“188bet sports betting app download failure，The potential energy that is not 188bet sports betting app download in nature has decayed，But creations that deviate from the value of 188bet sports betting app download have failed”，Penguin Film and Television Han Zhijie said。

In 2014, “pan-entertainment” became the key word in the cultural and entertainment industry，After Tencent proposed a pan-entertainment strategy，Internet giants are full of ambition and begin to deploy the entertainment industry。But as the pieces fall，The chess game is not completed、188bet sports betting app download has declined。

Backed by the big tree of Tencent，Han Zhijie can still put aside the funds that have been poured into him over the years，Have the strength to analyze the reality of 188bet sports betting app download failure，And Chen Yuan and his wife hold about 27 188bet sports betting app download adaptation rights that they originally saved 45 million yuan，I’m afraid it will hurt my heart。There are still 21 IPs in Happy Century that have not yet been developed，Some of them have expired。

"See him building a tall building，Seeing him entertaining guests，Seeing his building collapse，"A practitioner described it this way。Influx of hot money in 2016, the first year of 188bet sports betting app download，He is similar to a group of newly graduated producers，Take advantage of the industry’s east wind，Talk about the project that you just received financing，But now I have been working at home for several months。Another person who knows him，It is said that it has moved into the car rental industry。

4 years，The giants are slowing down、Investment returns to rationality，Practitioners are anxious and uneasy、Fleeing in all directions，The trend of 188bet sports betting app download economy is dying，I’m afraid this cannot be explained by a simple 188bet sports betting app download failure。

Sold out, devalued, evaporated... 188bet sports betting app download economy "escapes"

Aofei Entertainment entered the pan-entertainment strategy with 188bet sports betting app download as the core earlier than Tencent，But now I have to dismantle the system myself。

End of 2018，Media reports，Aofei is looking to sell some of its assets with demonic qualities，There is also news that the entire platform business may be packaged and sold，The price is likely to be lower than Aofei’s previous acquisition amount。Three years ago，Aofei breaks the highest acquisition price 188bet sports betting app download domestic animation industry 9.04 billion，Put the evil spirit in your pocket，And this is just a small step in its two years of crazy mergers and acquisitions。The number of Aofei’s subsidiaries included 188bet sports betting app download consolidation scope reached 67 in 2016，The amount of foreign investment that year even exceeded its total revenue for the whole year。

However, the "shelf" was barely put up，But there are not enough funds to support the operation of these businesses，There is a demonic spirit from the vanguard to leaving the first echelon，It was after being acquired by Aofei。Now Aofei is powerless，Only 188bet sports betting app download assets can be sold。

"Beijing Business Daily" wrote in a report in 2011: The film and television copyright fees for online novels can be purchased for tens of thousands of yuan，The investment in the script of an online novel does not exceed 150,000 yuan。Before Hou Xiaoqiang left Shanda Literature, which he had been in charge of for five years in 2013，He once went to sell the copyright to Xinli Media Cao Huayi，But was dissuaded: "You are all weird and chaotic，Cannot be adapted into a TV series"，Later, even a classic 188bet sports betting app download like "Ghost Blowing the Lamp" only sold for 3 million yuan。

The turning point occurred in 2014，The copyright price of top works that year began to exceed one million yuan，Until 2015，The copyright fees for a large number of online literary works are priced at more than 2 million yuan。Ma Zhongjun, chairman of Ciwen Media, said in 2016，“10 years ago，Three to four hundred thousand yuan is considered expensive，The current 188bet sports betting app download price of similar grade is as low as 50 to 60 million yuan”。But even so，Attendants are flocking to the venue。

The market has gone from being dismissive to being crazy about 188bet sports betting app download copyrights，It took almost three or four years to "loot everything"，Once depreciation and resale begins，The collapse of value may only be a momentary thing。

It is reported，Ciwen Media, a major 188bet sports betting app download drama company、LeTV Pictures、Well-known film and television companies such as Oriental Pearl's Shangshi Pictures，There is more or less a backlog of IPs。Encountering 2018, the "bad year" of the film and television industry，No money to invest、No one made it、Common phenomena such as difficulty in broadcasting，Is gradually turning unconverted 188bet sports betting app download into non-performing assets of film and television companies。

At the same time，The decline of this wave of 188bet sports betting app download economy is showing an expanding trend along the 188bet sports betting app download operation industry chain。

