6月18日晚，2025天赐巅峰演唱会暨《天赐的声音6》收官录制于湖北宜都圆满落幕。本次演唱会以"音 浪巅峰 燃梦未来"为主题，吸引万人齐聚宜都体育馆，共赴这场音乐滋养盛会。黄子弘凡、王赫野、王 源、姚晓棠、张碧晨、张靓颖等音乐合伙人集结（按姓名首字母排序），上演金曲巅峰对决，为观众们 带来极致视听盛宴。 两度宜都开唱，奏响生态虫草滋养鲜声 继2024年后，2025天赐巅峰演唱会再度选址宜都。两度在宜都开唱，背后离不开东阳光鲜虫草在当地的 巨大影响力，其"大本营"——近40万平方米的冬虫夏草生态繁育产业化基地便坐落于此。作为全球生态 虫草开创者，东阳光自2007年起投入260多人的科研团队与40多亿元资金，通过十余年潜心研发，攻克 了冬虫夏草生态繁育产业化这一世界难题。 正如《天赐的声音》不断突破舞台边界，不断创新传递音乐力量，东阳光鲜虫草的生态繁育基地也颠覆 了冬虫夏草传统产业模式，通过前沿科技高度模拟冬虫夏草原生环境，成功延续这一珍稀濒危物种。同 时，在尊重自然生长规律的基础上，实现365天全年稳定供应，年产量达60吨以上，这不仅保护了脆弱 的高原生态，还大幅提升冬虫夏草产能，实现了生态效益与经济效益的共赢 ...

6 月 16 日，腾讯 AI Lab 推出并开源 SongGeneration 音乐生成大模型，专注解决音乐 AIGC 中 音质、音乐性与生成速度 这三大共性难题，基于 LLM-DiT 的融合架 构，模型在保持 生成速度 的同时，显著提升了 音质表现 ，生成歌曲的准确度相较部分商业闭源模型表现出相当甚至更优的质量，同时在 整体表现、旋律、伴 奏、音质与结构 等维度也优于现有多数开源模型。 此外，SongGeneration 模型还支持 文本控制、多轨合成 与 风格跟随 等功能，既满足面向 C 端创作者的可玩性，又兼具 B 端的稳定性与拓展性，构建出面向未来 的音乐 AI 生产力工具。 图 1 商业模型主观评测结果 图 2 开源模型主观评测结果 相较于传统基于规则或小型模型的方式，基于大模型的音乐生成模型在旋律的长程连贯性、潜在风格迁移能力以及音色建模的表达维度上，展现出更强的泛化能 力和生成潜力。AI 音乐创作正从过去的 "辅助工具" 迈向 "智能共创" 的新阶段，被广泛应用于短视频配乐、游戏音效、虚拟人演出、商业广告以及个人音乐创作 等场景。 当前主流音乐生成大模型虽已初步实现 "文本到音乐" 的生成能力， ...

Core Viewpoint - The article discusses the challenges faced by artists in the music industry regarding copyright ownership and the importance of re-evaluating the copyright value system to ensure creators retain their rights and benefits from their works [3][9][37]. Group 1: Artist Experiences - G.E.M. (邓紫棋) signed a contract at 15 that transferred her music copyright and recording rights to her former company, resulting in her not receiving royalties for six years due to ongoing legal disputes [5][6]. - During her legal battle, G.E.M. held a world tour but did not benefit from the streaming revenue of her old songs, as the rights remained with her former company [7][8]. - G.E.M. released a re-recorded album to regain control over her music rights, urging fans to support this new version to diminish the value of the original recordings [11][12]. Group 2: Other Artists' Struggles - Wu Qingfeng (吴青峰) faced a similar situation, where his early contract led to a lengthy legal battle over his music rights, ultimately resulting in him urging fans not to listen to the original versions of his songs [16][17]. - Taylor Swift's experience highlights the issue of losing control over her early albums due to a contract with Big Machine Records, which sold her master recordings to a controversial figure [18][20]. - Swift's strategy of re-recording her albums has proven successful, with her re-recorded album achieving significant sales, demonstrating the potential for artists to reclaim their rights [20][22]. Group 3: Industry Insights - The article emphasizes that many artists, especially in China, often unknowingly relinquish their music rights due to a lack of understanding of contracts, particularly when signed at a young age [27][32]. - The current music industry landscape, influenced by social media and streaming, necessitates a re-evaluation of how artists negotiate their rights, as they can now promote their music independently [37][38]. - The importance of artists understanding their rights and the implications of contract terms is crucial for ensuring they do not lose long-term revenue from their works [37][40].

