Starting the brand to go overseas, the digital transformation of the traditional publishing industry has achieved fruitful results.
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In the face of the digital wave, listed companies such as China Publishing, Phoenix Media, and Chinese Media have used digital technology to transform their digital technology and expand their diversified development methods. On the other hand, they have strengthened copyright output and accelerated their pace of “going out”.
Digital transformation
In the 24-hour bookstore of Sanlian, a Beijing-based Haidian District, the China Securities Journal found that the number of people who read the book was constant, but only a few people chose to buy it. Regarding the pain point of the publishing industry, Liu Wei, secretary of the China Publishing Board, told reporters that “digitalization has a great influence on traditional paper media. Traditional publishing houses are facing digital transformation problems.”
A publishing industry official told the China Securities Journal that the development of the publishing industry has entered a stage of advanced competition, more in terms of publishing resources, brands, and market share. For the old publishing group, more emphasis should be placed on brand building. Faced with the impact of the mobile Internet, publishing companies need to use digital to activate traditional advantages, focus on creating digital publishing brands, and let enterprises take the initiative in the digital wave.
In fact, digitization is in line with current reading needs. According to the "Fifteenth National National Reading Survey Report" issued by China Press and Publication Research Institute, the contact rate of domestic adult digital reading methods (online online reading, mobile phone reading, e-reader reading, etc.) in 2017 was 73.0%. In 2016, 68.2% rose by 4.8 percentage points. The contact rate of adult national digital reading methods has maintained a growing momentum.
Professor Yang Haiping, deputy dean of the Graduate School of Nanjing University, believes that digitization is the overall trend of the current publishing industry. The traditional publishing industry should take advantage of the trend, actively embrace the Internet, give full play to its own advantages, and use existing resources to achieve the integrated development of traditional publishing and digital publishing.
“How to spread the digital era and how to develop new products.” Liu Wei, secretary of the China Publishing Board, told the China Securities Journal that traditional publishing houses are facing digital transformation problems.
Digital publishing has become a trend. In July this year, the “News and Press Industry Analysis Report 2017” issued by the State Press and Publication Administration showed that the national publishing, printing and distribution services (excluding digital publishing) achieved operating income of 1,811.92 billion yuan, an increase of 4.5% over the same period in 2016. According to the survey data compiled by China Press and Publication Research Institute, in 2017, digital publishing achieved operating income of 707.19 billion yuan, a year-on-year increase of 23.6%.
Regarding the current development of the industry, Phoenix Media stated that under the background of accelerated industrial transformation and upgrading, the news and publishing industry as a whole continued to maintain a sustained and rapid development trend. However, the growth rate of traditional book publishing business is significantly lower than that of digital publishing, facing the challenge of weak growth, and the transformation pressure continues to increase.
It is understood that at present, China Publishing and Phoenix Media, two publishing companies relying on brand publishing houses to develop and expand the main business of publishing and distribution, the digital transformation effect appears. Taking China Publishing as an example, the 2018 semi-annual report shows that the digital copyright signing rate of Chinese publishing units is close to 70%, and the digital resource pool is data-organized, shared and used from a practical and commercial perspective.
From the perspective of Phoenix Media, the company has firmly implemented the transformation and upgrading, and the contribution of digital publishing has continued to improve. In 2017, Phoenix Media’s digital publishing revenue was 906 million yuan. Among them, the digital publishing unit earned 777 million yuan, and the traditional publishing unit earned 129 million yuan.
Diversified development
From the current situation, publishing companies are actively engaged in diversified development. Judging from Phoenix Media, the semi-annual report revealed that the company's educational products have outstanding advantages. The total number of teaching materials for the Phoenix version is 23, and the number of varieties and market share ranks second in the country. While strengthening the publishing business, Phoenix Media is also expanding other businesses.
A large brokerage cultural media industry analyst told China Securities Journal that the book publishing industry is developing steadily and growing steadily. Many publishing companies seek diversification and are seeking business breakthroughs and increasing profitability.
According to the semi-annual report of Phoenix Media, on the basis of consolidating the advantages of traditional business, the company continued to increase its transformation and upgrading efforts, actively improved the industrial layout, and actively expanded the fields of smart education, film and television, vocational education, cloud computing, big data, games and entertainment.
Specifically, Phoenix Media's film and television sector has entered a benign development track. In 2017, Phoenix TV's TV series "The Name of the People" was broadcasted on Hunan Satellite TV. Last year, Phoenix Media transferred the shares of PPTV invested in the Suning Group to achieve an investment income of about 98 million yuan. In the first half of 2018, Phoenix Legend's film "Nothing to Ask about West" and "Love of the Antarctic" were released.
