Two years ago, Zhao Jun, general manager of AOL Power participated in the signal production and copyright bidding competition. She pocketed three envelopes and wrote 7 billion yuan, 8 billion yuan, and 9.5 billion yuan respectively. In the final quotation phase, she The letter of 8 billion yuan was written. This figure "crushed" CCTV, which has offered 4 billion yuan, and five-star sports, with 4.3 billion yuan.
The next day, the outside world gave Zhao Jun a nickname of "8 billion sisters."
8 billion yuan, the body Austrian power to obtain the exclusive copyright of the Super League for 5 years with shocked market quotations, this scene is only one of the moments of China's sports copyright in the past three years, after the battlefield is more tragic, until someone is down under.
All players gradually realized that buying copyright at all costs and money is just a blindfolded adventure, which is ultimately a profitable business. After the fireworks were smashed, Le Sports suddenly fell to the ground, and the domino effect caused by it immediately changed the pattern of China's sports copyright.
Today, due to the New Zealand Football Association's new policies and operational pressures, the physical and sports forces are seeking to extend the copyright of Super League from 5 years to 10 years. At the same time, they have also taken advantage of the advertising and investment business of Suning Group Sports. The high prices include almost all of the copyright of football. Suning, in order to digest the cost of copyright, found a joint venture company between Xian Ming Cheng (SH.600136) and Xinying; Xinying Sports, who was sued by Suning Hengdao for the Premier League, was planning to inject into the listed company’s contemporary Ming Cheng...
"The pattern is that you have me. You have me. It seems that you are in a competitive relationship. But after you get down the road, you have to find yourself in your own way. This situation will take a long time. Copyright will eventually have to pass through media platforms. To reflect the value." Zhao Jun told Tencent Financial "positive film."
Right now, after the copyright of the head sports event is sold in its entirety, only the CBA and the Champions League are currently waiting for its buyers. In the absence of Le Sports, only Tencent Sports and Suning Joli Sports will be the two major new media. Under the circumstances of the platform, the two major copyright sites that caught up with the market's low period were paralyzed.
Tencent Financial’s “Positive Film†was informed that the price of a final transaction of CBA copyright that was expected to sell for five years at one billion US dollars (about 6.6 billion yuan) may be only 200 million yuan a year. Some players claimed that the 3.8 billion euros Euro Champions copyright for three years, because the funds are difficult to exit and buyers are difficult to digest, still suspended in the market, unclaimed.
In a short period of three years, its prosperity is also booming, and its death has been neglected. The story of China's sports copyright has been reopened.
Fist sees meat until music falls down
“In the 14-15 season, the copyright fee was only 8 million, plus the labor cost was 15 million. At that time, we could get 35 million ads. If the copyright of Super League is 30 million, we wouldn’t want to buy it.†It is 50 million and it will be bought, but if it reaches 500 million or 1 billion, this is not a commercial consideration at all, and there is no chance of any return. This is very dangerous.†Wei Jianglei, who took over from the beginning of 2015 and took over the Sina sports business, described it as dangerous. The tragic scene at the time.
However, the market has never lacked radical players. This was the case when Le Sports, which had just been established for less than three years.
The ever-present LeTV sports demonstrated ambitions for the copyright of the head game, such as the general market, harvesting as many as 310 copyrights, of which 72% were exclusive. Including not only the titles of the Super League, AFC Champions League, Top 12 Championship, Champions League, Premier League, Bundesliga, Serie A, Liga, ATP, CBA, but also minor events such as golf, fighting, and racing.
The trader who helped Le Sports absorb the above copyright was Yu Hang. He came from Sina Sports at the end of 2014.
After two years, when reviewing the original copyright strategy, Yu Hang told Tencent Financial that the explicit indicator that is relatively easy to achieve in the sports industry is to establish its own brand in the sports media field. When Le Sports enters the market, It is not possible to buy foreign IPs like Wanda, and the copyright of the head is different. Therefore, we first start with the less focused blue ocean competitions, buy copyrights for bicycles, baseball, and golf, form the scale of numbers, and then go. Compete for head copyright.
It has to be admitted that the story of copyright has won the favor of capital. With the influx of massive copyright, the financing scale and valuation of LeTV Sports have also gone up. Before the B round of financing in 2016, the company just got two years of copyright in the Super League, and originally planned to raise 3 billion yuan, but finally easily got 8 billion yuan, up to 21.5 billion yuan after the financial valuation, compared to 11 months ago A round of financing soared more than seven times.
