阅文、泡泡玛特、B站在IP运营上的短板与破局之道

Core Insights - The article discusses the commercialization of intellectual property (IP) in the context of various companies, highlighting Bandai Namco as a leading example with over 600 billion yen in annual sales and a portfolio of enduring IPs like Dragon Ball and Gundam [1] - It contrasts Bandai's successful IP strategy with the challenges faced by Chinese companies like Yuewen, Pop Mart, and Bilibili, which struggle to achieve similar levels of IP monetization and cultural impact [1][3][8] Company Analysis Bandai Namco - Bandai Namco has a robust IP portfolio, generating significant revenue from various franchises, with Gundam alone contributing 145.7 billion yen in FY24, accounting for 13.9% of total IP revenue [2] - The company's "IP axis strategy" integrates content development with commercial monetization, creating immersive experiences across multiple platforms, unlike competitors who primarily focus on single revenue streams [3][4] Yuewen - Yuewen, as China's largest IP "gold mine," has struggled to replicate the cross-media success of Western franchises like Harry Potter, facing structural challenges in its IP conversion chain [3] - The company has seen a decline in active users and revenue growth, with monthly active users dropping from 206 million to 167 million, a 19% decrease year-on-year [3][4] - Yuewen's acquisition of New Classics Media has not yielded expected results, with a 37% drop in net profit from 5.4 billion yuan in 2021 to 3.4 billion yuan in 2024 [4] Pop Mart - Pop Mart has demonstrated strong market appeal, with a 38.9% share of overseas revenue in 2024, but faces challenges in sustaining IP longevity and combating user fatigue [6][5] - The company has a high member repurchase rate of 49.4%, down from 58% in 2019, indicating potential issues with customer retention [6] - Pop Mart is exploring new avenues for IP development, including AR technology and collaborations with animation studios [7] Bilibili - Bilibili achieved its first quarterly profit in 2024, with a net profit of 88.9 million yuan, indicating a shift towards efficiency [8] - The platform's revenue from IP and derivative products decreased by 7%, highlighting the need for improved IP development capabilities [8][9] - Bilibili's top three IPs generated 474.3 billion yen (approximately 23.03 billion yuan) in sales, representing 38.4% of Bandai Namco's total revenue [8] Industry Insights - The article identifies a fundamental gap in the Chinese IP industry, where companies excel at creating hits but struggle to cultivate long-lasting IPs [10] - It emphasizes the need for a shift from a fast-consumption model to a long-term strategy, as seen in Bandai's approach to maintaining the relevance of its IPs over decades [10][11] - The article suggests that Chinese companies need to build a cohesive ecosystem for IP development, moving from isolated successes to a collaborative approach that integrates content, products, and community engagement [11][12]