I've previously analyzed GHY Culture and Media (GHY)(SGX: XJB) given their close ties to renowned artist Jay Chou. As the production house behind many of Jay's highly lucrative concerts, GHY has demonstrated expertise in large-scale live entertainment events. However, I was also curious about their business model in production of Chinese dramas, which tend to involve substantial financial risks compared to concerts. The heavy costs associated with drama production led me to question how GHY could turn a profit in this competitive industry. Fortunately, further research provided useful insights into China's drama financing models. A detailed write up explained that most projects nowadays are co-produced or already purchased with major streaming platforms from the very beginning.  As quoted from the website: “…The majority of dramas now are either co-produced by one of the major streaming platforms or are purchased by the streaming platform before filming even starts, meaning that the drama...