Kunlun Wanwei CEO: As Content Costs Approach Zero, Copyright and Distribution Become Scarcest Assets
昆仑万维集团 · wechat · 2026-07-30
Fang Han, CEO of Kunlun Wanwei, shared his investment logic for the AIGC sector at a venture capital summit. He pointed out that AIGC is triggering "content inflation." While the cost of producing individual items plummets (e.g., AI short drama costs dropping from 2M to 100K RMB), total industry investment actually rises due to explosive growth in capacity and compute consumption.
For different modalities, he provided distinct investment criteria: Image hinges on copyright, legal licensing, and vertical workflows; Video offers the highest certainty, where success depends on stable, low-cost industrial pipeline delivery; Music relies heavily on track library copyrights and mature revenue-sharing mechanisms.
He emphasized that as model capabilities commoditize, simple API-wrapper products hold little long-term value. The truly valuable companies are those controlling proprietary data, IP, industrial production workflows, user distribution platforms, and compliance ecosystems. As content generation costs approach zero, premium content, user attention, and distribution channels will become the scarcest and most expensive assets.
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