, the results are good, my ability to find the right things is good, not how high my operational level is."

Many investors in the audience showed their thoughtful looks. If it had been two years earlier, I would vote with my eyes closed, but the recent copyright transactions have been invincible and deserted. I can't even sell all kinds of big ips. The peak visual effects animation is a low-profile version no matter how post-processing it is. Can it sell?

But on the other hand, it is an indisputable fact that the audience of the second dimension is getting wider and wider. Animation products are constantly changing from the status of the niche in the past. Although the two-dimensional air outlet has been burning for a long time, according to investment experience, the wind will almost pass after two or three years, but this wind is not the same as other winds, it is the kind of wind that can be layered. The rising ones can enter the long-term vent, relying on the successful animation ip to pay dividends, the Pakistani Group is a typical one; and those naked swimmers will be filtered out by this wind and thrown naked on the beach.

The investors who come today are basically knowledgeable even if they are not the best in the field of cultural and creative investment, otherwise they would not be interested in an animation platform. It is said that a major production of an animated film will be launched soon. Not only is the producer extremely confident, but the parties are also extremely optimistic. It was originally scheduled in mid-August, but the format was very good, so it was advanced to late July. It is clear at a glance how strong this is in the context of one after another of domestic blockbuster group changes, withdrawals and postponements.

The reason why it was optimistic about it by all parties before it was clicked, because the producer of this film has done it before, don’t ask, this is called strength guarantee, no hype, strength is the cornerstone of word-of-mouth communication. On the other hand, some so-called blockbusters, when the pre-sales are not good, they immediately touched the Porcelain Broadcasting and Television, and assumed that they had been targeted for hype, as if they had suffered a lot of grievances and injustices. It's all business.

So the peak visual effects were born at this time, it is really difficult to qualitatively, it seems to step on the bonus of the second dimension, but I don't know how big this bonus is, and how long can it last? And with whom should this valuation be benchmarked? Let alone domestic, there is no such an animation production platform for the general public in the world. Is this the rhythm of animation for all people? God knows if there is an angel or a devil hiding here?

Benchmark station b? It's completely different. Although station B is also ugc users for original submissions, the business logic is very direct. Part of the aggregated traffic is realized through live broadcast, and part of it is handed over to the game operated by the agency. It does not produce IP but borrows chicken to lay eggs.

In other words, site b is doing pure traffic trading. UGC content and monetization are not directly related. UGC is the flow entrance, and monetization is the flow exit. A little bit of relevance is the live broadcast of the big up owners. The website is mainly through operation and Activities adjust user tonality and control the health of the product line to match user tonality to achieve the maximum effect of operation.

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

Then Pakistani Entertainment learned this trick again, and after ingenious adaptations, one end uses the self-media straw to absorb traffic, and the other uses self-produced ip to realize it, effectively upgrading 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 worthy of benchmarking is the network station, for example? They are all facing ordinary people, they are all low thresholds, they are all cultural and creative, and they are all income through ip authorization and paid viewing. All forms look similar. The only difference is that the barriers to entry are slightly higher and the creators are required to invest funds to customize special art resources in advance. Of course, if there is no special pursuit, all the free resources on the platform can be used.

In short, a word like!

The problem was the rise of online novels that year. At the beginning, they were all forum codewords, and there was no so-called website. The website format did not appear until 2002, and then it was not until 2015, that is, after 13 years of cultivating the market. Yousheng was acquired by Penguin's 5 billion package, and later established China Reading Group to go public in Xiangjiang.

Such a long process is not what capital likes at all. What capital likes is fast in and fast out. It is best to enter before Sheng is acquired by Penguin or before the ipo of China Reading Group. If it is not possible, 2012 will be acceptable. Strategic investment is laid out, not for making money. How long is the cultivation period for peak visual effects? Five years or eight years?

So if you have a question, you have to talk about it. "Mr. Chu, what is the basis for this valuation of 700 million yuan?"

The question was Dong He. Chu Yuanxi didn’t know this person but he knew better about Cozy Investment. It was a private equity fund pulled out by a group of investors who used to work hard in the investment institutions of Meiliang Enterprise. The main field is tmt, common name It's called technology media communication.

Because of the strength of Meiliang Enterprise, the contacts of the investment team are also strong. The most important thing in private equity is the ability to find money. This team had a very good performance in the past. Companies that have invested hundreds of times are now pulled out and immediately found a large number of commissions, but good projects are hard to find. This year, they are gearing up. status.

