前两天昆仑万维的朋友来找我吃饭。 跟我说，他们的新音乐模型Mureka v7马上要上线了，他们觉得质量能跟Suno 4.5打一打，而且也是国内为数不多的AI音乐产品，问我要不要一拍即合一 下。 当时吃着饭呢，我筷子抖了一下。 我说AI音乐我现在写的真的非常少，上次写完suno 3.5我就没写了，我都快一年没提过AI音乐了，我感觉拍不了啊。 他们说，你放屁。 然后掏了这篇文章给我看。 说，你前一段时间不刚提吗。 我说...啊。。。 然后他们就非常快速当场的给我开了Mureka v7新音乐模型的内测，开了会员，给了400积分，说，你先试试？ 我说行，那试试吧。。。 当天晚上回家后，我看着那个音乐生成的界面，我脑子里真的一团浆糊。 真的，感觉这块的知识，完全丢干净了。 我好像不知道该写一首什么样的歌，或者，该怎么创作一首AI的音乐了。 就这么浆糊着半个小时，我说算了，休息一下吧，于是打开了最近天天摸鱼的时候，最爱看的小说：《十日终焉》 看到即将全员反攻列车，七十年的布局要进入最高潮的时候。 我突然有了灵感。 我就想做一首，《十日终焉》的主题曲。 但是理想很丰满，但是吧，真到上手的时候，发现犯了难了。 我好像，这一年 ...

那拉提乐队成立于2018年底。彼时，为丰富景区业态、提升知名度，景区计划组建乐队。得知消息 后，万海涛从成都回到家乡新源县，与4名本地成员组成乐队。此后陆续有其他乐手加入，乐队不断壮 大。 贝斯手哈依那尔·吐尔逊别克在乌鲁木齐长大，曾在北京上大学并工作，去年加入乐队。他说："这 里有音乐，更有创作的热情。" 乐队驻唱的舞台位于游客进入景区的第一站，在这被草原、山丘、森林、雪山环抱的天然剧场里， 那拉提乐队用音乐讲述草原故事。 主唱哈力木·艾勒木江在台上拨动琴弦，歌声似草原上的风，自由穿行。过往游客纷纷被吸引，有 人随节奏摇摆起舞，有人沉醉静听，久久不愿挪步。"常有游客和我们一起唱跳，互动热烈。"哈力木 说，最难忘的是一位北京游客，听完一场意犹未尽，硬是留下来又听了一整天。 今年，乐队还迎来首位外籍成员——来自菲律宾的鼓手冈萨雷斯·瑞思安东尼。"我非常喜欢这支景 区乐队的音乐风格和演出环境，期待能和大家用音乐交流。"他说，接到邀请后便毅然从厦门启程，奔 赴新疆这片令他心驰神往的"歌舞之乡"。 从初创至今，那拉提乐队已挖掘整理众多民间原生态音乐，创作了10多首歌唱家乡的原创歌曲，并 于去年发行首张专辑《山谷里的那 ...

有一回在云南的家里，半夜突发地震，龚琳娜家里的玻璃都被震碎了。邻居惊慌失措地冲到外面。她也拿了一张被子，搬到家外面的草地上，躺下来。她 好像没有对死亡的恐惧，她唯一的遗憾是歌还没有唱完。 龚琳娜的人生由音乐织就，她的爱情好像也是。某种程度上，她好像只有音乐。除此以外，她说自己很多东西都不懂，需要依赖别人。但也是音乐，让她 意识到，她可以自己一个人，就这样活着。《新周刊》专访龚琳娜，撕下"神曲女王"的标签，50岁，她开始真正的叛逆期。 本文来自微信公众号：新周刊 （ID：new-weekly），作者：谢无忌，编辑：Felicia，题图来自：新周刊（受访者提供） 2024年10月，龚琳娜与老锣结束了为期20年的婚姻。他们的婚姻拥有许多果实：两个可爱的男孩，音乐，以及一段神仙眷侣般的故事。为纪念爱情的结 束，他们举办了一场告别party。当年参加婚礼的朋友也到了现场——20年前，一对50多岁的夫妇带着6个月大的孩子来；如今孩子长到20岁，领着70多岁 的父母来到这里。 Party上龚琳娜唱起老锣写给她的第一首歌《自由鸟》。相比起第一次唱《自由鸟》，龚琳娜有了截然不同的感受。老锣坐在一旁，调试他的巴伐利亚 琴，琴比原 ...

