2016，This is the year when the 188bet Live Casino industry was elevated to a national strategic level，This is also the beginning of a critical period for the cultural industry to become a pillar industry of the national economy，This year，The outstanding features of culture and 188bet Live Casino industry policies are not only reflected in the increase in multi-format linkage policies for leading industries of the competent authorities，In addition, the deep integration of cultural 188bet Live Casino industry can often be seen in national comprehensive economic policies or economic policies in specialized fields。2016-March 2017，The state has successively voted to adopt and issue the "Notice of the State Council on Issuing the 188bet Live Casino Development Plan for the 13th Five-Year Plan"、"The 13th Five-Year Plan for the Development of National Strategic Emerging Industries"、"Public Cultural Services Guarantee Law of the People's Republic of China"、"Central Document No. 1"、"Government Work Report" and more than ten policies and regulations，The density is unprecedented，This is the prelude to the cultural and 188bet Live Casino industry entering the "main battlefield" of economic development。As an important carrier of cultural 188bet Live Casino，The performance form of 188bet Live Casino performing arts is very good at taking over the supply and demand side，Enriched travel content，Meets the multicultural needs of consumption upgrade。Since 2003，The rapid rise of the 188bet Live Casino performing arts market，There are many players, big and small。Among these，Songcheng Performing Arts relies on Mr. Huang Qiaoling, the helmsman, for his innovative exploration of 188bet Live Casino performing arts products (eternal love) and accurate control of 188bet Live Casino product distribution channels，Suddenly developed into a pioneer representative of the integration of my country's cultural 188bet Live Casino industry，Become the first force in Chinese cultural and performing arts，Market value approaches 30 billion yuan。

For listed companies，Full resources、Full 188bet Live Casino chain、The extended layout of multiple business formats is a necessary path for market value management。In recent years，Songcheng has also been working hard for this。Offline aspects，The remote replication and rapid expansion of Songcheng’s eternal love model，The Eternal Love of Sanya in full operation、Lijiang’s eternal love、The eternal love of Jiuzhaigou explodes in 2015，Contributed higher-than-expected income to Songcheng。Shanghai is planned and under construction、Lijiang River、Zhangjiajie、Australia Project，Also given high hopes by Song Cheng，High expectations；Online，2015，Songcheng 188bet Live Casino explores business transformation and multi-format development strategy，In March, it completed the acquisition of 100% equity of the Internet 188bet Live Casino company Liujianfang at a price of 2.6 billion yuan。2016 financial report display，After the consolidated report of six rooms，Contributed 10 to Songcheng.RMB 900 million revenue，Songcheng obtained an Internet 188bet Live Casino pass，Opened a new pan-entertainment business model。Currently，From the perspective 188bet Live Casino integration driver 188bet Live Casino two business formats，The diversion effect is not that satisfactory，The synergy between Six Rooms and Songcheng Live Performance is not working well，Split development of online and offline activities。Looking at long-term development，The industry and investors are concerned about Songcheng’s Internet 188bet Live Casino business (including proposed 3.800 million acquisition of Lingdong Technology、2.200 million yuan to build a tree house girl) is not so optimistic。

The private placement controversy caused the stock price to fall by 5%，Song Cheng’s 188bet Live Casino hand went wrong

For institutions and investors who have been paying attention to Songcheng’s performing arts for a long time，Songcheng is favored precisely for its live performances (including urban 188bet Live Casino performances) and light assets、Brand output this type of model。Always，Songcheng insists on using a heavy asset model for off-site expansion，This requires too much money for Songcheng，Several off-site projects announced in 2016 are even more expensive，Most investors have expectations for the short-term financing needs of Songcheng Performing Arts。But there is no accurate conclusion as to whether it is borrowing or private placement。March 14，Songcheng Company announced that it intends to issue a non-public offering to specific targets not exceeding 1.900 million shares，The total amount of funds raised by fixed increase shall not exceed 40.1.7 billion yuan，Used to invest in the Australian Legendary Kingdom project that has been previously announced、Shanghai World Expo Grand Stage Expansion Project、Yangshuo Li River Eternal Love Project、Zhangjiajie Eternal Love Project、Performing technology improvement and technology interactive projects and large-scale performing arts girl group"Treehouse Girl"Project。Among them，Shanghai、Guilin、Three places in Zhangjiajie plan to invest raised funds 18.7.1 billion yuan，Proportion 46.6%；The Australian project plans to invest and raise 16.200 million yuan，40 of the total amount.2%；The "Treehouse Girls" project plans to invest 2.About 200 million，Accounting for 5% of the fixed increase amount。As soon as the announcement comes out，Songcheng Performing Arts has obvious intention to increase its market value，According to this plan，Meaning that the equity will be diluted by nearly 15%，will directly lead to a 12% decrease in earnings per share in 2017。