On the two core paths of 188bet sports betting app download monetization，Almost all leading players cannot escape the evaporation of market value、The fate of excessive "blood loss"。Tang De Film and Television was stillborn due to a production of "The Legend of Ba Qing"，The company is short of funds throughout the year，And affect the investment progress of other film and television drama projects；Hua Lu Baina、Cultural Investment Holdings、Huayi Brothers、Great Wall Film and Television and other enterprises，Equity pledge、Messages of liquidation are coming one after another。As for the game，In a state where the entire industry is almost collapsing due to policy regulation，The value of 188bet sports betting app download may simply be reset to zero。

From this，188bet sports betting app download end, practitioners began to flee on a large scale。A screenwriter with more than ten years of experience said，"Current situation，The situation is similar to when I just graduated from college in 2000。Explosive growth 188bet sports betting app download past three or four years，After this cold winter，Returned to the previous normal state”。When hot money poured in before，A large number of screenwriting studios came into being，When busy，"One person takes 8 plays，Layered subcontracting”，And in 2018，Project stranded、Follow-up rewards have been missing，The studio can only lay off employees、Disbanded。

Collective failure, de-188bet sports betting app download trend

Two years ago，Let’s talk about the film and television entertainment industry without 188bet sports betting app download，Two years later，Very few people in the industry are willing to actively use the term 188bet sports betting app download。When practitioners began to miss the coal boss，Confidence in the 188bet sports betting app download economy collapses from the inside out。

“When opportunistic bad movies are gradually losing their place to survive，The risks of operating a film and television project also increase，So，Investors will also become more cautious when investing in a film and television work”，Ma Zhongjun classified 188bet sports betting app download as a film and television winter some time ago。

188bet sports betting app download trend is forming，Ma Zhongjun is the "key man" among them，The other one is Chen Yuan。The former exclusively invests in the TV series "A Thousand Bones of Flowers"，This drama alone brought the company more than 400 million yuan in profits，The latter operates "Gu Jian Qi Tan"，In one fell swoop, he harvested many front-line “traffic niches”。Ma Zhongjun and Chen Yuan created two peaks in traffic and revenue in the 188bet sports betting app download transformation economy，This also inspired the industry’s blind belief in 188bet sports betting app download effects。

Investor at the time、Producers, directors and other participants generally believe that，“As long as this drama is adapted from a big 188bet sports betting app download，That’s half the battle”。

But soon they spent hundreds of millions in investment，Proved a simple fact: 188bet sports betting app download is just an amplifier from beginning to end，Amplify both the good and the bad。2016、Between 2017，"Ode to Joy"、"A slight smile is charming"、"Three Lives, Three Worlds, Ten Miles of Peach Blossom" and other few hits，Cleverly conceals the reality of the 188bet sports betting app download economic downturn，Last year, 188bet sports betting app download failed on a large scale，Belated reflection may not be able to save the loss of "faith"。

The most embarrassing thing is some top IPs.

Two works adapted 188bet sports betting app download the 2018 Tiancan Tudou novel of the same name: "Martial Arts" and "Fights Break the Sky"，The former was broadcast on Dragon TV the next day，Rating dropped to 0.285%，Total clicks on the latter’s online video platform: 16.800 million，Hunan Satellite TV premieres only 0.67%。The data of the video platform is not much better，The online video platform "Sand Sea" exclusively broadcast by Tencent Video has a total click count of 5 billion，"Tianxia Eagle Hunt" by Tian Xia Ba Sing is exclusively broadcast on Youku，The total number of clicks on the online video platform is 1.3 billion。

On the contrary，"Story of Yanxi Palace" starring a non-famous actor and a non-best-selling book "Sweet Honey as Ashes as Frost" successfully "slap you 188bet sports betting app download face"。

In comparison，The weakening of the 188bet sports betting app download effect in the game field is more intuitive。Over a year from January 2017 to May 2018，A two-dimensional mobile game that has entered the top ten revenue-generating iOS games in China，But "Onmyoji"、《Naruto》、《FGO》、Four types of "Love and Producer"。Among them, only "Naruto" is considered an anime 188bet sports betting app download in the strict sense，The original FATE series of "FGO" is a well-known game 188bet sports betting app download。

The decline of this 188bet sports betting app download economy，No longer is a single link misplaced or missing，But the trust and value system began to waver，No matter subjective or objective，It is difficult to provide the best environment for effective 188bet sports betting app download development。What’s more，The entire industry is now reflecting on 188bet sports betting app download，Not so much "returning content"，It is better to say that it is avoiding talking about 188bet sports betting app download or promoting and trampling it。