Core Insights - The increasing popularity of cultural and entertainment activities is driving Chinese tourists to Malaysia, with a significant rise in concert attendance and tourism [1][2][3] - The implementation of the mutual visa exemption agreement between China and Malaysia has further boosted tourism growth, making it easier for Chinese travelers to visit [1][7] Group 1: Concerts and Tourism - Malaysia has hosted 44 large-scale concerts in the first half of 2025, with an additional 32 scheduled from July to September [1] - Jay Chou's concert in Malaysia attracted approximately 45,000 attendees, with a 37.8% year-on-year increase expected in 2024 [1] - The trend of combining concert attendance with travel is emerging, with many tourists planning additional sightseeing after events [3] Group 2: Visitor Statistics - From January to April 2023, Malaysia welcomed 13.4 million visitors, a 21% increase compared to the previous year, surpassing Thailand in visitor numbers [1][7] - Chinese tourists accounted for 1.4 million visitors during this period, making China the third-largest source of tourists for Malaysia [1] Group 3: Social Media Influence - The topic of "Malaysia concerts" has garnered 23.7 million views and 196,000 discussions on social media platform Xiaohongshu, indicating strong interest from Chinese tourists [2] - The success of concerts, such as G.E.M.'s performance, which set a record with over 65,000 attendees, highlights the growing trend of concert tourism [2] Group 4: Travel Preferences - Chinese tourists prefer small group and independent travel, with a focus on cultural experiences and local cuisine [6][7] - The cost-effectiveness of traveling to Malaysia for concerts compared to domestic options is encouraging more visitors [3] Group 5: Flight and Visa Data - Following the visa exemption announcement, flight volumes between China and Malaysia increased significantly, with a 62% year-on-year rise in flights by April 2023 [8] - The mutual visa exemption has lowered travel barriers, leading to a 163% increase in search interest for Malaysia tourism on the day of the announcement [7]

刘笑然受纽约中国乐团邀请，在林肯中心担任独奏。 受访者供图 2024年1月，纽约卡内基音乐厅回荡着一阵阵来自东方的悠扬笛音，这是青年竹笛演奏家刘笑然的第三 场个人音乐会。他站在卡内基音乐厅的舞台上，将一支支中国旋律吹入异国听众的耳中。这场音乐会是 他在异国举办的首场个人演出，也是他多年来执着追寻的梦想写照。他说，自己的理想很简单——"让 纽约听到中国音乐"。 笛声初起 "本科时我就经常为流行歌手伴奏，比如凤凰传奇的几首歌里就有我吹的笛子。那时候我就觉得自己以 后注定要活跃在舞台和录音棚。"他说。 真正促成他走向海外的，是与几位纽约大学留学生的聊天。那时他们正在北京筹划一张世界音乐专辑的 毕业设计，邀请刘笑然参与竹笛录制。 在聊天中，对方建议他出国深造，了解不同的音乐制作体系，也许能迎来新的发展机遇。这个提议打动 了他。2018年，刘笑然带着竹笛和理想，踏上前往美国的旅程。 坚持梦想 初中时，他每天背着竹笛去学校，放学后留在体育器材室练习。少年时代的坚持，就这样在反复练习中 扎下根。他开始萌生报考音乐学院的想法。 初三时，他参加了"北京竹笛邀请赛"，赛后受到评委鼓励，决定去北京专门学习竹笛演奏，把大部分时 间投 ...

