Huayi Brothers has officially filed for bankruptcy, with the applicant being a little-known small technology company, and the debt amount is only 11.4 million.

Ten years ago, when Wang Zhongjun spent 370 million at Sotheby's to buy a famous Van Gogh painting, this amount of money was barely a drop in the bucket.

But now, the balance of Huayi Brothers' 22 bank accounts has fallen below 1000 yuan.

Some say the biggest problem with Huayi Brothers is viewing capital as capability, mistaking trends for strength, and relying on leverage as confidence.

However, I believe the main reason lies in their missed opportunity regarding the structural shift in China's entertainment industry.

The past entertainment industry was led by: film companies / talent agencies / theaters / stars / directors.

The later entertainment industry transformed into: platforms / algorithms / short videos / live streaming / serialized productions / user data.

In other words, the entertainment industry shifted from a "resource matching business" to a "traffic distribution business."

Huayi was previously good at: who I know, what events I can organize, who I can invite to shoot, and what I can push to cinemas.

But in the new era, what is more important is: who controls users, who controls distribution, who controls data, who controls the mechanism for continuous content production.

Huayi did not truly grasp the new entrance; they didn't even realize the new entrance, and thus were ruthlessly eliminated. So it didn't lose to a particular bad film, but to a shift of an entire era:

From the film industry dividend moving to platform algorithm dividends; from star-centric systems moving to traffic-centric systems; from large-scale production narratives moving to high-frequency content supply.

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