Chapter 1932 Wendy’s Movie Dream

To be honest, from a purely onlooker's perspective, the future of Wanda Movies is not clear.

Looking at the film industry, the growth rate of screens will still be higher than the growth rate of moviegoers in the next two years. Against the background of fierce competition in the industry, the gross profit margin of Wanda Film's projection business is still under pressure, and the logic of increasing its leading market share will be difficult to realize in the short term.

Compared with mature theater chains such as Cinemark and AMC in the United States, there is limited room for improvement in theater advertising and merchandising business. If things go well, as long as they develop steadily, there is still a lot of possibility in the future.

But the market value of 100 billion that was advocated at that time was indeed overestimated. "The richest man Wang is feeding it with trillions of commercial real estate assets. The little unicorn of the theater chain will definitely be fat." "The richest man Wang buys excellent movies all over the world." With asset injection, theater lines with a market value of 100 billion are just the beginning." "The theater line is Wang Shoufu's only listed company in the mainland capital market. Maybe one day Wanda Commercial Real Estate will be injected into the theater line, with a market value of 1 trillion, it is not impossible."...

This series of advocacy was entirely based on the "Internet thinking" that was prevalent at that time. This was completely led astray by Jack Ma. In fact, not everything can be analyzed and viewed using "Internet thinking".

If we look at it from the perspective of the Internet, Wanda Film is essentially an offline traffic entrance. Advertising business is a typical means of monetizing traffic. Isn’t product sales just “e-commerce + self-pickup”? The screening business allows users to pay for “value-added services.” ".

The cost of online traffic is getting more and more expensive and difficult. In a broad sense, the 200 million people who flock to Wanda Cinema belong to the "middle class" and have great consumption potential. Use the "magic mirror" of Internet thinking. As soon as the photo was taken, Wanda Cinema immediately became "higher".

However, the biggest feature of the Internet business is that the marginal cost of services approaches zero. The cost of a portal website providing services to 10 million users or 10.01 million users is negligible. Unfortunately, the marginal cost of movie theater lines does not approach zero at all. The signs are unlikely to be close to zero.

Among the three businesses of Wanda Film, the gross profit margin of the screening business is only 14%, but it is the cornerstone. Unfortunately, the screening business depends on the weather, which is not only related to the level of economic prosperity and consumer confidence, but also the quality of the films. , whether there are many good films, whether popular stars have good films, these factors do not depend at all on the management and employees of Wanda Film.

Although the advertising and merchandise sales business has a gross profit margin of over 60%, it is impossible to grow apart from the projection business unit. After all, users are not there to watch ads or eat popcorn.

Therefore, Wanda Film does not have the "momentum" for rapid growth. If it expands its revenue through mergers and acquisitions, it will be saddled with a huge debt burden, which will have a negative impact on net profit.

This is why Wanda Film has gradually entered a downturn after experiencing the glory of the first few years. Retail investors are not stupid. At the beginning, there were investment institutions to support the market.

Coupled with the media's advocacy, retail investors invested money in it as soon as they got excited. However, over time, everyone found that Wanda Film's profits were not as high as imagined.

At this time, if one person's mentality changes, it will have an impact. In addition, investment institutions have made huge profits and exited, and retail investors simply do not have the ability to support the market. Therefore, although Wanda Film's revenue seems to be growing, But the market value has fallen again and again, and the current valuation of more than 30 billion is still not the lowest point.

After all, the film and television winter has not really arrived yet.

The International Chapter's proposal did not receive positive feedback from Yang Cheng, and she didn't know what to do for a while.

At this time, Wendy Deng walked up from a distance and put her arm around International Zhang's shoulders, "Why are you two here talking?"

Yang Cheng was ready to take the opportunity to escape, "Just chat~"

"Don't run away, wait for me and I'll tell you something~" Wendy Deng couldn't tell what Yang Cheng was thinking.

Yang Cheng smiled and said, "Okay~"

International Zhang said goodbye in a sensible manner, with regret written all over his face before leaving.

"Jason, Rupert and I have completely parted ways~"

Yang Cheng didn't understand what he meant and thought the old woman regretted it. "Don't you have children as a bond?"

"Child? Haha~"

This laughter was very meaningful. Yang Cheng frowned and said, "What are you going to say?"

"Did you know that I founded a film company with Sloan and International Chapter many years ago?" Wendy Deng asked.

"I know, but who is Sloane?"

"The wife of the CEO of MGM~"

"Oh, I know, that Malaysian Chinese."

"Yes, I have always had a movie dream in my heart. Rupert helped me complete half of it. I hope I can continue the other half now~"

Yang Cheng was speechless. After thinking for a long time, he simply said, "You don't have the ability to make movies. I advise you to be a rich wife~"

Wendy Deng was not dissatisfied at all with Yang Chengchiguoguo's negative outlook, "No, everyone has dreams. You know the status of Asians in the United States, or us Chinese, especially us women. I hope to do something What, to speak out for Chinese American women struggling in America.”

Yang Cheng still shook his head, "As I said, I'm not optimistic about your dreams, but there are dreams worth encouraging."

"Thank you. What do you think of the movie "Snowflake and the Secret Fan"?"

Yang Cheng touched his nose awkwardly, "Can I say I haven't seen it?"

"Of course. In fact, I invested my maximum ability in this movie and summed up the relevant experience after the failure. I think I can do better."

Yang Cheng became impatient, "Wendy, I'm not Rupert, I have no obligation to support your whims~"

"I would like to ask you to listen to what I have to say before making any conclusions~" Wendy Deng said solemnly.

Yang Cheng thought to himself that the conclusion was doomed. Why should I waste my time here? Wouldn't it be nice to go back and sleep with your wife in your arms?

But seeing the sincere look in her eyes, and the fact that this was their home court, Yang Cheng couldn't help but give up her face.

I could only hold my nose and say, "Okay, you say~"

"Should I do the talking?" Li Lianhua suddenly came over and interrupted.

Yang Cheng was stunned for a moment, looking at this woman who was over 40 years old and still maintained her former appearance.

"I'm sorry, I just happened to pass by and overheard your conversation. I was once one of the participants in Wendy's dream, so I think it's more appropriate for me to speak~"

Yang Cheng didn't care, and Wendy Deng was even more pleased. Li Lianhua said, "I still remember it was early 2010, the weather was very cold, and I was busy filming a commercial in Daiwan.

Suddenly I received a call, and an unfamiliar voice said urgently and a little domineeringly: I am Wendy Deng, I have a movie, can you make it? "

After saying this, the two women laughed at the same time. It was obvious that this past incident made them feel uncomfortable~

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