由于信息技术不断地提升与发展，互联网+的模式迅速在各行各业展开。在多数行业中均展现出“提升效率”等优点，传统行业的商业模式同时也受到了巨大的影响。分销的模式已经不再受到多数品牌商/企业的青睐，而是把注意力放在网络销售/虚拟经济上。此行业在近几年，也站在了风口浪尖上。网红等相关词汇一度成为热词。众多的企业家、创业者、以及投资人均把目光放在了这个行业。 但是随着时间的流逝，尤其是2021年，众多相关企业爆雷后，社会认可度逐渐下降，行业的发展受阻，业务风险骤增，资本也纷纷采取保守态度。业内外的人士，均对行业发展感到困惑和担忧。 本文将对IP型MCN公司的商业模式研究。通过魏朱商业模式理论，对案例公司“汤姆猫”的转型历史、活动系统、交易结构、交易主体、交易方式、交易收支以及关键资能力进行分析，最后再通过DCF模型，自由现金流折现的方式进行估值分析。 汤姆猫，成立于2007年，上市于2015年。原公司业务为精细化工新材料，主要产品为氧系漂白助剂SPC，应用于日常的洗涤。从研发、生产至销售于一体的化工型公司。曾与利洁时、德国汉高、宝洁等国际品牌成为长期战略合作伙伴。较为出名的产品有：立白去渍霸、碧浪洗衣粉、妙管家洗衣粉等。上市不到半年，开始布局文化娱乐产业，先后收购Outfit7、星宝乐园、每日给力等关键公司，并在2019年出售原有化工业务，成功完成转型。从一家化工企业转型为一家IP型MCN公司，新公司主要围绕“会说话的汤姆猫”IP进行多渠道变现/盈利。主要业务有：游戏发行、广告业务、新商业服务、媒体影视以及IP授权。IP型MCN公司，汤姆猫不仅仅成功转型，并且成功，其商业模式值得被研究以及发掘，或许会给其他MCN公司及企业一些启示。
Due to the continuous improvement and development of information technology, the mode of “Internet +” is rapidly spreading in all aspects of life. In most industries, it has shown the advantages of "improving efficiency", while the business model of tradition-al industries has also been greatly affected. Distribution model is no longer favored by most brands/enterprises, but focus on online sales/virtual economy. In recent years, the industry has also been at the forefront of the storm. Internet celebrities and other related words have become hot for some time. Many entrepreneurs and investors have set their eyes on this industry. However, with the passage of time, especially in 2021, after many related enter-prises announced unlawful and unethical behaviors, the social recognition of this in-dustry gradually declined, the development of the industry was hindered, the business risk increased sharply, and the capital also adopted a conservative attitude. People in and out of the industry were confused, and worried about the development of the indus-try. This paper will study the business model of IP MCN company. Through Wei Zhu business model theory, transformation history, activity system, transaction structure, transaction subject, transaction method, transaction income/expenditure, and significant resource advantages of the case company, "TomCat", are analyzed. Finally, the DCF model, discounted free cash flow method is used for valuation analysis. TomCat, founded in 2007, went public in 2015. The original business of the com-pany is related to chemical materials, the main product is oxygen bleaching agent SPC, used in daily washing. The company was capable of R&D, production and sales. It was even the long-term strategic partner of Reckitt Benckiser, Germany Henkel, Procter & Gamble and other international brands. Some famous products are: Libai to stain PA, Bilang washing powder, Miao butler washing powder, etc. Yet, less than half a year af-ter the listing, the company began to the transformation to the cultural and entertain-ment industry, successively acquired key companies such as Outfit7, Starland and Daily Geili, and sold the original chemical business in 2019 to successfully complete the transformation. Transformed from a chemical company to an IP MCN company, the new company focuses on multi-channel realization/profitability around the "Talking Tom Cat" IP. The main businesses are: game publishing, advertising business, new business services, media, film and television, and IP licensing. With the listing of content MCN companies, such as Han Holdings, blasting thun-der, and delisting. Leading to continued questioning of companies like MCN. In addi-tion, existing MCN companies are also faced with difficulties in transformation, reten-tion, and unclear corporate development strategies. However, the IP MCN company, Tom Cat has not only successfully transformed, but also succeeds after transformation. Its business model is worth studying and exploring, which may give some enlighten-ment to other MCN companies and enterprises.
