那么，进入2026年后，没有了《哪吒2》《疯狂动物城2》等爆款，IP的生意如何做下去，这会是摆在中 国影视人面前的一个课题。 不稳定的市场亟须稳定的收入 稳定的收入，对于过去几年的中国影视行业而言，十分难得。从上市公司的财报数据来看，国内几乎没 有在收入、净利润、经营活动产生的现金流净额等方面持续增长或保持稳定的影视公司，依赖出品的影 视剧，希冀成为爆款是过去几年的常态。 "这其实也是全球影视行业的常态，只不过像美国、日本等国的很多影视公司在IP授权、衍生业务方面 做得很成熟，所以收入多元，且相对稳定，即使做不到每年都增长，抗风险能力也比较强。"从事电影 制片的金妍说。 "影视内容的创作有非常高的不确定性，并且我们的投入也很大，周期也很长。如果你没有能够面向全 球的市场发行能力，这里面的风险是相对较高的。" 爱奇艺高级副总裁张航表示，"每一个观众看完了 剧集都会和剧中角色产生很强的情感连接，但是这部剧播完了以后连接就断掉了。在线下让观众能够持 续保持甚至能够更加增强这种情感连接，这样会创造一个新的消费场，反过来还会让这个IP的价值变得 更好，为后续IP内容的线上开发积累一些势能。" 在今年春节档，《哪吒2》在 ...

美术指导刘大伟：中戏美术设计专业出身，作为美术指导的《少林问道》《冰雨火》《以法之名》等影 视作品备受业界认可，构建真实且富有张力的场景空间。 近年来，随着互动影游赛道逐渐升温，行业开始探索更多"影+游"深度融合的可能性。在这一背景下， 一部名为《猎诈》的互动影游正以其鲜明的题材创新、强大的制作阵容与创新联动的商业模式引发行业 关注。 《猎诈》的背后是长乎尔传媒在反诈题材上的持续深耕。长乎尔此前已成功打造"反诈系列"多部作品， 其中《反诈风暴》播出分账票房超1200万，成为市场上兼具口碑与商业表现的主旋律中剧标杆。长乎尔 自2021年起连续四年与公安系统合作，是行业唯一持续研发并输出反诈题材爆款的团队，曾获国家广电 总局年度网络视听精品节目等多项荣誉。 作为《猎诈》游戏的研发方，华娱游戏展现了其在游戏领域的深厚积累与爆发力。华娱此前推出的三国 题材SLG《三国：谋定天下》一上线即冲入iOS畅销榜Top 3，并多次登顶畅销榜前二，首月流水突破8 亿，全年流水超25亿，被誉为"SLG游戏圈新的里程碑"。 为了积极探索新赛道，长乎尔传媒与华娱游戏共同成立娱尔同游公司，正式进军影游联动赛道。与市场 上常见的"美女互动 ...

题图 / 江山北望 "不务正业"的影视公司们 11月21日至26日，上市影视公司欢瑞世纪的股价连收四个涨停板，盘中股价9.75元达近八年新高。这一表现，得益于该公司在AI+短剧+游戏方面的探索。 欢瑞世纪旗下凤麟互娱主投并出品的互动影游《江山北望》于11月20日上线，3个小时冲进国区畅销榜前十，后续最高同时在线人数突破1万。第三方分析 平台Gamalytic统计，Steam预估销量约13万套，销售额120万美元，尽管从销量来看该作并非大爆款，可93%的玩家好评率足以说明现有玩家对作品的高度 认可。 作为典型的互动影游，《江山北望》集真人影视的叙事属性、游戏的交互属性于一体，而且据主创采访，AI技术为梳理剧情逻辑提供了帮助。可以说， 这一娱乐内容形态集结当下几大行业热点，推动欢瑞股价连续涨停。而欢瑞显然已经将互动影游视为新的业务方向，此前它投资过《完蛋！我被美女包围 了》续作，接下来还有《我的机器人女友》等待发售。 未来押注互动影游的影视公司也不只是欢瑞一家，《江山北望》导演执导的《绍宋》已经开机，剧情改编自阅文头部IP，出品方为打造《凡人修仙传》的 万维猫动画。看好互动影游影视公司越来越多，这里既展现出技术融 ...

