For now popular on the market release of security at the end how do you see? For mermaid get insurance coverage, how do you see the bottom of the issue?

Wang Changtian: All market coverage of "The Little Mermaid" security at the end there is no issue of an accurate,play princess games but we based commercial confidentiality agreement, I do not convenient to disclose more information. I can only say that the biggest winner in this project must be Stephen Chow. Other homes that they have been getting. The significance of the project for the Chinese film market is bigger. Of course, one benefit of which is light party. I do not think (minimum guarantee) will become a mainstream, because it is easy to be affected economic laws. Otherwise there is the risk borne by the party, or the interests of tilt to one side. So in history, the vast majority of such projects the operation is a failure, I do not think it will become the mainstream way. In some cases, there are things that can be done, but when you can do your first partners are urgent, or for some reason can not refuse, he hopes to get a security at the end of time, in order to take care of the interests of partners considering their psychological, this thing could do. Second, you will be able to afford the cost of insurance at the end of this issue brought about when this kind of thing can be done, I just said the risk is very large. If you do not have to judge, if you do not prepare for the worst. This thing success rate is quite low, so I do not think that is the mainstream model. Question: Many people worry that the light will not ask for more professional managers, it will show your successor? Wang Changtian: If a man went to light to do a professional manager, I certainly do not let it come, I think it represents a state of mind back, we want recognition of our employees are cultural, such a person out through internal training . We are engaged in all internal training. The person in charge of our internal training department, responsible for operations, personnel status light industry, which I personally think that is very competitive. In order to retain these talents in the market before, we gave some of the shares, we now arrange new equity plan, with the average company may not be exactly the same, even the outside world is not necessarily so clear, to share their interests, but I that does not matter, it is important that these employees their own feelings. Question: How do see now Internet companies have set foot in Pictures? Wang Changtian: They entered the film illustrates a hot market, this is a good thing. If we do not want to come in this industry, this industry is what the industry does. I think this phenomenon is normal, everyone wants to release resources in here, training team. But there is no doubt, no matter how big the background, not everyone will be successful doing the movie. The movies with your background does not matter, nothing to do with your money, nothing to do with big data, your wisdom, your focus, judgment, past experience and mentality, has a relationship with these things. Therefore, small companies will still make large companies, large companies may make small companies in this field. Traditional companies access to the Internet is hard? This problem does not exist. Traditional companies want, why must you access to the Internet? Because some people do this good, why did I do it myself a. From this perspective, these giants, to be honest I though they come in quite welcome, but another perspective, a film company why they do it, because you want to get content is Debu Well, you have to eat their own rice Well kind of rice? And the seed or to their own research and development, we need to do Yuan Longping, then grow rice, most people do thing? With your permission I think the problem, you can try this, but walked find not do, will not do. I have been the attitude of welcome to everyone, to work on cooperation, competition may be uncooperative. Question: BAT to work is an old topic, the current light with BAT of cooperation, and to what extent? Wang Changtian: in the end who is working for whom it, we are all working for the audience. Content industry is decentralized,play nail games relatively concentrated, but the industry can not be a monopoly. We see more clearly the US market, the success of a project is no way to be continuously replicated, there is no way to get through all the money. Therefore, the existence of a monopoly is not on the content industry. Of course, we are in cooperation with the BAT, in their different level, we are also working with Ali, have equity cooperation, but also the cooperation of business, such as electricity providers, the establishment of a light ray electricity supplier, I think this year will be our very important a business, we have a movie derivatives ah, will come to cooperation through Ali. We have some cooperation with the film project, each in the plan, the Senate voted, jointly issued ah, even bought us copyright, we also cooperate with other, Tencent and we have together invested company, we have been working with a company under Tencent joint venture with Tencent our business department issued a movie project, cooperation, we have a lot of advocacy work with Baidu. We are in the cooperation and BAT. I think cooperation is the mainstream film industry competition, competition is not the market. But psychologically competition. Certainly some psychological competition, all want to be the boss, there is a good market