Investor analysis thinks，Private additional issuance is not the best financing solution。Annual report as of 2016，The book monetary capital of Songcheng 188bet Live Casino is 1 billion yuan，The net cash flow generated from operating activities in 2016 reached 10.300 million yuan，ROE13.29%，Long-term borrowing is only 400 million yuan，Songcheng has always had the problem of insufficient leverage。Currently，Songcheng should be on good terms with greater certainty in the 188bet Live Casino and strong company brand effect，Implement debt development，Increase ROE，After the 188bet Live Casino is roughly completed and the benefits are confirmed，Carry out fixed increase or reduce leverage or start new projects，That’s a good deck of cards。Obviously，I am somewhat surprised by Song Cheng’s step。The stock price immediately fell by 5% as soon as the 4 billion yuan fixed increase plan was announced，Down to 19.66 yuan/share。Many institutions and small shareholders have begun to express doubts about Songcheng’s private placement，And downgrade the rating to medium or cautious buy。

3.8 188bet Live Casino added to offline entertainment, Songcheng kills the "returning gun" again

2015，After Songcheng acquired six rooms，I have emphasized many times that we need to make our online entertainment business bigger and stronger and our offline asset-light business、Brand output mode，Songcheng’s first year of business transformation，Six rooms contributed 10.900 million yuan in revenue，Accounting for more than 40%，188bet Live Casino seems to prove its accuracy in grasping market hot spots。The development of Internet 188bet Live Casino is regarded as a forced supplement to the declining growth rate of live 188bet Live Casino business，Caught up with the first wave of Internet entertainment。But as the penetration rate of mobile Internet continues to increase，The emergence of new forms of 188bet Live Casino，Can Six Rooms maintain its quantitative share in 2017，For Songcheng，Increased uncertainty and risk。

Also worthy of attention is，Songcheng’s fixed increase of 4 billion yuan，Except Treehouse Girls is an online performance project，The remaining 3.8 billion is almost entirely used for the construction of offline performing arts projects，This shows Songcheng’s confidence in the live entertainment business。This time Songcheng increases its offline business layout，It can be said to be a shot in the arm，Perhaps this will accelerate traffic and product competition in the performing arts market，The knockout round of the future 188bet Live Casino performing arts market will come soon。From the perspective of the project itself，Allocation according to the funds required for each project，The Australian project is Songcheng’s first overseas project，The financing plan of 1.7 billion yuan accounts for 50% of the total financing amount。Second half of 2016，Songcheng has repeatedly revealed that it will invest in Australia’s Gold Coast project，And Shanghai、Lijiang River、Zhangjiajie and others are already laid out by Songcheng，This scheduled increase is actually to speed up the project process。The author thinks，Songcheng relies on its mature operating model of eternal love，Business and market scale have expanded rapidly in recent years。Judging from the current layout，Songcheng’s strategy is to focus on assets to win all the first-line high-quality tourist attractions in the country，Quickly cut through with performing arts content，Then continue to enrich product clusters，Finally formed a constant model of "theme park + 188bet Live Casino performing arts"。Judging from the current results，Although the Taishan project has been terminated，But Songcheng can be regarded as winning step by step。For other tourist attractions and single-repertoire companies that rely too much on 188bet Live Casino and performing arts，Songcheng’s capital operation capabilities and mature operational capabilities (bundled distribution) make them subject to competitive pressure，Song Cheng’s style of play seems a bit “barbaric”。

Pan-entertainment is 188bet Live Casino heavy, and online and offline integration is difficult to add