以下文章来源于娱乐资本论 ，作者娱乐资本论 娱乐资本论 . 娱乐资本论隶属于界面财联社（上海报业集团主管主办），获得互联网新闻信息服务许可，是北京市文化产业投融资协会会员单位，并与中国网络视听大会、北京国际电影节、上海国 际电影节等行业大会展开了长期、深度的合作，致力于独家报道，是泛文娱行业第一媒体。 刨排100 第18届创业邦100未来独角兽大会 2026/1/15 北京·中关村东升科技园万丽酒店 来源丨 娱乐资本论（ID：yulezibenlun） 北京时间12月5日20时许，跨国流媒体巨头Netflix（非官方译作"网飞"）宣布，以827 亿美元（股权价值为 720 亿美元）收购华纳兄弟探索（WBD）的一半资产。 收购主要涵盖影视部门，包括 HBO Max、HBO 流媒体平台及百年电影制片体系。同时，《真人快打》系列游戏、《霍格沃茨之遗》、《蝙蝠侠：阿卡姆》系列、乐高游戏系列、《哥 谭骑士》等及其工作室全线并入。 根据新闻稿，Netflix将继续维持华纳兄弟当前的运营。华纳兄弟丰富的影视资源和Netflix"领先的流媒体服务"也将形成互补。 Netflix 62 @netflix Today, Netf ...

Core Viewpoint - Netflix announced the acquisition of 50% of Warner Bros. Discovery's assets for $82.7 billion, primarily focusing on its film and television divisions, including HBO Max and its extensive film library [4]. Group 1: Acquisition Details - The acquisition includes major assets such as HBO Max, HBO streaming platform, and various game franchises like Mortal Kombat and Batman [4]. - Netflix will maintain Warner Bros.' current operations, suggesting a complementary relationship between Warner's rich content and Netflix's streaming capabilities [4][8]. Group 2: HBO and Streaming Services - HBO's branding is expected to be preserved, with a low likelihood of changing its iconic opening sequence to Netflix's [8]. - HBO Max may not continue as a standalone product due to its declining revenue despite having 110 million users [8][10]. - Netflix is likely to create a dedicated HBO section within its app to maintain HBO's curated content quality [10]. Group 3: DC Universe and Film Quality - Concerns exist regarding the future quality of DC films under Netflix's management, as the DC universe has struggled with a lack of cohesive narrative and aesthetic [15][17]. - The success of upcoming projects like James Gunn's "Gods and Monsters" plan remains uncertain, raising questions about creative control and intervention from Netflix [17]. Group 4: Future of Iconic Franchises - The acquisition is expected to accelerate the development of new series based on popular franchises like Harry Potter and The Lord of the Rings, which are seen as key assets [20]. - Netflix may expedite the production of a new Harry Potter series to fill content gaps after "Stranger Things" concludes [20]. Group 5: Theatrical Releases and Distribution - Warner Bros. has historically supported theatrical releases, while Netflix prefers direct-to-streaming models, leading to potential conflicts in distribution strategies [22][24]. - Despite Netflix's commitment to maintaining Warner's theatrical release strategy, this may be more of a transitional promise to appease Hollywood stakeholders [24]. Group 6: CNN and Cable News Future - Netflix has shown no interest in CNN or other cable news assets, which will continue to operate independently after Warner's planned split into two companies [27]. - The market generally views the divestiture of linear television assets positively, seeing it as a solution to Warner's debt issues [27]. Group 7: Impact on Chinese Audience - Warner Bros. is expected to continue bringing its films to Chinese theaters, despite Netflix's absence from the market [29]. - The potential for Netflix's influence on Warner's content could raise concerns regarding ideological content in films released in China [30].

