腾讯音乐收购喜马拉雅：又一次靠并购走出流量焦虑

Core Viewpoint - Tencent Music has finalized the acquisition of Ximalaya for a total cash consideration of $1.26 billion, which includes the issuance of Class A ordinary shares [1] Group 1: Acquisition Details - The acquisition involves a total cash payment of $1.26 billion, with Tencent Music issuing Class A ordinary shares not exceeding 5.1986% of the total shares outstanding prior to the transaction [1] - Ximalaya will undergo a restructuring of certain existing businesses related to the transaction [1] - The completion of the transaction is subject to regulatory approvals and other closing conditions [1] Group 2: Recent Transactions - On May 30, HYBE sold its entire stake in SM Entertainment to Tencent Music's Hong Kong entity for approximately 243.3 billion KRW, equivalent to about 1.29 billion RMB, representing 9.38% of SM Entertainment [2][3] Group 3: Financial Performance - In Q1 2025, Tencent Music reported revenue of 7.356 billion RMB, a year-on-year increase of 8.7%, and an adjusted net profit of 2.226 billion RMB, up 22.8% [5] - Online music revenue grew by 15.9% year-on-year to 5.8 billion RMB, with subscription revenue increasing by 16.6% to 4.22 billion RMB [6] - The number of online paid users rose by 8.3% to 122.9 million, with average revenue per paying user (ARPPU) increasing by 0.3 RMB to 11.4 RMB [6] Group 4: User Engagement Challenges - Monthly active users (MAUs) for Tencent Music's online music services declined by 4.0% year-on-year to 555 million [7] - The decline in MAUs poses a direct constraint on Tencent Music's revenue potential [8] Group 5: Strategic Focus - Tencent Music is shifting its focus towards paid users, a strategy common among Tencent's subsidiaries [8] - The company has decided to no longer separately disclose operational metrics for its social entertainment segment, which saw a revenue decline of 11.9% to 1.55 billion RMB in Q1 [9] Group 6: Potential Benefits of Acquisition - The acquisition of Ximalaya is expected to provide Tencent Music with significant traffic, as Ximalaya reported 303 million MAUs in 2023, with 133 million being mobile users [13] - Ximalaya has developed a unique UGC content ecosystem and holds numerous audiobook copyrights, which could offer substantial monetization opportunities [13] - Tencent Music has a history of successful acquisitions, which have been pivotal in establishing its current market position [13]