一度热火朝天的音乐节现已悄然生变。 较为明显的变化是热度回落、趋势向下，甚至有多场音乐节近日取消。原定于5月17日、18日举办的平潭2025蓝眼泪音乐节、同时期的晋中2025艾斯音乐 节，以及原定于5月24日、25日举办的湖州2025莫干山奇幻音乐节先后发布"延期"通知。 需要说明的是，音乐节绝大多数延期的情况，实际并无明确后延期限，直接由主办方统一做退票处理，本质就是取消。如果档期更改，主办方会重新开票 售卖。 音乐节本是新生代聚集地。 据中国演出行业协会《2024大型营业性演出市场趋势及特点分析》，2024年国内5000人以上的大型音乐节场次超过540场，累计票房近24亿元，观演人次 超过581万；大型音乐节观演观众年龄74.5%在29岁及以下，其中00后占比达41.2%。 在微博、抖音、小红书等平台上，资深乐迷频繁吐槽阵容同质化、氛围商业化，针对各个厂牌均有相应攻略，"避雷"呼声奇高；粉丝群体看重与明星近距 离互动，助推跨界元素大量涌入，把音乐节变成了拼盘演唱会和粉丝见面会。音乐节主办方想要"讨好"年轻人却不得其法，在流量与音乐本身之间摇摆， 扎堆官宣又临时取消。 热潮不会永不退。音乐节终究要找到情绪、 ...

报告摘要 点击注册小程序 查看完整报告 特别申明： 事件： 1Q25业绩略超彭博一致预期：实现收入73.6亿元人民币（yoy+8.7%，vs彭博一致预期+7.5%）；实现毛利润 32.4亿元，同比提升17.0%，对应毛利率为44.1%（vs彭博一致预期44.0%），环比提升0.5pct；实现经调整净利 润22.3亿元（yoy+22.8%），实现经调整归母净利润21.2亿元（yoy+24.6%，vs彭博一致预期+14.0%），对应利 润率为28.9%。股东回报方面，公司于25Q1从公开市场以约6450万美元现金回购总计590万股ADS，并已于25 年4月支付2.75亿美金年度现金股利。 1Q25公司音乐订阅业务稳步增长，社交娱乐业务降幅优于预期 在线音乐收入58.0亿元（yoy+15.9%），占总收入比例同比提升6.7pct至78.9%，增长主要得益于订阅和广告收 入的强劲增长，艺人周边及线下演出收入亦贡献一定增量。1）会员订阅收入42.2亿元（yoy+16.6%），音乐 MAU达5.55亿人（yoy-4.0%），期末订阅付费用户数达1.23亿人，同比增长8.3%，环比24Q4期末净增加190万 人，增长主要得 ...

Group 1 - Tencent Music Entertainment Group has announced a strategic cooperation with Zhejiang Satellite TV to integrate resources in music copyright, content co-creation, and support for quality musicians [1][3] - The cooperation will involve comprehensive collaboration on music copyrights for several popular music variety shows, including "The Sound of Heaven," "You Sing," and "Shining Summer," with music works being made available on Tencent Music's platforms [3][4] - Tencent Music will provide efficient copyright solutions for Zhejiang Satellite TV's variety shows and explore content co-creation opportunities, including joint creation of theme songs and promotional tracks [3][4] Group 2 - Tencent Music's Vice President stated that music variety shows are a crucial part of their content ecosystem and serve as an important platform for quality musicians and songs [4] - The partnership aims to establish a benchmark for mutual support between music and variety shows through copyright collaboration, content co-creation, and musician support [4]

