There is a new trend in theme parks.

Recently，Sony Pictures announced that the world's first theme water park "Columbia Movie Water World" will be located in Thailand。The park covers an area of ​​more than 50,000 square meters，Contains eight immersive movie theme areas，Aims to create a world-class Hollywood blockbuster movie-themed scenic spot。It plans to conduct a trial operation in 2022。

There is still no clear hope for the recovery of inbound tourism in Thailand amid the epidemic，What is Sony’s plan？

The water park is considered to be part of the construction of Thailand’s Eastern Economic Corridor，This economic corridor is a national strategy，In addition, Sony should implement an asset-light model for IP licensing，With the intention of making money，And Thailand’s inbound tourism will eventually resume。

Sony Pictures can cooperate with Disney、Universal Studios is in the same tier，Development of content IP、Similar money-making models such as licensing，It’s just that the latter two have obvious advantages in the theme park field，Sony is still at a disadvantage，This and their respective strengths、Business model etc. have a lot to do with it。Sony wants more catch-up action，Can it be done？

Regardless of mode severity，International content giants monetize IP、Content "war" and other aspects have become relatively more stalemate，It also brings more stirring effects to the market competition of theme parks。

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The water park "Columbia Movie Water World" is jointly developed by Sony and Thailand's Amazon Falls Company (resort developer)，An area of ​​14 acres (approximately 56656 square meters)，Selected in the seaside town of Bansaray, Pattaya, Thailand，Mainly including creating various water rides based on Sony's "Ghostbusters", "Hotel Transylvania", "Men in Black" and other world-famous movies，These movies are Sony’s losses in 20167.The main driver of global box office success after US$1.9 billion。

This park is expected to open in phases in October 2021，And trial operation in 2022，And plan to stay with Top Rank in the future、Technology、Retail and restaurant partners forge new relationships，Create more comprehensive entertainment destinations。

The park is considered to be part of the construction of Thailand’s Eastern Economic Corridor，There is actually an important background behind it。

Thailand’s Eastern Economic Corridor aims to build a regional platform for Thailand’s industrial upgrading，Building Thailand’s Eastern Coastal Special Economic Zone，To promote the adjustment of Thailand’s entire industrial structure，Promote social and economic development，Launched in 2017，is Thailand’s national strategy，Behind the scenes is a more macroscopic view of “Thailand 4.0”Strategic Policy，That is, through competitiveness、Inclusive and green growth development engine，Promote 188bet online sports betting Thailand’s originally labor-intensive and low-tech industries，Upgrading and transforming into high-tech and high value-added industries。

The Eastern Economic Corridor is also a famous tourist destination in Thailand，There is Pattaya、Xichang Island、International tourist attractions such as Koh Chang，Among them，Pattaya’s annual average number of tourists has reached 10 million。

The development of high-end tourism is one of the contents of the construction of Thailand’s Eastern Economic Corridor。

As planned，The goals to be achieved by the Eastern Economic Corridor by 2021 include an average annual GDP growth of 5% within 5 years (2017-2021)，The annual average number of new jobs is 100,000，The average number of tourists per year increased by 10 million。

The Thai government ensures the success of the Eastern Economic Corridor plan，Investment Promotion、Investment Promotion、Taxation、Provide convenience and preferential conditions for investors in many aspects including approval。

Then，What role does Sony play in Thailand’s Water World？

Upgrading of the tourism industry、Increase in tourist arrivals and income，Update of product supply system that cannot be separated from the destination、Make it thick，And drive the positive cycle of the system through new projects of larger scale and deeper level。There are currently few theme parks in Pattaya area，Including water parks of different sizes，Sony’s Water World Park can form a park matrix effect with these projects，The premise is that the differentiation is significant，Sony’s many movie IPs (such as Hotel Transylvania、Jedi Men, etc.，Better known as Spider-Man，However, due to the restrictions of the agreement, more specific authorizations cannot be made currently) This is its advantage，Accumulated a large fan audience around the world，This also lengthens the IP industry chain for it，Provides a foundation for seeking long-term benefits。

