Marvel’s operation of IP and its business model is worth learning from: looking back at its history, in the 1990s, Marvel had countless hero IPs but did not bother to realise them, leading to a year-on-year decline in comic sales. It was not until it set up Marvel Films, which started the comic book-to-film adaptation model, that it finally raised its head in the 21st century. As the fan base continues to expand, the potential of the Marvel universe is remarkable. It evolves its own experience in developing pan-entertainment as it gropes.