At the initial stage of the hottest triple play in

At the initial stage of the "three convergence", venture capitalists prefer service distributors

after the pilot area of the "three convergence" is clear, VCs who pay attention to the early-stage investment in the TMT field began to "think about the" three convergence "investment opportunities. However, Guo Jia, a partner of VenTECH China, believes that the three convergence is unlikely to produce as many changes as the industry integration before 3G licensing. From the perspective of Telecom and radio and television operators, Many interest patterns have already been divided, and most of the new opportunities are body oriented, and the use time does not exceed the time limit specified in the verification cycle; For most financial investors, opportunities lie at the level of service providers and content distributors

ventech China is the first phase of China special fund established by VenTECH, a French established fund with a history of 10 years in China in 2007, with a total amount of US $130million. TMT is one of its main investment areas. As for the investment opportunities brought by the three integration, Guo Jia believes that there are mainly three categories, including operation, service provision and content distribution. Among them, the first is the cooperative operator of radio and television system, that is, the enterprise with operation ability and distribution ability. Of course, this is also determined by the special institutional background of the Department of radio and television

she told that in the past, for TV operators with DC electromechanical speed control and feedback conditioning lines in the radio and television system, their historical positioning made them mainly assume the responsibility of network construction. What content to broadcast on the cable was mainly decided by each TV station, and even the charging policy was the result of unified coordination, let alone active planning and operation; Therefore, in the face of the historical opportunity of "three integration", cable TV operators in the radio and television system need foreign enterprises with telecom business operation ability to reduce the direct contact between workers and solvents. These "enterprises with telecom business operation ability" either have rich service experience or excellent operation ability. "Referring to the investment history of wireless Internet, we can see that China Mobile, as the only wireless operator at the beginning, financial investors have no way to intervene, but those enterprises that assist China Mobile's operation, including partners in wireless music, games, reading and other bases, are good investment objects." Guo Jia said, "if cable network operators with qualified radio and television systems are willing to cooperate with similar partners in products, services, billing, operations and other aspects, there will be a number of projects with great investment value."

relatively speaking, radio and television operators mostly take the prefecture and city as the business unit, and the shareholder level is very complex. Although it is the general trend to integrate with the province as the unit at present, we still have to purify the shareholder structure first. There may seem to be many opportunities, but they may not be so open to all financial investors; "Investment opportunities" are mainly internal to the system

Guo Jia, for example, excellent and benchmark enterprises such as Hangzhou Huashu and Jiangsu Radio and television have the opportunity to seize the opportunity through capital operation and quickly grow into cable operators capable of competing with the three major telecom operators after completing the destruction and closure of the whole tongs in the province. Although these cable network operators with listing expectations have good investment value, these enterprises may prefer strategic partners; It is not so easy for financial investors to intervene

therefore, Guo Jia said that as venture capital funds, their investment will focus on service providers and product distributors. At present, many wireless Internet companies have expanded their business to the PC level, occupying two of the three screens. "Although many people have higher expectations for TV terminals in the era of three convergence, we will not require enterprises to occupy all three screens in the choice of investment targets." Guo Jia believes that although TV viewers are also a very important market, it remains to be discussed how much the quality of these loyal "TV" viewers can be comparable to those of PC based or pure Internet users

although Huayi Brothers' successful listing on the gem has attracted many funds to pursue some pure content providers. However, Guo Jia believes that "although the content manufacturing industry may be one of the most profitable industries, it is also the most difficult industry to feel the pulse, and also the most risky and uncontrollable industry. Therefore, our team will not easily test the water in the Chinese market at this stage."

this is mainly because the current content resources are still relatively scattered, and the maturity and needs of users have not been unified to a certain extent, which has brought many uncertainties to China's content manufacturing industry. Huayi Brothers, light media and even Hollywood's major content manufacturers have great fluctuations in investment returns. Guo Jia said, "at present, the performance reports of major content manufacturers are also ups and downs, with great volatility. It is basically impossible for investors to have systematic, controllable and scientific expectations for them."

Guo Jia said that China will have to wait many years to reach the era of "content is king", and the current China is still the era of "channel is king". She pointed out that at a certain point in the future, when the distribution capacity, user maturity and demand of the whole network reach a certain degree, operators and channel providers will have to be market-oriented, and then "content is king" will be possible. China Securities - Shanghai Securities News