会计学院知识库

作为“互联网+文化娱乐”的新业态，“泛娱乐”理念意指贯通游戏、文学、动漫、影视、音乐等多种文化创意领域的互动娱乐新生态。鉴于泛娱乐布局能够降低初期开发风险，挖掘产品的多重价值，实现协同效应，切实提高利润，我国近年来涌现了一批进行泛娱乐布局的典型企业，期望能够基于IP为核心达到内容产品关联、受众辐射和市场共振。其中，作为增长最快、市场潜力最大和影响最深远的网络游戏产业，已成为泛娱乐布局产业链条中最重要的变现环节。在此背景下，游戏行业有必要“居安思危”，在供血从未如此充沛的市场格局中，理性审视自身的盈利模式设计，并有针对性地加以升级优化，从而延长自身的生命周期，获取超额利润。

本文选择了以游戏起家并率先开展泛娱乐布局的A股上市游戏企业三七互娱作为典型案例。首先，从泛娱乐布局和盈利模式等相关概念入手，简要介绍了案例分析所需依托的盈利模式要素理论、产业链理论及协同效应理论，并针对泛娱乐布局对游戏行业盈利模式的影响进行了机理分析。随后，在案例分析中，对泛娱乐布局下的三七互娱盈利模式的要素进行了分析，并在此基础上进行综合财务评价，指出所存在的外延式泛娱乐布局业务扩展不明显，协同效应不足，无法充分发掘 IP 变现价值，以及偿债能力降低、财务风险上升等问题。最后，针对存在的问题提出三七互娱需在泛娱乐布局下，充分发挥产业链布局协同效应，并合理控制外源性融资带来的财务风险，以期通过提前战略布局、核心业务带动IP价值升华以及平台研发创新机制，持续优化盈利模式各要素来提升盈利能力，并最终实现企业的持续盈利和可持续发展。

As a new form of "Internet plus cultural entertainment",the concept of "Pan-entertainment" means a new ecology of interactive entertainment that runs through various cultural and creative fields such as games,literature,animation, film and television and music.Because pan-entertainment layout can reduce the risk of early development,tap the long tail value of products,realize synergy effect and improve the rate of return,a number of typical enterprises for Pan-entertainment layout have emerged in China in recent years,hoping to achieve content product connection,audience connection and market resonance based on IP as the core pan-entertainment strategy.Among them,the online game industry,which has the fastest growth,the greatest market potential and the most profound influence,has become an important link in the industrial chain of pan-entertainment layout and the most important realization link.In this context, it is necessary for the game industry to "think of danger in times of peace".In the market pattern of never so abundant blood supply,it is necessary to rationally examine its own profit model design,and upgrade and optimize it pertinently,so as to extend its life cycle and obtain excess profits.

This paper chooses Sanqi Interactive Entertainment as a typical case,which starts with games and takes the lead in developing pan-entertainment layout. First of all, starting from related concepts such as pan-entertainment layout and profit model, it briefly introduces the theory of profit model elements, industry chain theory and synergy theory that are required for case analysis, and discusses the impact of pan-entertainment layout on the profit model of the game industry. In the case analysis, the elements of the profit model of Sanqi Interactive Entertainment under the pan-entertainment layout were analyzed, and a comprehensive financial evaluation was carried out on this basis. It is pointed out that the expansion of the existing expandable pan-entertainment layout business is not obvious, the synergy effect is insufficient, it is impossible to fully explore the realizable value of intellectual property rights, reduce debt solvency, and increase financial risks. Finally, this article puts forward suggestions for the existing problems. Under the pan-entertainment layout, Sanqi Interactive Entertainment needs to give full play to the synergy of the industrial chain layout, reasonably control the financial risks brought by external financing, and enable the company to adopt the strategic layout and core business in advance. The sublimation of the value of intellectual property, the research and development of innovative mechanisms, and the continuous optimization of the various elements of the profit model to improve profitability and ultimately realize the company's sustainable profitability and sustainable development.