| In recent years,with the rapid development of network information technology,the short video and live broadcast industries have also emerged as the times require,and the online celebrity economy has also risen quietly.During the outbreak of the COVID-19 in 2020,the advantages of online celebrity economy have become prominent,making up for the drawbacks of offline real industry chains under the epidemic situation,while driving the blowout growth of China’s MCN(Multi Channel Network,online celebrity incubators)enterprises,and the online celebrity economy has developed rapidly.The report of the 20 th National Congress of the Communist Party of China also emphasizes "accelerating the development of the digital economy,promoting the deep integration o f the digital economy and the real economy".From the outbreak of the global epidemic to the Ukrainian war,the global situation is turbulent,and the uncertainty and opportunities of development coexist.We must seize the opportunities based on our own national conditions to seek development and open up a new track for the development of the digital economy.The development of the internet celebrity economy has both policy support and the influence of the times.However,in its rapid development process,many industry chaos has also been exposed.At the end of 2021,the number one internet anchor sister was fined a total of 1.341 billion yuan for tax evasion,and all internet platform accounts were closed.Its affiliated MCN enterprise Qianxun Culture lost its core IP,and it also fell from the top ranked MCN enterprise.In the context of online popularity driven economy,we took the fall of the top online celebrity anchor as an alarm bell,paid attention to the development of MCN enterprises and the entire online popularity economic industry,and evaluated the MCN enterprises with Yuanwang Network as an example.The benchmark date of the evaluation was December 31,2020.We chose the FCFF(Free cash flow discount model)model in the income method to evaluate the enterprise value of Yuanwang Network,and calculated that the enterprise value of Yuanwang Network was 9.6 billion yuan,Using the P/E ratio method to verify the above results,the enterprise value was 9.834 billion yuan.By analyzing the evaluation process and results of the enterprise value of Yuanwang Network,combined with the collapse of the top internet celebrity anchor at the end of 2021,the specific analysis conclusions of MCN enterprise value evaluation are as follows: the income method is more suitable for MCN enterprise value evaluation;MCN enterprises excessively rely on top internet celebrities and have a single business structure;The industry system is not perfect enough and the supervision is not strong enough;The capital market overestimates the sustainability of the development of the internet celebrity economy,and finally provides corresponding suggestions based on the problems existing in the development process of MCN enterprises and the internet celebrity economy.Adopting objective,fair,and scientific evaluation methods for MCN enterprises can provide a reference direction and approach for MCN enterprise value evaluation;It is beneficial for investors and consumers to have a clearer understanding of the value of MCN enterprises;It is beneficial for MCN enterprises to improve their own revenue system and improve their management level;Urge regulatory agencies to strengthen supervision and improve industry systems;It is also of great significance for promoting the improvement and development of the industry to which MCN enterprises belong in the future.Only by comprehensively developing the internet celebrity economy and rejecting top monopolies can we truly achieve sustainable development of the internet celebrity economy. |
