文化传媒融资市场青睐影视

Cultural media financing market favors film and television.

原标题:文化传媒融资市场青睐影视

——2017年,文化传媒行业IPO规模达12.89亿美元,同比上升63.81%；IPO企业数量14家,同比大幅上升。

——2017年度文化传媒领域IPO案例中,融资金额最大的当属山东出版传媒股份有限公司,山东出版11月22日在上交所上市,发行价格为10.16元/股,募集资金总额为27.12亿元(3.92亿美元),募集资金净额26.20亿元。

1月26日,股权投资市场信息咨询专业服务机构投中信息咨询股份有限公司发布报告称,2017年文化传媒行业进入新的整合变革阶段,市场融资并购更加趋于理性,其中影视行业投资热度不减。

数据显示,文化传媒行业VC/PE融资案例数量从2013年起呈上升趋势,2016年达到顶峰后开始回落。2017年融资交易活跃度较2016年降低,呈下跌态势:融资案例数量降至288起,降幅明显；融资规模降至29.34亿美元,略有下降。

“在近年GDP整体增速下滑的背景下,文化传媒行业总值增速长期保持在GDP增速之上。随着国家‘十三五’规划进一步明确文化产业的支柱性,文化传媒行业已经进入到新的整合、变革的阶段。”投中研究院助理分析师张旭对《中国新闻出版广电报》记者表示,经历过2015年的并购热潮、2016年的政策收紧之后,2017年文化传媒市场投融资更加趋于理性。

张旭指出,科技时代发展迅速,传统文化传媒市场正在发生变革,不断涌现的新兴细分行业正在重塑文化传媒行业的格局和新生态。不过,影视音乐依然是2017年度的重点关注领域,以17.32亿美元融资规模居于首位,占比59.04%,其中大部分被投企业为影视内容制作公司。“同时,投资机构对文化传媒领域中不断催生的新形态与新模式更加关注,未来短视频平台、知识付费平台、直播平台等领域发展动力强劲。”

从并购市场来看,2017年文化传媒行业并购宣布案例数量274起,同比下降26.54%；完成案例166起,同比下降17%。已披露宣布并购金额共66亿美元,同比下降50.45%；完成并购金额26.21亿美元,同比下降48.41%。“从2016年下半年开始,政策监管从严,导致影视行业乃至整个文化传媒行业的并购、融资活跃度下降。”张旭表示,并购规模继2016年达到顶峰后下滑,未来文化传媒并购市场有望回暖。

2017年传媒行业最引人注目的并购案例当属猫眼、微影合并一案。微影将电影票务、演出票务等相关业务合并注入新公司。合并的新公司拥有猫眼、娱票儿、格瓦拉等多个票务品牌。2017年11月,腾讯再出10亿元重金注资猫眼,猫眼微影拥有了微信、QQ等流量入口资源,如今已获得200亿元估值。

Cultural media financing market favors film and television.

The original title: cultural media financing market favored film and television.

-- in 2017, the IPO volume of the cultural media industry reached us $1.289 billion, up 63.81% year-on-year. The number of ipos was 14, up sharply from a year ago.

- 2017 IPO culture media field case, financing amount is the "largest publishing media co., LTD., shandong, shandong province, published on November 22, listed on the Shanghai stock exchange, the issue price of 10.16 yuan/share, raise money amount to 2.712 billion yuan ($392 million), net raised 2.62 billion yuan.

On January 26, equity market information consulting professional services made information consulting co., LTD., said in a report, 2017 cultural media industry into a new integration of phase change, more tend to be more rational market financing mergers and acquisitions, including film and television industry investment heat.

According to the data, the number of VC/PE financing cases in the cultural media industry has been rising since 2013, and has since reached its peak in 2016. In 2017, the activity of financing transaction is lower than that of 2016, showing a decline: the number of financing cases has dropped to 288, the decline is obvious; Financing fell to $2.934 billion, down slightly.

"In the context of the decline in the overall GDP growth rate in recent years, the GDP growth of the culture and media industry has been maintained at the top of GDP growth for a long time. With the country's 13th five-year plan further clarifying the pillar of the cultural industry, the cultural and media industry has entered a new stage of integration and transformation. Made research institute assistant analyst zhang xu, told the China press and publication of broad telegraph reporters that has experienced the m&a boom of 2015, 2015 years of policy tightening, more tend to be more rational culture media market investment and financing in 2017.

Zhang pointed out that the technology era is developing rapidly, the traditional culture and media market is changing, and the emerging subdivision industry is reshaping the pattern and new ecology of the culture and media industry. However, music is still the focus area of 2017, with a total financing of us $1.732 billion, accounting for 59.04%, most of which are invested in film and television content production companies. "At the same time, investment institutions in the field of culture media has paid more attention to the new form and new model, the future short live video platform, knowledge payment platform, platform in areas such as development powerful."

According to the m&a market, the number of mergers and acquisitions announced by the cultural media industry in 2017 was 274, down 26.54% year on year. The number of cases was 166, down 17% from a year earlier. The announced merger and acquisition amount of $6.6 billion, a year-on-year decline of 50.45%; The amount of m&a was $2.621 billion, down 48.41% year on year. "From the second half of 2016, the policy supervision is strict, leading to the decline of m&a and financing activity in the film and television industry and the whole culture and media industry." Zhang xu said that the merger and acquisition scale will decline after the peak in 2016, and the future cultural media m&a market is expected to recover.

The most notable m&a case in the media industry in 2017 is a case of cat eye and micro film merger. The micro film will combine the film ticket, performance ticketing and other related businesses into the new company. The merged company has a number of ticketing brands, such as cat eyes, entertainment tickets and guevara. In November 2017, tencent injected another billion yuan into the cat's eye, and the cat's eye shadow has the resources of WeChat, QQ and other traffic sources, and now has a valuation of 20 billion yuan.