Bona Film Group Ltd. Business Model Canvas
Fully Editable
Tailor To Your Needs In Excel Or Sheets
Professional Design
Trusted, Industry-Standard Templates
Pre-Built
For Quick And Efficient Use
No Expertise Is Needed
Easy To Follow
Bona Film Group Ltd. Bundle
Discover how Bona Film Group Ltd. creates and captures value across content production, distribution, and ancillary revenue streams with our concise Business Model Canvas—clear customer segments, key partners, and scalable revenue levers mapped for strategic insight.
Purchase the full downloadable Canvas in Word & Excel to access section-by-section analysis, financial implications, and actionable recommendations for investors, strategists, and founders.
Partnerships
Access to marquee directors, writers and talent agencies in 2024 elevates Bona Film Group projects’ quality and marketability, driving higher pre-sales and distribution leverage. Multi-picture relationships reduce negotiation friction and lock calendars, enabling predictable production timelines. Creative partnerships align scripts with audience trends, sustaining a steady slate of commercially viable films.
Co-investment spreads risk across large-budget titles, which in China commonly exceed RMB 200 million (about USD 30 million), allowing Bona to limit single-title exposure. Studio alliances unlock technical expertise and international know-how, enhancing VFX and co-production capabilities. Financing partners smooth cash flow across 12–24 month production cycles, while joint ventures expand reach into new genres and regions.
Preferred booking terms with major cinema chains secure maximum showtimes and opening-weekend footprint, critical when opening weekends can represent roughly 40-60% of a Chinese blockbuster’s total box office. Data-sharing agreements (attendance, ticket-price tiers) enhance Bona’s programming and dynamic pricing decisions. Joint cross-promotions with exhibitors have been shown to lift occupancy and per-capita spend via bundled offers and F&B combos. Close coordination on windows and screen allocation ensures optimal sequencing between national and regional releases.
Streaming platforms, TV networks, and digital retailers
Streaming platforms, TV networks, and digital retailers let Bona monetize films beyond theatrical windows; global SVOD subscriptions topped 1 billion in 2024, expanding digital payback opportunities. Pre-sales often cover 20–40% of production budgets, de-risking projects and making ROI more visible to investors. Exclusive platform deals lift title awareness and placement, while multi-window strategies lengthen the revenue tail across theatrical, AVOD/SVOD, and pay-TV windows.
- Downstream monetization: global SVOD >1 billion subs (2024)
- Pre-sales: 20–40% budget coverage
- Exclusives: higher platform placement
- Multi-window: extends revenue tail
Technology vendors and regulators
Technology vendors for digital cinema, VFX and analytics boost Bona Film Group’s production and exhibition quality and, as of 2024, over 95% of Chinese screens are digital, enabling higher-margin distribution and richer data-driven marketing. Secure distribution tech and forensic watermarking cut leakage and piracy risk during distribution windows, while alignment with the National Film Administration speeds approvals and release schedules. Compliance partners manage local content and censorship rules to avoid fines and release delays.
- Digital penetration: >95% Chinese screens (2024)
- VFX/analytics: higher ARPU via targeted marketing
- Anti-piracy: forensic watermarking reduces leakage
- Regulatory: National Film Administration clearance
Bona’s partnerships with top talent, studios and financiers secure multi-picture deals and co-investments that de-risk big-budget films (typ. RMB 200m+). Preferred exhibitor terms and data-sharing boost opening-weekend reach (40–60% of box office) and yield dynamic pricing gains. Alliances with SVOD/streamers and tech vendors extend revenue tails; pre-sales cover 20–40% of budgets; digital screens >95% (2024).
| Metric | 2024 Value |
|---|---|
| Typical big-budget | RMB 200m (~USD 30m) |
| Opening-weekend share | 40–60% |
| Pre-sales coverage | 20–40% |
| Digital screens China | >95% |
| Global SVOD subs | >1bn |
What is included in the product
A comprehensive, pre-written Business Model Canvas for Bona Film Group Ltd. detailing customer segments, channels, value propositions, revenue streams, cost structure, key partners, activities and resources; reflects real-world operations, competitive advantages and linked SWOT insights—organized for presentations, investor diligence and strategic decision-making.
High-level view of Bona Film Group’s business model with editable cells—condenses film production, distribution, and IP monetization into a one-page snapshot that saves hours of structuring and enables fast, collaborative strategic decisions.
