Model Two: Independent Development and Operation by Grafting Mature IPs

If developers themselves do not have an IP but wish to create a theme park using an external mature IP, they can adopt the method of purchasing brand IP authorization and operating with their own team. For example, the Hello Kitty theme park in Anji, Zhejiang, is the result of a brand authorization cooperation between China Yinrun Group and Sanrio Co., Ltd. of Japan, with Zhejiang Yinrun Holding (Group) Co., Ltd. responsible for investment, construction, and management.

The advantage of this model is that it can quickly introduce theme IPs, shorten the project development cycle, and quickly bring the park to market. By purchasing authorization, developers obtain the right to use well-known IPs and can use their brand effect to attract tourists.

However, this model also faces risks. IPs that have not been fully tested in the park market, while possibly having a certain degree of popularity, may not attract tourists as expected when used as the theme of a park project, leading to uncontrollable revenue.

Model Three: Self-developed IP or Cultivation of Brand Influence

Some developers choose to independently develop IPs or cultivate their own brand influence, such as Chimelong, Happy Valley, Haichang, and Dinosaur Park. Their development model is self-investment, self-construction, and self-operation.

If successful in cultivating influential IPs, developers will receive higher returns and have greater autonomy in brand building and product innovation. For example, Chimelong, Happy Valley, Haichang, and Dinosaur Park. Chimelong, through years of effort, has created multiple themed parks with unique characteristics. Its unique combination of animal themes and amusement facilities is deeply loved by tourists, and its brand value continues to rise.

However, this process is not always smooth; the cultivation period is long and full of risks. From IP creative conception and content creation to market promotion, it requires a large amount of time, manpower, and financial investment. During the cultivation process, there may be many uncertainties, such as fierce market competition and changes in consumer preferences. If the IP fails to gain market recognition, the initial investment may be wasted.

Taking OCT Happy Valley theme park as an example:

Model Four: Theme Park Development Without Relying on IP

Another development path is to not consider IP as a key element in developing a theme park, such as Shanghai Jinjiang Amusement Park. This model adopts self-investment, self-construction, and self-operation.

Its advantages include a short cultivation period, no need to spend a lot of time and energy on IP research and development or authorization negotiations, and the ability to quickly start project construction and operation. At the same time, due to the lack of IP-related investment and risks, the overall cultivation risk is relatively controllable.

However, the corresponding disadvantages are also quite obvious. The lack of IP support makes it difficult for the park to form a unique brand image and core competitiveness in market competition, limiting tourist attraction and generally resulting in relatively limited revenue.

Suppose there is a cross-regional real estate developer located in an economically developed prefecture-level city. In the face of a downturn in the real estate market, it intends to transform into the tourism industry and plans to invest in the construction of a theme park project. Let's discuss the suitable development path for it.

From the perspective of developer interests alone, there is no absolute good or bad among the four paths. It mainly depends on the investment developer's short, medium, and long-term goals at different stages and under different resource and capital conditions.

We can use an example to simulate the comprehensive consideration of these paths in the actual theme park development decision-making process.

Suppose there is a cross-regional real estate developer in an economically developed prefecture-level city, with certain regional geographical relationships and the operational capabilities of self-owned properties such as hotels, commercial buildings, and office buildings. With the current downturn in the real estate market, it needs to transform into the tourism industry and plans to invest in a theme park project in the near future. Which path is suitable to take?

First, let's look at the funding plan and regional market conditions. Assuming the investment plan is between 20 and 50 billion yuan, and the regional tourism market is mature but lacks well-known domestic and foreign theme park projects, it is recommended to adopt paths two and three, namely, grafting and introducing mature IPs for independent development and operation, or self-researching IPs and cultivating brand influence. An investment of 20 to 50 billion yuan is not enough to leverage world-class IPs in path one, but it can cooperate with non-top-tier foreign or well-known domestic theme park operators. However, this model is more suitable for those who consider tourism as a sideline rather than the main business. The tourism industry requires establishing long-term business goals, and it is easier to succeed and enjoy the long-term benefits of park operation when it is the main business.

Secondly, let's look at whether the conditions for park operation are in place. First, park operation needs to consider the cross-regional tourism market, not just the local market. As a cross-regional developer, it has an information sensitivity advantage in the cross-regional market. Moreover, geographical relationships are also important prerequisites for tourism project development, because the maturity and accessibility of the regional tourism market, as well as larger-scale investment and decision-making, are influenced by government public welfare investment.

The above considerations are based on the large-scale operational dimensions of tourism projects within a region. Developers with operational capabilities in self-owned hotels, commercial properties, and offices already possess the basic conditions for park operation, namely hotel and commercial management capabilities. This is a small-scale operational dimension for tourism projects. Therefore, this is why we prefer options two and three over option one, which involves collaborating with a well-known local park company.

Of course, the above is only a hypothetical scenario. In practical applications, a comprehensive assessment of various factors is necessary before making a judgment.