Core Viewpoint - The company focuses on "music community + technology empowerment" to build a differentiated advantage in the online music platform, actively expanding quality music content resources in the post-copyright era, targeting the younger demographic, and optimizing membership rights, leading to continuous growth in membership scale, with a strong recommendation rating given for initial coverage [1][4]. Group 1: Business Performance - The online music service revenue is expected to grow by 23.1% year-on-year to 5.355 billion yuan in 2024, accounting for 67.35% of total revenue, driven by membership service optimization and rich content [2]. - Membership subscription revenue increased by 22.2% year-on-year to 4.459 billion yuan, with the number of paid users reaching 44.12 million by the end of 2023, and the average revenue per paid user per month at 6.9 yuan [2]. - The company has been expanding channels and improving the membership system, including a strategic partnership with Alibaba's 88VIP to integrate music with e-commerce [2]. Group 2: Competitive Advantage - The company employs a "copyright procurement + original incubation" dual system to expand quality music content, boasting a library of 150 million licensed songs and 770,000 independent musicians, with 350 billion plays of original music [3]. - The platform emphasizes the music community concept, creating a social ecosystem that enhances emotional engagement, with over one million UGC comments generated daily and a stable daily-to-monthly active user ratio above 30% [3]. - Compared to industry leaders, the company shows excellent growth in payment rates, but the ARPPU value remains significantly lower than the industry average, indicating substantial potential for user value enhancement [3]. Group 3: Future Outlook - With the drive of innovative technologies like AI and continuous optimization of membership rights, the company is expected to achieve further increases in payment rates and ARPU values [4]. - Projected revenues for 2025 to 2027 are expected to reach 8.237 billion, 8.832 billion, and 9.663 billion yuan, with adjusted net profits of 1.923 billion, 2.222 billion, and 2.459 billion yuan, corresponding to PE ratios of 30, 26, and 24 times [4].

证券研究报告 | 公司深度报告 2025 年 07 月 18 日 网易云音乐（09899.HK） 社区生态护城河稳固，付费指标上升空间充足 TMT 及中小盘/传媒 公司以"音乐社区+技术赋能"为核心深耕垂类，构建在线音乐平台差异化优势， 在后版权时代积极扩张优质音乐内容资源，聚焦年轻化群体，在 AI 等创新技术 驱动及会员权益的持续优化下，会员规模持续扩张，对标行业来看 ARPU 值上 升空间充足，首次覆盖给予"强烈推荐"评级。 强烈推荐（首次） 目标估值：NA 当前股价：286.0 港元 基础数据 | 总股本（百万股） | 217 | | --- | --- | | 香港股（百万股） | 217 | | 总市值（十亿港元） | 62.2 | | 香港股市值（十亿港元） | 62.2 | | 每股净资产（港元） | 46.8 | | ROE（TTM） | 15.3 | | 资产负债率 | 25.0% | | 主要股东 | 丁磊 | | 主要股东持股比例 | 59.7834% | 股价表现 % 1m 6m 12m 绝对表现 16 153 198 相对表现 13 126 161 资料来源：公司数据、招商证券 -5 ...

节目中，王嘉尔透露，自己目前与父母同住，并将这份亲情写入专辑歌曲《Sophie Ricky》，歌名直接 取自母亲 Sophie 与父亲 Ricky 的名字。他反思，人们往往把父母的付出视为理所当然，却忽略了他们 也曾是初次面对育儿挑战的新手。 新浪数码讯 7月18日上午消息，王嘉尔携最新专辑《MAGICMAN 2》做客 Apple Music 1 电台，与主持 人 Zane Lowe 展开对谈，分享单飞创作历程、幕后心境以及新专辑背后的情感脉络。 在访谈中，王嘉尔首先回顾了自团体活动转向个人音乐事业后的差异。他表示，过去在成熟体系中只需 专注舞台，如今所有环节——从创意、方案到幕后剪辑——均需亲力亲为，宛如运营"一个人的厂牌"。 虽然工作量激增，但独立模式带来更直接的启发。 谈及近期心境如何影响《MAGICMAN 2》的创作，王嘉尔坦言，过去十年间，唯一能让我感到明亮的 只有舞台和观众，而幕后的复杂与残酷却长期吞噬着他。新专辑因此成为一次"自我救赎"，试图记录并 直面这些难以言说的情绪。 新酷产品第一时间免费试玩，还有众多优质达人分享独到生活经验，快来新浪众测，体验各领域最前 沿、最有趣、最好玩的产品吧~！下 ...

