Entertainment mogul: Starting his business with the internet

Chapter 455 Textbook-Style Decent

On the top floor of the Tenda Technology Building, in the Chief Operating Officer's office.

Liu Rong sat upright on the sofa, gently swirling the white porcelain teacup in her hand, the rising steam blurring the rim of the cup.

He took a small sip of warm tea, his gaze calmly falling on Wang Jing across from him, awaiting the COO's final decision on the proposal.

This morning she made a special trip from Tengda Culture to the group headquarters, the main purpose of which was to report on the disposal plan for the shares of Fan Bingbing Studio.

Yesterday, Zhang Zhao mediated, and when Fan Bingbing and her agent Mu Xiaoguang visited, they proposed a rather tempting exchange:

If Tengda Culture were to give Fan Bingbing the important supporting role of Su Yueming in "Transformers 4," helping her to reach a new level of fame, the company would be willing to repurchase the shares at a 30% premium based on the studio's latest valuation at that time.

This approach ensures both the profitability of Tengda Culture and the smooth resolution of equity issues.

However, since Transformers 4 involved a collaboration with Paramount, Liu Rong didn't dare to make a decision on his own, so he came specifically to consult his superiors.

Wang Jing tapped her fingertips lightly on the table, pondered for a moment, and then slowly nodded: "This plan is feasible. Let's cast her as Su Yueming in Transformers 4. In terms of temperament and image alone, she is indeed a good fit for the role, and the director should not have any objections."

"Okay, Mr. Wang." Liu Rong quickly replied, her heart, which had been hanging in suspense for half a day, finally settled down.

After finishing their business, Wang Jing changed the subject and asked with a smile, "By the way, 'Lost in Thailand' has been getting a lot of buzz online these past few days. How's the box office?"

Mentioning the movie that was released three days ago, Liu Rong's face immediately lit up with joy, and her tone was filled with excitement: "President Wang, the box office performance of 'Lost in Thailand' is truly beyond expectations!"

It grossed 4300 million yuan on its opening day, surpassing "Goodbye Mr. Loser" and breaking the record for the highest-grossing opening day for a domestic film.

After three days of release, the film has been screened 8 times, attracting 450 million viewers and grossing 1.6 million yuan. At this rate, it's poised to become the second Chinese-language film to reach 10 billion yuan at the box office.

She paused, then added, "Moreover, there are significantly more screens at the end of the year than when 'Goodbye Mr. Loser' was released. Mtime predicts that 'Lost in Thailand' is likely to surpass 12 billion yuan at the box office."

"12 billion?" Wang Jing exclaimed in shock, a flicker of disbelief in her eyes. She pressed for details, "How much did the company invest in 'Lost in Thailand'?"

"We invested 1800 million yuan, accounting for 50% of the total, and the company also handled the marketing and distribution entirely," Liu Rong said, her voice growing increasingly excited. "Our preliminary estimate is that the company can net 2.4 million yuan!"

"Great, great!" Wang Jing's eyebrows and eyes were filled with smiles. "I didn't expect Tengda Culture to give the group such a big surprise at the end of the year. I'll ask Chairman Song to commend you later."

Upon hearing this, Liu Rong's spirits lifted, and her face lit up with joy.

With "Lost in Thailand" set to surpass 1 billion yuan at the box office, Tengda Culture's position as a super giant in the entertainment industry has become even more secure. Even listed companies like Huayi Brothers and Enlight Media can hardly compete with it now.

Wang Jing composed herself, looked out the window, and sighed softly, "The entertainment industry these days is truly thriving, with box office results reaching new heights every year."

Back when I was at Tengda Culture, it was considered good if we could release a few films a year that grossed over 100 million yuan. Now, films easily gross over a billion yuan—I can't even imagine it.

Liu Rong also sighed: "When the national cinema system was reformed in 2002, the total box office revenue for the whole year was only 9 million yuan. This year marks the tenth anniversary of the film industry's reform, and the total box office revenue nationwide has exceeded 170 billion yuan."

Over the past decade, box office revenue has increased 18.5 times, with an average annual growth rate of 40%, a rate that ranks first globally. At this rate, it wouldn't be surprising to see films grossing two or three billion yuan in the next few years.

Wang Jing nodded slightly, marveling at the booming film and television industry. Then, remembering something, she said, "With Zeng Jia leaving and Zhuang Liqi being transferred to Weibo, both of Tengda Culture's deputy positions are now vacant, which is not conducive to the work."

HR has found suitable candidates, and I've already approved them. The two new vice presidents will be taking office in a few days. I just wanted to let you know.

Liu Rong remained calm, having anticipated this. The group couldn't possibly let her manage Tengda Culture alone, and besides, the company's affairs were numerous and complex; she truly couldn't be in two places at once.

Before she could speak, Wang Jing continued, "The two new vice presidents are Liu Zhijun, who was promoted from the operations director of Weibo and is skilled in internal operations management."

