Apple’s acquisition of 188bet game is currently more of a rumor，Has more uncertainty，We do not judge the probability of success of this transaction，But what is certain is，188bet game as a global leader、A super entertainment empire covering all ages，Continue to enrich the character management system，Acquire brand assets for sustainable management，Thus owning the world’s top sustainable IP gold mine and extraordinary creative content resources，is the cornerstone of its unchanged investment value。

Event: Will Apple marry 188bet game?

Recent foreign investment bank analysis report stated，Apple will exceed 2,>253_word_end< billion acquisition of 188bet game，If the deal is completed，Apple will become a technology + pan-entertainment super giant，The market value is expected to reach an unprecedented level of more than 1 trillion US dollars。

Report analysis: Apple’s move is mainly to combine 188bet game huge IP、Content library + Apple’s extensive user resources，Place Disney TV、Movie copyright included in iTunes platform，Fight against streaming giant Netflix。At the same time，Apple can also integrate all technology products into 188bet game theme parks around the world。

Some time in the past，Apple is active in original content。On the 2016 Q4 financial report conference call，Apple CEO Tim Cook said Apple plans to create more original content or acquire a well-known content producer。According to Bloomberg，Apple is in talks with Hollywood studios，Hope to introduce new movie broadcast rights in advance，Two weeks after the movie is released in theaters，Users can pay to watch on Apple iTunes。Apple plans to launch two TV series in the spring of 2017。This series of signals undoubtedly makes people look forward to Apple’s acquisition of Disney。Also，Laurena Powell Jobs, the widow of Steve Jobs, is still 188bet game largest individual shareholder，The cooperation between Apple and Disney has always been favored by the outside world。

Analysis: 188bet game Super Entertainment Empire

The market 188bet game of large-scale enterprises has increased 7 times in 8 years. Why is the elephant dancing?

188bet game as the global media and entertainment leader，Market value up to nearly 2,00 billion US dollars (currently 1,79.8 billion US dollars)，The market value of such a large amount has increased about 7 times in the past 8 years，The reason why elephants can dance is，188bet game continues to strengthen IP as its core competitiveness，Seize scarce and high-quality IP through original creation and mergers and acquisitions，Adapt to people’s demand for IP and content consumption in the new era，Exploring the profits of each link in the industry chain around IP，Maximizing business value。

188bet game typically relies on IP and original content to start its business，Using capital means through large-scale mergers and acquisitions，And then developed into the world's leading media and entertainment empire，The development process can be roughly divided into content-driven、Channel driver、Three development stages of content promotion，There are two stages: channel driving and content promotion，Make 188bet game truly a global leader、A super entertainment empire covering all ages。

188bet game achieves its own leap-forward development through the rhythmic implementation of large-scale mergers and acquisitions strategies。Since the 1990s，188bet game maintains a large-scale merger and acquisition every 3 to 5 years，Achieve rapid expansion，And use the time between each merger and acquisition for internal digestion and integration，Reduce merger and acquisition risks，Create better synergy effects。

188bet game-driven stage:1923~1983，188bet game created Mickey Mouse、Donald Duck、Snow White and other classic anime images，And then build a theme park。

Channel driving stage:This stage is the Eisner era (1984~2004)，The landmark event was the acquisition of ABC and its affiliated television networks for US billion in 1996、ESPN sports channel, etc.。The past 20 years have been a period of rapid development for 188bet game，Revenue grew from .6 billion in 1984 to billion in 2004，Revenue grew from US0 million to US.5 billion during this period，The stock price also changed from 1. to 。

188bet game promotion stage:October 1, 2005，Robert A. Iger becomes the 8th president in Disney history，Created a “New Era of Egg”。From 2006，In the past six years, it has spent a total of US.7 billion to acquire Pixar three times、Marvel、Lucas Film，Significantly expand 188bet game character management system，Changed 188bet game traditional impression of children and women as the main animation characters，Extending the image of Disney characters to all ages，Making Disney brand value、The content and animation image are further enriched and improved，At the same time, superior content can in turn promote the further improvement of the value of the Disney platform。

