Yang Jian Gang heard that it was really very different. He took a breath of cool air, but after that, he thought about it? Or do you not know what the difference will lead to?

Chuyuan Xi said: "if we had done animation at that time, the webcast platform would not have rubbed the sand in its eyes, but we could see clearly how much traffic we brought. Others a user Hula drive a class of people, or even more, how about us? Social animals are mainly single dogs, one order of magnitude worse than others. Isn't that a direct revelation? On the contrary, TV series will not make such a big difference. So your "friend" should stop thinking about Ba people.... "

Yang Jian Gang a listen, heart said that Ali there is not about to put on the rhythm of tragicomedy? Thanks to you, Ali's animation department will not beat you to death. What are you proud of?

"Oh, wait a minute." He suddenly thought of a new question, and very sharp: "I'm not the first one to ask animation, am I? How did you refuse people before? "

"Oh, it's so simple." Chu Yuanxi and Yang Jiangang don't have to hide and tuck in, "the flow of large-scale animation is high, and the investment is also huge, but the flow of the same scale can produce limited influence, which can be understood as" the cost-effectiveness of obtaining influence "is very low. Just refuse. Well, you can say the same with your "friends."

"But how is that possible?" Yang Jiangang can't understand at all, because he is an animation practitioner. "If the cost performance is low, what I am doing now will be very bad? But no one in the whole market, investors or my friends, thinks I'm bad. "

"Because what you are doing is a platform, the cost performance is low. Part of the influence is taken away by the platform, and you are the side of the profits. What I'm talking about is that for me, the copyright owner, the cost performance is low. "

Chuyuan Xi said, thinking that I have mentioned so many times back to "friends", how Yang did not respond at all? Is this learning to hide your emotions? "Think about it, the audience of TV series are hitting CP, the director, Fu Huadao, and even the screenwriter. These hot platforms can't be touched. I'll try to do some activities, and all the traffic can be directed to me. Is animation OK? Put animation, it becomes a platform to think of ways to do activities. So you know what you should do in the future? "

Yang Jiangang suddenly had some intense thinking, transposed to the Ba people's side, deduced from the scene of a year or even half a year ago, according to Chu Yuanxi's statement, it seems that animation is nothing more than a matter of price. What Ba people group earns is only the difference between the production cost and the purchase cost of the webcast platform.

That doesn't make much sense. After working hard to make and negotiate, we finally recorded less than half a month's revenue from mobile games. The biggest significance is to create some new paying users for the platform and improve some stickiness. Why bother?

Chu Yuan Xi looks at Zhao Jie. He is still in a meeting. I can't help it. Now Zhao Jie is also the CEO of a company. Everything is busy. All working hours are arranged. Everything is very important. It's different from the past. We must give him enough respect. So now Chu Yuanxi greets Zhao Jie in advance. For example, in the morning, he says, "I'll go to talk to you in the morning.".

As a result, after saying hello this morning, I temporarily changed my mind and stood Zhao Jie up. Now I have to wait to find him?

"Wait a minute, Yang Jiangang. Why are you looking for Zhao Jie? Shouldn't you come to me directly about this? "

"I'm here to find Yu Wenhui. I planned to find you later." Yang Jiangang scratched his head. "I heard Yu Wenhui say that you find Suzuki Yushen for him? And an interview? Why don't you call me

Does Chuyuan Xixin have anything to do with you? I want you to meet my idol? Doesn't that make trouble for me?

Yu Wenhui is not here. I don't know where he's gone. Now he and Zhao Jie are still working in Ba people's office, but they will soon move to nearby places, such as next door and opposite door on this floor. For them, only when they are independent in space can they form a real sense of independence and form the habit of independent thinking from their own state when dealing with events.

Immediately, both Zhao Jie and Yu Wenhui will feel the pain of independence - the whipping from Chu Yuanxi, just like Yang Jiangang once felt. This is the inevitable way for them to embark on the road of entrepreneurship.

However, Yang Jiangang is also the CEO of a company and needs to be respected accordingly. So Chuyuan's words became: "what's the hurry? In the future, there will be more opportunities for Suzuki Yu's team to come to the company for development. I will see you in the future. Are you looking for me just for the TV series "the man without a way"? It's OK. I'll go

Chuyuan Xi said to go, as for Zhao Jie, about him after work to chat. I didn't expect Yang Jiangang to hold him and ask, "Hey, wait a minute. I heard Yu Wenhui say that both you and Suzuki think cloud games will threaten console games. What do you think? It's against common sense

"Common sense of shrimp?"

"Common sense is that Nintendo can be beaten by Microsoft and Sony, relying on the monopoly of the first party IP games. Host players are basically based on the game to buy the host, who exclusive IP, who do a good game, the host will sell more. As long as a large host factory can develop high-quality games, its host will not worry about selling. ""You're just common sense in the past." Chuyuanxi began to take a strategic position again: "it's said that you have to learn more and think more. Your cognitive upgrading is imminent. Lao Yang, when entering the IP port, you must learn to look at the industry with a development perspective, or you will be left behind every minute."