Another person, Wang Qiang, is a new hire in the group. He graduated from Tsinghua University's School of Economics and Management and has experience working in listed companies and the film and television industry. He can help you manage front-end projects.

"Thank you for your support, Mr. Wang. I will definitely work well with both of you." Liu Rong quickly expressed her gratitude, knowing that this combination of internal and external personnel was clearly the result of careful consideration.

"Work hard," Wang Jing encouraged, then got up, walked to her desk, picked up the landline, and dialed a short number.

"Mr. Wang, hello, what can I do for you?" came the voice from the other end of the phone.

"Jian Ning, has Chairman Song returned to the company?" Wang Jing asked. Song Ci was attending the 4th China Business and Media Leaders Annual Meeting these past two days and was not in the company.

"I just got back. Wu Yi is giving a work report. If you have something to do, you can go see him in half an hour."

"I understand," Wang Jing replied, then asked, "Did Chairman Song say when he'll be taking leave?"

"It should be the day after tomorrow. He has already canceled all his schedule from the 30th of this month to the 3rd of next month to focus on preparing for the wedding."

"Okay, you go ahead with your work." Wang Jing hung up the phone and turned to Liu Rong, saying, "We'll meet with Chairman Song in half an hour. By the way, I heard Yang Mi's contract expired and she's not renewing it?"

"Yes."

"Let's part ways amicably; this matter needs to be handled properly," Wang Jing solemnly instructed.

"Song Dong's wedding is in a few days. Celebrity fans can be quite extreme these days. We need to prevent Yang Mi's fans from causing any trouble or spreading rumors. We should try to resolve this in the next couple of days."

"Understood." Liu Rong quickly agreed, already determined to finalize the matter today.

In the next office, Song Ci was looking down at a document, her fingertips occasionally pausing lightly on the edge of the page.

Across from him, WeChat President Wu Yi looked serious and spoke with a hint of urgency: "Chairman Song, the essence of Yu'ebao is that Alipay automatically transfers the user's account balance to Tianhong Zenglibao Money Fund."

When users operate within the Alipay interface, transferring funds is considered a completed fund subscription. The process is as simple as online shopping, and the threshold is incredibly low, starting from just 1 yuan.

After speaking, Wu Yi glanced at Song Ci and, seeing that the chairman's face remained calm and unconcerned about the situation at Yu'ebao, had no choice but to continue his report:
"Currently, Yu'ebao's annualized yield is 4%, with interest calculated daily and using a compound interest model. The daily yield is automatically added to the principal, and it continues to generate interest the next day."

"The redemption rules are also lenient, using T+0 real-time redemption, and funds can be transferred to Alipay or bank cards at any time, whether for payment, transfer or consumption."

Song Ci put down the document and chuckled, "Alipay has really gone all out this time. If you deposit 10 yuan in a bank, not to mention the current account interest, even a one-year fixed deposit would only yield 3000 yuan; but in Yu'ebao, the starting return is 4000 yuan, and you can withdraw it at any time." "Chairman Song, the problem is that Yu'ebao has only been online for 3 days, and it already has over 50 users and its fund size has reached 15 billion yuan!" Wu Yi's tone became even more urgent.

"At this rate, the scale will reach 2000 billion in less than 3 months. Shouldn't we launch a similar product for WeChat Balance as soon as possible?"

Song Ci waved his hand and calmly reassured her, "Flowing water doesn't compete for the lead, it competes for its endless flow. The hasty launch of Yu'ebao clearly shows that Alipay was panicked by WeChat's red envelope campaign."

I'm certain it hasn't filed with the regulatory authorities, and there's bound to be a lot of trouble later. Don't rush things with WeChat balances; let Alipay test the waters first.

Seeing the chairman's confident demeanor, Wu Yi felt a little more at ease and added, "Currently, major banks haven't reacted much to Yu'ebao, and it's estimated that it will take a while longer for things to develop."

Song Ci smiled knowingly: "It's not ready yet. I'll have Liu Yan arrange for the news about Yu'ebao to trend on Weibo later."

Since it's the first internet-based money market fund in China, we need to let more ordinary people know about it.

Wu Yi was taken aback, then realized that the chairman was adding fuel to the fire, putting Alipay in a very difficult position.

Once this trending topic appears, Yu'ebao will inevitably spread throughout the entire financial industry instantly, attracting the close attention of major banks.

Song Ci leaned back in his office chair, his tone more confident: "It was only a matter of time before Alipay was jointly sanctioned by banks, but the emergence of Yu'ebao can be considered as officially opening the curtain on internet finance."

It will force banks to reform, promote interest rate liberalization, and usher in an era of digital inclusive finance.

"I plan to meet with major banks after the Spring Festival. The WeChat balance wealth management product is tentatively scheduled to be launched in late February. You should prepare in advance."

Wu Yi immediately perked up, eager to try: "Don't worry, the technical side is all ready, and the product can be launched at any time."

"By the way, Mr. Song, Alipay already used the name 'Yu'ebao.' Could you suggest a name for our investment product?"

