Zebra consumption

"China's good voice", "masked singer", "out of the Chinese", there is always one is your favorite.

Recently, the production company behind the variety show, Can Xing Culture, disclosedgemThe IPO prospectus officially hit China's "first variety show".

The status quo of Canxing Culture is: The income of "China Good Voice" is declining, resulting in the company's performance continues to decline. The copyright disputes of several major products such as the sword of Damocles are overhanging, plus old rivals.Hualu BainaSelling the survival of the company, the old partner Yang Weidong was investigated for economic problems, and the IPO road of Canxing Culture was bleak.

 

"China's good voice" revenue continues to decline

The production company behind "China Good Voice" is ready to hit the GEM.

Recently, Can Xing Culture disclosed the IPO prospectus and plans to raise 1.5 billion yuan to supplement the production funds for variety show production.

There is a burst of blessings such as "China's Good Voice", and Canxing's cultural performance is strong. From 2015 to 2017, the company's operating income was 2.462 billion yuan, 2.706 billion yuan, 2.085 billion yuan, and the net profit attributable to shareholders of the parent company was 806 million yuan, 732 million yuan, and 452 million yuan.

At the same time of the decline in profitability, due to the seasonality of the broadcast of the program and the decrease in the number of programs in 2018, in the first half of 2018, the company's operating income was 265 million yuan, and the net profit of the mother was only 8 million yuan.

Its core product, "Good Voice of China", revenue from 2015 to 2017 was 1.143 billion yuan, 1.010 billion yuan, and 665 million yuan, accounting for 46.43%, 37.33%, and 32.33% of the company's total revenue.

In order to reduce the dependence on "China's Good Voice", Can Xing Culture has been trying other program types in recent years, "masked sing will guess" and "this! It is the street dance, etc., which is also the only one that is second only to the "good voice of China".

Although Can Xing culture has inextricably linked with its main broadcast platform, the high receivables that the film and television industry is accustomed to are still a problem.

From 2015 to 2017, the company's accounts receivable were 739 million yuan, 1.107 billion yuan, and 707 million yuan, accounting for 48.00%, 59.34%, and 63.28% of current current assets.

One of its biggest competitors, Blue Flame (Hua Lu Baina Quan 300291.SZ Zizi Company), was difficult to be dragged down by high receivables and variety industry, and had to sell its assets to save themselves. Is it good?

The 14 subsidiaries of Canxing Culture, in addition to the 2 billion yuan acquisition of Mengyinqiangyin and its subsidiaries, the other 11 all suffered losses, in addition, the company's three participating companies have also suffered losses.

It is worth mentioning that, just before the release of the IPO prospectus by Can Xing Culture, Alibaba Entertainment’s president and Ali Music CEO Yang Weidong was investigated for economic problems, specifically pointing to a series of variety shows such as “This! Is Street Dance”.

As "I! Is the production of the street dance, Can Can Star Culture involve it? In addition, with the investigation of Yang Weidong, the fate of this program is also uncertain, will it affect the performance of Canxing Culture?

 

Core products are deeply involved in copyright disputes

The loyal audience of "China Good Voice" should remember that in the middle of the year, the program was renamed "China New Songs" and the classic rotary tutor chair was also changed into a sliding chair.

In the company's IPO prospectus, the company only said that "China's new song" is equivalent to "China's good voice", but did not disclose the specific reasons.

In fact, the copyright of “The Voice Of” comes from the Dutch company Talpa. In 2012, Canxing Culture introduced it to create “China Good Voice”. In 2016,Tang De Film and TelevisionSpend $400 million to win the authorization. There is no way for Can Xing Culture to launch the original program with "China New Songs".

However, Tang De film and television did not launch the same name program, and finally Tang De film and television, Can Xing culture, Zhejiang Satellite TV reached a meeting, "China Good Voice" returned.

In this regard, Can Xing Culture did not mention anything in the prospectus.

Such licensing cooperation is not stable, and the company has copyright disputes, and it also ends the "China Good Voice."

Can Ting Culture's other fist product "masked sing will guess", formerly known as "masked singer", copyright from South Korea MBC TV. In February 2018, "masked singer will guess" was completely removed, and the suspect was related to copyright disputes.

Tian Ming, the actual controller, chairman and general manager of Can Xing Culture, has repeatedly said that he wants to engage in originality and introduce as little as possible. However, after so many years, the company is still deeply mired in the sea of ​​copyright disputes.