Core Insights - Nintendo is strategically focusing on film adaptations, planning multiple projects including "Super Mario Galaxy" in 2026 and a live-action "Legend of Zelda" in 2027, aiming for a consistent release schedule of films [1] - Domestic gaming companies are also entering the film adaptation space, with Tencent's "Honor of Kings" announcing an animated film for 2028 and ByteDance collaborating with miHoYo on a metaverse short drama [2][5] - The early exploration of game IP adaptations began in the 1990s, with mixed results, leading to a significant focus on television adaptations in China, particularly with "Chinese Paladin" in 2005 [6][7] Group 1: Historical Context - The first game adaptation film, "Super Mario Bros," was released in 1993, marking the start of the exploration of game IP in cinema, despite its poor reception [6] - Chinese adaptations gained traction with "Chinese Paladin," which set high viewership records and established a trend for game-based dramas [6][7] - The film adaptation sector faced challenges, with notable failures like the 2012 film "King of Fighters," which highlighted the difficulties in translating game narratives to film [7][9] Group 2: Industry Trends - The peak of game IP adaptations occurred around 2016, but the lack of successful benchmark cases led to a decline in market confidence [10] - Many gaming companies attempted to lead their own adaptations but faced setbacks, with projects often delayed or failing to meet expectations [10][12] - The industry is now shifting towards a more collaborative and diversified approach, with companies exploring various content forms and leveraging new technologies like XR and the metaverse [14][15] Group 3: Current Developments - New strategies include multi-format development, as seen with projects like "Honor of Kings" and "Peace Elite," which aim for sustainable output rather than rushed adaptations [14] - The rise of short dramas offers a new avenue for game companies, allowing for lighter crossovers that can engage audiences without the heavy investment of full-length films [16] - However, the industry must remain cautious, as many projects are still in early stages and face challenges in content quality and market acceptance [17]

Core Insights - "Zootopia 2" has achieved remarkable box office success in China, with a first-day revenue of 2.28 billion yuan and a cumulative total of 2.4 billion yuan within two days, setting a record for the highest single-day box office for an imported animated film in Chinese history [1][2] - The film's release has significantly boosted interest in visiting Shanghai Disneyland, which recently welcomed its 100 millionth visitor, highlighting the synergy between film releases and theme park attendance [2][19] Box Office Performance - "Zootopia 2" broke the pre-sale record for animated films in China, with pre-sale and midnight screening revenues exceeding 3.1 billion yuan [2] - The film's success is not just a box office win but also a catalyst for increased visitor numbers to Shanghai Disneyland, indicating a strong connection between cinematic releases and theme park attendance [13][22] Theme Park Dynamics - Shanghai Disneyland's unique "Zootopia" themed area has become a major attraction, with over 1 million visitors in its first year and an average stay of 4.2 hours per visitor, leading to a high rate of secondary spending [4][21] - The park has strategically prepared for the film's release, enhancing visitor experiences with interactive elements and themed merchandise, which has driven consumer engagement and spending [6][7][17] Long-term Strategy - Disney's approach to integrating film and theme park experiences is evident, as the company aims to extend the life of its IP through immersive experiences that encourage repeat visits and increased spending [13][22] - The ongoing development of new attractions, such as the upcoming Spider-Man themed area and a new hotel, reflects Disney's commitment to expanding its offerings and enhancing visitor experiences, aiming to convert day trips into multi-day stays [18][21] Consumer Engagement - The emotional connection fostered by Disney's storytelling and immersive experiences drives consumer willingness to spend, as evidenced by the popularity of themed merchandise and experiences linked to "Zootopia" [17][25] - The success of "Zootopia 2" serves as a validation of Disney's theme park and IP model, demonstrating that well-crafted narratives can lead to sustained consumer interest and financial success [22][25]

Core Insights - The company reported significant revenue growth and profitability turnaround in the first three quarters of 2025, with total revenue reaching 5.417 billion yuan, a year-on-year increase of 33.00%, and a net profit attributable to shareholders of 666 million yuan, up 271.17% [1] Revenue Breakdown - **Gaming Business**: Contributed the majority of profits with revenue of 4.475 billion yuan, a year-on-year increase of 15.64%, and a net profit of 717 million yuan. The gross profit margin improved to 69.29%, driven by the launch of new games such as "Zhu Xian World" and "Persona: Nightfall" in overseas markets [1] - **Film and Television Business**: Achieved a revenue of 918 million yuan, a remarkable year-on-year increase of 432.90%, and a net profit of 31.73 million yuan, attributed to multiple successful releases and the development of short dramas [1] - **Other Income**: Non-recurring gains amounted to 182 million yuan, primarily from the sale of a gaming studio [1] Product Development and Strategy - The company is actively launching new gaming products, with positive user feedback for titles like "Zhu Xian 2" and "Yihuan". The film and television strategy focuses on a balanced approach between long and short dramas, with successful titles like "Couple's Spring Festival" [2] - The esports segment continues to grow, with the company hosting major events like the CS Asia Invitational Championship in 2025 and preparing for the DOTA2 International in Shanghai in 2026 [2] Future Outlook - The company is focusing on the upcoming launch of the highly anticipated game "Yihuan", which has shown promising testing results. The product is expected to be available on multiple platforms globally [3] - Profit forecasts for 2025-2027 are optimistic, with projected net profits of 810 million yuan, 1.716 billion yuan, and 1.890 billion yuan, respectively, reflecting a favorable market environment and strong product pipeline [3]

