With the unique advantages of the "professional partner model" in team building, production and resource acquisition, DreamWorks created a decade of glory at the end of the last century, leaping into the top tier of Hollywood studios. Inspired by DreamWorks, Happy Media innovated on its basis, formed a unique "director partnership system", promoted content production with equity incentives on the basis of gathering high-quality directors, and created a high-quality online platform on the basis of content. it has created a new entertainment model of China's "DreamWorks". This report analyzes the feasibility of director partnership through the overseas leader "DreamWorks", and then returns to Happy Media itself to sort out the company's current collection of director and content production resources. summarize the superiority and sustainability of its unique business model deeply bound to famous directors. Finally, it discusses the characteristics of the premiere of the new media platform built on the basis of content and the development potential of its linkage cat's eye to further open the content channel.

American DreamWorks is the forerunner of the "professional partner" model. Reviewing the development of DreamWorks, we find that professional partners have played an important role in team building, self-produced excellent content and the introduction of external high-quality resources, which directly contributed to the glory of DreamWorks at the end of the last century. However, DreamWorks also has hidden dangers and mistakes in the stability of corporate governance and diversification strategy, which leads to the separation and decline of DreamWorks.

Equity incentive promotes content production, and model polishing is expected for future development. 1) Happy Media adopts the unique business model of "salary + shares" to deeply bind top directors, on the one hand, drives directors to produce high-quality content with common interests, and on the other hand, makes directors worry-free to create high-quality content with less performance pressure. a two-pronged approach to promote the content production of shareholder directors 2) directors have their own advantages, which not only enrich the company's industrial layout and work layout, but also hedge the market risk to a certain extent, and their respective shareholder status also encourages them to work together to produce better content. 3) this business model is continuously polished in the process of practice, horizontally adjust the content of the contract according to the personal characteristics of the director, flexibly control and guarantee the rights and interests of the old shareholders vertically, promote the sustainable development of the model, and the future development can be expected.

Happy premiere to learn from Netflix, based on content to create a boutique platform. The online video payment market has grown rapidly in recent years, which is faster than the traditional box office market. Happy Media's new media premiere, which combines full membership and pay-on-demand, arises at the historic moment. The premiere is not only relatively perfect in the preparation and layout of related supporting services such as technology, qualification and traffic entrance, but also sits on the exclusive high-quality content resources of Huaxi Media to make up the existing film and television market and form a misplaced competition with the traditional video broadcasting platform, with the intention of drawing lessons from Netflix's business model with original content as the core to create a boutique vertical broadcasting platform.

Cat's Eye becomes the shareholder of the company and strives for win-win cooperation in various directions. Ticketing leader cat's eye is becoming an important entrance to the company's film and television ecology. on the one hand, cooperation with cat's eye is conducive to the further development of happy media content business, on the other hand, it can continuously introduce traffic for happy premiere, expand the scale and influence of users of happy premiere, and realize the strong combination of high-quality content and strong channels.

Risk tips: film and television works do not perform as expected; happy premiere users grow less than expected; film and television censorship is more stringent