Within the workplace, Lyman was speaking to Perlman about it.

Though Amber Video’s present spending pace will not be quick, however after the content material value enhance and TV station blockade deepened, Black and others haven’t began the true money-burning mode so as to entice extra person site visitors——

Immediately negotiating a contract in a single area and one area, 10 to 2 billion is gone in minutes.

In 2014, Netflix spent 1.2 billion to advertise and purchase unique content material within the French area. That is simply to make sure that the French enterprise can broaden to the purpose the place it could crush native streaming websites to type a movie library and preserve inventory competitors.

Moreover, Lehman doesn’t need his personal streaming media platform to depend on blood transfusion solely from the group’s manufacturing enterprise, which might be troublesome for the circulate of funds; secondly, the channel sector is susceptible to withholding funds, which isn’t a good selection. Appropriately take up capital. , to win over sturdy help, so as to higher **** Amber.

After all, the A spherical of financing wants to decide on a great time, and after speaking with everybody, the preliminary selection is one or two months after the launch of “Recreation of Thrones”.

In Lehman’s imaginative and prescient, it simply occurred to make an enormous achievement, and extra chips in hand will be exchanged for extra capital favor, however the issue is that typically, the interval between the announcement of the information and the tip of the financing negotiation will probably be very lengthy.

The capital cash will not be blown by the wind. Their valuation of every step of the mission and their judgment in every course will change at any time. As well as, the merchandise of the Web have their very own randomness, so they’re clearly decided. Take note of financing subsequent 12 months, however you have to first cope with numerous capitals within the time interval close to the tip of the 12 months.

In keeping with Perlman, “If you wish to make the most of the positives to boost the valuation, will probably be too late when “Recreation of Thrones” is launched. It is simply to find out the intention to find out the circumstances for the fairness change, to not focus on even the fundamental calls for after a number of rounds. I don’t perceive it, and it’ll take time to assessment contracts and lift funds. As well as, as you stated, boss, I wish to depend on the rise in customers introduced by “Recreation of Thrones” to enter the UK and France. To have the ability to type a linkage with the product additionally requires a ample quantity of preparation, in any other case the time will probably be too late.”

In different phrases, after listening rigorously to Lehman’s ideas on Amber’s subsequent operation node, Perlman positively identified that the capital should concentrate on and regulate the mission earlier than it goes dwell, after which look forward to “Recreation of Thrones” “Actually achieved perfect outcomes and have become well-liked. With regards to unique drainage, the investor for the final step was rapidly decided and the sources had been negotiated. On this means, wherever the copyright of “Recreation of Thrones” is positioned, there will probably be sufficient capital. Let it blossom in every single place within the streaming house.

“You continue to perceive.” Lyman praised.

“Boss, you’re the one who maintains the manufacturing capability of our label. If there is no such thing as a content material, how can our different companies transfer ahead.” Perlman additionally laughed and despatched a flattery.

“You stated it very effectively simply now, um… I nonetheless have an thought.” Lehman continued: “I solely melted about 10 to fifteen % of Amber’s A spherical. In any other case, I’m going to take it. 10% will probably be given as an choice reward for a part of the workers, however then there will probably be administration money out and precedence platform repurchase, and also you and Joseph will provide you with a constitution.”

“Sure.”

“Additionally, you get 2 % on this half.”

“I’ve already paid dividends for the event of movie and tv copyrights.” Perlman stated instantly.

“One yard for one yard, let’s do it like this.”

…

One p.m.

Ron known as and stated that he had an appointment with the fund accomplice of Crimson Shirt and would come to Amber’s headquarters to speak at round 2 o’clock.

It needs to be stated that as a veteran VC (purple shirt is a belief system, it’s divided into three ranges, the best stage is a accomplice, the center stage is an funding director, and the bottom stage is an funding supervisor and analyst, which is characterised by restricted partnership and assumes the corresponding trustee Duty), their sense of odor has at all times been delicate, and their consideration to the streaming media business has begun a very long time in the past.

As well as, Lehmann additionally likes the best way the purple shirts function – they at all times make fairness investments in promising non-listed firms within the early and center phases, and supply corresponding administration and value-added providers to assist firms develop, and finally by means of io or different exit and notice capital appreciation.

You’ll be able to merely perceive that this sort of establishment is chasing funding yield, and it’s also a disguised monetary administration instrument, however the threshold for preliminary funding is greater, and the cycle is longer than that of the inventory market, however the funding danger can also be smaller and extra Appropriate for large-scale capital operations.

So they do not care in regards to the administration and operation after the itemizing, that is not their focus, they’re solely answerable for the funds raised – such VCs are typically near the wealthy, funding funds and banks.

Additionally, they often like to guide rounds, which inserts completely with Lehman’s funding choices.

After receiving the decision, sitting within the workplace for some time, and feeling that it was virtually time, Lyman went to Amber.

In the present day is Tuesday. After arriving on the firm, Ron has organized every thing, and a few decorations have been positioned within the vacated reception room.

