Read More《一天猛涨50亿，“周杰伦”带动明星IP运营》
Positive Reviews: Star IP Operations Activate a Trillion-yuan Market, and a New Industry Ecosystem Driven by Both Capital and Consumption
The capital frenzy triggered by Jay Chou’s入驻 of the Douyin account “Mr. Zhou” is essentially a microcosm of the explosion of the star IP economy. From the single-day market value of Mega Legend soaring by HK$5 billion, to the hot sales of IPs such as Zhou Shen’s “Zhou Keke”, Li Jiaqi’s “Naiwa Family”, and Mayday’s “Bubu” in the trendy toy market, to the trillion-yuan scale of the South Korean HYBE and Japanese “idol goods” markets, star IP operations are evolving from a marginal part of the “fan economy” to a core growth driver of the cultural consumption industry. The positive significance of this trend is reflected in at least the following three aspects:
I. The capital market’s re – pricing of “IP value” injects strong confidence into the industry
The sharp rise in Mega Legend’s stock price directly reflects the capital market’s recognition of the commercialization potential of star IPs. In 2024, its IP creation and operation business revenue reached 314 million yuan, accounting for 53.7% of the total revenue, a more than 16 – fold increase compared to less than 2% in 2021. This data itself validates the business model of “IP operations”. More notably, Mega Legend’s IP revenue structure has shifted from relying on variety show copyrights (such as J – Tour 2) in the early stage to more sustainable monetization models such as licensing (licensing revenue of 18.538 million yuan in 2024, doubling year – on – year) and cultural and creative products (building blocks, trendy toys, etc.). This diversified monetization ability of “content + products + scenarios” allows the capital market to see the possibility of star IPs transitioning from “short – term and rapid traffic” to “long – term value precipitation”.
II. Innovation in the IP operation model activates the deep – seated consumption demand of the fan economy
The key to the “breaking through the circle” of star IPs lies in breaking the single logic of the traditional fan economy (such as selling albums and concert tickets) and shifting to scenarios closer to people’s daily lives. Take “Mr. Zhou” as an example. From building blocks, pop – up stores to vending machines, from high – end trendy toys in Sanya Duty – Free City to daily consumer goods in shopping malls, its IP caters to the dual needs of “emotional resonance among fans + aesthetic recognition of the general public”. This model innovation can also be seen in cases such as Zhou Shen’s “Zhou Keke” cotton dolls (with tens of millions in sales on the launch day) and Li Jiaqi’s “Naiwa Family” figurines (topping the Tmall best – selling list). By creating original OC images (such as “Zhou Keke”) or anthropomorphizing pets (such as the “Naiwa Family”), the personal characteristics of stars are transformed into tangible and spreadable physical products, which not only lowers the consumption threshold for non – core fans but also enhances the “companionship” of the IP. The trillion – yuan scale of the Japanese “idol goods” market in 2024 further confirms this point. When fans shift from “supporting stars” to “supporting everything related to stars” (such as peripherals, fan – created content, offline activities), the commercial boundaries of IPs are infinitely broadened.
III. Industrial chain extension and global potential open up new growth space for the industry
Mega Legend’s five strategies for 2025 (developing J – Tour 3, expanding into overseas markets, creating AI – digitalized IPs, opening offline black – label stores, etc.) reveal the industrial depth of star IP operations. On the one hand, the in – depth integration of IPs with content (variety shows, concerts), products (functional foods, trendy toys), and channels (pop – up stores, vending machines) is building a closed – loop ecosystem of “content attraction – product monetization – scenario precipitation”. On the other hand, the application of AI technology (such as digitalized IPs, virtual concerts) and the exploration of overseas markets (such as HYBE’s peripheral revenue of over 2 billion yuan and the B2B model of Japanese “idol goods” exhibitions) provide global growth possibilities for the industry. For example, HYBE transforms K – pop culture into globally consumable trendy toy products through the cartoonized IPs (such as “MINITEEN”) of groups like BTS and SEVENTEEN. The “Idol Goods EXPO” in Japan integrates IP copyrights, content production, and retail channels through B2B exhibitions to promote industrial chain collaboration. These experiences show that star IP operations have evolved from “single – point monetization” to “full – industrial – chain empowerment”.
Negative Reviews: Behind the Prosperity of the Star IP Economy, Hidden Concerns and Challenges Coexist
Although the star IP economy is booming, there are still multiple hidden concerns in its development process. From Mega Legend’s high dependence on Jay Chou, to the failure of the “Star Fan Universe” in the sharing era, to the homogeneous competition in the trendy toy market, these cases warn us that although the commercial value of star IPs is significant, the complexity and risks of their operations cannot be ignored.
I. The risk of single – IP dependence: Success comes with the “top – star”, and so does the dilemma
Mega Legend’s success is largely tied to Jay Chou’s personal influence. In 2024, more than half of its IP operation revenue came from Jay – related variety shows (J – Tour 2), concert peripherals, and the “Mr. Zhou” IP licensing. While this “top – star binding” model can achieve rapid monetization, it also harbors risks. Once a top – star’s influence declines due to personal image, health issues, or changes in market preferences (such as the aesthetic shift of the younger generation of fans), the value of the IP may shrink rapidly. For example, Sharing Era once tried to diversify risks through the virtual IPs of multiple stars such as Chen He and Liu Tao, but its “Star Fan Universe” ultimately failed to break free from the dependence on a single star (it has not disclosed financial data since 2018), essentially being a拼盘 of IPs that are “numerous but not refined”.
