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Core Viewpoint - Tencent Music has signed an acquisition agreement to purchase Ximalaya for approximately $2.9 billion, which is seen as a strategic move to alleviate growth concerns despite the significant drop in Ximalaya's valuation from its peak [1][10]. Group 1: Acquisition Details - The acquisition price is estimated at around $2.9 billion, equivalent to approximately 20 billion yuan, based on Tencent Music's stock price on June 11 [1][10]. - Ximalaya's valuation has decreased significantly from its peak of about $5 billion, raising questions about its worth at the time of sale [2]. - The deal includes $1.26 billion in cash and a small percentage of Tencent Music's Class A common stock [10]. Group 2: Market Context - The long audio market, which includes audiobooks and podcasts, was identified as a significant growth area, with the market size in China reaching 175.8 billion yuan in 2020, growing by 55.1% year-on-year [5]. - Ximalaya was the market leader in long audio content, with a user penetration rate of 62.8% in 2019, making it a prime target for Tencent Music [5][6]. Group 3: Ximalaya's Performance - Despite the competitive pressure, Ximalaya reported a revenue growth of 51.1% in 2020, reaching 4.08 billion yuan, and continued to grow in the first half of 2021 [7]. - The average monthly active users (MAU) for Ximalaya increased significantly, from 215 million in 2020 to 262 million in the first half of 2021 [7]. Group 4: Strategic Moves by Tencent Music - Tencent Music has been actively pursuing long audio content since 2019, launching initiatives to support user-generated content and partnering with other companies to enhance its offerings [5][6]. - The company had previously acquired "Lazy Listening" for 2.7 billion yuan to bolster its long audio business [6]. Group 5: AI Initiatives at Ximalaya - Ximalaya has invested heavily in AI, establishing the "Zhu Feng Laboratory" and developing an AI audio model, which has achieved a 10% penetration rate in daily platform playback [11][12]. - Despite advancements in AI, Ximalaya has faced challenges in commercializing its AI-generated content, leading to significant layoffs in 2023 [12][13].