After some time, Ellen Deve, one of many companions of the purple shirt, got here with the group.

This can be a white man in his forties with rimless glasses, who greets Lehmann warmly when he sees him.

“I’ve heard of Mr. Ryman’s title for a very long time, however I have not had the possibility to satisfy.”

“Please sit down.”

After some courtesies, the opposite celebration introduced 2 individuals, and Layman solely introduced Ron and a few supplies.

After attending to know one another, Ellen has the traits of an funding establishment and may be very environment friendly. He goes straight to the purpose with out ready for the espresso to complete.

No means, Crimson Shirt has lengthy had the thought of ​​investing within the streaming media discipline, particularly seeing that the cake of Netflix was made first by Goldman Sachs, ****, Dadi Capital and different friends, and the surroundings is scorching, after all, I wish to discover a Good location for entry.

And Amber, which is held by Mann Media, is the one they assume is essentially the most appropriate.

By way of market share, Amber and hulu are on a par with one another, solely barely worse than Netflix and Amazon+, which has all of a sudden elevated its useful resource tilt;

By way of enterprise prospects, it has absolutely the help of the 2 manufacturing manufacturers Firefly and Marvel. It is extremely good in unique content material, and the person retention fee will not be low. As well as, hulu has not but revealed the thought of ​​financing, and has been counting on it. Promoting promoting house and previous dramas are slowly creating. How to take a look at it, solely this one is the very best within the head competitors of streaming media.

“We’ve got talked about you earlier than and have an interest on this course. I heard that you’re already contemplating the A spherical of financing, and we are going to rush over instantly. What’s your thought on this regard? Are you able to speak just a little extra about…”

“No hurry, let me know what you consider the streaming media business first?”

If you cannot take the initiative, you possibly can take the initiative within the initiative. Aren’t you optimistic about streaming media? How optimistic are you?

The opposite celebration smiled. It was additionally by means of some funding within the Web and different merchandise. After chatting and chatting, Lehman was all of a sudden interested by his operation of the final TV station, and requested him that the acquisition value of previous dramas had elevated considerably. How will it have an effect on the event of streaming media?

“Truly, there aren’t so many issues. Streaming media is a brand new factor, and the existence of latest issues is certain to bear a technique of transformation. I really feel that the worth of content material bought by Netflix was not quantified sufficient. Sooner or later, the 2 events will steadily attain a consensus. For instance, how a lot does it value and the way a lot is the viewers score for a 12 months? You’re producing content material. It is best to have extra confidence than me on this space. It doesn’t matter what, these small factories hope that streaming media will turn into a hard and fast income to alleviate the issue. The stress they make.”

“Okay, it is you who’s testing me.” Ellen listened to Lehman a lot, and was additionally interested by his aggressive positioning for Amber, “However Netflix has skilled that blow, and now it is slowing down once more, and the variety of customers It doesn’t harm itself. With this basis, it’s sure that the inventory value will recuperate, so do you assume Amber can attain a desired peak underneath its stress?”

“The streaming media market is so massive and has been increasing, and it could tolerate competitors. My earlier view on this enterprise was to complement the revenue factors exterior the unique copyright manufacturing construction, and I felt that it might be less expensive to authorize it to Netflix than to do it myself. Now, the full variety of paying customers at dwelling and overseas is 5.8 million, which has additionally collected a substantial quantity.”

Lehman handed over the report of final week’s visits, energetic knowledge and person viewing time compiled by Amber, “These are all stable knowledge to help. After all, it has been streaming media for some time, and I imagine you all know that its issues are incomplete. By way of person choice and competitors for viewing media on the normal TV aspect, it’s the way to domesticate the behavior of customers to indicate content material by means of streaming media platforms. Though Netflix has almost 25 million customers, the exercise of the section can usually be maintained at round a million. , however restricted by the substitute of content material and the affect of TV stations, the entire business is thrashing very regularly. It usually occurs that Amber is renewed this month, and Netflix is ​​renewed subsequent month, ready for the brand new collected by Netflix. After studying the content material, possibly it can go to different platforms. In brief, the content material revolves across the content material, not across the product. The rationale why Amber has the present inventory, you all know that it’s the unique content material of Firefly and Marvel. I’m very busy, so I can naturally perceive that its subsequent growth is to transplant extra tag teams to the platform itself, resembling those that like to look at sci-fi, those that like to look at Japanese comics, those that like to look at horror films, or viewers teams in different areas. .”

Ellen was not shocked, “That is the rationale why we’re right here, Amber has reached a bottleneck now, and I feel you all appear to concentrate to abroad customers, do you are feeling that you could’t compete with Netflix when it comes to localization, or that the price of competitors is just too excessive? “

“It is all customers, there isn’t any must combat for it.” Lehmann neither affirmed nor denied the assertion of competitors value, “The bigger the site visitors, the bigger the radiation space, and we do not rely totally on the passion and continuity of customers’ cost. Promoting The enterprise section can now deliver us hundreds of thousands of revenue a month, and there’s nonetheless a whole lot of room for development sooner or later.”

