Guide to this report: The market believes that Gravity Media invests in music variety shows in order to expand the field of content production. We believe that the company will use variety platforms to lay out the music industry, share the dividends of the major development of the music industry, and maintain an increasing rating. Key investment points: The company's short-term main business is affected by the restructuring of the advertising agency industry. Due to macro and industry influences such as the shift in China's economic growth rate, the shift in traditional television advertising to internet advertising, and the concentration of advertisers in strong media, etc., the company is facing a decline in gross margin in the short term due to rising agency costs. Therefore, we lowered the company's profit forecast for 2015-2017 to 0.38/0.63/0.91 yuan per share, with a target price of 70.48. Distinctive understanding: The market believes that Gravity Media invests in music variety shows to strengthen content marketing, increase gross margin, and expand the field of content production. We believe that the company will use a variety show platform to lay out the music industry, penetrate into all aspects of artist brokerage, music promotion, and content creation, share the dividends of the music industry's major development, and maintain an increasing rating. The company invested in the popular variety show “See Your Voice” and recently landed on Jiangsu TV, and the ratings are worth looking forward to: As a new concept music program that integrates casting, reasoning, and hilarity, “See Your Voice” has maintained high ratings in Korea. The Chinese version has inherited all aspects of the Korean version's advantages and invited superstars as guests. The program was popular before it aired. Gravity Media and New Media Eslite have collaborated to launch music variety shows: 1) It will give full play to its advantages in content marketing, strengthen its bargaining power through advertising, and increase the company's gross profit margin; 2) This investment will become an important practice for the company to expand the field of content production. Through accumulated experience and team training, the competitiveness of the company's content production will be enhanced; 3) This investment is a strategic move for the company to lay out the music industry and is an important breakthrough in entering the music industry. Risk warning: The ratings for variety shows have fallen short of expectations.