position, this time there are some psychological contest, and occasionally in the project have some competition, you get this, I did not get that, or when the release of the film with a , there is some competition on the project, in general, competition in the industry, like Coca-Cola, Pepsi, tip-to-head competition. So we have some cooperative. Even in the United States, "six" (Author's note: Warner, Paramount, 20th Century Fox, Sony / Columbia, Disney and Universal) are also some cooperation. In specific areas or professional will become the market leader, such as distribution, production, this is not BAT, the real estate business how much money to take to get the. Question: internationalization, now the domestic film and television companies to have a more general trend of cooperation and Hollywood, but the light of domestic preference in this regard will be pressure? Wang Changtian: I think on the one hand does not necessarily have to learn through investment, cooperative way to learn, there are many ways to learn Western production methods, ideas, but on the other hand, a lot of things you can not learn. Different cultural backgrounds, cultural differences, etc. These are all part of the audience preference you could not learn, or learn no use. I also saw a lot of single-chip international companies, to be honest there are a lot of projects I'm worried about them, applauded in the international market, there is not necessarily a good performance in the Chinese market. Some films have some verification of this before. Because in the international market, the film is not particularly profitable business. Money is concentrated in a few large, but also to make money mainly large companies earn more, a lot of small films that do not make money. Those projects will not necessarily make money in you hand. For example, he wants Chinese market, only through cooperation can have China market, you will go around in tune Hom Well, that there are a lot of rules, they can get what you get and what, there will be a success s project. "You international, foreign companies to cooperate with you, you are too much, I like you, you do not cooperate I do not like you, you too earth ......" These are some very superficial view. Question: For the development of VR, now exists chicken or the egg problem, many people are more optimistic about the development of hardware that regard. But if there is no content to drive users to buy VR equipment back, take it to see what? Light in this context is how to prepare? Because the light distribution in the content area more, whether it is ready to begin from VR content? Wang Changtian: In fact, the future of competition is certainly competitive content, if the hardware development is not up, the number of users is not enough. This is hard to say who after question who should, I think it is mutual promoting. In these two areas, there are some companies in action. In this piece of technology, technical aspects of the terminal, of course, foreign companies, domestic companies are introducing new products, and I think that the pace of improvement of this product is very fast. So now there is no uniform standard, which is more daunting place. Finally, the development of appropriate standards will be introduced, does not meet this standard will be destroyed. Everyone hopes he can not become the industry standard, I think that there is considerable difficulty. Of course, if you do, then, will form a local standard, most companies, the strength is not enough. US companies may be stronger. In terms of content, even though now there is no good content, I know a lot of companies are doing content planning. In my opinion this piece of interactive entertainment will be the first to develop. The game is one of them. Show, live entertainment venues, VR experience the kind of the line, there are a number of movie clips, movies, or trailers, cartoons. These are some of the areas could become the next hot spot. I have just said content area layout, such as games, I have a team focused only on VR games. I just talked about the movie "Ghost Blows Dragon determination", there will be possible to use the shot with VR. The line of this piece, we experience with such a facility operators compare leading a line under the discussion, we put a lot of IP playing their favorite content. In the trailer, we have a high level of the team, called the British things up, a lot of light trailers are they doing. They already began planning VR movie trailer. Cartoon aspect "Begonia big fish" There are some passages, but also do not want to be made in the form of VR. But it certainly VR trailer trailer, so these areas are doing. Question: VR are now part of the early stages, we now have a lot of film and television companies began to layout, but most are content to make a breakthrough, there are few film and television companies to contribute to this level hardware investment is relatively large, including games production, film production, animation production in the play kids games future to invest relatively large, I am the light in this regard is currently invested about how much, when to expect to recover the cost? You have one machine, box terminal products expect? Wang Changtian :( light) currently () VR in terms of investment is not large, mainly R & D investment costs. Because they are real to the market, so the cost of production does not exist. Future in the end how much money will depend on market conditions. If we produce something very popular, corresponding