Song Ci casually replied, "Since it's funds from WeChat's wallet, let's call it 'Wallet Connect'."

As dusk deepened, warm yellow light spilled across the dining table in the restaurant of Jingyuan Villa, making the porcelain cups and plates gleam with a gentle luster.

Song Ci was quietly eating when he noticed his wife beside him fiddling with her phone, a hint of worry in her eyes. He put down his chopsticks and asked softly, "Shishi, what's wrong?"

Liu Shishi pushed the phone in front of her husband and sighed softly: "Mimi's contract with Tengda Culture has expired and she will not be renewing it. It was just officially announced."

Song Ci looked down at the screen, where Yang Mi's latest blog post lay quietly in the center of the page.

"Dear Honey, and all friends who care about Xiaomi:"

At this moment, the lights outside the window look just like the starlight beside me when I signed my name three years ago. In 2010, I officially joined Tengda Culture. In the blink of an eye, 1095 days have passed, and it's time to say goodbye.

Yes, the most important acting contract of my life has come to a successful end today.

From "Palace" and "Temptation of Going Home" to "Goodbye Mr. Loser", Tengda Culture handed me a heavy opportunity, helping me, who was still shaky, to stand up in the entertainment industry.

For the past three years, I've been like a sponge, desperately absorbing water, and like wild grass, growing against the wind. But wild grass eventually has to go to the more distant wilderness.

Before my contract expired, I spoke with the teachers at Tengda Culture several times. There were no arguments, no scheming, only sincere greetings and heartfelt smiles.

So please don't worry about us, this is not a splitting, but rather the seeds naturally detaching from the branch after they mature.

Tengda Culture will always be the unforgettable "first chapter" of my acting career. Now, it's time for me to take the reins of this new story.

At this moment, I want to say to the bees: Thank you for your companionship. We will continue our journey together on the next leg of our journey. We share the past, we each have our own future, but our hearts remain unchanged.

Finally, I have three wishes: First, may Tengda Culture achieve boundless success; second, may all our partners enjoy joy and good health; third... (Shh, the third wish is hidden in the play, I'll reveal it with my new character.)
Snowy night, December 28, 2012

After reading Song Ci word by word, he nodded slightly: "A peaceful termination of the treaty, with both sides preserving their dignity, is very good."

As he spoke, he casually clicked on a link at the bottom of the page, and Tengda Culture's official announcement immediately appeared:

"Snow falls on the capital, and the bells toll melodiously. At this moment, with a mix of relief and reluctance, we officially announce that the three-year contract between Tengda Culture Film and Television Company and Ms. Yang Mi has been successfully terminated. After friendly consultation, both parties have decided not to renew the contract."

. . .

Ms. Yang Mi's growth trajectory is the best testament to Tengda Culture's commitment to "cultivating people through their works." We are grateful for her wholehearted dedication over the past three years and admire even more her courage to break through her own limitations even at the peak of her career.

This contract termination is not a severing of ties, but rather the farewell of an old friend as a fledgling eagle spreads its wings. From now on, we will be companions to watch over each other, and we will meet again on a higher mountain.

Effective immediately, Ms. Yang Mi will embark on a new journey as a solo actress. Tengda Culture solemnly promises:
We will unconditionally cooperate with all work handovers to ensure smooth future development; revenue from already filmed works will be strictly fulfilled as agreed; and both parties will still have opportunities to collaborate in the future.

In parting words, I have three wishes: First, may your career be smooth sailing, and may your new works frequently amaze audiences; second, may your original aspirations remain forever, and may laughter and tears become the drama of life; third, may you always be healthy, and may the hardships of Hengdian not harm your skin.

The snow falling tonight is as pure as it was three years ago when we signed the contract, just like the underlying tone of this encounter: a pure meeting, a dignified farewell—that's enough.

"Speaking of which, Mimi was probably the first artist to terminate her contract with Tengda Culture, right?" Liu Shishi took back her phone and swiped through netizens' comments.

"I've seen artists send lawyer's letters to terminate contracts, and I've seen companies buy negative trending topics to slander each other. This is the first time I've seen both sides write long posts to each other, complete with hidden Easter eggs."

"All I can say is that Mr. Song is a respectable person, and the people under Tengda also adhere to the principle of parting amicably. After three years of cooperation, we parted ways peacefully."

"Upright and honorable, magnanimous and magnificent, Tengda Culture truly lives up to its reputation as a giant in the entertainment industry, a truly respectable entity!"

Another fan left a message: "Waaaa, thank you Tengda Culture for nurturing and caring for my sister over the past three years, allowing her to gradually become a top-tier female star in the entertainment industry. I hope there will be opportunities to continue working together in the future."

Song Ci's gaze swept over these comments, and her mind suddenly became clear. It seemed that Yang Mi had already discussed things with Tengda Culture. This tacit cooperation was precisely to appease the fans and prevent any trouble from causing a public spectacle and making them a laughing stock.

(End of this chapter)