The cultural media industry can be subdivided into sub-industries such as film and television and cinemas, games, Internet**, broadcasting, publishing and distribution. In the context of rapid social and economic development, the improvement of people's living standards, and the iterative upgrading of technology, the integration of traditional and new industries, and the continuous development of the cultural and entertainment industry continue to show a trend of diversification and differentiation. The cultural media industry has a long industrial chain and a clear value distribution, which is mainly divided into three links: product investment, production (development), distribution and terminal (channel).
Figure: Atlas of the cultural media industry.
Source**: Asset Information Network Qianji Investment Bank iFind
In the first half of 2023, there will be 720,000, the above-mentioned enterprises achieved an operating income of 5,935.7 billion yuan, and the "China Media Industry Development Report (2023)" shows that the total output value of the media industry in 2022 will be 29,082500 million yuan, down 2 percent year-on-year11%。
Figure: Dynamic deduction of cultural media.
Source**: Asset Information Network Qianji Investment Bank iFind
Figure: Subdivided media industry chain.
Source**: Asset Information Network Qianji Investment Bank.
The upstream of the cultural and entertainment industry chain is the incubation layer dominated by IP, artists and funds such as literature and animation, the midstream is the production and operation layer dominated by movies, TV dramas, variety shows, and **, and the downstream is the monetization and derivative layer of games, performances, derivatives and other channels. The cultural and entertainment industry usually adopts the "account-sharing" model to share the revenue realized by the terminal to the upstream according to a certain proportion, and the difference between the sharing ratio and the account period reflects the competitiveness and bargaining power of the participants in the corresponding link.
Film and television industry
01 Film industry.
As the most important link in the film industry chain, the producer essentially integrates and utilizes various resources in the upstream industry (human capital such as directors, artists, screenwriters, professional service providers and capital investment such as cameramen and artists) to produce finished products (films) and invest them in various downstream channels (box office channels of mainstream cinemas and other non-box office channels). At present, China's production institutions are divided into three categories, namely state-owned production units, large-scale comprehensive production companies, and small and medium-sized private production companies. State-owned production units: Most of the films produced are Red Revolution films, children's films, rural films and other films with specific themes, which are mainly of high publicity value and have limited commercial value. Large-scale comprehensive producers: Due to their early start in the process of China's film industrialization, they control most of the film production and distribution resources, and are able to produce high-quality large-scale films with high market value, and are also the main suppliers of mainstream commercial films. Small and medium-sized private production companies: there are a large number of them, and there are no obvious advantages in terms of capital, technology, talents, etc., generally with an annual output of only 1-2 small-scale films, and the investment and box office income of a single film are mostly maintained at the scale of several million yuan, but the operation mechanism is relatively flexible.
Figure Overview of the film industry chain.
Source**: Asset Information Network Qianji Investment Bank.
Figure Overview of the film industry chain 2
Source**: Asset Information Network Qianji Investment Bank.
From the perspective of the upstream and downstream of the film industry chain, it can be divided into IP, content production, channel distribution, and derivatives. As the most upstream form of expression, such as ** and comics, high-quality IP can bring natural fan traffic to later worksThe content production of a single project is risky, the 28 principle of profitability is obvious, and the head work is the winning point;The channel side is relatively stable in cash flow.
Figure The proportion of the upstream and downstream of the film industry chain.
Source**: Asset Information Network Qianji Investment Bank.
The development logic of the film industry is: the double promotion of "content + channel" has driven the sustained high growth of box office revenue. In terms of content, domestic and imported blockbusters (including 3D, IMAX, etc.) will stimulate further increase in movie-going demandIn terms of channels, the scale of infrastructure such as cinemas and screens continues to grow, especially in second- and third-tier cities, which have more potential for expansion, and the expansion of film screening channels will bring greater release of content value.
02 TV drama industry.
Upstream elements: The script is the core, and the bargaining power of excellent screenwriters in the industry will increase in the future. Different from movies, TV dramas have a long broadcast cycle and a wide audience, and excellent TV drama scripts are the prerequisite for producing high-quality TV series. Although the script creation of TV dramas in China has not yet been industrialized and large-scale, the bargaining power of screenwriters in the entire industry chain is weak, and the premium effect brought by excellent screenwriters to the entire TV series is far greater than that of other upstream factors such as actors. However, with the improvement of the specialization of China's TV drama production institutions and the audience's choice of high-quality TV dramas, the bargaining power of screenwriters is expected to continue to improve in the future.