investment will increase. Overall, I am not inclined to a product at a loss free manner or way into the market, I think this is not the best model. We kind of professional photography equipment itself should be a separate device. If we use a free or low-cost way to make use of the company, it should be used to balance the interests of other aspects of the investment, for example, to get some content. Light never aggressive company. As for content production, we can control the cost, because we are always focused on high-end professional content production company. From past experience, to make light when the content, cost control are very good. About box, at least from my current concept heard, it should be very competitive. Question: Look now after 360 broke up, you did not directly answer the question in any case, why the two will break up? Charges on this issue, there is time to look at the ability to make everyone pay, look at the light in this regard, in addition to its own resources, but also into those resources, and technology, we will support what aspects? Wang Changtian: First of all I am very grateful to 360, provoke us to such a project, because at that time we all want to do something in this area, the light has no channel, so want to be a light channel. Then 360 has no content, they also have needs in this area, so we do it together. The process of doing, we are deepening understanding on the video site, we believe that if you want to do this site, this site must be content company, not just a channel. Be a content company, is clearly more appropriate light. It technology, the Internet is becoming increasingly popular, become a common tool, which some people there is no monopoly on the technology, there are some things can not control, can not understand. The same user, the content of the application becomes the most important factor, rather than a few years ago, we believe that no matter how good your content is not user did not play, so the user at first. So at this time I would like to see gradual, but also to see this change. When it was realized that the future of this site is a content company, then, the importance of light, will be displayed, we had invested a joint venture, said the count content of light, this is clearly unreasonable ownership structure, so to say 360 or you do not necessarily make the two of us together, really, that we do it, we broke up peaceful. Our next step in the user, there will continue to promote the cooperation, it is very friendly and break up, I told Zhou is still very good friends, with 360 still has a lot of cooperation. A second look at the net on the competitiveness of the problem, I think the first is its business model, it is an innovative business model, because China up to now, very few sites do purely charges, but the charges are unstoppable trend, in particular content such as movies, TV shows, and more appropriate charge, especially not for movie advertising. The user fee is to develop the habit, unlike the original, as the Internet should be free, you charge anyone I scolded you, I strongly do not accept that this situation has been changed. The original charges that he could not do, because of the existence of piracy. Widespread piracy this situation has now changed. Why do the light, not just the production of content, more is to determine who the organizers, this area is very strong, of course, we also made part of the content. 15 network drama inside, most of the network is to look at the production. We have no other partners before, we certainly first on their own. Because we have a particular focus, our website only movies, TV shows, movies and this one does not really need to spend too much of our energy, I would not do the film because of this website, the film is for the entire market. But the movie is not only light our movie, because now we do not know the method of video sites adopt some deals, I bought the copyright of the total box office is how much I changed your corresponding total box office of copyright, I light more than 70 million in the market I equivalent to 3,4 times can change the box office, which is how much. That is basically the whole I made films in return, we have the foundation, so the film is basically a full coverage. Competition is mainly focused on network drama. Variety show light do other assorted contents do not light, the light only network drama, we hit the money to this project to reserve this hit. On this site we do not care, do not see the variety show, I do not see a conventional drama, we believe that the leading content, influence is far greater than a bunch of no influence, so we'll focus on some projects. Question: We are mainly membership fees, whether the members would flow, user stickiness happens? Another fact is that we want to use the network drama interesting, we want to create a burst models, but we have just begun, and the site will be on-line in June, so we enter the time would not be a bit late? Wang Changtian: I think it is late, and will not be late, and then later also launched a number of not really late. Now, at least in video paid this area, yet no real stable pattern, because this thing has just started, but also did not appear to pay any independent video site. In the past, paid comprehensive website, in charge, free to watch mode between, I think only independent paid site appears to mark the beginning of the market into a relatively mature stage. At the same time I think compared to the integrated companies, I think they