188bet game IP image series

Source: 188bet game, Liuhe Consulting

We focus on analyzing the third stage of 188bet game development，That is, the content promotion stage。Since entering 2000，The classic IP and content advantages that Disney once created are gradually weakening，Traditional children of the past、Classic images of women do not adapt to the content consumption needs of people in the new era；Disney is developing new types of movies and covering all ages，Lack of strong and high-quality IP，Urgently in IP、Content image、A breakthrough in content types，Disney enters the “content promotion” stage。The dominance of traditional hand-drawn animation in the past animation field，Replaced by computer CG animation with more visual impact and expressiveness，Movies with a rich worldview and great imagination have become a more commercially valuable film type in the 21st century。

188bet game three major acquisitions in six years，2006、2009、Acquired Pixar respectively in 2012、Marvel、Lucas Film，Maintain the rhythm of conducting a large-scale merger and acquisition every three years，Reduce merger and acquisition risks at the same time，Owned the world's top IP and enriched the IP management system，Harvest the IP gold mine for sustainable development，Strengthening our leadership in creating extraordinary creative content for global audiences；In anime movies、Super Anime Hero Series、Leading advantage in science fiction movie genre，Achieving IP coverage for all age groups，More content types。

Acquisition of Pixar: US.4 billion all-stock acquisition in 2006，Master the right to speak in the computer CG animation 188bet game。Acquisition of Marvel: 2009 42.USD 400 million acquisition (cash、50/50 equity)，Has 5,The world’s largest comic company with more than 000 super anime heroes，Occupying the commanding heights among the most profitable superhero movies today，Accounting for almost half of the top ten box office movies in the world in recent years。Acquisition of Lucas Film: 40 on October 30, 2012.USD 500 million acquisition (cash、50/50 equity)，Star Wars, the world’s number one science fiction brand with a history of 35 years。

According to Box OfficeMojo data，As of April 18, 2017，In 2015, 188bet game launched "Star Wars Episode VII: The Force Awakens" to 9.0 million box office ranking No. 1 in North American movie box office rankings，And with 20.USD 700 million, ranking third in the global box office rankings；The global box office of "Rogue One: A Star Wars Story" released at the end of 2016 has exceeded 10%.USD 500 million，Temporarily ranked 20th；"Star Wars Episode VIII: The Last Jedi" will be released at the end of 2017。

"Star Wars Episode VII: The Force Awakens"

188bet game acquires richer IP and classic images through acquisitions。Pixar: Owns Toy Story、"The Incredibles"、"Wall-E"、"Up" etc.。Marvel: Own Spider-Man、Iron Man、Captain America、Thor and more than 5,000 super anime hero images。Lucas Film: Owns many classic characters from "Star Wars"。

188bet game has richer creative content and worldview: Marvel and "Star Wars" both have large and self-contained universe-level worldviews。Marvel’s world view is the huge Marvel universe: the concept of “Heroes Team” was also developed on this basis，Includes Iron Man、Captain America、"Avengers" by Thor and others。Star Wars is the continuation of the history of "Star Wars" in its own universe。

Disney relies on platform advantages + strong support from the development capabilities of the entire industry chain，Integrated IP + content creativity，After integrating with 188bet game overall platform，Can create greater business value。Disney has a global film distribution network，Has a global brand licensing system，Has a well-developed TV network and popular theme parks, etc.，Leverage 188bet game platform advantages，It can enable movies with IP to create better box office results around the world，And better enhance the global potential of movies，This will enable 188bet game full industry chain development capabilities to be fully utilized，Enable peripheral derivatives and theme parks and other related businesses to achieve greater commercial returns around the world。

Long-term investment logic in media and 188bet game: continue to enrich the character management system，Acquire brand assets for sustainable management

Long-term investment logic in media and entertainment。1、Excellent and classic 188bet game and IP are valuable，But only if it has sustainable development value。2、The most important operating asset of a 188bet game company is IP、Series of brand 188bet game，This is the core value，Manage carefully。3、A rich and imaginative worldview，A 188bet game-based company must attach great importance to it and continue to create。4、Good 188bet game ideas，Need to be combined with strong channels，Plus good full industry chain development capabilities，In order to better create business value。

Excellent and classic content and IP are valuable，But only if it has sustainable development value。1、188bet game itself has a wealth of excellent content and images，But the target group is relatively single，There is no big breakthrough in adapting to people’s content consumption needs in the new era。2、Pixar acquired by 188bet game、Marvel、Lucasfilm，Both have sustainable content development value and many high-quality images。