Judging from the current form，Songcheng does not seem to have explored another online path that fits its own cultural value positioning，But choose to follow the economic thinking of Internet celebrities。The proportion of six rooms is outstanding，On the one hand, it shows that Songcheng has taken the lead in extending the industrial chain，On the other hand, it also shows that Songcheng is following the trend of the 188bet Live Casino market，The creation of pan-entertainment and cultural projects is becoming more and more important，The growth of C-side (online and offline) traffic can be achieved in the short term，Drive its overall market value。But the author thinks，The online performance or live broadcast industry where Liujianfang is located is in a typical bubble period，Looking at the overall environment，Mobile live streaming has become a new trend，Panda、Betta、Momo、YY、Kuaishou and others have entered the game，Starting in 2017，Competition in the mobile live broadcast market will intensify，The industry will undergo a major reshuffle。From the content，Liujianfang had previously clearly refused to take the direction of a celebrity anchor，To create your own star，Live streaming platform creates stars of its own platform，Ruanran and the brokerage company are looking for new people、Talent show to create stars、The same mode of art school selection, etc.，But is this road of grassroots platform feasible?？And，Nowadays, live broadcast platforms are more diversified，Game、Gourmet、Travel、Makeup、Beauty、There are all kinds of weird things，Users are becoming more and more personalized，Six Rooms previously only relied on beauties to broadcast live (attracting otakus and diaosi people)，Even with six rooms, we can still maintain our original competitiveness，But more and more live broadcast platforms will definitely divert consumers。What’s more important，Between Songcheng and Six Rooms，There is a huge difference in the styles of online and offline performing arts，Compared to professional social live broadcast companies，There are obvious shortcomings in Songcheng’s operation，It is difficult to achieve "1+1>2"。

What’s left of Songcheng 188bet Live Casino culturally confident?

188bet Live Casino is a long industrial chain、wide resource allocation、Industries with a large radiation range，Industries grafted by 188bet Live Casino、The marginal benefits generated by resources should have formed a larger 188bet Live Casino industry circle。But in reality，188bet Live Casino and other related industries are not well integrated，The development of corresponding new business formats is still in its infancy。Mr. Wei Xiaoan in "China 188bet Live Casino and Performing Arts Development: Trends"、Questions and Suggestions》，Future 188bet Live Casino development must achieve five things to see-want to see、Available、Good-looking、Keep-looking、Looking back，Form five can-enter、Can stay、Can be enjoyed、Available、Rememberable；Fifth Degree of Strengthening - Degree of Difference、Cultural degree、Comfort、Convenience、happiness；Building five forces - visual shock、Historical Penetration、Cultural Attraction、Life Qinrunli、Happy excitement。

Cultural 188bet Live Casino in essence，It is a cultural activity that focuses on the experience and sharing of people’s lifestyles in other places，And 188bet Live Casino and performing arts are most suitable to be combined with the trend of experience economy，Form a new business format of experiential 188bet Live Casino model。The experience model of 188bet Live Casino performing arts puts forward more personalized and higher requirements for related products to highlight their experience and interactivity in form。Mr. Li Su, a management consulting expert, once put forward the view of "metal, wood, water, fire and earth"，Gold is the gold of culture，Need to dig deeper；Wood is the tree of creativity，Pursue change；Water is the water of art，To achieve perfection；Fire is the fire of capital，To pursue industry；The soil is the soil of the market，To take the initiative to extend。The uniqueness of Chinese culture and the poetry of China’s natural landscape and natural resources are the core advantages that attract the world，Let the world be interested in Chinese landscapes, history and culture，About to be found、Find the right way of expression，Tell Chinese cultural stories well，Only to attract the world’s attention。