It is estimated that Yang Jiangang does not necessarily understand these backgrounds. Chu Yuanxi directly pointed out: "This question has to be answered by Yang Jiangang. He did not start his own business. I am an investor just like you. That is to give him a part-time job. , Don’t want to pay for it. In short, the protagonist is him today. If you have anything to torture or make things difficult, look for him."

"Yang Jiangang, pay attention, this manager Dong is the owner of money and lack of projects. He mainly invests in technology and media communications. It is closely related to the peak visual effect. You have to take care of it."

"Dele." Yang Jiangang immediately flashed back Chu Yuanxi's teachings in his mind, and said after flashing back for a while: "There is a saying that products are worse than channels, and channels are worse than platforms. Since we have chosen to be platforms, First of all, we should look at the limits of our capabilities, how big the platform can be, and how much dividends this platform describes in the field, and finally calculate its future valuation.

Then based on this result, we will move forward, how much work will be needed to achieve this goal, how much help is needed in the process, how much risk this help will take, and how much time will it take to get the reward. In this way, we can clearly know what our own value is at this time point..."

Soon, this piece of financing formula taught by Chu Yuanxi caused obvious differentiation among the investors in the audience. Some agreed, some were at a loss, and some chose to wait and see. However, from the perspective of counting one by one, Yang Jiangang feels that it is relatively easy to share an investment of 100 million.

After all, although he didn't say it, everyone knew that the core advantage of Peak Visual Effects was that it was backed by Pakistani entertainment and could be blessed by traffic. This advantage is not as good as relying on the penguin or headline. Penguin headline, as a current traffic duo, can kill a hundred Baren groups in seconds, but they have tens of thousands of sons who want milk, and the Baren group is just such a son.

Another advantage is that the amount of money to be burned for this project is quantifiable. There is no money-burning pit to "subsidy users". It is nothing more than the expansion of art resources and the optimization of the engine. 100 million yuan of financing can be used for a long time.

Therefore, the key to investment peak visual effects lies in barriers, where and how deep the moat is. Thinking of this problem, many people can't help but think of station b. For comparison, in fact, station b is also a platform that uses user-made video works as the main content. Since lie down at station a, it has shown a strong moat. This moat is the simplest and most difficult to cross, called user ecology.

The user ecology of station b is unique in the celestial dynasty. With this user ecology, even the big penguin, who is also extremely strong and extremely powerful in the two-dimensional field, has not used its best methods. If this moat can be easily crossed through cottages, how can it be possible to rush to invest with Ali? Of course it dominates the world!

The problem is peak visual effects?

All of you present here are experts. Someone soon asked this question: "Mr. Yang, after you have launched this platform, what if you are really good at being sniped by giants? The difficulty for others to copy you is nothing more than engine technology and traffic. Let’s not talk about the traffic. Although your engine is very useful, it is not a physics engine. As far as I know, there are not many domestic teams that can do this kind of engine, but it’s not uncommon, right?"

Yang Jiangang was stunned on the spot, not because the unprecedented and distinguished investor boss called himself Mr. Yang, but because Chu Yuanxi hadn't explained this matter. He swears that he has thought about this question, but unfortunately he did not think of the answer several times. It's like finding a question in the college entrance examination hall when you clearly review that you can't do it, but forgot to ask the teacher for advice...

But before he was stunned, Chu Yuanxi had already quarreled the microphone. "Let me add a sentence. I know that the main question you have about the peak visual effects valuation is where its barriers are. To be honest, Yang Jiangang and I cannot answer this question because we have to cross the river by feeling the stones. This market has not yet passed through. Cultivation, as a forerunner, you must take the risk when you eat the first bite of crabs. This is a very worthwhile risk. Even if you don’t have a plan, you can still act accordingly. This is not a big problem, especially for a valuation of only seven For a billion investment, it is not a big problem."

Some people in the audience nodded and shook their heads, and saw Gu Hongru raise their hands like a pupil waiting for the teacher to call for a speech. Chu Yuanxi said what cuteness you sell? Selling cuteness cannot lower the valuation.

Just listen to Gu Hongru's question: "What will become of how to call it adaptable? Can Chu always give an example?"

"Yes, there are ready-made examples." Chu Yuanxi is very skilled in this aspect and can open her mouth. "For example, short videos. Kuaishou and Yini Duanzi are the forerunners of short videos. Suppose they were positioning their content ecology at that time. Douyin, what will it make in the end?"

He paused, looked at the reaction, and then said, "It's still a quick hand and connotative joke. Do you understand the reason? The market has not been nurtured, and there are not so many PGCs to provide content. UGC is providing content, so they It can only be made like the original one. Everyone wants to make Douyin, but Douyin needs a lot of PGC. In the beginning, the market did not have this environment, and it is impossible to predict when it will happen.