这是半佛仙人的第1838篇原创 我很讨厌的一种论调，就是"这一代年轻人不够XX"。 说他们这个不敢，那个情绪不稳定，还有一个太丧，我觉得是根本不懂年轻人。 现在的年轻人只是嘴上down d own d own，但一个行动力on on on，看似唯唯诺诺，实则重拳出击。 最魔幻的案例是什么？ 是总有人说年轻人放不下身段，但你去保安证考试现场看看，一听说保安证能免费看演唱会，各个跳绳、折返跑速度起飞，宛如运动健 将。 什么脆皮大学生我也是不信的，这几年健身房总能看到肩膀比我头都大的年轻人边健身边学考研英语，就是享受这种被骂醒被鞭策的刺 激感。 害得我健身都不敢摸鱼，生怕晓艳老师跨越次元给我来两句。 甚至可以说，那些看似emo整天抱怨的年轻人，正是充满了活力和希望才会这样。 越是在大喊大叫肆意撒野，越在激烈的生活着，在碰壁也在试错。 1 因为他们心里清楚，这个世界没有捷径，但是"不撞南墙不回头"的劲头，在他们血液里就没消停过。 他们心中始终涌动着亟待表达的渴望，只是深埋心底，等待一个契机。 那些天马行空的想法，最终都在音乐里找到了出口。 当旋律响起，所有的渴望，都有了最真实的表达。 2 所以感谢音乐，真的谢谢音乐。 ...

Summary of Key Points from the Conference Call Industry Overview - The online music service industry has experienced significant growth over the past 20 years, characterized by streaming and globalization. According to IFPI, the global recorded music industry revenue is projected to reach approximately $30 billion in 2024, with a year-on-year growth of 5%. Streaming revenue accounts for nearly 70% of this total, with paid subscription revenue expected to reach $15.1 billion, growing by 9.5% year-on-year. Advertising revenue is anticipated to grow by 1.2% [2][3]. Key Characteristics of the Online Music Service Industry - The industry has high entry barriers due to high content copyright costs and strong two-sided network effects. High copyright costs make it difficult for new entrants to compete effectively in the short term. The market is dominated by major record labels, which control a significant portion of the content [3][4]. - The upstream of the industry is primarily controlled by record companies, which manage a large number of tracks. The downstream monetization relies on the user base of platforms, generating revenue through subscriptions and advertising. The three major music groups in the U.S. control 85% of the track count and 74% of the global digital music upstream [5][6]. Competitive Landscape - In the overseas market, platforms like Spotify, Apple Music, and Amazon Music dominate, with market shares of 36%, 31%, and 24% respectively. However, their profitability is affected by the monopoly of upstream record companies. In contrast, in the Chinese market, Tencent Music and NetEase Cloud Music hold the majority market share, approximately 70-80% combined, while the emerging platform, Soda Music, poses limited threat due to its recent establishment and lack of quality content [6][7][8]. Trends in the Domestic Online Music Market - The main trends in the domestic online music market focus on increasing the number of paid users and raising the average revenue per user (ARPU). Tencent Music's monthly active users are nearing their peak, with future growth relying on paid user numbers and pricing. NetEase Cloud Music and Soda Music are currently in the phase of expanding their user base [9][10]. - The domestic market has seen significant regulatory changes, such as the strict copyright regulations in 2015 and the administrative penalties against Tencent in 2021, which have allowed competitors like NetEase Cloud Music to accumulate more tracks [10]. Profit Growth Strategies - Online music platforms are achieving profit growth by optimizing content costs, expanding user bases, and increasing subscription revenues. The market is valuing internet companies highly due to their stable business models and favorable competitive landscapes. Tencent Music and NetEase Cloud Music have room for long-term profit margin improvements [11][12]. Valuation and Market Sentiment - The online music sector has seen significant stock price increases this year, driven by favorable policies, market regulatory guidance, and content cost optimization. Despite low double-digit revenue growth, investor confidence remains high due to these factors [13][14]. - In 2025, internet companies are receiving high valuations due to their stable business models and competitive environments. Tencent Music and NetEase Cloud Music are particularly well-positioned, with Tencent Music's non-GAAP P/E ratio around 26-27 times and NetEase Cloud Music's around 31-32 times [15][16]. Future Development Potential - Both Tencent Music and NetEase Cloud Music have significant growth potential, with opportunities to double their paid user bases. They are also actively expanding into long audio, artist management, and fan operations [16][17]. - Tencent Music has made strategic investments, including a $1.26 billion cash acquisition of Himalaya and a stake in South Korea's SM Entertainment, indicating its intent to strengthen its position in the long audio content and fan economy sectors [20]. Notable Developments in NetEase Cloud Music - NetEase Cloud Music is enhancing its social attributes and UGC ecosystem, showing considerable potential for profit improvement. The platform has a high proportion of users born after the 90s, and its recent features, such as "Music Notes," are expected to enhance its financial performance [21].