Downstream channels: In the advertising-based profit model, popular TV series are king. The revenue of downstream broadcast channels** is dominated by advertising, and advertising revenue depends on the ratings of TV dramas (some advertisers will settle advertising fees with TV stations according to the ratings), which causes downstream broadcast agencies to compete to buy popular TV series. We see that in the entire TV drama industry chain, TV stations, as the largest broadcasters and traditional producers, have a special status. Therefore, to discuss the TV drama industry, we must first discuss the decisive factor in the trend of the TV drama industry - the relationship between production and broadcasting.
Figure TV drama industry chain.
Source**: Asset Information Network Qianji Investment Bank.
Figure: Past demander and current demander.
Source**: Asset Information Network Qianji Investment Bank.
Figure: New business models in the film and television industry.
Source**: Asset Information Network Qianji Investment Bank.
Figure: Short**The main participants and business processes of the platform.
Source**: Asset Information Network Qianji Investment Bank.
Gaming industry
"PC game" refers to games that rely on computer terminals, and "mobile games" refers to mobile games. PC games refer to dual-end games that originally relied on the PC and were later published on mobile devices such as mobile phones and tablets. According to the type of game, terminal games can be mainly divided into: racing, FPS, MMORPG, card games, etc. According to the data, from January to October 2023, among the domestic games that have obtained game version numbers in China, 571 have applied for the listing and release of mobile games, 134 have applied for the listing and release of mobile-casual puzzle games, 49 have applied for the listing and release of mobile and client games at the same time, and 22 have declared the listing and release of client games.
Figure The structure of the game industry chain.
Source**: Asset Information Network Qianji Investment Bank.
Diagram of the flow chart of the operation of the industry.
Source**: Asset Information Network Qianji Investment Bank.
At present, there are four main profit models for online games. 1) Paid games. 2) Value-added business charges. 3) Advertising charges. 4) Peripherals. Among them, the value-added business fee (props) model is the main model. In the mobile game industry chain, the overall share of domestic game turnover is generally channel (50%), distribution (25%), and R&D (25%), and the product launch and operation strategy is reflected in the marketing expense rate, which affects the overall net profit level.
Figure: The main profit models of the gaming industry.
Source**: Asset Information Network Qianji Investment Bank.
Animation industry
Before 2000, the IP value of China's animation industry was not tapped, and before 2000, China's animation industry had a single map, and more than 80% of the domestic cartoons produced by the United States Film Studios were single, and the first channel was single and concentrated, and the form of IP derivatives was single. After 2000, the formation of China's animation industry began to gradually enrich, with diversified and rich channels, and cross-media derivatives began to be explored.
Figure: Animation industry chain.
Source**: Asset Information Network Qianji Investment Bank.
Figure 1926-2000 upstream, midstream and downstream distribution of China's animation industry.
Source**: Asset Information Network Qianji Investment Bank.
Other important sub-sectors
Figure Publishing industry chain.
Source**: Asset Information Network Qianji Investment Bank.
Figure: Book e-commerce business model.
Source**: Asset Information Network Qianji Investment Bank.
The entertainment industry has the characteristics of capital-intensive, technology-intensive and talent-intensive, and the barriers to entry are high. In the early days, the scale of the entertainment industry achieved rapid growth, but with the increasing demand of consumers for high-quality content, the tightening of industry regulatory measures and the intensification of market competition, investors have returned to rationality and capital has entered the market cautiously.
Figure Taking Mango Supermedia as an example to analyze the main business structure.
Source**: Asset Information Network Qianji Investment Bank.
The development of the cultural media industry is inseparable from the support of technology.
The digital revolution refers to the invention of computers and the rapid popularization of communication equipment, etc., and new technologies have been born under the digital revolution, including digital processing technology with computer as the core, such as artificial intelligence, big data and cloud computing, as well as digital transmission and storage technology with communication equipment as the core, such as 5G, the Internet of Things, etc. Compared with the information revolution, digitalization has completely changed the content production, application and distribution mode of the media and Internet industry.
Figure: New technologies born from the digital revolution are revolutionizing the production, application and distribution of content in the media industry.
Source**: Asset Information Network Qianji Investment Bank.