“However streaming media ought to at all times concentrate on the person itself, proper? I do not assume you possibly can proceed to sacrifice the person’s viewing surroundings and canopy the homepage with adverts.”

“After all not, simply preserve the present placement place.”

“Oh, it appears that you’ve a great plan.” Ellen smiled barely, “Subsequently, there ought to be no pointless investigation between us. I’m extra optimistic about the way forward for streaming media, and everybody can see the allure of good cellular terminals. , and also you also needs to have some understanding of us, Crimson Shirt has at all times been prepared to assist platforms like Amber broaden and add worth.”

“Can I hear your supply?”

“Three months in the past, a colleague of mine quoted 60 million, with a valuation of 540 million. Now we provide 200 million, take 4%, and the valuation is 4.8 billion. When you have any service wants, we’re very prepared to assist, resembling Screening traders.”

“Decrease.”

“Decrease?”

Ellen Deve did not anticipate Lehmann to talk bluntly with out even serious about it.

“Sure, it’s removed from the best valuation of our group.”

“What does this discuss with by far?”

“Neither the quantity nor the fairness value is suitable.”

“Then what are you serious about?”

“For the purple shirt, if 200 million is available in, you possibly can solely get 1.53%, and you need to assist us remedy the issue of site visitors promotion, and get any follow-up funding from Microsoft, Apple, Amazon, Fb and different teams, I imagine you may have this capability and credibility.”

“Hehe, are you kidding me? 200 million is just diluted by 1.53%, and the pre-investment valuation is 13 billion? When you have hundreds of thousands of subscribers now, and you might be nonetheless native, I can settle for it. As for helping different traders within the follow-up funding, if This transaction is profitable, and I can assist introduce it.”

Ellen’s face was just a little darkish. He thought he was honest sufficient. He collected a lot data prematurely and gave a reasonably good value. In consequence, listening to Amber’s circumstances, he at all times felt that they had been too assured or that he was mistaken. In any other case, the valuation is just too far off.

It’s not about cash that the purple shirt cares about. Netflix’s market worth is now round 100 billion, and at its peak it was almost 190 billion, which exhibits that this discipline is certainly favored by many traders (there aren’t any retail traders within the US inventory market, and the final time it was fundraising) , they’re additionally prepared to throw cash, however it’s an excessive amount of to deal with them as fools.

What sort of commonplace to soak up what sort of quota is what he ought to do on this line of enterprise, to not point out the danger of funding, even when they assume Amber can get a chunk of cake within the streaming media market, however there’s additionally the potential of being squeezed out by different friends , every thing will not be absolute.

From the information perspective, Mann Media has successively burned lower than 800 million yuan, together with unique content-if it’s not for the precedence of unique content material, and the web drainage efficiency of “Thor 2” exceeds the expectations of the purple shirt, he Neither will probably be valued at 4.8 billion.

This amount of cash, he thinks, is already very excessive, even when Web merchandise at all times stage the parable of hovering market worth – Fb has refreshed the insanity of this business many instances in simply 3 years However this isn’t amber The rationale for such a value enhance.

“As a result of Amber has a little bit of a bonus that Netflix does not have, which can also be the important thing to our completely different judgments. To be sincere, I feel the valuation of 13 billion is just too low, however earlier than I get the suggestions I ought to have, I’m prepared to bear it decrease. stated loss.”

Seeing Lehmann’s assured look, Ellen was additionally rapidly reviewing the factors he did not take note of, however he could not speculate that there could be any particular large-scale enhance apart from burning cash to broaden the movie library and actively investing in public relations manufacturers. technique.

“Are you able to be particular?”

“Home made dramas. Use the supply of latest drama shoppers to draw a lot of viewers who wish to watch the content material.” Lehman revealed just a little little bit of content material: “It is best to know that our TV drama division is engaged on a number of new tasks, I’ll give them first-hand The screening channel has moved to streaming media.”

“Sorry, I do not know the episodes, so I am unable to choose what sort of worth it could produce.” Ellen nonetheless shook his head, “I’ve heard of “Recreation of Thrones”, which claims to have hundreds of thousands in a single episode, nevertheless it hasn’t come out but, hasn’t it? “

“It is coming quickly. The episodes will probably be filmed and edited, and they are going to be broadcast within the spring of subsequent 12 months.”

“Then evidently immediately’s transaction intention can’t be achieved.” Ellen stated politely: “You truly simply wish to remind me about this, proper? You assume “Recreation of Thrones” will make Amber to the next stage.”

“There are causes for this, however I’m severe in regards to the supply of 13 billion. In case you are prepared to just accept this situation, we are able to signal it instantly.”

“No.” Ellen stood up and shook palms with Lehman to say goodbye, “This can be a huge deal, and it exceeds my private judgment. I wish to return and focus on it. We are able to speak once more when we’ve got an opportunity.”

“Please make this journey.”

Lyman shook his hand.

“No hassle……”