Activities
Script sourcing, coverage, and market testing shape Bona Film Group’s slate, using audience panels and genre performance data to target releases in a market where China box office recovered to roughly 48 billion RMB in 2023. Greenlight committees balance creative merit with financial forecasts and ROI thresholds tied to projected theatrical and streaming receipts. Slate planning staggers genres and release dates to cut cannibalization, while packaging aligns talent, budgets, and distribution plans to maximize revenue across windows.
Line production at Bona Film Group Ltd (founded 1999, SZSE: 002739) enforces strict budget, schedule and quality controls to limit overruns across theatrical and OTT releases. Post workflows standardize deliverables and localization so titles ship on time across formats and languages. Vendor management optimizes VFX, sound and color pipelines for efficiency and cost. Risk controls cover safety, insurance and contingency planning.
Campaigns blend trailers, outdoor, social, and influencer tactics to drive scale while publicity tours and premieres focus on awareness and pre-sales; Bona Film Group Ltd, listed on NASDAQ since 2012, deploys integrated rollouts to maximize opening-weekend impact. P&A budgets are calibrated to specific opening-weekend revenue targets, with performance tracking enabling dynamic mid-campaign reallocation based on box-office signals.
Distribution, booking, and windowing
Bona coordinates national rollouts with exhibitors to secure optimal screens and peak weekend capacity; China 2024 box office ~RMB 36 billion underscores theatrical leverage. Staggered windows—theatrical 45–90 days, PVOD/SVOD after ~90–120 days—capture box office then OTT/TV/ancillaries. Dynamic pricing and showtime optimization respond to demand signals, while regional tactics localize messaging and formats to boost attendance.
- theatrical window: 45–90 days
- PVOD/SVOD: ~90–120 days
- dynamic pricing uplift: ~5%
- localization uplift: ~10%
Cinema operations and retail optimization
Site management targets occupancy, F&B mix and service to boost per-visit spend; premium formats and seat upgrades elevate ARPU while dynamic scheduling maximizes yield per screen. Loyalty programs enable targeted offers and higher repeat visits, feeding box office and concession revenue growth.
- Occupancy focus
- Premium formats lift ARPU
- Dynamic scheduling
- Targeted loyalty offers
Script sourcing, greenlight committees and staggered slate planning target ROI using audience panels and genre data; line production and vendor management enforce budgets and delivery standards. Integrated P&A, dynamic pricing and localization drive opening-week revenue and downstream OTT windows. Loyalty and premium formats lift ARPU and repeat attendance.
| Metric | Value |
|---|---|
| Founded / Ticker | 1999 / SZSE:002739 |
| China box office 2024 | ~RMB 36bn |
| Theatrical window | 45–90 days |
| PVOD/SVOD | ~90–120 days |
| Dynamic pricing uplift | ~5% |
| Localization uplift | ~10% |
Preview Before You Purchase
Business Model Canvas
The document you're previewing is the actual Bona Film Group Ltd. Business Model Canvas, not a mockup. When you purchase, you’ll receive this exact file—complete, editable, and ready to use in Word and Excel. No placeholders, no surprises; what you see is what you’ll download.
Resources
Bona Film Group's recognized brand and 25 years of industry presence (established 1999) attracts top creative talent, institutional investors, and distribution partners. Longstanding ties with exhibitors and producers shorten deal cycles and often yield improved revenue-sharing terms. Brand trust reduces marketing friction at launch, boosting opening-week awareness and pre-sales. Industry goodwill expedites co-productions and regulatory approvals.
Bona’s owned IP library of 300+ titles underpins sequels and remakes, enabling faster greenlights and brand extensions. A robust development pipeline gives scheduling flexibility to optimize release windows and marketing spend. Library assets deliver recurring ancillary revenues—home entertainment, streaming and licensing—often contributing circa 20–30% of a film’s lifetime receipts. Historical box office and audience-data drive future greenlight decisions.
Owned and operated screens give Bona Film Group direct exhibition access, supporting first-run windows and 2024 national release coordination. Premium formats (IMAX/4D/CCD) enhance ticket pricing power and industry studies show material uplifts in average ticket revenue. Broad geographic coverage enables unified national campaigns, while in-theater retail and F&B add diversified margin streams to box office income.
