Core Viewpoint - The ongoing dispute between Siba Media and artist Ju Jingyi highlights significant tensions within the idol industry, particularly regarding contract validity and artist treatment, raising concerns about the company's operational stability and reputation [2][6][14]. Group 1: Contract Dispute - Ju Jingyi's studio accused Siba Media of contract violations, including forging agreements and harassing partners, while Siba Media countered with claims of substantial financial support provided to Ju, totaling over 160 million yuan since 2017 [5][11]. - The core of the dispute revolves around the authenticity of a "supplementary agreement" and the expiration of the main contract, with both parties asserting conflicting positions [6][7]. - The court hearing for the contract dispute was initially scheduled for March 18, 2024, but was later canceled for unspecified reasons [6][7]. Group 2: Financial and Operational Concerns - Siba Media's financial health is under scrutiny, with reports indicating that the company and its chairman Wang Jing have become defendants in multiple enforcement cases, with a total frozen equity amounting to nearly 130 million yuan [3][11]. - The company has faced significant legal challenges, including contract disputes with former members of the idol group SNH48, which have resulted in high penalties and restrictions on consumption for some artists [14][17]. - Despite maintaining operations through existing fan bases and established performance models, Siba Media's influence in the entertainment industry has diminished, especially with the rise of new idol production formats that have outpaced its traditional model [16][17]. Group 3: Historical Context and Industry Impact - Siba Media, founded in 2010, pioneered the "training system" for idols in China, drawing inspiration from Japan's AKB48 model, and initially thrived on a business model that combined theater performances, fan interactions, and merchandise sales [9][11]. - The company has generated significant revenue from its operations, with over 400 million yuan contributed solely from annual voting events for SNH48 between 2014 and 2019 [9]. - The departure of key members like Ju Jingyi has not only weakened Siba Media's market competitiveness but has also raised questions about its long-term viability in a rapidly evolving entertainment landscape [14][16].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文 | 《BUG》栏目 徐苑蕾 一纸声明，一场罗生门，将昔日"偶像工厂"丝芭传媒与自家培养出的艺人鞠婧祎之间的裂痕再次推上风 口浪尖。昨天，鞠婧祎工作室严正指控丝芭传媒"伪造协议、骚扰合作方"，而丝芭传媒则迅速回击，列 举出鞠婧祎获得税前过亿的优渥待遇，反指艺人方说法严重失实。 这场始于2024年的合约纠纷，核心竟围绕一份神秘"补充协议"的真伪展开，双方各执一词，对簿公堂。 《BUG》栏目注意到，鞠婧祎起诉丝芭传媒的合同纠纷案件原定于3月18日审理，不过后来因故取消。 针对最新进展以及此前庭期取消的原因，《BUG》栏目尝试通过邮件联系丝芭传媒，截至发稿未获回 应。 实际上，丝芭传媒与鞠婧祎的纠纷并非个例，SNH48前人气成员黄婷婷、冯薪朵等人也曾卷入高额违约 金纠纷，并背上限制消费令。 此前，丝芭传媒在国内开创了"养成系"模式先河，不过如今的经营状况却引人担忧。《BUG》栏目查询 发现，2025年，丝芭传媒及其董事长王靖成为多起执行案件的被执行人，股权冻结金额累计近1.3亿 元，冻结期限长达三年。 1.39亿收入VS极低工资 两天前，鞠 ...

Core Viewpoint - The article explores the phenomenon of fan culture surrounding the idol training company Times Fengjun, highlighting the intense dedication of young fans and the commercialization of idol culture, particularly focusing on the practices and implications of fan engagement and the idol training system [7][42][45]. Group 1: Fan Culture and Engagement - Fans, primarily young girls, gather outside the Times Fengjun office building, demonstrating their dedication by waiting for hours to catch a glimpse of their idols [6][8]. - Social media platforms like Weibo and Xiaohongshu serve as hubs for fan interaction, with significant engagement metrics such as TFboy's super topic posts reaching 110 million and daily interactions exceeding 200,000 [11][12]. - The fan community actively engages in discussions about idols' performances and personal lives, showcasing a blend of emotional investment and critical analysis [11][12]. Group 2: Commercialization of Fan Activities - Fans have developed a system of renting and selling spots for optimal viewing during idol appearances, indicating a market for "position trading" that has emerged informally among fans [18][19]. - The practice of "代拍" (dai pai), where fans capture and sell photos of idols, has become a significant revenue stream, with prices for photos ranging from 50 to 200 yuan, depending on quality and rarity [22][26]. - The introduction of "高会" (Gao Hui) memberships allows fans to access exclusive content and participate in resale activities, further blurring the lines between emotional support and commercial transactions [30][31]. Group 3: Idol Training System - Times Fengjun employs a "养成系" (training system) model, focusing on the growth and development of idols from a young age, which has proven effective in building a loyal fanbase [34][39]. - The company has faced challenges, including the high dropout rate of trainees and the ethical implications of commercializing underage idols, raising concerns about the sustainability of this model [42][45]. - Despite the success of groups like TFboys and TNT, the company must navigate the complexities of maintaining fan engagement while managing the pressures placed on young idols [45][46].

Core Viewpoint - The concert of the Times Youth League in Shanghai is expected to attract over 300,000 fans, significantly boosting local consumption in various sectors such as entertainment, accommodation, dining, and shopping [2][10]. Group 1: Concert Impact on Local Economy - The concert is projected to increase hotel bookings around Shanghai Stadium by 266% compared to previous periods, with a 66% year-on-year increase in hotel reservations during the concert week [9][10]. - Local businesses are leveraging the "ticket root economy," offering discounts and promotions linked to concert attendance, such as dining discounts at nearby restaurants [10][11]. - The concert's popularity is expected to drive a surge in transportation, accommodation, dining, and shopping, showcasing the economic impact of high-profile events on urban areas [10][11]. Group 2: Fan Engagement and Attendance - The concert implemented strict ticketing policies, requiring real-name registration and identity verification to enhance security and prevent ticket scalping [6][7]. - Many fans, including those without tickets, attended the concert venue to show support, indicating strong fan engagement and community involvement [7][10]. - Special waiting areas were designated for parents accompanying underage fans, reflecting an understanding of the demographic attending the concert [6][7]. Group 3: Idol Economy and Business Model - The Times Youth League, developed by Times Fengjun, follows a successful idol cultivation model, building on the popularity of previous groups like TFBOYS [13][14]. - The agency employs a comprehensive star-making industry chain, from talent selection to training and performance planning, to maximize commercial opportunities [14]. - The focus on male idol groups is strategic, as they tend to attract more female fans who are more likely to spend on related products and experiences, enhancing overall revenue potential [14].