高盛：音乐亚太科技大会2024——关键用户订阅和ARPU健康增长

21 May 2024 | 10:34PM HKT to normalize in following quarters; 2) outlook for ARPU growth 2024E with a well-managed up-trend pace; 3) opportunities for non-subscription business esp. advertising and artist merchandise as the company monetizes its overall MAU base; 4) further margin expansion underpinned by operating leverage with revenue ] outgrowing content cost and ramp-up of self/co-developed content, with group GPM target at c.42% for 24E and mid-to-long online music GPM unchanged at 45%. We summarize ou ...