Cat's Eye independent, exactly valuation geometry?

A few days ago, the news of the Independent cat's eye blew up the pot, the general public reviews CEO Wang Xing April 11 through internal Mail announced: formally decided to split the cat's Eye movie business, let "new Cat's Eye" become a fully independent operation of the company. The current cat's eye has apparently become a unicorn in the movie platform, and now the cat's eye is completely independent, how much will this new company cost? How do we value this new company? Will the cat's eye become the next-biggest-market unicorn after the American group reviews and drops of travel?

　　General development of Cat's eye

The cat's eye was initially based on the group's movie-buying development, and later renamed the Cat's Eye movie. December 2015, the cat's eye movie and the mass Review film channel complete integration, as of December 2015, the data show: Cat's eye film covers the purchase of more than 100 million users, more than 10 million daily active users, the business coverage of more than 700 cities nationwide, with more than 5,000 cinemas in the country close cooperation.

In the first half of 2015, Cat's eye movie turnover exceeded 6 billion yuan, the annual turnover (GMV) reached 15.6 billion. At the same time, the cat eye team actively explore "big Data + release", a total of investment, the issuance of more than 30 films, including "Ecstatic Road," "Hong Kong", "Mermaid" and other box-office titles, only 2015 Cat's eye joint production or joint distribution of the film reached 19, the cumulative box office reached 8.4 billion. In the past March, Cat's eye has also successfully achieved the BG level of profitability.

The cat's eye business has not only satisfied the film ticket market, their next development direction mainly has 2 aspects: relies on the leading movie ticketing platform and the user community, becomes one of China most influential comprehensive film company, the emphasis strengthens the development movie upstream business, builds the cat-eye entertainment media platform.

Liu Yan from the end of 2014 to the Angel investment, the individual believes that should be from the following aspects to the cat's eye valuation.

　　One, Cat's eye online movie market value

At present, Cat's eye is the largest film platform in China, occupying One-third of the market share of the entire domestic film market, occupying nearly 60% of the online film market, while the value of future online movies will continue to expand.

Let's look at the domestic film market first. In 2014, the domestic film ticket market amounted to 29.639 billion, and by 2015 the total market for film tickets had reached 40.05 billion, an increase of more than 10 billion. By the year 2016, this growth trend is still rising. In the first quarter of 2016, the National Film market produced a total of 14.493 billion, compared with a 9.663 billion increase of 50% last year.

Then let's take a look at the percentage of the online movie ticket market. According to the data of the Analysys think tank: In the first quarter of 2015, the competition pattern of Chinese film ticket market is as follows: Online seat selection occupies 42.37%, on-line group purchase occupies 21.05%, offline ticketing and others occupy 36.5%; in the second quarter of 2015, online seats accounted for 47.9%, Online deals accounted for 21.28%, offline ticketing and other 30.82%. By the 4th quarter of 2015, the market share of Chinese movie online ticketing (including traditional online buy-in and on-line selection) has reached 78.56%, and online ticketing has become the absolute mainstream.

As we can see, more and more people are opting to buy tickets online, while online seats are the most popular. Since its inception, cat-eye movies have been featured online and have become increasingly prominent in this area. The advantages of the cat-eye movie will be further expanded, relying on the two super entrances of the American group.

At present, the United States-Volkswagen review now covers more than 2,800 cities, counties and districts in China, service 3 million merchants, daily order volume exceeded 10 million single, mobile end of monthly active users over 150 million, the annual active buyers of 200 million, 2015 total turnover of over 170 billion yuan. With the annual active buyer, order transaction number dimension, the US-Volkswagen reviews have actually become China's second largest e-commerce platform.

Cat's Eye movies In addition to this huge user traffic portal advantage, the real advantage lies in the platform itself. Cat's own platform covers four functions: advertising, thematic planning, film community, user reviews. For the partners, has a great publicity and marketing value. In particular, the user ratings of cat's eye, is now the largest film media platform and interactive platform. The user ratings on cat's-eye movies are not only huge, but also very high, and all ratings are real scores for users who spend their money watching movies at the cinema.

　　Second, cat's eye Big data value

When it comes to big data, the current cat's eye is already the biggest big data platform in China. The cat's eye has more than 200 million users and accumulates more than 500 million consumer data. Through the mining analysis of big data, the cat eye can clearly understand the mainstream audience's consumption demand, consumption habits, movie preferences, consumption characteristics, and then provide big data services.

