The film “Love for Eat†directed by Le Vision Films and Cai Kangyong has been in the doldrums since the release of the film. As of now, the film has been released for 16 days, with only 26.811 million yuan at the box office, and the row has dropped to 0.7%. Compared with the cost of hundreds of millions of NT dollars in the film, the question of whether the love of “eat food†can be returned to the original is even worse for the production of LeTV. Since the beginning of the year, LeTV Films has only invested in a few films such as "Bear Infested Fantasy Space" and "Memory Master". In addition, the plan to promote LeTV’s listing from the end of December 2014 is still in progress. The new movie box office is poor, the reorganization has not yet settled down, how does Levision Films break?
Box office downturn
Nearly half of 2017 has already passed. There is no news for LeTV's film list. Judging from the current box office revenue of LeTV Films, the results are not optimistic. According to time network data, up to now, LeTV has released four films, “Bear Infested/Fantasy Space,†“Master of Memories,†“Hero Pig Pigboy,†and “Love of Eatâ€. The cumulative box office is less than 1 billion yuan, the latest release of the new film "Eat" love is even less than 30 million yuan at the box office.
According to public information, "Love for Eating" was directed by Cai Kangyong, screenwriter, and starred by Xu Xilu. Although it is a small and medium-sized film, it can be seen from the series of promotional activities of LeTV. In addition to releasing a series of trailers, the announcement team also issued a card of affection to draw fans of the variety show “Kangxi Come†into the audience. On May 11th, LeTV’s CEO Zhang Zhao also took the film “Love of Eat†director Cai Kangyong and Xu Xiyu attended the 14th national cinema promotion conference held in Urumqi.
However, under the influence of Hollywood blockbusters such as "Pirates of the Caribbean 5" and "Wonder Girl," the final box office performance of the film did not achieve the desired results, and the current slice dropped to 0.7%. Judging from word of mouth, the film scored only 6.1 points on Watercress. "We would rather believe that this is a big variety movie. The patchwork of various pieces in the film makes people feel uncomfortable. The movie also does not show that Cai Kangyong should have or say It is expected that Cai Kangyong will try to add some personal imagination, but the nuances will still be difficult to salvage the collapse of the script and the people. Ms. Yang, the movie fan, said. “In addition, the reorganization plan of LeTV's injection into LeTV is not yet completed, and the company’s internal equity structure is still in the adjustment phase, which also has a certain impact on the development of LeTV.†said Zhang Jingcheng, director of China Creative Industry Research Center.
Listing delay
In 2014, LeTV.com had already started the acquisition of LeTV for 30 months. The new restructuring plan has not yet been released, but Zhang Zhao said at the investor exchange meeting in early 2017: “The most important thing in 2017 is to promote LeTV Films into listed companies.â€
Recalling the process of LeTV's injection into LeTV, as early as December 2014, LeTV announced that it intends to transfer Levision's controlling share to LeTV within the next year, which also makes LeTV the focus of attention in the industry. In May 2016, LeTV.com disclosed a restructuring plan and announced that it plans to purchase the entire equity of LeTV Films for a consideration of RMB 9.8 billion. After being injected into LeTV, LeTV will promise that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses from 2016 to 2018 will be no less than 520 million yuan, 730 million yuan and 1.04 billion yuan. However, just six months later, LeTV.com announced that due to major changes in the domestic film market environment in 2016, the asset restructuring plan that LeTV plans to purchase 100% equity of LeTV Films is not expected to be completed on time in 2016.
With the postponement of the restructuring plan, the valuation of LeTV has suffered a contraction. Earlier this year, Sunac China issued an announcement that it plans to purchase 15% of LeTV Film and TV shares for 1.05 billion yuan. After the completion of the transaction, Sunac China will become the second largest shareholder of LeTV in the LeTV system, and will become an important shareholder of LeTV's super TV and movie industry. This also means that LeTV's valuation has dropped from 9.8 billion yuan to 7 billion yuan.
On April 17th, LeTV.com's merger and acquisition of LeTV has once again made new progress. LeTV.com announced that the new restructuring plan is expected to be disclosed simultaneously with the company's 2016 annual report. The company will promptly publish relevant announcements and apply for resumption of company shares. However, on the day of disclosure of the annual report, a long-term restructuring plan did not appear. According to the announcement, the work related to this major asset reorganization has not yet been completed, and the stocks have been extended for resumption of trading. Prior to this, LeTV's valuation of 9.8 billion yuan is expected to be lowered.
In the music ecology of LeTV’s former chairman Jiayue Ting, LeTV will be an important part of LeEco's content ecology, and will also complement the LeTV's flower and film content. Through synergy with LeTV’s ecology, The mode of + film and television is upgraded to the mode of "Internet ecology + film and television". But for now, there is still some distance from this small target.
Profitability to be solved
Looking at the current film and television market, hot money continues to flood the film and television industry, and Internet video companies are also expanding their own layout. Previously, Tencent Pictures and Jiufu Film Industry have reached a strategic cooperation; Youku joins Ali Literature and Ali Pictures to invest 1 billion yuan in resources to increase the online movie layout; LeTV Film Industry has now participated in "Qimentan Armor" and "The Reasoning Notes of La Pura". "Sex" and "A Youngster" have announced that in May they will work together with Hong Kong director Li Rengang to create "Tissues" including "Super Cyberplay/Movies".
According to public information, the cooperation between LeTV and Li Rengang is not the first time. Prior to this, the two parties had cooperated to create the film “Tomb Notes†and the box office performance of the film also exceeded RMB 1 billion. The model of LeTV’s network-sharing interaction is reflected in “Brothers Who Sleep in My Upper Store†and “28-year-old underageâ€. “The current series of operations of LeTV Films is related to its past practical experience and its own advantages. In the positioning of movie users, LeTV has big data support. From the creation of the “Little Times†IP to the subsequent development of the film. In addition, LeTV has earlier attempts and successes, these are the advantages of LeTV. At the same time, we must also note that LeTV’s future development will also be affected due to the predicament of LeTV in the capital chain. Challenges," Liu Gang said.
There are also practitioners who believe that although LeTV is one of the fastest-growing film and television companies in recent years, it also has advantages in operating IP and film and television marketing. However, from the box office losses in the past, such as Great Wall and Grand Trace, it can also be seen that LeTV's achievements in marketing and distribution are more prominent, but its experience in investment and video content production is still insufficient. “As far as it is concerned, LeTV still needs to return to the essence of the film in terms of capital operation and obtain high market influence through high-quality works,†said Chen Shaofeng, deputy dean of the Institute of Cultural Industries at Peking University. Relying on its advantages in resources, channels, funds, brands and internet traffic, LeTV Films can attract many film and television companies to cooperate. "With the intensified competition in the film and television market, the reorganization plan of LeTV's injection into LeTV is still pending. The most important thing for LeTV now is internal stability, which forms the core cohesion of the team." Zhang Jingcheng stressed.
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