The most important business asset of a 188bet game-based company is image、Series of brand 188bet game，This is the core value，Manage carefully。1、Marvel has more than 5,000 super anime heroes，Includes Spider-Man、There are already many images such as Iron Man with extremely high commercial value，Occupies most of the market in many Hollywood super anime hero series movies，Become the creative source of many commercial blockbusters in Hollywood。2、Hasbro is one of the largest toy companies in the world，It has 1,More than 500 animation brands，There are currently about 150 activated and in use，Other more than 1,000 dormant animation brands as long as the time is right，You can activate it，These are huge gold mines to be developed。

A rich and imaginative worldview，188bet game-based companies must attach great importance to and create。Creating attractive 188bet game is not difficult，The difficulty is how to commercialize good 188bet game ideas、Industrialization，This needs to be based on a world view、Create for background situations，The 188bet game created in this way has more commercial value。Those with a world view have more commercial value，It is also more valuable for sustainable development，This is the view we have always adhered to。

Good content ideas，Need to be combined with channels，Need to have good development capabilities across the entire industry chain，In order to better create business value。We divide 188bet game development history into content drivers、Channel driver、3 stages of content promotion，The 20 years of 188bet game fastest development were when Disney was in the channel-driven stage，After Disney implemented the content + channel business model，More conducive to the integration of excellent content。

Attachment: 188bet game lays out the entire industry chain with IP as the core，Create a benchmark for the global pan-entertainment industry

188bet game around IP value，Take the film and television entertainment sector as the locomotive，Via Consumer Products、Theme Park、Media network performs multiple rounds on brand value、omnidirectional、Three-dimensional development，By animation companies that rely on relatively fluctuating box office revenue，Successfully transformed into a stable source of revenue、A media and entertainment giant that combines the advantages of the entire industry chain from content to channels to derivatives。

188bet game Industrial Ecological Layout

Source: 188bet game, Liuhe Consulting

Disney has a global film distribution network，Has a global brand licensing system，Has a developed TV network、Highly popular theme park、Interactive entertainment sector, etc.，Leverage 188bet game platform advantages，It can enable movies with IP to create better box office results around the world，And better enhance the global potential of movies，This will enable 188bet game full industry chain development capabilities to be fully utilized，make interactive entertainment sector、Peripheral derivatives and theme parks and other related businesses have achieved greater business returns in the global market。

188bet game lays out the entire industry chain with IP as the core

Source: 188bet game, Liuhe Consulting

188bet game pattern can be seen，Consumer Product Authorization、Theme Park、The revenue of derivative industries such as media networks is relatively stable、Higher profit margin，Is an important way for entertainment content-based enterprises to expand revenue and achieve industrialized operations。An enterprise with the ability to expand the industrial chain，Can pass multiple rounds of management and development of animation images，While expanding the influence of animation works, it also greatly improves the profitability of enterprises。

Multiple rounds of development of 188bet game IP value

Source: 188bet game, Liuhe Consulting
Note: 188bet game fiscal year ends on the Saturday closest to September 30th，Generally consists of 52 weeks，But every 6 years or so，There will be a 53-week fiscal year。Fiscal year 2016 begins on October 4, 2015，Ended on October 1, 2016。

188bet game operating profit in fiscal year 2016 was US.7 billion，ABC and other TV channels acquired in 1996 are still 188bet game main profit contributors，Media networks and theme parks contributed operating profits of US.8 billion and US.3 billion respectively，The two total US.1 billion，more than four times the operating profit of film and television entertainment of 2.7 billion，The net profit contributed by the media network accounts for nearly half of 188bet game total net profit。

Film and television entertainment sector: Although it does not rank first in 188bet game total revenue and profit contribution，But 188bet game core business、It’s a locomotive，Is the source of IP content and creativity，Provide potential energy for the realization of IP value in other business sectors。Media Network、Theme Park、Licensed consumer products are an important pillar of 188bet game profit business: derivatives and interactive media、Theme parks and media networks each accounted for 13% of 188bet game total revenue in fiscal 2016、21% and 49%，Among them, the operating profit margins of media networks, derivatives and interactive media are higher or even much higher than those of film and television production。

188bet game business revenue over the years (unit: 100 million U.S. dollars)

188bet game: company announcement, Liuhe Consulting

188bet game business revenue ratio in fiscal year 2016

188bet game: company announcement, Liuhe Consulting

*Source of 188bet game article: Liuhe Consulting, original title: "Disney (NYSE:DIS): Apple to over 2,>448_word_end< billion acquisition of Disney？In-depth analysis of 188bet game super entertainment empire》

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