21世纪经济报道记者贺泓源、实习生谭伊亭 报道 腾讯音乐丝滑步入变现周期。 2025年5月13日晚，该公司披露业绩。财报显示，在一季度，腾讯音乐营收73.56 亿元，同比增长8.7% ；调整后净利润22.26 亿元，同比增长22.8%。 业绩增长背后是，腾讯音乐付费会员业务高速增长。 在一季度，腾讯音乐在线音乐收入同比增长15.9%至58亿元。其中，订阅收入同比增长16.6%至42.2 亿 元。在线付费用户数同比增长8.3%至1.229 亿 ，单个付费用户月均收入（ARPPU） 环比提升0.3元至 11.4元。该项业务主要推力来自， SVIP（超级会员）的增长和更审慎的促销活动。广告、艺人周边及 线下演出也带动了非订阅收入的增长。 但代价也是明显的。 一季度，腾讯音乐在线音乐服务月活同比下滑4.0%至5.55亿。 需要注意的是，更重视付费用户，已经成为腾讯系企业的共同策略。2024年，腾讯旗下阅文平台整体平 均月活为1.67亿 ，同比下滑19%。其中，付费用户数为910万，同比增长4.6%。这主要由于通过核心付 费阅读产品分发更多内容，导致免费阅读渠道月活用户减少。 回到腾讯音乐，在资本市场重视利润的当下，该 ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached RMB 7.4 billion, representing a 9% year-over-year growth [19] - Online music revenues increased by 16% year-over-year to RMB 5.8 billion, driven by strong growth in music subscription and advertising revenues [20] - Music subscription revenues reached RMB 4.2 billion, a 70% increase year-over-year [20] - Gross margin improved to 44.1%, up 3.2 percentage points year-over-year [23] - Net profit was RMB 4.4 billion, with a net profit attributable to equity holders of RMB 4.3 billion [25] Business Line Data and Key Metrics Changes - The music subscription business remains the cornerstone, with significant growth in SVIP membership and reduced promotional activity contributing to revenue increases [20][27] - Advertising revenues showed strong year-over-year growth, supported by the ad-supported model and increased engagement [20][21] - Artist-related merchandise sales and offline performances also contributed to revenue growth, with successful concert hosting leading to increased revenues [21][22] Market Data and Key Metrics Changes - The company has strengthened partnerships with record labels, enhancing its music library and user engagement [5][6] - There is a growing popularity of Korean, English, and Japanese tracks among users, indicating a diversification in music consumption preferences [7] - The company has expanded its merchandise collaborations, which have shown strong sales performance [8][9] Company Strategy and Development Direction - The company aims to enhance user engagement through a diverse range of music services and content offerings, focusing on high-quality growth [4][12] - Continued investment in original content production and innovative technologies is planned to improve user experience and strengthen the ecosystem [27] - The company is committed to expanding its SVIP membership and advertising business while diversifying offerings across the music value chain [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, expecting year-over-year growth rates to accelerate and margins to expand [31] - The company is focused on encouraging more music consumption and enhancing user engagement through unique offerings [31][32] - Management highlighted the importance of long-form audio content and its complementary role in driving user engagement and subscription growth [38] Other Important Information - The company released its 2024 ESG report, detailing practices in intellectual property protection, user privacy, and fostering diverse music communities [11] - The effective tax rate for Q1 2025 was 9.2%, a decrease from 19.9% in the same period of 2024 [25] Q&A Session Summary Question: Outlook for top line profit growth for the next quarter and full year 2025 - Management expressed confidence in achieving strong results in Q1 and expects growth rates to accelerate in 2025, driven by rich service offerings and user engagement [31] Question: Growth opportunity of podcasts in China and long-form audio user metrics - Management noted that while podcast growth in China is limited, long-form audio content is expected to grow and complement the existing subscriber base [36][38] Question: SVIP progress and key KPIs - Management reported strong growth in SVIP membership and ARPPU, with plans to enhance the membership system and improve user satisfaction [40][43] Question: Contribution of Super VIP to ARPPU growth - Management indicated that the reduction in promotional activities has positively impacted ARPPU growth, with expectations for continued growth from the SVIP business [46][48] Question: Monetization strategy for nonpaying subscribers - Management emphasized converting nonpaying users into subscribers and leveraging advertising and merchandise sales to generate revenue from this segment [51][55] Question: Future drivers for gross margin improvement - Management highlighted subscriber growth and cost management as key drivers for future gross margin improvement, with expectations for continued growth [60][62] Question: International opportunities, especially in Southeast Asia - Management acknowledged the importance of international markets and plans to invest in content creation and platform development in Southeast Asia [68][71] Question: Outlook for advertising and offline events business - Management expressed a positive outlook for advertising revenue growth and plans to enhance the quality of offline performances [79][80]