"No, chuyuanxi, promise me that you can be reasonable first and then be flexible?"

"The truth is that you, the real soldiers, don't understand the tactics. Why did players buy a console to play games before? Because it's fun, isn't it? Yes, but it's just one of the reasons. The more important reason is that in the past, there were so many choices and so many high-quality games. You know better than I do that there is such a chain of disdain in the game world as "mainframe, platform, stand-alone, end game and mobile game". Of course, the mainframe circle can be fenced by IP. It's normal for players to buy a console in order to monopolize IP games. Is that the logic? "

"I know. What are you going to say?"

"What I want to say is that this disdain chain will soon be broken, and the era of cloud games will follow."

Yang Jiangang squints at Chu Yuanxi: "don't talk about the concept, OK? The concept of cloud games came into being ten years ago. Do you know that Nintendo and penguin are going to hold the switch conference in a week, December 4? Do you think penguins are stupid? "

Gee, did you learn to talk back? Chuyuan Xixin said that this needs a good education.

"I didn't see how Penguin signed the contract. I don't know whether it's stupid or not. However, the game is the main business of Ba group. I'm a practitioner. I know that I can't play the domestic kengdai mobile game in the past. Every bandwidth expansion will spawn new things in the game circle. This time, there is no doubt that it is the popularization of high-quality production.

If I put it here, 5g will be popularized, and the game ecology will inevitably be divided. On the one hand, UGC games are popular, relying on users' creativity to take a low-cost route. The more users' creativity, the more quantity they have to win. On the other hand, it forces game manufacturers to improve the quality of the game in an all-round way, from content to performance and even playing methods. If you don't change, others change, and you immediately fall behind. "

"What does this have to do with my console game?" Yang Jiangang directly brought himself into the console game, quite a little bit of Lao Tzu is noble momentum. As an old planner for more than ten years, he is still loyal to the game and plays host games. This is one reason why Chu Yuanxi respects Yang Jiangang's professional skills, but it's not good to be blind because of this. It's very bad!

So Chuyuan Xi said coldly: "before, you didn't need the mainframe to play with 3A blockbusters. There were only a few in a year, and you don't have the type you like. In the future, there will be dozens or hundreds of 3A masterpieces that you can play with your mobile phone every year, and the selection area will increase by more than ten times, or even more. There are all kinds of them. There are lots of fun UGC games, low cost but full of creativity. There are tens of thousands of them a year.

Host game to support their own exclusive IP game or so a few, you still spend thousands of dollars to buy a host, you are not sick ah

"But..."

"Don't be, face the future! The game is also a fight for the user's time, and it is the most fierce fight. The bigger the production, the more time you kill. Do you understand? Let me tell you this: the traffic on the network is equivalent to the river, and the IP monopoly of the host is equivalent to the river bed to protect its own traffic and form a private domain. In ordinary times, the weather is good, but the river bed will also be washed down when the historical big waves come.

The more open, the more circulating, the more difficult the private domain is to use. I don't believe that in the 5g era, two or three IP can build a fence of tens of billions to block the flood peak. You just have a serious old idea, so you should train your way of thinking quickly, otherwise when the new big waves appear, being knocked over is your only destination. I don't want the Ba people's investment to go astray. "

"According to you, the main engine manufacturers are going to be finished?"

"Nokia, Motorola can fall, what is the host?" Chuyuan Xi thought, "but it's not absolute, the hosts can continue to cut their old users. Old IP new travel must use a new host, old host with no move, the user cut bald calculate. What do you think of this method? "

"You are not virtuous, you..."

"I'm kidding In fact, I think the main engine factory may conform to the times, right? Give full play to their accumulated advantages in equipment and lead the advanced army to build a VR or something. In the future, it is very likely that in the VR field, there will be the C position of the main engine factory. "

Chuyuan Xi goes back contentedly. In the afternoon, Zheng de calls Yuan Jing's assistant and invites him to participate in a venture capital forum. On December 4, the forum will evaluate the annual ranking of China's equity investment in 2019. This is a ranking for investment institutions and investors. It's an important ranking because it has been held for more than ten years, and the sponsors are also big names in the industry. They can invite heavy guests.

In fact, it doesn't matter which place you rank, because there are too many py relationships in it, and the key is that you rank more than one name. There are angel investment ranking, early investment ranking, investor ranking, active ranking, and even fundraising ranking, etc.

What's more, it's also investment, and it's also necessary to artificially divide the rankings of "venture capital" and "private equity investment", which are not parallel at all. The organizers have gone to great pains to better distribute the honors.Just because of this, the anonymity on the list will embarrass the investment institutions that claim to be high-grade. Zheng de was on the list a few years ago, but he has lost all his fame in recent years, so he attaches great importance to it this year.

Zheng De is very active during this period, which makes people feel more tiger. In fact, chuyuanxi knows that they are not rich on their books. If they really want to say how much they have made in return, they haven't, because they haven't hit any IPO in a whole year.

