数字媒体行业：音乐流媒体：长坡厚雪，构建可持续的增长生态

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The global recorded music market is projected to reach $29.6 billion in 2024, with a year-on-year growth of 5%. Streaming services are the main growth driver, accounting for 68% of the market, with revenues of$ 20.4 billion in 2024, reflecting a 7% increase [6][20]. - The Chinese music consumption market shows long-term growth potential, with a market size of $1.6 billion in 2024, growing by 9.6% year-on-year, and accounting for 5% of the global market share [6][31]. - The music industry value chain indicates that record companies hold significant power through their artist discovery and development systems, while streaming platforms are diversifying content to reduce reliance on core copyright resources [6][42]. Summary by Sections 1. Music Industry Demand Stability - The global recorded music industry is experiencing stable growth driven by streaming services, with the market size reaching$ 29.6 billion in 2024, a 5% increase year-on-year. Streaming services contribute significantly, accounting for 68% of the market [20][25]. - The U.S. remains the largest market with a size of $11.3 billion in 2024, while China ranks fifth with a market size of$ 1.6 billion, showing a 9.6% growth [31][33]. 2. Record Companies: Core Artist Catalogs Maintain Premium - Major record companies like Universal Music Group (UMG), Sony Music, and Warner Music Group (WMG) dominate the market, with UMG holding a 32% share of the digital music market in 2023 [52][56]. - The record companies maintain a strong position through their extensive artist catalogs and global operations, while also facing competition from streaming platforms that are developing personalized content [42][74]. 3. Streaming: Differentiated Content and Pricing Power - Streaming platforms are increasingly diversifying their content offerings, which helps them reduce dependence on traditional copyright resources. For instance, Spotify's market share is 32%, while Tencent Music Entertainment (TME) holds 15% in the global streaming market [56][63]. - The ability to increase prices is a key growth driver for streaming services, with successful price hikes observed in the U.S. market [6][56]. 4. Conclusion and Investment Recommendations - The report suggests focusing on Tencent Music (TME US) and NetEase Cloud Music (09899.HK) due to their strong growth potential driven by both volume and pricing strategies, as well as the increasing share of self-produced content [6][74].