Introduction to this report:
The Q2 variety market is expected to recover under the leadership of the head sound ensemble such as “sound keeps alive” and “sister 3”; Q2 series members are expected to continue their excellent performance. Mango Excellent Media Co.Ltd(300413) , which has significant advantages in variety arts and rapid growth of the series, is recommended.
Summary:
Last week, the media (Shenwan) index fell 3.93%, ranking 27th in 31 industries. Weaker than gem index (down 3.66%), Shenzhen Composite Index (down 1.71%), Shanghai index (down 0.66%) and Shanghai small and medium-sized index (down 0.72%). Subdivision sector leader continued prosperity, proposed vertical distribution of performance in the field of performance is expected to continue to increase investment opportunities, recommend Kwai Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , Mango Excellent Media Co.Ltd(300413) , Chengdu Xgimi Technology Co.Ltd(688696) and so on, as well as benefit from the flow and age structure reconstruction of Tencent holdings, fast, bubble, Matt, beep Li and so on.
Variety show: affected by factors such as the exit of idol talent show variety show and the attraction of the Winter Olympic Games, Q1 variety show market is cold, and Q2 is expected to usher in a turnaround. According to Yunhe data, the effective broadcasting volume of 22q1 TV variety show / online variety show was 2.7/3.1 billion times respectively, with a year-on-year decline of 33%. Ride the wind and waves make complaints about the 21Q1 fever. However, 22Q1 has been on the decline since late January. On the one hand, 21Q1 has been on the line of “sister 2”, “Tucao 5”, “youth has you 3”, “creative camp 2021” and so on, while 22Q1 lacks headlines. On the other hand, the popularity of the Winter Olympic Games is high. The Kwai Tat data show that the video volume is 154 billion 480 million times during the Winter Olympic Games, and the volume of the Winter Olympics is 7 billion 940 million times, or the attention of the variety audiences is diverting. Looking forward to 22q2, head music variety shows such as “sound never stops” and “sister 3 riding the wind and waves” are expected to drive the market to pick up.
Episode: the decrease of new volume in Q1 led to a slight decline in the market, but the member content performed well and mango had a strong growth momentum. According to Yunhe data, affected by the quality improvement and reduction policy, the cost reduction and efficiency increase strategy of the platform, the epidemic and other factors, the total number of new dramas on 22q1 aiteng youmang decreased by 24 compared with the same period of the previous year, and the four platforms decreased by 2 / 11 / 3 / 8 respectively. Under this influence, the broadcast volume of aiteng youmang dramas has declined, but the broadcast volume of mango TV dramas has increased by 45% year-on-year, which shows that the quality of its dramas has been continuously improved and is accelerating to attract users. Judging from the broadcast volume of 22q1 member content, aiteng youmang has achieved year-on-year growth, of which mango TV has a strong growth rate of 73%.
According to the list released by mango marketing conference, there are still a large number of high-quality dramas to be broadcast in 22q2-q4, which is expected to continue the excellent performance of Q1. Recommended target: Mango Excellent Media Co.Ltd(300413) ( Mango Excellent Media Co.Ltd(300413) . SZ).
Risk tip: policy supervision is tightening, and the impact of other optional consumption on entertainment demand is higher than expected.