01 AI technology has produced the ability to automatically write personalized content to assist news writing and automatically correct semantics, such as DreamWriter launched by Tencent Finance can quickly and automatically generate manuscripts according to algorithms, instantaneously output analysis and judgment, and deliver important information and interpretation to users, as well as machine-generated images and post-image processing;
02 In terms of interactive entertainment, virtual customer service and intelligent chatbots trained by AI technology are replacing traditional human customer service, such as Apple Siri, Microsoft Xiaoice and other voice intelligence systems, and the transformation of real character image to virtual 3D character image is also a breakthrough, such as 3D avatar and animation production company LoomAI has developed the technology to convert 2D static** into 3D mode, and through AI technology, the most prominent features of the human face are extracted, and the process of virtual avatar from 2D to 3D is completed. Artificial intelligence is reshaping the way content is produced, giving birth to new forms of content production, which will help content producers manage and organize content more effectively, and derive a complete industrial chain, and the application layer can customize and develop exclusive services according to the needs of different scenarios.
Figure: The in-depth application scenario of automated production in the media and entertainment industry.
Source**: Asset Information Network Qianji Investment Bank.
There are many regulatory departments in the cultural and entertainment industry, and the system is complete, which is jointly supervised by the Ministry of Industry and Information Technology, the Ministry of Culture, the State Administration of Press, Publication, Radio, Film and Television, the State Administration for Industry and Commerce, and industry associations.
Figure: Regulatory framework of the media and cultural industries.
Source**: Asset Information Network Qianji Investment Bank.
Figure: Regulators set up in the cultural media industry.
Source**: Asset Information Network Qianji Investment Bank.
Figure 2023 media-related policies.
Source**: Asset Information Network Qianji Investment Bank.
Figure: Comprehensive financial analysis.
Source**: Asset Information Network Qianji Investment Bank.
Chart Sector performance and valuation.
Source**: Asset Information Network Qianji Investment Bank iFind
Table Take Disney as an example to break down the company's costs and revenues.
Source**: Asset Information Network Qianji Investment Bank.
The valuation methods of the cultural media industry can choose the price-earnings ratio valuation method, PEG valuation method, price-to-book ratio valuation method, price-to-spot ratio, P S price-to-sales ratio valuation method, EV sales price-to-sales ratio valuation method, RN** revaluation net asset valuation method, EV EBITDA valuation method, DDM valuation method, DCF discounted cash flow valuation method, N** net asset value valuation method, etc.
According to the report's statistics, the global entertainment and ** industry market will grow at a CAGR of 4 in the next five years2%, due to the increase in uncertainties in the global political and economic situation, the pace of development of the media industry will slow down. China's stable political and economic situation has created a favorable environment for the development of the media industry, which is expected to grow at twice the global rate. In 2019, the total scale of China's media industry reached 22,625400 million yuan, the growth rate of the media industry from 16 in 20176% to 105%, but still maintained double-digit growth, and the overall pattern of the media industry has undergone in-depth structural adjustment and policy adjustment while maintaining stability.
The film and television industry has experienced a period of rapid growth from 2012 to 2015, and the adjustment and transition from 2016 to 2017 has returned to the new normal. The industry will enter the stage of continuous optimization of internal structural adjustment. The brutal rapid growth that relied solely on the box office and new cinema chains will be abandoned, while the industry will be more focused on the operation of a more standardized industrial chain, more diversified business realization models and channels, and the exploration of the updated industrial direction, and the new consumption upgrade will bring about industrial subversion and rebirth. From the perspective of the industrial background, consumption upgrading is in full swing, and the consumption upgrade at the top spiritual level, such as the media industry, is still in the embryonic stage, benchmarking the development path of overseas developed countries, we expect that the growth point of China's film and television industry in the future, which has entered a relatively mature period, will come from three directions: paid**, IP derivatives and the integration and upgrading of leading cinemas after mergers and acquisitions.
Figure 2015-2023 national total box office and year-on-year growth.
Source**: Asset Information Network Qianji Investment Bank iFind
Figure 2012 2022 National moviegoers (100 million people) and growth rate (%)
Source**: Asset Information Network Qianji Investment Bank iFind
Figure TV series revenue analysis framework.
Source**: Asset Information Network Qianji Investment Bank.
Figure: TV dramas require the bargaining power of all parties.
Source**: Asset Information Network Qianji Investment Bank.
