Research On The Motivation,Route And Effect Of Diversified Investment Of Film And Television Enterprises

With the proposal of the strategy of "cultural power" and the growing voice of"cultural output",film and television enterprises have grown rapidly.Affected by the increasing competitive pressure in the industry and the rise of the "Pan entertainment"industry,film and television enterprises have chosen to make diversified investments around "Pan entertainment" to break the development bottleneck of high risk core business and undeveloped value of film and television works.In previous studies,scholars have found that the effects of diversified investment behavior have both positive and negative situations,and there is no unified conclusion.Therefore,film and television enterprises need to choose a diversified investment path that suits the industry characteristics and business types in the process of implementing diversified investment,so as to improve the possibility of realizing the purpose of diversification and improving the operation effect.Based on the relevant summary of the diversification path of film and television enterprises by scholars,this paper makes a specific analysis of the path in combination with the characteristics of the film and television industry,industrial chain and business types.On the basis of relevant theories and literature support,from the characteristics of the film and television industry,this paper constructs a theoretical framework between the motivation,path and effect of diversified investment of film and television enterprises.Finally,based on this framework,light media is selected as a specific case to analyze.The research shows that:theoretically,based on the characteristics of the film and television industry,such as high risk of core business,great industry competition,high derivative value of film and television works and undeveloped,film and television enterprises can reduce the risk through horizontal and vertical diversified investment,fully tap the derivative value of film and television works and realize effective collaboration among businesses.In the specific case,ray media invests in content production and star brokerage companies at the horizontal level,vertically focusing on the upstream and downstream of the industrial chain,including investment in copyright purchase,"video platform+online ticketing","film and television+Games" and "film and television+ live entertainment" businesses,with the intention of reducing the operational risk of core business and building the whole industrial chain.In terms of actual diversification effect,ray media has found a new profit growth point,dispersing the business risk to a certain extent;It has a good market performance in live action films,TV dramas,animation films and artist brokers,maintaining the competitive advantage of the industry and reducing the operational risk of its core business;Fruitful achievements have been made in the development of derivatives of animation films,and the existing film and television IP resources have been effectively developed to obtain income.However,the "film tour linkage" and "theme park" strategies have been blocked,and the expected goals have not been achieved;Through the horizontal comparison with the industry and the vertical comparison with its own before and after diversification,it is found that ray media has achieved effective business collaboration and financial collaboration,but its business ability needs to be further strengthened,the pace of M&A needs to be eased,and the integration between businesses needs to be strengthened.In a word,film and television enterprises should pay attention to the choice of investment path and the integration of follow-up business when making diversified investment.They should take the production of core business film and television works as the center of investment and development,give full play to their competitive advantages,and make reasonable diversified investment around the industrial advantage of high-quality content production.It is hoped that these findings can help Chinese film and television enterprises to achieve the diversification purpose and achieve the expected investment effect when making diversified investment.