are very strong, they also value this a paid video market, but I honestly do not think any established absolute advantage. No one can say that the contents do not care, you can sit back and relax, the final competition or on the content. And someone else's content, usually scattered, there is the difficulty a select audience, such as the hole is a wide variety of content, we have to do some of the more refined, more focused on the TV drama inside, more focused Collectibles TV drama contents. Reduce the difficulty of the currently selected. But you can still get a very rich viewing experience. And I think the audience's point of view, we analyze the psychological, if a site has free content, but also pay for the content, the audience how to see it? He would not say I wait, so he falls free, I know you will be free, and sometimes your user base, but the perception of this choice on the obstacles, including user to your position, in the end What kind of relationship, such ambiguity, sometimes cause some damage. So mixed. But we have independent video site, the user source, size, contents may be relatively not like him so rich, these are some of our weaknesses, the key is to look at how to deal with our problems have just said, what you want any one can not put all the users to get you what you want to catch the user, may be enough. American television with HBO four sites, but also weekend primetime broadcast the film, but only HBO broadcast the film's Web site, and for a fee, it has become America's most profitable television channels, this is a very obvious example. Question: The video site is burn the voice of business in particular, on our side will have the financial pressure it? Wang Changtian: burn actually afraid of, as long as you can back this money. The above is not funding us great pressure. Our own reserve funds, listed companies there are many ways to get the money, financing their own video sites can do, for we are not big money-burning issue. And the total amount we burn burn, but also comprehensive website, it will burn at each point. I only burn at one point, but at that point I burn money than them at this point. I do not expect this site immediately profitable, but still do not profitable. Question: In fact, the light is so short time to complete so much investment, not only in the domestic and abroad are relatively rare, the entire film profits, hair Run less fixed, and why there are plans to do so much light layout, we are ready this year How much investment, accounting for a large share, or small stocks, long-term holders of the shares it? Wang Changtian: Investment light minority equity investment in the main, we hope that through this investment to establish cooperative business relationship, we are not saying, like investment funds, make financial investments, equity disputes to consider the future of that company, we focus on on business considerations. Some locked IP, project light and the companies we invest in mutual help, business integration. This is the operational level, I believe that in most cases, the holding is a short-term may have on your finances, if the company is profitable, the financial impact for you, you will actually bear considerable future you will bear considerable the risk that the company you invest in the future of the founder of the company, do not easily become your company. Such efforts founder, pressure may be weakened, autonomy will diminish, not very conducive to a company. Of course, if a company is profitable now in the state, the light is desired ratio of investment of more than 20%. If the company is play hair games currently the case of loss, we hope that we vote below 20%, or nearly 20%, because 20% is a line. More than 20% and it will be, and not less than 20%, we generally affect my presence is not caused by the financial company which generated losses. Indeed, we have no capacity to absorb large losses caused us to lose. Question: There are film and television companies, but also the film industry outside the company buying some of the film, they received bids IP resources is very high, there are some artists have received shell companies may give several hundred million, how do you view this phenomenon, they will not have the foam, the purchase price will not be too high? Wang Changtian: This can not be generalized, first of all I think the industry outside capital into the industry is a good thing, that we in this industry very attractive. At the same time the capital to bring more people, more money, will follow the development of our industry, to provide some protection. The entire 10 years of the development of China, the most important is people driven. Many talented people to join the industry, such as director, screenwriter, the quality of our work will continue to improve, the industry will do more and more. Therefore, access to capital is a good sign. Of course, each company to enter the industry may have different ideas, some people want a long-term development in this industry, some people in the industry want to carry out capital operation, to be honest I have nothing wrong. But this thing could not imagine so beautiful. In this area, I have seen many similar situations, many say do not care about the big boss up losing money, want to play a reputation in the industry, but to do several projects later, completely out of the industry. Because of the high risk nature of this industry, so my advice is do not want to get things so beautiful, they can afford to do this kind of thing.