When you are a giant, don’t talk about pan-188bet sports betting app download

April 2018，Cheng Wushuo was the first to propose the concept of "pan-entertainment" within Tencent，The concept of pan-entertainment has completed its historical mission at 188bet sports betting app download stage，The new direction of Tencent Interactive Entertainment is "new cultural creation"。

Since 2014，Pan-entertainment thinking has become the core of Internet giants’ collaborative development of entertainment formats，188bet sports betting app download is regarded as a series of main lines，Can build a content empire。Simply put，Theoretical level of pan-entertainment tendency，And 188bet sports betting app download is execution，There is a symbiotic commercial relationship between the two。However, when Tencent is the biggest promoter of “pan-entertainment” and “188bet sports betting app download economy”，Adjusted slogan and direction，The signal that 188bet sports betting app download is weakened has begun to become apparent。

First intuitively expressed in China Literature，As the primary position for 188bet sports betting app download source and development，In 2018, the company fell 66% from the high point.6%，It had fallen to around HK by the end of the year。Share price fluctuations can still be attributed to market conditions，But in the acquisition of Xinli Media，The capital market’s reaction to China Literature Group’s 188bet sports betting app download industry chain extension，All indicate a bearish sentiment。

Tencent’s investment layout also underwent major changes in 2018。According to data from CVSource，Tencent made a total of 118 foreign investments in 2017，There are 9 investments 188bet sports betting app download gaming industry，7% of total investment，A total of 32 cultural and entertainment industries related to games，Accounting for 27% of all investments。Rough estimate，Tencent’s investment in pan-entertainment related industries reached 34%。As shown 188bet sports betting app download picture，This corresponds to a peak reached in 2017。

But after the first quarter of 2018，As the enthusiasm for venture capital 188bet sports betting app download entertainment industry drops sharply，Tencent in entertainment、Sports、Investment 188bet sports betting app download gaming field has also been reduced。We see，Huya、Meituan、Pinduoduo、Tencent Music and other companies went public，Let Tencent enter the harvest period again，But most of these companies have already entered before，The biggest move last year was Xinli Media，Xinli Media, on the other hand, is like “when the house leaks, it rains all night long”。

Tencent will tighten its investment in pan-entertainment in the future，Maybe it’s expected。On the one hand，After structure adjustment，Tencent shifts its focus to the industrial Internet，On the other hand，Game business has been restricted for a long time，It means that the monetization speed of 188bet sports betting app download business will not be as fast as before，Same，The reverse output of the game 188bet sports betting app download is also unsatisfactory。

In addition to Tencent, the direction of Alibaba 188bet sports betting app download is also worthy of attention.

After three coaching changes in two years，Ali seems to have not given up on his original determination。Message on January 2nd，Alibaba announced，Alibaba Sports will further fully integrate and open up related sections of Alibaba 188bet sports betting app download，Earlier, he also increased his stake in Alibaba Pictures。

But in 188bet sports betting app download economy，Alibaba’s actions lack the reference value of market trends。Because starting from 2016，Alibaba Entertainment is basically following the “infrastructure” direction proposed by Yu Yongfu，So for a long time, the focus of big entertainment has shifted from content to channels，This has led to Alibaba’s lack of core 188bet sports betting app download to a certain extent，There is no gene for 188bet sports betting app download operation。

From this，We might as well focus on industry giants in a single field that are planning pan-entertainment，For example, Aofei Entertainment、Sanqi Interactive Entertainment、Perfect World and the film and television company that harvested 188bet sports betting app download dividends。Although they continue to insist on opening up from 188bet sports betting app download to production and R&D，Then to the chain of promotion and operation，However, changes in the market environment and performance tests have hindered the pace of progress，making them have to be cautious。

Take Cultural 188bet sports betting app download Holdings as an example，It plans to acquire Hairun Film and Television in 2017、Yuekai Film and Television and Hongyu Tianrun three companies，But the restructuring has been delayed again and again。Until June last year，Cultural 188bet sports betting app download Holdings said it would terminate its 1.5 billion yuan acquisition of Yuekai Film and Television，The year-long plan finally came to nothing。

The capital game between Internet giants and industry players，Promote the 188bet sports betting app download economy to the forefront，And now they are having a hard time too。

According to historical experience，The cultural and entertainment industry has “anti-economic cycle attributes”，But there is no scene corresponding to the law in China，188bet sports betting app download effect fails at this time，It is tantamount to pushing oneself to death。

*Source of 188bet sports betting app download article: Sina column, author: Waidaodao, original title: "The history of the demise of the 188bet sports betting app download economy》.