Core Insights - The Utopia Festi game music carnival (UF) aims to become the world's largest game music festival brand, showcasing a diverse lineup of 21 popular game IPs, including globally recognized titles like "League of Legends" and "Final Fantasy" [5][11][28] - The event is organized by EUPHORIC PRODUCTION, founded by Ayu, who has extensive experience in event planning and resource integration from his previous role at Bilibili [5][10][20] - The festival's ambitious scale and high production quality are driven by Ayu's commitment to delivering an exceptional user experience, even at the risk of incurring significant losses [12][26][27] Group 1: Event Planning and Execution - The process of securing IP rights for UF was challenging, particularly with overseas companies, but Ayu's persistence and strategic networking eventually led to successful partnerships with major game developers [7][9][10] - The production cost for UF exceeded 30 million RMB, reflecting the high standards set for the event [10][11] - Initial ticket sales faced difficulties, prompting the team to enhance marketing efforts and collaborate with influencers to boost visibility and sales [12][16][18] Group 2: Market Position and Challenges - UF's ticket sales initially fell short of expectations, highlighting the challenges of marketing a new format that lacks the built-in audience of traditional music festivals [13][14][28] - The event's capacity was later reduced by more than half due to venue restrictions, leading to projected losses of around 10 million RMB, which would impact the company's financial stability [17][18][28] - Despite these challenges, the festival is seen as filling a significant gap in the market for game-related events, with potential for future growth and brand recognition [28][29] Group 3: Vision and Future Plans - Ayu's vision for UF includes not only creating a successful event but also providing a platform for composers and performers to gain recognition and income [20][27] - The long-term strategy involves expanding UF's reach internationally, with plans to bring the festival to Japan, thereby enhancing its global brand presence [26][28] - The commitment to quality and user experience is prioritized over immediate financial returns, reflecting a belief in the potential for future profitability as the market for game music festivals develops [25][27][29]

Core Viewpoint - The recent success of songs like LIBI's "Jumping Machine" and Cloud9's diss track "New Feudalism Rap 2025" has sparked criticism about the state of the Chinese music industry, suggesting a decline in quality and artistic merit [3][7][11]. Summary by Sections Market Performance - "Jumping Machine" has achieved over 10 million collections on QQ Music and NetEase Cloud Music, with QQ Music's hot song chart ranking for 137 weeks, earning double platinum certification from Tencent Music [7]. - The song has also gained popularity in Southeast Asia and regions like Hong Kong and Taiwan, indicating a broad market appeal [7]. - Cloud9's diss track has similarly elevated the artist's profile, leading to recognition and opportunities in the industry [9]. Criticism and Public Perception - Both songs have faced significant backlash, being labeled as low-quality and detrimental to the music scene, with critiques focusing on their lyrical content and perceived lack of depth [9][13]. - Critics argue that the songs reflect a trend towards superficiality in music, prioritizing catchy hooks over meaningful lyrics [13][14]. Emotional Resonance and Commercial Success - The phenomenon of these songs highlights the emotional resonance they create, which is a key factor in their commercial success, regardless of artistic quality [11][15]. - The current music landscape favors emotionally driven content that aligns with audience preferences, often at the expense of traditional musicality [14][16]. Changing Music Aesthetics - The article discusses the evolving nature of music consumption, where the distinction between high and low art becomes blurred, as audiences seek entertainment and emotional feedback rather than artistic integrity [15][20]. - The rapid consumption habits driven by short video platforms have led to a focus on immediate emotional impact, often resulting in songs that are catchy but lack depth [14][20]. Conclusion - The success of these "internet hits" prompts a reevaluation of what constitutes good music in a commercial context, suggesting that market dynamics and audience engagement are increasingly influential [19][21]. - The article emphasizes that music appreciation is subjective, and the commercial viability of a song does not necessarily correlate with its artistic value [20].

Core Insights - The recent music festivals in Foshan have significantly transformed the perception of the city from a traditional manufacturing hub to a vibrant cultural destination, attracting large crowds and generating substantial economic activity [2][6][10] Economic Impact - During the May Day holiday, Foshan hosted two major music events, drawing 120,000 attendees to a concert and 80,000 to a music festival, collectively generating over 1 billion yuan in cultural tourism consumption [2][3] - The ticket multiplier effect in music festivals is notable, with estimates suggesting that 1 yuan spent on tickets can lead to 7 yuan in additional spending, as evidenced by the 3.5 billion yuan generated by the Galaxy Left Bank Music Festival and 6.8 billion yuan from the Huachenyu concert [3][4] Tourism and Audience Engagement - Foshan ranked as the 5th most popular destination for migration during the holiday, surpassing major cities like Shanghai and Xi'an, indicating a shift in tourism dynamics [2] - A significant percentage of attendees at these events were from outside the city, with 82.9% of concertgoers and 89.2% of festival attendees coming from other cities, highlighting the growing trend of travel for cultural events [4] Urban Brand Reconstruction - Foshan is strategically leveraging its manufacturing base to integrate cultural elements, with initiatives like the "Show Plus Plan" aimed at establishing large-scale music venues and attracting top-tier performances [6][10] - The city is transforming its image through music, with social media buzz reflecting a shift in perception among younger audiences, who are redefining Foshan beyond its historical landmarks [7] Sustainable Development and Industry Ecosystem - The development of a music industry ecosystem in Foshan includes various components such as creative incubation, performance management, and equipment manufacturing, fostering a competitive environment among districts [8][9] - The city is implementing a collaborative model involving government, businesses, and residents to ensure sustainable growth in the music and cultural sectors, reducing common issues faced by other cities hosting similar events [9] Cultural Transformation Insights - The success of Foshan's music festival economy illustrates a broader trend in urban development, where industrial cities can successfully merge cultural and economic growth, creating new opportunities for innovation and talent retention [10]