At that time, the entire sports industry was immersed in the “State Council Document No. 46â€, which was hailed as “Historical Breakthrough in China's Sports Industryâ€. In 2025, the market scale of RMB 5 trillion stimulated the imagination of rich capital. Among them, sports copyright is particularly true. The document states: "Relaxation of restrictions on broadcast rights of events, in addition to the Olympic Games, the Asian Games, the World Cup, other types of domestic and foreign sports events, all television stations can be purchased or transferred directly." Previously, The copyright value of major events has long been monopolized by CCTV, the national TV station.
Head sports rights are equal to admission tickets for this crazy game. The copyright price, like a wild horse, is gradually losing control. The two most central players in this battle, LeTV and Suning, are also shifting in the game and swapping positions.
At that time, the copyright of the head belonged to each other. LeTV took away the copyright of AFC, CBA, Serie A and Liga in succession. New England held Premier League copyright. NBA and other resources belonged to Tencent Sports. Suning was pushed to the edge of the cliff, and it was desperately worth 250 million. The astronomical price of the Euro captured La Liga’s exclusive copyright of 5 years.
One detail is enough to prove the fierce competition between Suning and Letv.
On August 17th, 2016, executives of LeTV Sports, including Lei Zhenjian and Yu Hang, have hinted in the circle of friends that they have bought the copyright of the five European leagues. However, the next day, Suning temporarily changed his mind, decided not to distribute to the music body, and continued to broadcast their own La Liga. Although its operation La Liga is ineffective, it is in great operating pressure.
The fiercest moment of contention for copyright came. In November 2016, Suning took away the Premier League's copyright for three years with US$721 million, which directly led to the collapse of the dream of Hong Kong’s backdoor listing of Hong Kong’s backdoors.
“Su Ning’s access to the Premier League meant that the entire market had ended its competition on copyright. Everyone understands that this can't be disputed again,†said a sports executive who has participated in many copyright negotiations. At that time, LeTV's first season of Super League operations had just ended. From a business logic point of view, this season was undoubtedly a failure. It had 1.35 billion copies of the copyright of Super League, and it only returned 50 million yuan, and lost 1.3 billion yuan a year. Le Hong’s later control agent Sun Hongbin reproached bluntly: “You are a neurotic when you do this.â€
LeTV Sports gradually showed its fatigue. After nearly half of the round B financing (about 4 billion yuan) was borrowed by Jia Yueting, it was unable to pay for copyright and it lost the Super League and AFC in succession. Although LeTV wanted to continue broadcasting Super League, even if the copyright was distributed, but people close to LeTV Sports executives told Tencent Finance "Positive film", executives to find Jiayue Ting to discuss the purchase of Supersonic copyright issues, almost by Jia Yueting from the office's Came out.
The pattern of copyright rivers and lakes is changing rapidly. Around March 2017, Suning took away from the Olympics and took away the copyright of the Super League and AFC. In the following April, the Bundesliga's five seasons were also won by Suning, and the price was above $250 million.
At this point, after the fall of LeTV Sports, Suning's national and international soccer head copyrights together with Tencent Sports, which almost monopolized basketball copyright, became the only two major sports new media platforms in the copyright market, and experienced the ups and downs of the copyright market. After the ups and downs, the biggest suspense left was only how much money the CBA and the Champions League could still sell.
After the raids, now the three countries fight for hegemony
On the evening of July 18, 2017, Zhang Jindong, chairman of Suning Holding Group, who was on a business trip to Washington, United States, couldn’t attend the welcome dinner of the 2017 China-US Business Summit and rushed back to China by plane. That night, in CCTV's “News 1+1†program hosted by Bai Yansong, experts from the Academy of Social Sciences stated that some enterprises’ irrational overseas investment “is essentially a transfer of assetsâ€, and the program just mentioned Suning’s 270 million euros holding internationally. Milan Football Club.
Major buyers in the Chinese sports copyright market experienced four rounds of reshuffle
Although it proved to be only a casualty afterwards, Suning's drastic changes in the sports industry are still doubtful. How sports industry can improve its retail business and even develop in synergy with the financial, investment, cultural, and property sectors. In this regard, Suning did not reply to Tencent's "positive film" inquiries.
"Suning sat on the crater," said the sports industry's worries.
The person Tencent Financial "Positive film" analysis, cohesion of sports operations for five years down the copyright to invest nearly 20 billion yuan, the fund level should be no problem, after all, relying on Suning this tree. He said: "At least 5 or 60 billion yuan will be lost in five years. What will be the final output? Can a money-losing hatching market be formed? If there is no hope of making money then, copyright may increase in the next period. To 40 billion, what should you do when it's time?"
At the beginning of the 2017 Suning strategy conference, Zhang Jindong once said that in the fields of culture, sports, video and football clubs, there is no independent profit model in China.