Under competition，Other side，New projects will also inevitably intensify competition between different parks。The IP implanted by Sony Pictures and the main ride facilities and other dynamic entertainment experiences，thrilling，More suitable for the needs of young people，It is also relatively consistent with Pattaya’s mainstream customer group (but the parent-child experience attribute is not strong enough，Relatively close to the park business model of Universal Studios，It is difficult to meet the needs of all age groups，There are hidden concerns about sustainable competitiveness)，This may bring new trigger points or undertakings to local tourism consumption，It will be a new link in the consumption chain of local tourists，But it is difficult to become a direct entrance to attract incremental customer groups，That is, it is actually unlikely to become a new tourist attraction in Pattaya。

Tourism in Pattaya and throughout Thailand，Inbound tourists are a big dependence，Estimated based on the current epidemic situation，Thailand launches various inbound tourism recovery policies，But the overall recovery of its inbound tourism market，From this year to next year，The probability is not high，There are certain problems with the passenger flow at the opening of Sony’s Water World。

But from two perspectives, Sony Pictures’ move is feasible.

First, it can be discovered by combining 188bet app download existing information，This water park is most likely still within the content IP authorization scope of Sony Pictures，The possibility of participating in investment by yourself is not high。IP licensing is basically a profitable business，Let’s not talk about the final operation of the project，Part of the money is basically received in advance，Of course we need to consider whether poor operation will damage the brand，But there will naturally be a preliminary risk assessment，Maybe this is another story；

Second, Thailand is one of the important destinations for cross-border tourism，Inbound tourism will eventually fully recover，When it’s safe to travel，It is not ruled out that there will be a better outbreak of inbound tourism in Thailand，Even if it falls back to pre-epidemic levels，Pattaya is also a place where large traffic gathers and consumes。Sony Pictures can look forward to it。

How profitable is content IP?

As one of the five major film companies in Hollywood，Sony Pictures’ status in the world is naturally not low，Accumulated a lot of well-known film and television content IP，Compared to the short-term box office revenue of the film's release，Carry out IP licensing and theme park project creation，In order to extend the value of IP，"Squeeze" more fully，And create a new IP system，Extend the life cycle of IP，Developed in new and old IP、Making high-yield value brings the possibility of recycling。

The theme park business formed by strong IP is indeed profitable.

2019，Disney’s revenue is $69.6 billion，37% of revenue comes from theme park business，Is Disney’s largest business segment。Exactly the same，The epidemic causes Disney parks around the world to close，This will lead to Disney’s overall poor performance in 2020。

Disney’s operating profit loss in 2020 was $7.4 billion，Theme park business accounts for 93%。Similar to Universal Studios owned by NBCUniversal。2019，Universal Studios revenue is $34 billion，Theme park business accounts for 17%，In 2020, the operating profit losses of the four Universal Studios theme parks accounted for 25% of the company's total。

To some extent，Sony Pictures’ strategy for entering theme parks is similar to Warner Bros.，The latter no longer has its own theme parks since the sale of Time Warner to Six Flags Entertainment in 1998。Afterwards，Warner Bros. licenses DC Comics and Bugs Bunny characters to Six Flags Entertainment，Then charge a certain fee every year based on the park’s income。Also，Warner Bros. also licenses theme park rights to the Harry Potter film series to Universal Studios。Australia’s Village Roadshow Group co-produces some films with Warner Bros.，So it also operates Warner Bros. Movie World theme park in Queensland, Australia。

Sony’s current layout of theme parks is mainly IP licensing cooperation，Such as Dubai Theme Park Resort and Dubai Movie Park、Hyde Park, Germany。IP licensing is basically a “make money” business，Although offline theme park projects have more room for revenue，But its investment creates funds、Operational requirements、Return period, etc.，This makes this offline business quite difficult，Although Disney、Universal Studios Jewelry First，But it also cost a lot of money and effort。

Of course Disney、Universal Studios in IP development、The development and growth of long chains such as theme park construction and operation and the 188bet app huge returns and future space it brings，Also gives Sony more ideas。

Sony Global Partner、Said Jeffrey Godsick, executive vice president of brand development and head of live entertainment，The above-mentioned Thailand water park project is part of the company’s long-term plan for the next ten years or so，The aim is to create theme park attractions like Disney and Universal Studios。

Godsick also said，Except for theme parks and a few other individual attractions，Sony is also trying to build indoor entertainment centers and themed tours based on existing TV and movie IP，This is a long-term plan from 10 to 20 years，In the future, Sony will realize the above projects through different live entertainment methods。

Except Thailand，Godsick revealed，Sony is also in discussions with other theme park companies around the world。Although his team currently focuses on theme tours and licensing cooperation，But we do not rule out the possibility of Sony cooperating with American or European partners to open a theme park。Currently，He said，What Sony has to do is，Focus on doing some basic work for theme park expansion and experience project creation，In the hope that after the epidemic is over，Tourism recovers quickly，Kickstart these projects。

Sony Pictures has also tasted more sweetness.