In the first 11 months of this year, 50 pevc institutions returned more than 1 billion in book value after IPO. Therefore, as a major investor in early private equity, Zheng de has little advantage in comparing book returns this year.

But this year's popular index of fund industry is DPI, also known as the dividend rate of invested capital. In this aspect, Zheng De's report is very bright.

The simplest understanding of the so-called capital dividend is that it does not consider how the fund will exit. As long as it makes money and exits, it is a good investment, and it can share profits rather than losses. Those funds with high book returns look great, but when the lock-in period is over, who knows how much is left on the book. And if you want to exit, you need a bull market. In a bear market, the open market lacks liquidity. Do early investors want to exit? Kill you immeasurably!

One of Zheng De's highlights is that he invited Du Shuang to invest in we media in the first half of the year. After that, I don't know whether Du Shuang is brave after knowing his shame or because he wants to increase his discourse power after he joined Fang Shiling? It may also be that Yuan Jing's kindness changed his gloomy and unsuccessful mental outlook when he invested in Daxia. In short, he became very active.

And he is different from Yuan mu. Yuan Mu is looking for the whole project in the field of IP we media. When he sees good ones, he does research. Therefore, his energy is relatively scattered, and it is not easy to form a correct methodology. Duer city only made short video of shaking, and almost only did outdoor activities, shopping, shopping tiktok, indoor contents were also classified into outdoor ranks, of course, mainly Street beauty.

This concentration makes it easy for him to make mistakes quickly and find the most favorable investment path. Kwai Kwai tiktok tiktok is catching up with the two main players in the short video track. The game player has been firing up the firepower in the short video track, and has made extremely important support for the short video business environment. Therefore, the advertising of the goods has been overweight, and it has been lifting since the merchants can earn money by shaking the voice and throwing the ads quickly.

Where the real money goes, the opportunities go. Therefore, a large number of MCNS are springing up. In this process, the support of the capital market is necessary, which makes the investment and financing extremely active. Du Shuang just caught up with the climax of this wave. After entering the market, he found that he had a chance to exit calmly in the process of early investment. Some people were willing to buy a "certainty" in the medium term, and then he began to run quickly.

In fact, trading in the equity market is a manifestation of confidence. The open market is nothing more than a layer of nominal protection under the supervision of the CSRC. In the non-public market, if some people are willing to trade opportunities and others are willing to take the risk of buying, equity trading can also be carried out.

at the same time, MCN is a tiktok, which is very suitable for early transactions.

The reason why many non-public equity transactions are difficult is that due diligence is very difficult. If investors want to invest a sum of money, they have to be very expert to avoid being cheated. Unless it's a star product like gone with the wind, the data is public, and there's very little room for the cat to hide, so it's easier to trade.

is tiktok MCN similar, because there is a false amount of money on the shaking sound, which is not as cost-effective as sending real content to attract real fans. So buy and sell tiktok, just look at the data and then review the content and think about the future realisation.

Therefore, Du Shuang has made dozens of investments in more than half a year, and less than half of them have withdrawn after several times of value-added, and the profit multiple of withdrawal has reached 6.3 times!

This is quite terrible. You know, the highest return rate of the IPO of big a shares in 2010 and 2017 is only more than 8 times, and the relatively bleak years, such as 2015 and 2016, are only more than twice.

Du Shuang's every investment is not big. It's a small project of several million magnitude. However, after rolling fast in and fast out, it forms a profit of several hundred million, which is not on the book. This blinds a group of people's eyes when counting DPI. The key is that this rate of return is highly fault-tolerant, and you are not afraid of making half a mistake.

However, this is not the main reason why Yuan Jing is very tiger. Now many people are optimistic about Zheng de because there is a legend that the capital market will recover in 2020. Both the big a shares and the venture capital field will welcome back to the heat wave. They are saying that the previous repression was too fierce, and the economic cycle can not always decline.

Under this tone, Yuan Jing has invested in Ba people's entertainment and well-off life for more than a year, and then there is a large-scale snow project. These are either star projects or have great potential. Once the capital market recovers next year, they are likely to break out.

Among them, the snow project that Chu Yuanxi has not cared about for a long time has actually expanded the plate several times. Yuan Mu knows that he is busy. Every time he signs the investor agreement, he simply asks him to sign it. Chu Yuanxi has not asked in detail.This time, it was Yuan Jing's assistant who called and told me more details. He found that the plate of the snow project had already exceeded 4 billion yuan. He also entered a chemical project and several ski resorts in a scenic spot, and extended to the field of upstream equipment. As a result, his share was diluted to 1.3%, which was three times faster than the original 20 million yuan.

"Well, well, on December 4th, at Wuzhou Hotel, right? I'm sure I'll go

"Well Mr. Chu, can you provide us with an explanation of the current situation of the people and the well-off society? "

Chu Yuan Xi's face is muddled: "you ask yuan mu for it. She's always doing the post investment service and audit of VC."