Figure 2018-2025 market size of China's influencer new economy-related industries.
Source**: Asset Information Network, Qianji Investment Bank, iResearch Research Institute.
Figure: Overview of China's new economy industry chain.
Source**: Asset Information Network, Qianji Investment Bank, iResearch Research Institute.
Film and television industry
01 Strong support from national policies.
In recent years, the state has successively introduced a number of policies to support the development of the film and television industry, especially the release of the "Cultural and Creative Industry Revitalization Plan" in 2009, which supports the film industry from the aspects of policy guarantee, investment, tax incentives, financial support, and talent training, and promotes the film industry to the height of China's strategic industry.
02 The capital market is involved in the production and issuance process.
With the further opening up of China's film market, especially the entry of social, individual and foreign capital into the field of film production, distribution and screening, the attention of the capital market to the film industry has been further enhanced. On the one hand, banks and other financial institutions have gradually begun to provide financial support for film enterprises;On the other hand, VC, PE and other institutions began to pay attention to the development of Chinese films, and began to inject capital at the level of film projects and film production.
03 Technological upgrading promotes the development of the industry.
The Outline for the Development of Digital Film has established the strategic position of digital film in the film industry, and digitalization will bring new market opportunities and development space to the entire film industry in China.
04 The development of Xin** injects new vitality.
The advent of the new era has changed the traditional ecological pattern, and major changes have taken place in the carrier, content, marketing, and audience of the film, TV series, and TV program industries.
Gaming industry
01 Starting from the CPU, screen, battery and memory, the performance of mobile phones is gradually enhanced, and at the same time, the development of 5G technology has made the concept of cloud gaming possible, and the boundary between mobile games and terminal games may be broken.
02 By collecting player reviews of the top "end-to-end" games, we can get the main opinions and suggestions held by players on the game, among which the vast majority of players think that the mobile game experience is poor, and the phenomenon of krypton and bugs is more serious.
Figure: The overall market size and profit growth rate of the game industry (%)
Source**: Asset Information Network Qianji Investment Bank.
In terms of game types, according to the Game Working Committee of the China Copyright Association, as of June 2020, the revenue scale of mobile games has reached 1,0467.3 billion yuan, a year-on-year increase of 358%, accounting for more than 75% of all game revenue, an increase of 74 percentage points. At the same time, the diversity of mobile game subdivisions is obvious, and each subdivision of games has representative products with outstanding market performance, such as MOBA Honor of Kings, Shooting Elite of Peace, SLG of Three Kingdoms and RPG Fantasy Journey to the West, etc.
Figure Comparison of market share of different types of games as of December 2021.
Source**: Asset Information Network Qianji Investment Bank.
Figure 2020-2025 domestic cloud gaming market size and**.
Source**: Asset Information Network, Qianji Investment Bank, iResearch Research Institute.
Anime
The dissemination of Chinese cartoons started from the medium of television, and reached users with its national coverage. With the development of China's mobile Internet, the reach effect of ** has gradually improved. Through its own comprehensive advantages, the layout of the animation industry, among which the content "self-made", "copyright content layout", "whole industry chain development", and "international cooperation to promote content to go overseas" are important strategies for the platform to enhance its competitiveness and enter the market. **The continuous development of the platform is also helping to improve the influence of Chinese animation. On the user side, animation has gradually shifted from infantile to all-age coverageThe quality of content is constantly improving, and the inflow of capital is also accelerating the development of the industry.
Figure: Popular IPs in China
Source**: Asset Information Network Qianji Investment Bank.
Figure: The strategic layout of China's mainstream *** animation.
Source**: Asset Information Network Qianji Investment Bank.
Figure 2014-2022 China's pan-ACG user scale and year-on-year growth rate.
Source**: Asset Information Network Qianji Investment Bank.
The development logic of the animation industry is that the value of animation images can be continuously released, and it will achieve integrated development with industries such as clothing, luggage, food, daily necessities, tourism, sports, and construction. The mature animation market in foreign countries has connected the content side, the distribution end and the sales of derivatives into a virtuous cycle industrial chain, creating huge commercial value, while China's animation industry has always been in a state of "broken chain", with scattered operations and low concentration of each chain, making it difficult to form a good benefit-sharing mechanism. Therefore, Chinese animation companies need to take the road of the whole industry chain.
Figure Drivers.
Source**: Asset Information Network Qianji Investment Bank.