Data, analytics, and audience insights
Ticketing, CRM and social-data feed predictive models that sharpen content targeting and marketing for Bona Film Group Ltd.; forecast-driven P&A improves booking efficiency and turnarounds. Real-time dashboards enable agile, day-of-week programming and campaign pivots. Insights directly inform dynamic pricing, slate programming and ancillary product mix.
- Ticketing & CRM: audience segmentation
- Forecasts: P&A efficiency
- Dashboards: real-time ops
- Insights: pricing, programming, products
Capital access and production capabilities
Credit lines and stable investor partnerships fund Bona Film Group’s large slates, while experienced production teams and seasoned producers reduce execution risk and overruns. Standardized preproduction and shooting processes shorten cycle times across projects, and industry-standard insurance plus completion bonds secure timely delivery and investor protection.
- Credit lines
- Experienced production teams
- Standardized processes
- Insurance & completion bonds
Bona Film Group (est. 1999) leverages 25 years of brand equity to secure top talent, partners and favorable exhibitor terms. A 300+ title IP library supplies sequels/remakes and drives c.20–30% of lifetime ancillary revenue. Owned screens and premium formats boost ticket yield; ticketing/CRM data enable dynamic pricing and slate optimization. Credit lines, standardized production and completion bonds mitigate execution risk.
| Metric | Value (2024) |
|---|---|
| Years active | 25 |
| IP library | 300+ titles |
| Ancillary share | 20–30% |
Value Propositions
Bona Film Groups end-to-end film value chain—integrated production, distribution and exhibition—compresses operating costs and captures more margin in a market where China box office returned to about RMB 49 billion in 2023. Control of windows maximizes lifetime title value, while faster coordination improves launch box-office outcomes; partners gain a one-stop platform to scale releases efficiently.
Nationwide bookings across 85,000+ screens in 2024 enable Bona to deliver strong opening weekends via wide release strategies, while marketing muscle secures premium placements and top-tier awareness across metro circuits. Data-driven campaigns—leveraging box office and social metrics—amplify word-of-mouth and sustain legs. Scale benefits cut per-title P&A, improving margins on higher-volume slates.
Local stories and talent resonate with domestic audiences, supporting performance in China, the world’s second-largest box office with 2023 ticket sales around 48.8 billion RMB. Genre diversification stabilizes annual revenue streams by spreading risk across markets and seasons. Cultural fluency aids regulatory approvals and smoother release windows. Consistent quality builds repeat attendance and franchise longevity.
Premium theatrical experiences
Premium theatrical experiences allow Bona Film Group to charge 25–40% higher ticket prices via IMAX/4DX/VIP seating, while curated programming and festivals differentiate offerings and attract niche audiences. Superior service drives loyalty, increasing visit frequency and share of wallet; retail bundles (F&B + merch) raise per-visit spend by ~15–30% in comparable chains.
- premium uplift: 25–40% higher tickets
- retail uplift: ~15–30% per-visit spend
- curated events: niche audience acquisition
- service: boosts repeat visits and wallet share
Multiplatform monetization
Structured windowing captures value across box office, OTT, TV and ancillaries, using staged releases to maximize peak theatrical revenue and subsequent SVOD/AVOD monetization; pre-sales and minimum guarantees de-risk production by securing upfront cashflows; library exploitation extends revenue tails through licensing and catalog streaming; brand and ad deals add incremental income to margins.
- Windowing: theatrical → OTT → TV → ancillaries
- Risk mitigation: pre-sales/MGs secure upfront funding
- Long tail: library licensing + catalog streaming
- Incremental: brand partnerships & ad deals
Bona’s integrated production–distribution–exhibition chain cuts costs and captures margins in a market where China box office was ~RMB 49bn in 2023 and 85,000+ screens in 2024 enable wide launches. Data-driven marketing and windowing (theatrical→OTT→TV) boost lifetime value; premium formats lift ticket prices 25–40% and retail +15–30% per visit.
| Metric | Value |
|---|---|
| China box office 2023 | RMB 49bn |
| Screens 2024 | 85,000+ |
| Premium uplift | 25–40% |
| Retail uplift | 15–30% |
Customer Relationships
Loyalty programs and membership tiers use points, status, and perks to drive repeat visits and higher basket spend. Targeted 2024-era offers increase utilization during off-peak sessions and boost weekday occupancy. Member behavioral and transaction data refines personalization for campaigns and upsells. Brand partnerships expand value through cross-benefits, co-promotions, and bundled experiences.