Yang Haiping believes that the future publishing industry should not only focus on disseminating advanced culture and leading the development of the industry, focusing on the main business of publishing and distribution, in-depth business strategy, integration of related resources, vigorously promoting technological innovation, creating an integrated service platform, and cultivating online and offline Incorporating the development of new market players, we must also use capital management methods to optimize resource allocation, adopt various means to promote the transformation and upgrading of the main business and the development of integration, and gradually improve the industrial layout of the enterprise.
From the development of diversified business of Chinese media, the scale of modern logistics, Internet of Things technology applications, new media, online education, Internet games, digital publishing and other industries in the emerging publishing field has gradually formed, which has gradually become the company's new profit growth pole; The company's film and television production, art business, cultural complex and investment and financing and other new business and publishing business formed an effective synergy.
Among them, Chinese Media's Zhixingtong has become one of the Chinese game companies with strong overseas operations, and more than 90% of its revenue comes from overseas markets. In 2017, the company's new media new business sector represented by Zhixingtong achieved revenue of 4.052 billion yuan; gross profit margin was 63.19%, an increase of 3.94 percentage points year-on-year. In the first half of 2018, the company's new media new business sector achieved revenue of 1.17 billion yuan, which continued to be a stable profit growth point for the company.
For the diversified development of publishing companies, Yang Haiping believes that diversified business advantages are obvious, can decentralize the operating risks of publishing institutions, help to improve market risk prevention capabilities, facilitate the exploration of the internal potential of publishing institutions, and achieve optimal allocation of internal publishing resources.
Yang Haiping also reminded that publishing companies must pay attention to the cultivation and promotion of their core competitiveness, and correctly handle the relationship between core competitiveness and diversification. Diversify the business on the basis of highlighting the core competitiveness, rather than diversification in the case where the core competitiveness is not obvious.
A publishing industry official told the China Securities Journal that the diversification of publishing companies still has to focus on the main business, which is the key to the growth and strength of publishing companies. For example, China Publishing is a publishing house with humanities and social sciences publishing as its main business. Its commercial printing house, Zhonghua Book Company and Sanlian Bookstore are well-known publishing houses, which can be subdivided on the basis of original brands. Segment the market and consolidate the advantages of traditional brands.
Speed up going out
On the one hand, publishing companies expand the path of diversified development, on the other hand, they accelerate the pace of going out. Cinda Securities Research pointed out that internationalization is actually a market-wide exploration, especially for the digital publishing field with virtual assets and industries, international expansion is the necessary way to increase revenue and profit.
For the expansion of international business, according to the Chinese online (300364) Group Chairman Tong Zhilei introduced at the 8th China Digital Publishing Expo, in 2016, Chinese Online proposed IP integrated development, pan-entertainment industry integration, from education and culture Take the pace of internationalization. In 2018, Chinese Online signed a project cooperation agreement with the Harvard University Fairbank Chinese Research Center and the Chinese Ancient History Research Center of Peking University to sign the project (CBDB Chinese Historical Biography Database). The “Introduction” digital human resources platform includes a total of about 410,000 biographies and works (about 400 million words) from the pre-Qin to the late Qing.
However, in Yang Haiping's view, foreign well-known publishing groups, such as Reed Elsevier, Pearson Education Group, McGraw-Hill Group, etc., have developed and accumulated over the years, and the level of internationalization is very high. We have accumulated rich experience in copyright trade, publication marketing, cooperative publishing, global publishing resource utilization, and capital operation. However, due to cultural differences, language differences, differences in values, sales channels, content presentation, and lack of international talents, there is still much work to be done in the internationalization of the Chinese publishing industry.
Specifically, Yang Haiping believes that the first is to continue to promote cooperative publishing, set up overseas publishing institutions, and change from borrowing ships to shipbuilding to sea; second, to create a combination of domestic publishing talents with international vision and foreign publishing talents. The publishing team; the third is to enhance the original proportion of high-quality publications, and actively create more and better original works and share them with the world.
From the perspective of Chinese publishing, the company has set a strategic goal of building an internationally renowned publishing group. The semi-annual report shows that in the first half of 2018, China Publishing strengthened the construction of “going out” content, set up a “going out” topic selection planning committee, and planned to implement the famous overseas promotion plan of famous Chinese masterpieces, focusing on “big monsters in the Forbidden City” and “reading aloud”. And other projects. Sanlian Hyperbookstore won the "China Bookstore Spirit Award" at the London Book Fair.
Phoenix Media is also expanding its copyright output, and the effect of “going out” is apparent. The semi-annual report of 2018 shows that Phoenix Media insists on introducing and going out, paying more attention to strengthening the openness and cooperation of innovation capabilities, praising the "Chinese story", comprehensively improving the level of outward publishing and international influence, overfulfilling the task of copyright output for half a year, and output indicators for the whole year. 71% has been completed.
Yang Haiping believes that the Chinese publishing industry should continue to increase copyright output, speak the "Chinese story" in an international language, show the charm of Chinese culture, show the spiritual outlook of the Chinese in the new era, and transform "publishing out" into "publishing." ".