Core Insights - The essence of successful film financing lies in achieving a value consensus between financing parties and investors, which requires a clear understanding of financing misconceptions, deep comprehension of capital demands, and a commitment to the logic of "risk-sharing and value co-creation" [1] Financing Misconceptions - The first misconception is the "hype-driven" speculative trap, where some financing parties rely on star power or IP hype, neglecting the project's essence. For instance, a fantasy film raised 200 million yuan based on its "Eastern Fantasy Universe" concept but failed due to script flaws, with only 15% success rate for projects driven solely by hype in 2023, while content-focused projects had an ROI exceeding 30% [2][3] - The second misconception is the "self-indulgent project" blind spot, where creators prioritize personal expression over commercial logic, leading to a lack of investor interest. A director's insistence on a 190-minute runtime without adjusting narrative pacing resulted in financing failure, highlighting that film financing is about "value investment" rather than "project selection" [2] - The third misconception is the naive notion of "capital charity," where emotional narratives like "revitalizing Chinese animation" are used to appeal to investors while avoiding core issues like cost control. In 2022, 90% of institutions required a clear cash flow model in business plans, with only 12% of projects successfully financed based solely on "creative highlights" [3] Investor Core Demands - Understanding investor decision-making logic is crucial to overcoming financing challenges, focusing on a "verifiable value loop" across three dimensions [5] - The first demand is risk control, where investors prioritize "risk lower limits" over "return upper limits." They prefer proven operators, as seen with Ning Hao's Bad Monkey Pictures, which saw a 40% increase in financing efficiency after the success of "Dying to Survive" [6] - The second demand is measurable returns, requiring the translation of "creative vision" into "business language." Investors need to identify target users, funding sources, and growth potential, as demonstrated by the positioning of "Better Days" targeting 120 million potential viewers [7] - The third demand is industry synergy, where top investors seek projects with "ecological value." Disney's investment in "Star Wars" aimed to supply content for theme parks and streaming platforms, illustrating that capital pursues not just individual project returns but strategic opportunities aligned with their resources [8] Achieving Value Consensus - The essence of financing is the alignment of objectives between financing parties and investors through three forms of "synchronous resonance" [9] - The first form is a shared underlying logic, where successful financing cases exemplify the coexistence of commercial logic and artistic expression. For example, Ang Lee's team allocated 70% of the budget for visual effects to enhance commercial appeal while retaining creative freedom [9] - The second form is a risk-sharing mechanism, where financing is viewed as a cooperative effort rather than a zero-sum game. The "Wolf Warrior 2" case illustrates this with a box office profit-sharing agreement that attracted multiple investors [9] - The third form is a long-term value consensus, where top financing is seen as "strategic investment" rather than "short-term speculation." Disney's acquisition of Marvel highlights the potential for full industry chain development, with cumulative revenue exceeding 22 billion USD over ten years [10]