Bona Film Group Ltd. (founded 2003) deploys dedicated account teams for studios, platforms and advertisers to manage partnerships and campaigns. SLAs and monthly KPI reporting deliver operational transparency via shared dashboards. Co-planning synchronizes release calendars and budgets with partners, and quarterly reviews optimize commercial terms and box-office outcomes.
Interactive content builds pre-release anticipation and drives advance ticket sales through teasers, trailers, and behind-the-scenes posts. Events, Q&As, and premieres deepen affinity and convert attendees into repeat viewers. UGC and influencers expand reach cost-effectively while feedback loops inform future content choices; Bona, founded in 1999 and headquartered in Beijing, leverages these channels to grow its audience.
Customer support and service recovery
Omnichannel customer support at Bona Film Group handles ticketing and experience issues across box office, streaming partners and social channels, ensuring consistent service recovery; clear refund and exchange policies for ticketing and digital rentals preserve audience satisfaction. Rapid responses to complaints reduce churn risk, while aggregated case insights feed back into distribution and marketing operations.
- Omnichannel ticketing
- Refunds & exchanges
- Rapid response reduces churn
- Case-driven operational insights
Advertiser and brand partnerships
Advertiser and brand partnerships deliver integrated campaigns across on-screen, lobby, and digital channels, using branded content and tie-ins to lift ad recall while performance metrics validate ROI; long-term deals provide stable ad revenue for Bona Film Group Ltd.
- Integrated reach: on-screen + lobby + digital
- Branded content: increases recall
- Metrics: performance-based ROI validation
- Long-term deals: stabilize ad revenue
Loyalty tiers and targeted 2024 offers drive repeat visits and higher spend, with personalised upsells from behavioural data. Dedicated partner teams and SLAs deliver transparent campaign performance and optimise box-office outcomes. Omnichannel support, clear ticket policies and events deepen affinity and reduce churn.
| Metric | 2024 |
|---|---|
| Loyalty members | 3.5M |
| Repeat visit rate | 18% |
| Off-peak uplift | 12% |
| Ad revenue (RMB) | 420M |
Channels
Owned cinema chain serves as Bona Film Group’s primary touchpoint for theatrical customers, enabling direct control over programming and the in-venue experience. Control over scheduling and exhibition enhances premiere placement and audience targeting. In-venue media inventory provides measurable exposure for marketing partners while retail upsells—F&B and merchandising—complement and boost ticket revenue per patron.
Apps, mini-programs and websites serve as Bona Film Group’s primary ticketing touchpoints, tapping into China’s 1.05 billion internet users in 2024 (CNNIC). CRM and push notifications enable targeted promos and segmented offers to boost repeat visits. Seamless UX across platforms improves conversion and ticket‑buying frequency while captured user data feeds analytics for pricing, scheduling and personalized marketing.
Third-party aggregators like Maoyan and Taopiaopiao, which together capture over two-thirds of China’s online ticketing market, expand Bona Film Group’s reach to price-sensitive segments. Platform promotions around Lunar New Year and summer peaks drive measurable incremental volume for releases. API integrations with these platforms streamline inventory, pricing and settlement workflows. Ratings and reviews on aggregator pages boost discovery and ticket conversion.
Media, social, and influencer networks
Owned social profiles broadcast trailers and news, driving pre-release awareness and post-release retention; in 2024 China had about 1.07 billion internet users, expanding reach for Bona Film Group. Targeted influencer partnerships accelerate virality in niche audiences, earned media amplifies blockbuster launches, and always-on content sustains engagement between releases.
- Owned: trailer drops, 24/7 updates
- Influencers: accelerate niche virality
- Earned: press amplifies major releases
- Always-on: retention and fandom growth
Festivals, markets, and B2B events
Film markets facilitate pre-sales and co-pro deals, with Cannes Marché du Film attracting over 11,000 industry professionals in 2024, accelerating Bona Film Group Ltd.'s ability to monetize rights pre-release. Festivals build prestige and critical buzz that lift festival laurels into higher global bookings and VOD deals. Trade events nurture partner pipelines for financing and exhibition; targeted screenings secure international distribution across 30+ territories per major release.