UGC is a personal content provider, which is a free-range wild user and usually does not have a script; while pgc is a professional content provider. The works are after multiple iterations and post-processing, usually based on the script. In the same street shooting, ugc was chasing the film with a mobile phone, while pgc asked the young lady to walk ten times and edit after ten times. The quality was not the same.

Only when the market is cultivated to a certain stage, will there be a professional team to see the value, and then invest time, energy and money to produce high-quality content, will produce a large number of PGCs, and then allow short video products positioned at PGCs to stand.

Chu Yuanxi got a little bit of this truth, and everyone present, including Yang Jiangang, could not help but nod their heads.

Just listen to Chu Yuanxi's words: "The emergence of Douyin is the pulse of the market development. It is a precise commercial action, and it is also a response to the headlines. The method of headlines is actually very simple. At the time, the short video market. The ecological architecture of the above has been up, how to do it correctly? I don’t know, then try all types, so Shanzhai Kuaishou made a volcano, positioned it on pgc and made a vibrato, and then made one in aggregate form Watermelon, plus the original jokes, directly occupy the entire track. Is this example satisfied with Ms. Gu?"

He watched his words and actions while he was speaking, and then finally let go. In this way, it should be enough to invest according to the termsheet given by yourself?

As a result, I didn't expect to wait until the end of the roadshow, and it was his turn to collect investment intentions for the cfo, and the problems followed one after another, and most of them were about the opener.

This is the follow-up effect triggered by the Moments of Friends. In fact, the intensity of the Moments has not reached Chu Yuanxi’s expectations. For example, the number of likes in the Moments of Friends is not enough. Even a screen is not full, and the screen cannot be fully appreciated. Screensaver. 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 both of them.

The reason why I think so is that the comments of investors from all walks of life in WeChat have been blown up. I can't get back to that kind. 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 felt their big move of absorbing funds, the feeling was not strong, at least not as strong as the splash of Chu Yuanxi's article about touching porcelain.

"Everyone, everybody! Today is the peak visual effects financing. If you are interested in the problem of the door opener, you can come upstairs to come to me. Here I will just say a few words. Everyone will listen to it and don't tell it." Chu Yuanxi said Mysteriously said, "I bet 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 do you bet? It's like Miss Dong and Rebs?" Gu Hongru looked like he was not afraid of big things.

"How is it possible! We civilized people, how can we gamble in public? It's fame." Chu Yuanxi said that it was worth the money. Then who would bet against me to help the door opener in order to win my money. I am not a **** assist?

When everyone was gone, Yuan Lu got out of the corner and asked Chu Yuanxi to pack his things while asking: "Are you serious? You can completely tear your face with Li Jingfei like this."

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

This investment intention is upward, and investors can write some additional requirements ~www.wuxiaspot.com~ The main thing that needs to be communicated is these additional requirements. Because Chu Yuanxi himself was on the platform and the town, and everyone knew that Peak Visual Effects was hatched by the Pakistani Group and took up 40% of the shares. No one wrote some extraordinary requirements, but the fragmentary requirements are also required. Communicate, otherwise there will be a lot of trouble.

Then he took Yuan Mu to the outside and whispered, "This is a strategy of two birds with one stone, understand?"

"Do two birds with one stone? You want to give me a whole section of Zhuge Liang again?"

"My realm is not far from Zhuge Liang, but Li Jingfei is not Sima Yi either." Chu Yuanxi looked at no one on the left and right, "Like Li Jingfei, grandson, he still holds the Ba Ren's share, and doesn't lick his face. Speaking of liquidation, this is not okay. It's not that he is afraid that he will earn some money, but he has the right to read the investment report and I have to publish it on schedule, right? It is related to Xiaokang, I don't want him to see it."

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

"Is it okay with that? I don't want him to see Xiaokang's operation method through the Pakistani financial report and follow along. Now I join them in the army, he is opening the door as a cfo, holding the shares of my company, He doesn’t talk about others, he has to talk, and if others don’t talk about me, I will try to get their employees to talk.

"Do you want him to clear the shares through this method? What do you let the staff of Open Door talk about?"

Chu Yuanxi made a gesture: "I'll give him a good price, he made a lot of money from investing in Pakistan! Think about it, his company is short of cash, and as a result, his company cfo holds the stock of the rival company, but he doesn't change it. Cash, how does it feel? People say it’s terrifying. For example, you are holding the opener’s stock and Xiaokang is extremely short of money..."

"I do not have!"

"I know you didn't... I meant to make you feel, understand?"