Reports for the first three quarters of fiscal year 2020 as of December 31, 2020，Sony Group (parent company of Sony Pictures) revenue is 6.78 trillion yen，Operating profit is 905.4 billion yen，YoY growth of 4% and 12%。Among them，Film and television business revenue 558.6 billion yen，Operating profit 78.7 billion yen，Although revenue fell by 18% year-on-year，But operating profit surged 75%，Mainly because film marketing costs have dropped significantly，Home entertainment and TV licensing revenue surges。

High probability，Sony Pictures adopts asset-heavy model to build offline IP theme park，Not very tempted yet，This also has pros and cons，The benefits are basically mentioned above，You can basically understand it by watching Disney。One of the disadvantages，Expansion of Sony Pictures’ IP business market，And there are restrictions on the substantial increase in income。

Taking the extension of the Chinese market as an example，Sony Pictures has actually considered developing amusement park projects in the Chinese market earlier (it should also be an asset-light model)，But it has not been implemented yet。

2018，The above-mentioned Jeffrey Godsick officially disclosed the project concept of Sony (Columbia Pictures) theme park in China，This is also Sony’s first major theme park worldwide。The theme park is finally located in Wuhan，Will introduce Sony Pictures IP and sound and light technology，There is also localized IP content，But there is no specific offline entity yet。

In terms of IP strength，Sony Pictures as a whole is not as good as Disney and Universal Studios，The IP type makes the offline scene experience relatively unimmersive，Not very attractive to family and parent-child customers。The two important areas of Shanghai and Beijing have been occupied，Plus I won’t re-vote，Its development in the Chinese market is more likely to be in major second-tier cities，But it’s hard to say how competitive it is，It also means that Sony Pictures will have more IP to implement into theme park projects，On the other hand, what is 188bet Online Sports Betting and Casino its disruptive effect on the international theme park market，It also depends on its business including investment strategies。

We call Legoland、The layout of Six Flags Entertainment’s two theme park brands in the Chinese market，As a side case analysis。

Legoland currently has 3 theme parks in China，An asset-light model located in Tianfu New District, Sichuan，Selected location in Jinshan District, Shanghai、Two asset-focused models in Fangshan District, Beijing，Legoland or Merlin Entertainments participates in project investment。What does this mean？

In projects implemented in first-tier cities，It is necessary for IP parties to participate in investment，Although investment risks increase，But you can also increase your participation and influence authority on the project，At the same time, you can obtain more shares of the market revenue from project operations。Achievements of first-tier city projects，Has a “proofing” effect，It greatly affects the project’s asset-light output in second- and third-tier cities。

From the perspective of specific region selection，Shanghai Disney in Pudong，is a strong area，Universal Studios Beijing in Tongzhou，It is also an area with strong potential。LEGO in Jinshan District, Shanghai、Fangshan District, Beijing，Only from the regional level，Not as good as Disney and Universal Studios。

Let’s talk about Six Flags Entertainment，It had previously been deeply tied to real estate developer Shanshui Wenyuan，On the one hand，The mutual needs of theme parks and cultural tourism real estate projects promote cooperation between the two parties；On the other hand，Bind a financial strength、Ability to obtain land、A real estate developer whose operational capabilities are not outstanding，Behind this theme park brand is not strong enough and the strong desire to expand in the Chinese market。

correspondingly，Sony Pictures’ IP will be launched as a physical park project in China，It is not expected to be easy，Optional area、Operation performance will be relatively limited，On the contrary, light asset output has more possibilities，More secure，It also means that major expansion is difficult to complete in a short time。

The “content war” between multiple giants

Whether it is asset-light or asset-heavy，No matter whether you are making money，Still focusing on theme parks to seek greater value gains，The content is the base、Basics。And if you change the perspective，Described by the funnel effect，Content is also the entrance to making money、Basic entity，Large volume of content has been screened，“Leaking” downward to form IP authorization、Derivatives Development、Theme park projects, etc.。

Quality content needs to be expanded in size，To expand the value effect，So new content is constantly developed、Content matrices are combined，Content dissemination channel platform must be continuously built，Strengthen the influence of content，Realization content，Streaming media has become a competitive high ground，Streaming media has actually become a content development platform、Communication and monetization platform。

So, there is a "war of content".