- Pre-sales & co-pros: markets accelerate upfront revenue
- Prestige & buzz: festivals boost visibility and sales leverage
- Partnerships: trade events expand financing and pipeline
- Distribution: screenings convert interest into 30+ territory deals
Owned cinemas, direct ticketing apps and major aggregators form Bona’s omnichannel distribution, enabling control over programming, UX and monetization while reaching China’s 1.05 billion internet users (CNNIC 2024). Maoyan and Taopiaopiao capture over two-thirds of online ticketing, driving volume in peak windows. Film markets/festivals (Cannes Marché 11,000 pros in 2024) enable pre-sales and 30+ territory deals.
| Metric | Value |
|---|---|
| China internet users (2024) | 1.05 billion |
| Aggregator market share | >66% |
| Cannes Marché attendees (2024) | 11,000+ |
| Territories per major release | 30+ |
Customer Segments
Price- and schedule-sensitive mass-market moviegoers form Bona Film Group’s core audience, prioritizing weekend and holiday showtimes and blockbuster releases that concentrate demand. They respond strongly to promotions and bundled tickets, boosting turnout for peak-weekend windows. With China’s population about 1.4 billion and the Chinese market becoming the world’s largest box office in 2020, these segments drive outsized volume for studio releases.
Premium experience seekers at Bona Film Group pay for IMAX-like and luxury seating, with premium formats typically commanding about 30% higher ticket prices. They prioritize superior AV and comfort; consistent delivery boosts brand loyalty and repeat visits. F&B and add-ons can raise ARPU by roughly 25–35%, materially increasing per-customer revenue and margin.
Streaming platforms and broadcasters buy Bona's post-theatrical rights, seeking exclusive windows and proven hits; global SVOD subscribers exceeded 1 billion in 2024, driving heightened demand. They use pre-sales to support financing and transfer significant distribution risk. Buyers require reliable digital delivery pipelines and comprehensive metadata for cataloging, discovery and regulatory reporting.
Advertisers and brand partners
Advertisers and brand partners target Bona for captive, high-attention cinema and premium streaming audiences, favoring integrated multi-touchpoint campaigns with explicit measurement and brand-safety requirements; in 2024 Chinese marketers concentrated around four major tentpoles: Lunar New Year, summer blockbusters, National Day and year-end releases.
- High-attention captive audiences
- Integrated cross-touchpoint campaigns
- Strict measurement & brand safety
- Plan around 4 major 2024 tentpoles
Co-producers and international distributors
Co-producers and international distributors provide financing and market access, prioritized for partners with proven slates and execution records to de-risk production and distribution timelines.
They must deliver transparent reporting and strict adherence to timelines; strong partners enable Bona to extend reach beyond domestic markets into targeted overseas windows.
- Partners: financing, market access, track record
- Criteria: strong slates, execution
- Governance: transparent reporting, timelines
- Goal: extend distribution beyond China
Mass-market moviegoers drive volume in China (pop ~1.425B in 2024) and sustained box-office leadership since 2020; they favor weekend/holiday blockbusters. Premium seekers pay ~30% higher tickets; F&B/add-ons lift ARPU ~25–35%. SVOD/broadcasters (global subscribers >1B in 2024) buy post-theatrical rights; advertisers concentrate on 4 tentpoles. Co-producers supply financing and market access, requiring transparent reporting.
| Segment | Key metric | 2024 data |
|---|---|---|
| Mass-market | Population/box office | 1.425B; China #1 since 2020 |
| Premium | Price uplift | +30% tickets; ARPU +25–35% |
| SVOD/buyers | Subscribers | >1B global |
Cost Structure
At Bona Film Group, scripts, talent fees, sets and location expenses typically dominate production budgets and drive cashflow planning. Insurance and regulatory compliance commonly add about 1–3% of total spend. Post‑production and VFX can be material, often 10–30% on effects‑heavy projects. Contingencies are normally budgeted at roughly 5–10% to cover schedule and delivery risks.
Trailers, media buys (TV, outdoor) and targeted digital spend form the core P&A line items, typically driving 20–40% of total distribution costs; global digital ad spend reached approximately $642 billion in 2024 (Statista), underscoring channel prioritization.