Figure Internet Platform Driver.
Source**: Asset Information Network Qianji Investment Bank.
Culture & Media Industry**
01 Policy-driven;With the attention of the first department to the entertainment industry, the corresponding policies and measures have been implemented, which has promoted the rapid development of the entertainment industry, and new formats and new models have emerged.
02 Cultural needs;The cultural industry has become an important pillar of China's digital economy and an important support for the development of the new economy, playing an important role in promoting the high-quality development of China's economy and conducive to the vigorous development of the cultural and entertainment industry.
03 Technology;The development of 5G, artificial intelligence, big data, VR, and blockchain technology has produced profound changes to the Internet communication pattern, and has brought a full range of technological innovation and system reconstruction to the entertainment industry.
04 Policy Risks;The supervision of the competent authorities has become an external risk for the development of the entertainment industry. In 2019, the supervision of the entertainment industry by the competent authorities involved many fields such as film and television, animation, and literature. In addition, in response to violations, from the platform to the content, the regulatory review has become more and more stringent, and interviews, reviews, bans, and account bans have become the norm.
Cultural media enterprises have experienced a long period of mergers and acquisitions, and leading enterprises in the industry often integrate upstream and downstream mergers and acquisitions while consolidating their main business, so as to enhance their own voice in the industrial chain and their bargaining power over the final channel, and ultimately improve their profitability and anti-risk ability.
Film and television industry
Figure Top 10 cinema chains in 2022.
Source**: Asset Information Network Qianji Investment Bank.
Figure: Analysis of Porter's Five Forces in the TV Drama Industry.
Source**: Asset Information Network Qianji Investment Bank.
Gaming industry
At present, the experience and capabilities of domestic game manufacturers in product refinement and overseas channel development are improving year by year. With the expansion of cultural integration, the overseas market is becoming more and more receptive to mobile games developed by Chinese manufacturers. Therefore, we believe that the market space for games to go overseas is still large, and the proportion of overseas revenue of game CP in total revenue is expected to further expand.
Figure: Overview of the game industry chain.
Source**: Asset Information Network Qianji Investment Bank.
Figure 2023 China's self-developed mobile game revenue in overseas countries.
Source**: Asset Information Network Qianji Investment Bank.
According to the number of "end-to-end" games, profitability and user activity, the industry can be divided into first and first.
Second, the third echelon, Tencent and NetEase Games are the first echelon, and the number of "end-to-end" games accounts for 30%.
Figure Figure: The proportion of the number of "end-to-end" games, the number of "end-to-end" games and their characteristics of each echelon company in China's PC mobile game industry.
Source**: Asset Information Network Qianji Investment Bank.
Animation industry
Figure: Regional share of China's licensed goods and services market Unit: million US dollars, percentage).
Source**: Asset Information Network Qianji Investment Bank.
Figure 2015-2024 China's IP licensing market size and year-on-year growth rate.
Source**: Asset Information Network Qianji Investment Bank.
The concentrated development of Chinese animated films is expected to lead the industry as a whole into a new stage of development. In contrast, the ability of American animated films to achieve excellent box office results around the world is also one of its core competitiveness, and the superb animation content of Japanese Ghibli is also one of its core competitiveness. Compared with Disney in the United States and Ghibli animation works in Japan, companies such as the Color Bar House represented by the "Little Lotus Talent Showing Sharp Corners" in Chinese animated films still have room to catch up.
Figure Comparison of China, the United States and Japan's top animated films.
Source**: Asset Information Network Qianji Investment Bank.
Figure SCP analysis of the domestic ** industry.
Source**: Asset Information Network Qianji Investment Bank.
China's media enterprises are well-known film and television and cinema chains such as China Film and Huayi Brothers, TV and Hunan Satellite TV, etc., Xinhuanet and People's Daily Online, games, Perfect World and Giant Network, etc., Douyin and iQiyi, etc., People's Radio and Himalaya, etc., China Publishing Group and China Education Publishing and Media Group.
Table List of the 14th "Top 30 National Cultural Enterprises" (in no particular order).
Figure: A-share and Hong Kong-listed companies.
Source**: Asset Information Network Qianji Investment Bank.