For the offline movie theater, they used to pre-sell the new film, often based on the feeling and experience to make, if the first day of attendance will increase the number of tablets, conversely, will be reduced. However, the feeling is often wrong, the invisible also let the movie theater lost more box office. Cat's eye big data through real-time monitoring, can provide them with accurate user consumption behavior habits, characteristics, and then help the hospital line to develop accurate film scheduling, so as to enhance the box office.

For the producers, cat's eye data will be fully presented to the producer based on the user's viewing data, which will help them to make more popular and favorite films, which are of great reference value to the film producers.

For the issuer, the current film advertising channel is also very much, how to find the most matching channel distribution greatly contribute to the sale of the film, cat eye Big Data can help them to develop more accurate marketing strategy.

For the cat eye itself, the big data of cat's eye can also help to better layout the film industry chain, these big data all have the very high reference value.

　　Iii. the value of cat's eye film distribution

At present, the film distribution has become one of the important strategic direction of the future cat's eye film, Cat's eye also issued the "Outsmart Tiger Mountain 3D", "Days Will Lion", "Kill Wolf 2", "Hong Kong", "the mountains and rivers," and many other films, and won the Amazing box office. Cat's eye has four advantages in distribution:

First of all, of course, the platform's huge user traffic, they have a sufficient number of film enthusiasts, through the cat's eye direct distribution, can produce the biggest movie purchase volume. From the current multi-eye view of the joint release of the Cat, have received a very high box-office income, which also attracts more and more movies to seek joint distribution with Cat's eye film, and even some movies also choose Cat's Eye movie as an exclusive release.

Second, cat's big data can provide film age, region, time and other reference information, so that different regions of the audience to carry out different propaganda, targeted at the potential audience and the potential of the shadow City can invest more resources, so as to enhance the publicity effect of the film.

Third, in the pre-sale diversion, the cat's eye also has a great advantage, the cat's eye can be in line with the United States Group review the team formed close cooperation, with the help of the offline team to carry out a wide range of coverage propaganda. On the line, the cat's eye can also guide users with various pre-sale events and interactive marketing plans within the platform.

Its four, in the high-level row, Cat's eye film in the film industry for many years, the current ground network has covered all the country's one or two-line cities and most of the three or four-line cities, in some three or four-line cities, Cat's market accounted for even more than 90%, the online cinema has an absolute high-level speech right.

　　Four, Cat's eye movie production value

Referring to the cat's eye movie production, it is the cat's eye to build itself into an entertainment media platform, and the cat's eye joint production of "elated", "Mermaid" and other films have also been very high box office income.

We've already mentioned the big data advantages and distribution advantages of cat's eye movies, and these two advantages are extremely helpful for the cat's eye movie production, the big data advantage can help the cat to make more favorite movies, and the distribution of the advantages can help the cat's movies to get higher box office income.

In addition, the valuation of the US group has exceeded $18 billion, and is the world's largest platform for platforms. Cat's eye movies rely on the United States as a strong backing to support the film production can have a strong financial strength.

　　Five, cat's eye movie derivative value

In the U.S. film market, film derivatives revenue accounted for the entire film industry chain revenue of 70%, but China in the film derivatives market is almost a blank. Film derivatives including toys, clothing, jewelry, audio-visual, books, daily necessities, from the initial positioning of the cat's eye, film derivatives sales is also one of the cat's eye services, the future of cat's eye movies into the film derivatives industry is only a matter of time.

Although the domestic derivative industry chain is still extremely immature, the domestic protection awareness of intellectual property is still relatively weak, the Chinese consumer for the film derivative pay habits and so on have not been formed. However, China's strong domestic demand determines that film derivatives have a very large space for development, and with the increasing awareness of intellectual property protection in the country, the future of film derivatives will inevitably lead to the emergence of new giants.

The cat's eye is clearly aware of the value of the market, so it is actively building a complete film industry chain, and if the cat's eye will be able to take advantage of the film derivatives field, its valuation would be dozens of times times that of the present.

Overall, the cat's eye, as the vertical business of American group reviews, is now completely independent, which also proves the value of cat's eye from the side. And the cat's eye as the largest film platform, the future value of the space is not confined to the film ticket market, they are in big Data Services, film distribution, film production and film Derivatives and other fields are likely to create greater value space, for their valuation should refer to these major aspects.

　　Liu Yan, Zen Road ponder Internet, public number: liukuang110

Cat's Eye independent, exactly valuation geometry?