汽水音乐凶猛，音乐流媒体重新“三国杀”

Market Landscape Evolution - The Chinese online music streaming market has shifted from a "duopoly" dominated by Tencent Music and NetEase Cloud Music to a "tripartite" competition with the entry of ByteDance's Soda Music [2][3] - Tencent Music held a market share of 76.1% in 2016-2017, while NetEase Cloud Music had about 15.6%. This dominance continued until the emergence of Soda Music [2][3] - As of Q1 2024, Tencent Music and NetEase Cloud Music maintained a combined market share of over 90%, with Tencent Music's monthly active users (MAU) at approximately 202 million and NetEase Cloud Music at around 185 million [2][3] Business Model Comparison - The overall payment rate for online music in China has increased from less than 5% five years ago to about 15% by the end of 2023, indicating a growing trend in user willingness to pay [5] - Tencent Music reported a decline in monthly active users to 551 million, down 4.3% year-on-year, but an increase in paid users to 12.57 million, reflecting a 5.6% growth [6][7] - NetEase Cloud Music's subscription revenue grew by 15.2% year-on-year, reaching 2.47 billion yuan in the first half of 2025, with a paid user conversion rate of 27% [7][9] Platform Strategies - Tencent Music leverages its extensive entertainment ecosystem, focusing on IP creation and social engagement, while NetEase Cloud Music emphasizes community and original content [13][14] - Soda Music employs an algorithm-driven model similar to Spotify, focusing on user acquisition through free offerings and a seamless integration with Douyin (TikTok) for content discovery [15][26] Copyright Disputes - The end of the exclusive copyright era in 2021 allowed for a more open competition among platforms, reducing the need for high-cost exclusive agreements [20][21] - The transition to a post-exclusive era has led to a more level playing field, with platforms focusing on user experience and operational efficiency rather than solely on acquiring exclusive rights [25][22] Future Outlook - The market may stabilize into a "three-way competition" with Tencent Music, NetEase Cloud Music, and Soda Music each solidifying their respective niches [33] - The potential for a "fourth player" to emerge in the market appears low, given the historical challenges faced by new entrants and the dominance of existing players [34]