With the arrival of the third era of consumption upgrade，More and more cultural and 188bet Live Casino companies are beginning to actively use Chinese cultural elements to enrich the 188bet Live Casino market and product content，The "Aesthetic Confidence of Chinese Cultural Symbols、Cultural confidence” is gradually improving。The author thinks，The self-confidence of Chinese culture is not a "golden finger" that can turn stones into gold，A timely fuel that can be used for heating without being directly mined，It is not a temporary content that can be converted into sales by simply labeling it，It is the force that is slowly honed。Songcheng once proposed the concept of building “Songcheng’s 188bet Live Casino confidence”，In the author’s opinion，The currently advocated interpretation of Chinese 188bet Live Casino performing arts in terms of content and form is too simplistic and profit-seeking。From a consumption perspective，Live performances or traveling entertainment dramas satisfy the millennial generation in terms of curiosity、Consumption Advice of Generation Z，But for the strata after consumption upgrade (high net worth middle class)，Among the components of leisure and vacation products，The demand for appreciation is more prominent。The existing performing arts in Songcheng seem too formal，It is difficult to achieve in-depth appeal。Also，The author thinks，Songcheng’s live entertainment projects largely exceed the overall scenic spot (theme park) itself，Songcheng’s revenue structure is still dominated by single performance tickets or tickets，There is an imbalance in the overall planning。Mr. Chen Xianghong, the helmsman of Wuzhen, said when talking about why Wuzhen did not do Impression Wuzhen, “The Impression series of performances is too powerful，It violates the planning concept of the overall coordinated development of multiple businesses in the scenic spot，So such a project will not be referenced to Wuzhen or copied to Wuzhen model。”For Songcheng, which also has many first-line scenic spot resources，The cultural item (core item) "Eternal Love" is too prominent，Ticket revenue for a single performance is too high，This weakens the simultaneous development of other parts of the concept of cultural 188bet Live Casino complex。

The author thinks，Currently，Songcheng’s “188bet Live Casino (entertainment)” model is far from the cultural confidence it wants to create。From a long-term development perspective，Urbanized performing arts layout is an effective way for Songcheng to build 188bet Live Casino confidence，And Songcheng wants to achieve 188bet Live Casino self-confidence，Should strengthen the layout in first-tier cities，Indoor scheduled performance，High-quality drama content to supplement consumers’ precise 188bet Live Casino life，In the creation of scheduled plays, strategic cooperation or investment and mergers and acquisitions with companies or individuals with strong 188bet Live Casino IP should be considered。

How to attack International 188bet Live Casino?

November 1, 2016，Culture “going global” became the topic of the 29th meeting of the Central Deep Reform Group，The meeting reviewed and approved the "Guiding Opinions on Further Strengthening and Improving the Work of Chinese Culture Going Out"，Emphasis on strengthening top-level design and overall coordination，Innovative content forms and institutional mechanisms，Expand channel platform，Innovative methods and means，Enhance affinity with Chinese culture、Infectiousness、Attraction、Competitiveness，Explain and promote more Chinese characteristics to the world、Embodiing the Chinese spirit、Excellent culture containing Chinese wisdom，Improving the country’s cultural soft power。The author thinks，China’s 188bet Live Casino performing arts go abroad，Need a play or personal IP that is more representative of Chinese culture，From the perspective of the internationally successful traveling show Cirque du Soleil，Extremely strict screening conditions make every Cirque du Soleil performer bring his or her own IP，There are different levels of fan economic groups。Comparing the lineup of Songcheng’s performing arts and the after-viewing effect，There is more room for imagination in the creation of personal IP and IP synergy。

Songcheng Australian project investment is nearly 1.6 billion yuan，Analysis from the business level，There is still uncertainty whether such a strategy can be successful。First，Travel is a relatively low-frequency product，Analysis from the audience perspective，Australia mainly has these potential consumer groups: Chinese、Australian native、Tourists from other countries、Chinese outbound tourists, etc.，How to attract the attention of these four types of people，This requires setting inclusive、Cultural scene with strong national character，Satisfy the different spiritual needs of all parties through "increasing impressions"，For example, "filial piety" and "family" are the running themes，Attract their identities into the same resonant scene。This is for Songcheng，The short-term difficulty is not small。In addition, from the perspective of Australia’s existing 188bet Live Casino market product composition，There is indeed a gap in performing arts products，However, there are also many uncertainties in consumer groups and spending power。Different from Songcheng’s domestic Eternal Love off-site project，This project in Australia seems to be difficult to achieve good returns in the short term，After all, the culture is different in a foreign country，Different market environments，Labor costs are also different，Construction of the project、Operation、Cultural promotion and other aspects need to be restarted，From the experience of two "from scratch" projects in Hangzhou Songcheng and Hangzhou Paradise，The Australian project may require several years of incubation period。

*Author of 188bet Live Casino article: Chen Ju (personal WeChat: cham_ch)，Zhi Hui Senior Reporter，Welcome to follow、Communication！