Senior executives close to Suning told Tencent Finance that after the stabilization of the Suning cloud business, Zhang Jindong invested more energy in the sports business. Zhang Jindong said: "Now often go to the PPTV official website to see the game, what the ball to see, and sometimes not satisfied with the results of the studio will be called directly to ask."
In fact, Suning has begun a series of changes inside and outside the company.
As far as the media content line is concerned, PPTV Juli Sports has been split from the Wenchuang Group to the newly-established sports group, under the control of the CMO Boyang of the Suning Group. Zeng Gang is the actual person in charge. Zhang Peng, vice president of China Aerospace Dynamics, is responsible for this.
Tencent Financial’s “Positive Film†learned that in October this year, the Suning Sports Resources Promotion Conference, which has been postponed for a long time, will be held. In addition to the copyrights of the Super League and AFC held by Suning Powers, Suning is also negotiating with the Chinese culture of the major Olympic shareholders, intending to buy 56% of its holdings and long-term lock-in of Chinese football copyright resources. However, the current transaction has not yet been completed.
Zhao Jun said: "Now do not figure out ways to help the media platform to make money, follow-up our business is not good." According to his statement, at this stage the company's most important communication with the Football Association how to long-term sustainable operations over the copyright, but also try their best Help media platform copyrights come true.
Although a single broadcaster of sports copyright can attract users, pressure from commercial liquidation is huge. To this end, Suning has also established a joint venture with the contemporary Mingcheng, intends to inject all the European football copyrights into the joint venture company at a 20% discount, and the copyright distribution will be carried out by Xinying Sports, provided that priority is given to the guarantee of the broadcast of juli sports. right.
However, what puzzles the market is that after LeTV Sports, which no longer competes for high-priced copyright, has left Suning and Tencent's new media in the new rights of sports rights, Tencent has always been cautious and rational about the copyright of football. Have a question mark.
Tencent Financial understands that Suning Juli Sports has already begun to try to pay for membership, and its app download volume has exceeded 10 million. After consecutively signing several large advertising and investment invitations, Suning has given Suning employees great confidence.
In addition to Suning, Tencent Sports, the exclusive copyright holder of basketball, such as the NBA and FIBA, signed in the early days of the copyright tussle. In the past two years, it has not followed up any high-priced copyright, but has been deeply pursuing IP operations. At present, of the numerous copyrights, almost only the copyright of NBA games can achieve a break-even balance, and all other copyrights are losses.
"Tencent has recently signed a lot of copyright. We are very sorry that we should participate. Because the overall copyright price is now a lot lower than the high point, the gap is 3 to 5 times." Wei Jiang Lei said.
In addition to monopolizing all basketball exclusive rights except for CBA, Tencent is also unwilling to show weakness in international football copyright resources. Champions League, Premier League, Serie A and French are all in the hands of NBA and NHL in the four professional sports leagues in North America. The NFL, as well as the French Open, Wimbledon, and US Open are exclusive copyrights. In comparison, Tencent Sports is undoubtedly the most abundant new media platform for copyright.
In response, Zhao Guochen, Tencent’s general manager of sports operations, said: “A lot of copyright owners are aware of the Chinese market. They expect high expectations, but now the Chinese sports market has returned to rationality and needs to speak with them. It's so good. The sports industry does not happen overnight, it accumulates slowly, just like the competition IP, and it also needs to work hard." The implication is that it is not a harvest now. If it is reasonable, it will be bought. If it is unreasonable, it will not be bought. The logic of purely business is of course the best. If not, wait.
Zhang Zhiyong, former president of LeTV Sports, also said that Tencent Sports is the most likely to become the most powerful entrant to the sports media. This is a consumer trend and the company's genetic decisions, and non-human capabilities.
What cannot be ignored is contemporary Mingcheng. After having an upstream club, a midfield venue + brokerage + marketing, the acquisition of Xinying Sports will complement the contemporary Ming Cheng's short board on the sports industry content platform, and cooperate with Suning on copyright distribution, which also makes this purchase imaginative.
A sports copyright veteran believes that Suning is mainly based on football copyright. Tencent has instigated all basketball resources. The future sports media is still an oligarchic game. A monopoly is not impossible. If monopolies are found to make money, they will be able to make money. Platform players such as Sina.com and Storm, who are temporarily absent, may also enter the game.
"This business, whether it's a success or not, is something that will take place in the next three to five years. Copyright will expire at that time. At least, you can see a clearer business profile." He told Tencent Finance, "Positive Film."
Who buys and loses, what is the logic of buying copyright?
"Sports business is a trivial matter. They will not let the storm become, and they will not defeat the storm." Said Feng Xin, CEO of Storm Group. In his view, whether the copyright is not fatal, because the input-output ratio is too bad, and Ali Sports CEO Zhang Dazhong directly shouted "do not buy sky-high copyright."