II. IP lifecycle management: The difficult leap from “traffic explosion” to “long – term precipitation”
The lifecycle of a star IP is usually strongly related to the star’s popularity. However, the “love – for – the – new, dislike – for – the – old” nature of fans makes the long – term operation of IPs extremely difficult. Take the Japanese “idol goods” market as an example. Although the overall scale is large, the “blockbuster period” of a single idol IP is often only 1 – 2 years, and continuous investment in content (such as new albums, new activities) is required to maintain its popularity. In domestic cases, the success of Mayday’s “Bubu” IP is due to its more than 20 years of fan accumulation and continuous content output (such as concerts, music works). In contrast, some short – lived star IPs (such as the early “Star Fan Cards”) were quickly forgotten by the market due to the lack of content support. In addition, “quality control” in IP licensing and product development is also crucial. If peripheral products are poorly designed and highly homogeneous (such as a large number of star IPs only offering keychains and postcards), it will consume the emotional value of fans.
III. Intensified market competition: The “red – ocean” dilemma caused by homogeneity and low entry barriers
With the rise of the star IP economy, the competition in the trendy toy and cultural and creative markets has entered an “involution” stage. From Zhou Shen’s “Zhou Keke” to Li Jiaqi’s “Naiwa Family”, from Mayday’s “Bubu” to HYBE’s “MINITEEN”, the star IP products in the market are highly similar (cotton dolls, figurines, keychains, etc.), and consumers’ aesthetic fatigue is becoming apparent. More importantly, the low entry barriers for star IP operations have attracted a large number of followers. Some companies simply launch peripherals through simple image licensing (such as printing star photos on products), lacking original design and emotional connection, resulting in a market full of “soulless” IP products. This “quantity – without – quality” competition may overdraw the trust of the entire industry.
Suggestions for Entrepreneurs: The Transformation Path from “Traffic Frenzy” to “Value Deep – Dive”
The star IP economy presents both opportunities and risks. Entrepreneurs need to break away from the short – sighted thinking of “riding on the wave of popularity” and shift to a long – term strategy of “value deep – dive”. Based on the cases in the news, the following suggestions are worth considering:
I. Build a multi – IP matrix to reduce the risk of single – IP dependence
Although Mega Legend depends on Jay Chou, it has started to layout other star IPs such as Liu Genghong and Fang Wenshan (such as “Coach Liu” and “Vivi”). This combination of “top – star + potential star” is worth emulating. Entrepreneurs should avoid concentrating resources on a single star and instead disperse risks through a matrix of “core IPs (high popularity) + potential IPs (high growth)”. For example, they can cooperate with stars of different age groups and in different fields (music, sports, film and television) to cover a wider consumer group.
II. Strengthen the depth of IP content to extend its lifecycle
The core of an IP is “emotional connection”, and content is the key to maintaining this connection. Entrepreneurs need to shift from “selling peripherals” to “creating content”. On the one hand, continuously output IP – related content through variety shows, documentaries, virtual concerts, etc. (such as Mega Legend’s J – Tour 3). On the other hand, encourage fans to participate in fan – created content (such as designing peripherals, creating stories) to transform the IP from being “officially – led” to “fan – co – created”. The experience of the Japanese “idol goods” market shows that the higher the fan participation, the longer the IP’s lifecycle.
III. Focus on user needs to avoid homogeneous competition
The design of star IP products needs to break away from the fixed template of “keychains + figurines” and innovate in combination with the star’s characteristics and user scenarios. For example, Liu Genghong’s “Coach Liu” IP can focus on the sports scenario (such as fitness peripherals, sports clothing), Zhou Shen’s “Zhou Keke” can develop theme blind boxes in combination with his music works, and Li Jiaqi’s “Naiwa Family” can be extended to the pet supplies field. In addition, attention should be paid to product quality and design sense (such as the “Mr. Zhou” building blocks winning the “Straight – Guy Romance Award”) to enhance the premium ability of the IP with “high – quality + strong design”.
IV. Make good use of technological tools to improve IP operation efficiency
AI and digital technologies are important enabling tools for star IP operations. Entrepreneurs can use AI to generate IP – related content (such as virtual concerts, dynamic emojis) to reduce content production costs; use big – data analysis to understand fans’ preferences (such as consumption habits, interaction behaviors) for precise product development; and create immersive experiences through technologies such as the metaverse and AR (such as the “Mr. Zhou” theme virtual exhibition) to enhance user stickiness. Mega Legend’s planned “AI – digitalized IP” and “virtual concerts” are examples of this direction.
The “trillion – yuan pie” of the star IP economy is not an opportunity for “easy wins” but requires entrepreneurs to make long – term investments with “content as the core, users as the foundation, and technology as the wings”. Only in this way can the “traffic frenzy” be transformed into “value precipitation”, and a sustainable business path can be forged in the blue ocean of star IPs.
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