Core Insights - The exhibition "Jincheng Silk Pipes: Harmonious Resonance of Music in Chengdu" showcases the evolution of Chinese music civilization through ancient artifacts, emphasizing the enduring pursuit of harmony and order by the Chinese people [1] Group 1: Ancient Instruments and Cultural Significance - The Jiahu bone flute, dating back 8,000 to 9,000 years, is noted for its five-tone scale, which has influenced global music history, demonstrating a connection between ancient music and the cosmos [2] - The flower-shaped bronze bell from Sanxingdui, discovered in Chengdu, reflects the integration of Shu culture with the broader Chinese civilization, indicating a mature ancient music system [3] Group 2: Historical Musical Practices - The Eastern Han ceramic figurines depict a vibrant musical scene, illustrating the harmony of string and wind instruments as described in historical texts, showcasing the cultural richness of the Han and Tang dynasties [4] - The "Boya Playing the Qin" brick image symbolizes the legendary friendship between Boya and Zhong Ziqi, representing the deep cultural significance of music in ancient China [5] Group 3: Artifacts Reflecting Musical Traditions - The Tang dynasty "Cai Feng Ming Qi" seven-stringed qin, with intricate designs and craftsmanship, exemplifies the high artistic standards of the time and its connection to poetic expressions [7] - The "Dashi Diao" porcelain pillow from the Song dynasty features musical notations, indicating the intertwining of daily life and music in historical contexts [9] Group 4: Cultural Exchange and Evolution - The gilded eight-sided cup from the Tang dynasty showcases the influence of foreign cultures on Chinese music and dance, reflecting the dynamic cultural exchanges during that period [10] - The exhibition highlights the transition of music from sacred rituals to popular entertainment, illustrating the evolution of musical practices from the Song and Yuan dynasties [11][12] Group 5: Conclusion and Legacy - The exhibition concludes with a reflection on the continuous evolution of music in Chengdu, emphasizing the city's rich musical heritage and its role in nurturing the spirit of harmony [14]

Core Viewpoint - The roadside music concerts in Guiyang have become a cultural phenomenon, enhancing the city's charm and providing a platform for local musicians and community engagement [4][11]. Group 1: Event Overview - Over 400 roadside music concerts have been held in Guiyang, attracting more than 3 million attendees and featuring over 70,000 participants on stage [11]. - The concerts are free, non-commercial, and encourage public participation, creating a shared cultural experience [4][5]. Group 2: Cultural Significance - The concerts blend historical architecture with modern music, enriching the cultural landscape of Guiyang [4][5]. - The initiative has historical roots, dating back to 1937, when music was used to unite people during challenging times [5]. Group 3: Community Engagement - Local musicians from various backgrounds, including the visually impaired, have found a platform to showcase their talents, fostering inclusivity [7][8]. - The concerts have inspired a new generation of performers, with participants from different age groups and professions taking the stage [6][8]. Group 4: Promotion of Local Culture - The events serve as a platform for promoting Guizhou's unique cultural heritage, including traditional music and local cuisine [8][9]. - More than 80 local bands and 1,500 musicians have participated, with a focus on original works and local cultural expressions [8][11]. Group 5: Media and Publicity - The concerts have gained significant online exposure, with over 50 billion views across various platforms, thanks to the involvement of new media volunteers [9][10]. - The initiative has successfully integrated music into the urban development narrative, enhancing the city's cultural identity [10][11].