Core Viewpoint - Tencent Music (TME.US) shows resilience in the streaming music industry, with a projected revenue CAGR of 22% from 2021 to 2024, significantly outperforming retail sales growth in China [1] Industry Summary - The streaming music industry in China is expected to maintain strong growth despite macroeconomic challenges, with a revenue CAGR of 22% from 2021 to 2024 [1] - The expansion of audio content and refined operations in fan economy are anticipated to shift music platforms from competition for existing users to user growth [1] - Continuous optimization of copyright management is expected to drive gross margin growth [1] - The integration of AI is likely to decentralize supply in the industry [1] Company Summary - Tencent Music is recommended for attention, with expectations of ongoing acquisitions and integrations starting in the second half of the year [1] - The strategy aims to stabilize K-pop user retention while attracting new users through long audio content [1]
美股异动｜腾讯音乐盘前涨超1.6% 机构指流媒体音乐行业长期抗宏观逆风韧性强