In the "Twelfth Five-Year Plan", cultural industries are listed separately, and it is proposed to promote cultural industries to become the pillar industries of the national economy. With the increasing popularity of the art market in recent years and Rong Bao Zhai and Duo Yun Xuan planning to go public, the investment opportunities and risks of the cultural media industry have received increasing attention. Many people in the PE / VC community affirmed the investment value of the cultural industry, and also pointed out that there are risks of lack of complex talents and uncertain business models in the investment of cultural industry.
Policy and market "powerful" cultural industry
"We think that the cultural industry is indeed a gold mine, and it is worth digging well." Xiao Bing, CEO of Dachen Ventures, made it clear. He pointed out that the main reason is that, in addition to the national industrial policies that strongly support the development of the cultural industry, it is also because the development of the cultural industry is relatively weak. As the government's willingness to promote China's cultural industry is very strong, it actually gives PE / VC huge business opportunities.
"We have also invested in several projects in this area. We are particularly optimistic. At the end of 2010, we also set up a special cultural industry fund to invest in cultural industry projects. In our own total investment in the past 11 years, the investment in the cultural industry may account for One third to one quarter of the proportion. "Xiao Bing said.
In addition to the traditional cultural industries, the huge opportunities presented by the art market have been discovered by those with a keen sense of smell. Mei Jianping, co-publisher of the Meimo Art Index and professor of finance at the Cheung Kong Graduate School of Business, has been systematically collecting Chinese auction data since 2003 and has launched the Meimo Modern Art Index. He pointed out that the investment returns of Chinese art in the past ten years far exceeded the Shanghai Stock Index. The prospect of artworks joining the capital market as a new field, the rising demand for artworks by wealthy people, and the â€œrigidâ€ characteristics gradually exhibited by the art market are the reasons why Mei Jianping is optimistic. "Of course, it is not ruled out that there will be so-called consolidation in the market in 2011, but in the long run I am still quite optimistic." Mei Jianping said.
Jiao An, executive director of Shanghai Jiashihuanian Art Investment Management Co., Ltd., also said, "It is estimated that within three years, the entire mainland's art transactions will reach 100 billion." In the past five years, Jiao An brought his new team Has been engaged in the auction and investment of artworks. "When it comes to the prospects of art funds, whether it is 'Eleventh Five-Year', 'Twelfth Five-Year' or 'Thirteenth Five-Year', we will always be optimistic about this market." Jiao An pointed out that many people may think that artwork is mysterious and uncontrollable However, in terms of the industry, we feel that art is suitable for long-term investment, and it is an industry with relatively small risks and rapid growth.
The lack of compound talents is a major bottleneck
Since all parties have paid more attention to the investment in the cultural industry, for various reasons, many people in the investment community also expressed difficulty in finding a completely suitable investment path. The risks of investment mainly lie in differences in management concepts, lack of compound talents that integrate creativity and management, and uncertainty in business models.
Zhang Qiong, president of Asia Business Group, president of Asia Business Capital and founding partner, said that from the perspective of the cultural industry, cultural investment can be divided into three major blocks, including art investment, which is also more characteristic of the cultural industry Department; investment opportunities derived from traditional media such as publishing groups and the new media related to the Internet, animation, network culture, etc. which are most seen in the investment industry. "The biggest challenge of these cultural companies is people. The Asian Business Group has also invested in some new media companies. The biggest feature of interacting with these media people is that they are very creative, but at the same time they are proficient in corporate management. Not available. "Zhang Qiong said.
Xiao Bing believes that there are two main paths for investment in the cultural industry. "Now many cultural industry enterprises in the system are busy restructuring and are also busy listing, there are certain opportunities. In addition to the market-oriented investment path outside the system." Xiao Bing pointed out. However, practice has found that there are relatively few entrepreneurs who can run a good business normally and can be creative in culture, and there is a shortage of compound talents. In addition, the business model of cultural creativity has great uncertainty. "Our investment is ultimately to withdraw. If we want to make a business model continue to grow steadily, this may mean a relatively large risk, so it is more difficult to conduct an IPO, especially in China. Listing is more difficult. But no matter what, I think This direction is still very good, the cultural industry is an investment direction that can resist the economic cycle. "Xiao Bing said.
Ji Yue, a partner of Sequoia Capital China Fund, also believes that under the current policy drive, there are many opportunities for restructuring of large state-owned media companies. In particular, he emphasized the importance of new technologies for investment. At present, the opportunities we see more are that after the economic development, we will inevitably meet the needs of people at a higher level from the original needs of clothing, food, housing and transportation. In this regard, some new opportunities will emerge. At the same time the emergence of horizontal new technologies, it will have some combined areas, such as the emergence of iphone, ipad, the emergence of these new technologies to give some new service providers more opportunities.
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