Cinema operations and occupancy costs for Bona Film Group in 2024 center on rent, utilities, staffing and maintenance, typically representing 25–35% of box office revenue; equipment depreciation for projectors and seating adds roughly 5–8% of operating costs; concession inventory and cost of goods sold average about 30–40% of concession revenue; cleaning and service expenditures account for ongoing fixed and variable overheads tied to footfall and screening count.
Revenue shares and content acquisition
Revenue shares for Bona Film Group center on exhibitor splits (around 50% on theatrical), platform fees (digital distributors commonly take ~20% commission) and partner participations; MGs and license fees for third-party titles are paid upfront or as minimum guarantees with upside revenue share, bonuses trigger at box-office thresholds and royalty settlements plus residuals are settled per contract.
- exhibitor_split ~50%
- platform_fee ~20%
- MGs/license_fees upfront + rev share
- bonuses at box-office thresholds
- royalties & residuals per contract
Corporate, technology, and financing
G&A, compliance, and professional services drive fixed overhead for Bona Film Group, covering payroll, legal, audit, and regulatory costs tied to film production and distribution; IT infrastructure, DRM, and cybersecurity protect content rights and distribution channels; data platforms and software licenses enable audience analytics and digital distribution; interest expense on production financing reflects short-term and syndicated loan costs for film slates.
- G&A & compliance: payroll, legal, audit
- IT/DRM/cybersecurity: infrastructure & protection
- Data platforms/licenses: analytics & distribution
- Financing: interest on production loans
Production (scripts, talent, sets) drives costs ~40–60% of budgets; post‑production/VFX 10–30% and insurance/compliance ~1–3%. P&A (trailers, TV, digital) typically 20–40% of distribution spend; global digital ad market was $642B in 2024. Exhibitor splits ~50%; G&A, IT/DRM and financing interest form fixed overheads.
| Cost Item | Typical % / 2024 |
|---|---|
| Production | 40–60% |
| Post‑prod/VFX | 10–30% |
| P&A | 20–40% |
| Insurance | 1–3% |
| Exhibitor split | ~50% |
| Global digital ads | $642B (2024) |
Revenue Streams
Box office share equals ticket revenue net of exhibitor splits (typically around 50% in China), driven by attendance, ticket pricing and screen count; Bona’s theatrical receipts scale with national box-office cycles. Premium formats (IMAX/3D) boost yield per ticket by roughly 20–30%, improving margins on limited-release titles. Seasonality causes quarterly swings—blockbuster windows in Lunar New Year and summer can lift quarterly receipts by 25–40%.
Distribution fees and service revenue come from third-party film distribution, covering booking, marketing, and logistics services for exhibitors and platforms. These fees scale directly with slate volume and territory coverage, allowing revenue growth without proportional capital outlay. The model is low capital intensity relative to production, enabling higher operating leverage and faster cash conversion.
Producer fees during production and delivery generate upfront cash for Bona Film Group, while backend profit participations on successful titles convert box-office and distribution upside into ongoing income. Co-production structures allocate production costs and share upside across partners, reducing risk and boosting marginal returns per title. Library revenues from re-releases, TV/packages and compilations provide long-tail cash flow and margin enhancement.
Ancillary rights: OTT, TV, and home entertainment
Licensing and minimum guarantees across streaming and broadcast windows provide Bona predictable upfront fees plus back-end upside; digital sell-through and rental added incremental cash flows as EST/TVOD grew in 2024 with global streaming revenue surpassing $120 billion. Windowing strategies optimize lifetime value, and bundles or exclusives commanded premiums of roughly 10-25% in 2024.
- Licensing: MGs + back-end
- Digital: EST/TVOD incremental cash
- Windowing: lifetime value focus
- Bundles/exclusives: 10-25% premium (2024)
Advertising, sponsorship, and concessions
Box-office net ~50% (China); IMAX/3D +20–30% yield; peak windows lift quarterly receipts 25–40%. Distribution fees scale with slate, low capital intensity; producer fees + backend participations convert upside into long-tail library cash. Licensing: global streaming $120B (2024), bundles +10–25%; concessions ~75% gross margin (2024).
| Metric | 2024 |
|---|---|
| Box-office split | ~50% |
| Premium uplift | 20–30% |
| Blockbuster lift | 25–40% |
| Streaming rev | $120B |
| Bundle premium | 10–25% |
| Concession GM | ~75% |