According to the news, Modernsky Entertainment CO., LTD (Modernsky) had a new investor —- JOY.CN Corporation Limited (Joy), who purchased 1.9947% share owned by Zhejiang Silicon Paradise Asset Management Group (Silicon Paradise) for 15 million Yuan. The agreement was signed on September 29th. In the future, Joy will add more to reach a total of 3 billion Yuan.
Joy is a company founded by Guo Guangchang, specialized in culture, Internet + industry operations and investment. Its former name is www.joy.cn. Before, its main businesses were hand-tour, fan communities and value-added Telecom business. The investmentin Modernskyis the first deal after it changed its Chinese name.
Shi Yu, CEO of Joy, said earlier in an intervie that Joy would involved in multiple areas such as music, sports, shows, and films, perhaps with a future investment scale of hundreds billion Yuan. After this investment, Joy will assistModernsky to explore the internationalmarket,especially in international festivals. Meanwhile, it will invest or acquireexcellent enterprise of the whole music industrialchain withModernsky. In the future, Joy plans to reach an investment of 3 billion Yuan in Modernsky.
Four months ago, Shen Lihui, founder of Modernsky, told CMBN, “In fact, we are not particularly in need of this round offinancing. It’s a large amount of money, so we do it. This round of financing is majorly used in overseas acquisitions, includingoverseas festivals, music companies, and the upper reaches of the copyright.”
Overseas integration is also the developmental direction of Modernsky. Shen revealed thatoverseas acquisitions were very common in other industries but not in domestic music industry. Their direction was comprehensive entertainment in the domestic market as well as music in overseas. Besides, it also considered acquiring creative industries, fashion, media and other cross-border business. After all these,Modernsky
would be at a brand new stage of development. The next might be listing.
Early in January 2011, Modernsky acquired 10 million Yuan financing in A round from Silicon Paradise. In May 2014, it again received 100 million Yuan financing in B round from China Culture Industry Investment Fund. After those two rounds, Modernsky was ahead of many domestic music companies, with Strawberry Music Festival being one of
the most successful festival brands in China. Modernsky has brought festivals to countries in Europe and North America in the recent two years.
In March, Modernsky invested in Pogo Live, which is a music live service app, hoping to build the largest online music live service platform in China. In April, it announced the establishment of its independent subsidiary to launch music live video broadcast platform “Now”, focusing on music live and on-demand O2O online platform. Additionally, in June, “Now” national touring was initiated and the domestic concerts layout has begun.
Shen also added that Modernsky would invest 40 million Yuan on devices within two years to establish the best team in China. In fact, a year ago, Modernsky already had its own production department and rented equipmentwarehouse. Theentire production team has about 50 people, only to meet the needs of Modernsky’s festivals and concerts.
With Joy, Modernsky will accelerate the pace of development. Meanwhile, the financial preference towards music industry will drive the industry out ofits slump and welcome thearrival offspring.
(Translator: Ellie; Editor: Chuqian Li)
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