An executive of a sports company responsible for copyright commercial realisation tells Tencent Financial that it has strongly opposed the company’s purchase of a certain copyright, but for the strategic value of the card, it eventually bought it, despite the huge loss.
The price of sports copyright in the Chinese market is returning to rationality and its future value remains to be tapped.
Lei Zhenjian once told Tencent Finance’s “Positive Film†that he had done many times of deductions. If the existing sports new media structure remains unchanged, the media cost will remain unchanged, even if the company does its best, the new media will always be a negative 20 % Maori business line.
Taking Suning’s 721 million US dollars to buy 3 years of Premier League exclusive copyright as an example, the annual cost is about 1.5 billion yuan. Wei Jianglei once budgeted that the advertising revenue of all Premier League live video sales will not exceed 500 million yuan.
However, for the media platform, the lack of copyright on the head means that the loss of a large number of users is equivalent to a direct withdrawal from the wealth of gold mining trip. More importantly, each individual now also uses the exclusive rights and interests of content to the upper reaches of the sports industry. Tencent Sports, for example, began experimenting with event sponsorships, home-made matches, and sports brokerage services, including the Super Penguin Basketball Masters and Guoping Landslide 12-player. , won the China Women's Volleyball exclusive business operation rights.
From the perspective of the capital market, the executives of the sports companies mentioned above also provided an idea. The listed company spent 1 billion to buy sports copyright, lost 500 million, but returned more than 5 billion in the capital market, you said this How to calculate the account?
However, for the time being, from the point of view of commercial liquidation, when the members pay To C, it is difficult to break the ice today. The business model of the copyright operation of sports events is only copyright distribution and advertising investment. Finding more realization modes becomes Industry issues of common concern.
"As a sports major in 2016, the total share of sports advertising is about 8 billion yuan. Among them, TV media represented by CCTV 5 has received at least half, and the remaining 3 billion have been divided by other new media. At present, the size of the domestic sports sponsorship market is 20 billion, and entertainment IP has taken a lot of budgets,†said Ding Mingrui, deputy general manager of Tencent Sports. According to public statistics, "Brothers Running 4" has a commercial sponsorship income of up to 2 billion RMB in one season, while Super League and CBA only have 570 million RMB.
Ding Mingrui once introduced to us that the dimensions of commercial evaluation of event value are mainly traffic and advertising. From the data of PV (page views), interactive operations, and video playback volume, the inventory CPM of sales can be calculated (per thousand advertisements). Shows the cost). In addition, to calculate the inventory of a certain event in the Chinese market, according to its increasing law and the prediction of the growth rate of the customer group, the advertising scale from advertisers and tournament sponsors is calculated. Now it is more integrated. The decision-making program.
In reality, what plagues the new media platform is the free live broadcast of CCTV and local stations for many events. This directly draws away a large number of potential paying users. Liu Jianhong, music and sports co-president Liu Jianhong previously publicly complained: "We put the copyright to the sky-high price, then the goods should be in line with business logic. I think there should not be so many television stations broadcasting free Super League, which is the biggest damage to the business value of the Super."
The piracy of this industry is also a constant practice. Just this week, Sports and Sports also announced the completion of the notary preservation procedures for the top twelve infringement and piracy broadcasts that understood the origins of the ball and live broadcasts. The next step is to formally initiate litigation. He said: “The piracy that the infringer does not pay in transcripts seriously undermines the legitimate rights and interests of the copyright operator of the event. This not only results in direct economic losses, but also undermines the competitive order in the authorized sports market.â€
Liu Xiao, a vice president of Millennium Culture and Sports, who has long been engaged in macroeconomic policy research and investment work, believes that sports copyright can be analyzed as an asset. He said: "Letvision to do as a 1.35 billion investment in Super League, 50 million in revenue, sales rate of up to 26 times, a big bubble, if Suning took over from 50 million to achieve 200 million, almost 6 times the sales rate, this There are many rationalities and it is acceptable.â€
According to Liu Xie, the operation of sports copyright is to achieve asset appreciation. The factors that affect the copyright value include the brand of the event, the number of audiences, and the strength of the dissemination. The core event brands include the competition system, the credibility of the event, the level of competition, and the individual brand of the athletes. After layer decomposition, it is found that copyright operators (such as media platforms) can only control the dimension of dissemination. The more important event brands are out of control and can only be indirectly affected through negotiations or agreements.
Li Yidong, chairman of AOC Energy, previously stated to the public: “(China Super) 8 billion is a forward-looking dynamic valuation. If the entire system does not keep up, market-oriented operating companies will inevitably face single-ride raids. Dilemma."
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