01 China Publishing Group is China's largest mass publishing and professional publishing group, with the production and sales of publications as its main business, and is a large-scale professional publishing and media group integrating paper publishing, digital publishing, copyright, publication import and export, printing and reproduction, art management, translation services, information services, scientific and technological development, and financial investment. There are 38 well-known publishing institutions, including Life, Reading, and New Knowledge, including Chinese Translation Publishing House, Oriental Publishing Center, Xinhua Bookstore Head Office, China Books Import and Export (Group) Corporation, and Modern Education Press
02 China International Television Corporation is a large state-owned company fully invested by **Radio and Television General Station, is the global marketing of program copyright of **Radio and Television General Station**, is the only foreign copyright ** business of China's TV program export consortium, and is the only company in Chinese mainland approved by the competent authority to engage in overseas satellite program ** business, China International Television Corporation has formed a diversified industrial management system with the media industry as the core, forming a relatively complete industrial chain.
The culture and media industry is one of the most influential fields in the world, covering multiple market segments such as entertainment, news, and publishing. On this broad stage, some companies stand out because of their innovation ability, brand value and market influence, and become the leaders of the industry.
Figure: Brand Finance's global ** corporate brand value ranking.
01 Disney (Walt Disney) [Dis.]n]: The Walt Disney Company is one of the largest entertainment companies in the world. The business is divided into four segments: Internet, Theme Park Resorts, Film and Television Entertainment, and Consumer Goods. Disney-branded products include entertainment production, theme parks, toys, and more. Pixar Animation Studio, Marvel Entertainment Inc., Touchstone Pictures, Miramax Films, Buena Vista Home Entertainment, Hollywood Studios Pictures), ESPN Sports, and ABC are all companies (brands) under its umbrella.
02 Comcast [CMCSA.]O]: Comcast Corporation is a global ** technology company, is a cable TV, broadband network and IP ** service provider ** and content **, formed by the merger of AT&T Broadband and Comcast Inc., is the largest cable TV company in the United States, and the second largest Internet service provider in the United States. The main businesses are: Comcast Cable TV and NBC Universal.
03 Thomson Reuters [tri.]N] is a world-class corporate and professional intelligence information provider, formerly known as Thomson Corp Can, which was formed on April 18, 2008 by the merger of Thomson Group, a Canadian giant, and Reuters, a British news and financial information provider. The company leverages a combination of industry expertise and innovative technology, backed by the world's most trusted news organizations, to deliver critical information to leading decision-makers in finance, legal, tax and accounting, technology, healthcare and markets. As a global leader in professional information services, Thomson Group's comprehensive database has unrivalled breadth and depth of information to tailor information solutions to meet customers' specific needs, design workflow applications, and provide powerful technologies and services that not only help customers understand more information, but also improve their innovation and productivity. On July 27, 2018, the F&R division became independent and changed its name to Refinitiv.
04 Netflix [nflx.]O], is a membership-based streaming platform, Netflix has been rated as the most satisfied customer for five consecutive times. You can watch movies and TV shows on PC, TV, iPad, iPhone, and connect to your TV via Wii, Xbox360, PS3, and other devices.
China's cultural media industry has undergone tremendous changes in the past few decades, and its future development is still full of potential and challenges. With the deepening of digital transformation, the boundaries of the media industry are being redefined. The convergence of technologies such as the Internet, big data, cloud computing, and artificial intelligence has revolutionized the creation, distribution, and consumption of content. In terms of content production, personalization and diversification have become the mainstream, and consumers' demand for content is more refined, they not only pay attention to the quality of content, but also have higher requirements for the originality, interactivity and entertainment of content.
In terms of distribution channels, the rise of streaming services, short and social platforms has broken the traditional broadcasting and publishing model, realized the needs of users to obtain information anytime and anywhere, and also made content distribution more personalized and community-based. In addition, the promotion of 5G technology will make the transmission of high-definition** content faster, and the application of augmented reality (AR) and virtual reality (VR) technology will further change the way users entertain and Xi.
Qianji Investment Bank believes that in the face of fierce market competition, the innovation of content and channels has become the key to the survival and development of enterprises. At the same time, with the enhancement of copyright protection awareness and the improvement of relevant laws and regulations, the copyright value of high-quality content has been better reflected. In the future, we can foresee that with the continuous progress of science and technology and the continuous evolution of user needs, China's cultural media industry will continue to maintain its vitality and promote global cultural exchanges and development.
Author: Qianji Investment Bank.
Cover: Generated by AI