Core Insights - The 2025 National Day film season generated a box office of 1.835 billion yuan, with over 50.07 million viewers, marking a significant growth point for the annual film market [1] - Despite this peak, the box office performance is notably lower than previous years, being the first time since 2015 that the National Day box office fell below 2 billion yuan [1][2] - The total box office for the year surpassed 42.52 billion yuan by October 2, exceeding the total for 2024, with total viewer numbers exceeding 1 billion [1] Box Office Performance - The top three films during the National Day period were "The Volunteer Army: Blood and Peace" (450.58 million yuan), "731" (344.92 million yuan), and "Assassination Novelist 2" (295.29 million yuan) [3] - The overall box office for the National Day period in 2025 was 1.835 billion yuan, a decrease from previous years, with no new releases surpassing 500 million yuan [1][2][3] Market Analysis - The decline in box office performance is attributed to two main factors: a lack of blockbuster films and a mismatch between film quality and audience expectations [4] - The highest-grossing film this year, "The Volunteer Army: Blood and Peace," did not exceed 500 million yuan, and only four films surpassed 100 million yuan during the period [4] Audience Preferences - The diversity in film genres and audience demographics was noted, with a variety of genres including historical war, fantasy action, comedy, and animation being represented [5] - Regional preferences were observed, with different cities showing distinct tastes in films, indicating a broader audience engagement [5] Emerging Trends - New directors brought fresh perspectives, with films like "The Sound of Thunder" and "The Proof of Bi Zhengming" receiving positive reviews despite average box office performance [6] - The average ticket price dropped to 36.6 yuan, a decrease of nearly 4 yuan from the previous year, potentially making cinema more accessible [7] Industry Adaptation - Cinemas are exploring non-ticket revenue streams through IP collaborations and experiential offerings to enhance profitability [8] - Wanda Cinemas, for instance, partnered with popular games to create themed experiences, significantly increasing non-box office revenue [10] Overall Market Dynamics - Domestic films accounted for approximately 90% of the box office, indicating strong internal market dynamics [11] - The National Day box office performance reflects a shift in audience expectations towards higher content quality and a move towards a more diversified consumption ecosystem in the film industry [11]

Core Viewpoint - Wanda Film has come under scrutiny due to the freezing of shares held by its actual controller, Ke Liming, which raises concerns about the company's governance structure and future growth prospects [3][4][7]. Group 1: Shareholder Developments - Ke Liming's shares in two companies were frozen by the Jinan Intermediate People's Court, involving a total amount of 12.87 million yuan, for a period of three years [1][4]. - The frozen shares represent 20.64% of Wanda Film's actual control chain, which has led to increased attention on the company's governance [3][4]. - Wang Jianlin's management consulting firm, Xin County Rongzhi, reduced its stake in Wanda Film from 5.05% to 5.00% by selling 962,700 shares between September 1 and 4 [3][8]. Group 2: Financial Performance - Wanda Film reported a 7.57% year-on-year increase in revenue for the first half of the year, totaling 6.689 billion yuan, and a staggering 372.55% increase in net profit, amounting to 536 million yuan [3][10]. - The company's box office revenue reached 4.177 billion yuan, reflecting a 14.78% increase and accounting for 62.45% of total revenue [10]. Group 3: Strategic Moves and Future Prospects - Ke Liming's acquisition of a 51% stake in Wanda Investment in 2023 allowed him to indirectly control 20% of Wanda Film, positioning him as the actual controller [7]. - The company is diversifying its business strategy by investing in the "潮玩" (trendy toys) sector, with a recent investment of 144 million yuan for a 7% stake in Beijing Lezi Tiancheng Cultural Development [14]. - Wanda Film's strategic plan includes a focus on five business segments: cinema, film and television series, strategic investments, trendy toys, and gaming [14].