2019，Sony spends 1.USD 9.5 billion acquisition of US film and television company Silvergate Media，The latter has a small underwater column、Peter Rabbit and other IP film and television copyrights，188bet app download Through this acquisition, Sony intends to strengthen its influence in the field of children's entertainment。According to agreement，Sony Pictures Entertainment will 100% control Silvergate Topco Limited，Assets include 49% stake in the joint venture between Silvergate and Wanda Group。In addition，Sony Pictures Entertainment also acquires minority stake in Peter Rabbit TV series，The TV IP is still controlled by Slivergate CEO Waheed Alli。Pass this transaction，Sony Pictures Entertainment plans to expand its business in animated TV series，Also in line with Sony’s strategy of diversifying its film and television business。

Also in 2019，Disney acquires 21st Century Fox，Spent 71.3 billion US dollars，Considered as “high premium”。Disney acquires: Fox's film and television production divisions (including 20th Century Fox、Fox Searchlight、Fox 2000)、Entertainment content cable network and international television business；X-Men、Avatar、The Simpsons and other IP and FX cable network、National Geographic and other platforms；There is also Fox’s stake in Hulu, which is targeting Netflix、India Star TV、39% stake in European Sky TV, etc.。

There is content IP in the transaction、There are channels and platforms。Disney wants to increase its IP reserves，Also to enhance the capabilities of sports streaming media ESPN+ and film and television streaming media Disney+。

The impact of the epidemic has brought more expansion opportunities to streaming media，The current number of Disney+ users has exceeded 100 million。US streaming media giant Netflix’s fourth quarter 2020 financial report shows，The number of subscribers to its video streaming service exceeded 200 million for the first time。

December last year，Sony acquires American Telephone and Telegraph (AT) for $1.2 billion&T)’s anime streaming service platform Crunchyroll，This is an animation website with 3 million users，It not only provides a platform for the dissemination and monetization of its own animation content，It can be regarded as more involved with the four major streaming media giants Netflix、Amazon、Competition between Disney and WarnerMedia’s HBO Max。

In addition，Before the deal with Crunchyroll，Sony acquired up to 95% of the US animation distributor Funimation Productions in 2017；April last year，Sony invests US$400 million in Bilibili (referred to as "Bilibili")，Add both sides in animation、Cooperation in mobile games and other fields，Also helps Sony enter the Chinese market faster，Bring business increase。

There is no absolute opponent in terms of interests.

Recent information display，Netflix acquires exclusive U.S. rights to Sony’s new movie after its theatrical release，This means that in the future, movies such as "Game of the Brave" and "Spider-Man" will be available on the Netflix streaming platform。In addition，Sony Entertainment Division has not yet provided Netflix with the opportunity to purchase Sony’s non-theatrically released movies as soon as possible，And participated in the production of the film，This has resulted in a significant increase in original movies on the Netflix platform。The parties did not disclose the terms of the agreement，But according to previous reports by Bloomberg，Sony gets 2 per year.USD 500 million。

It is reported，The movies that Netflix has licensed from Sony include Sony’s top-grossing 188bet app download films at the global box office in previous years。In addition，Netflix will also launch the "Spider-Man" spin-off movie "Dr. Night: Morbius" and the adaptation of the best-selling book "Where the Crickets Sing" on the platform。

The agreement starts with Sony’s new releases in 2022，Sony’s previous pay TV licensing agreement has been signed with Lionsgate Entertainment’s streaming platform StarZ。Though these movies don’t guarantee Netflix will attract millions of new subscribers，But given that Netflix itself spends huge sums of money to create nearly 60 original movies every year，These movies from Sony can ensure that the time between the release of Netflix's own movies is guaranteed to be timely.。Before this，A considerable number of Netflix’s new movies come from Disney，But Disney withdrew its movie authorization from Netflix after launching Disney+。

High-quality content is valuable，The competition for high-quality content is rising rapidly and is difficult to stop。

(Part of the information in the article comes from Bloomberg、LicenseBiz、Sony Group official website, etc.)