虚拟偶像，已经进化出"纯血"AI艺人了。 最近，美国著名制作人Timbaland提出了一种新的音乐概念A-Pop，并宣布推出首位AI偶像TaTa，并宣布首张单曲《Her》即将发行。 按照Timbaland的说法，"A-Pop"被其定义为一个新的音乐流派，类似于以往的 J-Pop日流、K-Pop韩流。不同的是，它不是以国家为核心，而是以"AI创作 能力"为核心。TaTa 则被Timbaland设定为这一新流派的第一个代表艺人。 那么，当AI全面驱动虚拟偶像的创作与表现后，将如何影响当下的虚拟偶像生态，并与人类艺人竞争或共生？其全AI创作模式又给音乐行业带来哪些影 响？ 首位"纯血"AI偶像诞生 今年6月，Timbaland与知名电影制片人Rocky Mudaliar、AI音乐顾问Zayd Portillo共同推出了AI音乐公司Stage Zero，并宣布首位AI艺人TaTa即将出道。 值得注意的是，Portillo不仅是AI科技工作室Light Energy Labs的联合创始人，还担任AI音乐平台Suno的顾问，协助平台进行AI音乐技术的整合。同时， Timbaland也在Suno担任战略顾问。 据介绍，St ...

所涉音乐作品、音乐制品在全球版权登记机构（IFPI）及国内各大音乐平台均明确标注相关 权利人为蜂鸟音乐有限公司 。 蜂鸟音乐公司要求， 各音乐平台立即下架涉事重制版歌曲； 邓紫棋女士团队48小时内删除 所有渠道传播的侵权内容，否则将依法采取行动。 6月18日，知名歌手邓紫棋前音乐公司蜂鸟音乐公司 发声明，称邓紫棋在一周前重制音乐 制品所涉歌曲（除《天空没有极限》《后会无期》《喜欢你》以外），均创作于双方合约期 间，原版录音制品也发行于双方合约期间。 6月18日15：55，邓紫棋发文回应此事：" 与我的律师团队聊完后，我们都无奈摊手笑 了。 其实我不知道我还要回应什么？ 因为我这次重录的法律依据已经非常充足了。" 邓紫棋表示：我不会下架歌曲。并提到"可否请蜂鸟音乐先结算给我6年8个月间的合法版 税、合法劳务费。" 6月12日，邓紫棋在社交平台宣布《I AM GLORIA》重录专辑全网上线，并发长文自述重 录专辑的缘由，以及其与前公司长达超过6年的版权纠纷，称已超过6年没有收到自己旧歌 的版税。 邓紫棋在长文中回顾，15岁时遇到前公司，合约由母亲代谈。由于母亲不懂英语，合约却 是全英文，当年仅凭信任便签下合约。然 ...

Group 1 - The core issue revolves around a copyright dispute between G.E.M. (邓紫棋) and her former agency, Hummingbird Music, regarding the rights to her re-recorded songs [1][2] - Hummingbird Music has demanded that all music platforms immediately remove the re-recorded songs, threatening legal action if G.E.M.'s team does not comply within 48 hours [2] - G.E.M. has publicly stated that she will not remove the songs, indicating a strong stance against the demands of her former agency [4] Group 2 - G.E.M. announced the release of her re-recorded album "I AM GLORIA" on June 12, which includes popular tracks that are now part of the copyright dispute [6] - Hummingbird Music claims that the songs in question were created during the contract period and that the original recordings were also released during that time, asserting their ownership rights [1] - Hummingbird Music, established in February 2013, is involved in various entertainment and copyright services, with its legal representative being Su Wanxian [7]

Core Viewpoint - The article discusses the challenges faced by artists in the music industry regarding copyright ownership, highlighting the struggles of several musicians, including G.E.M., Wu Qingfeng, and Taylor Swift, who have fought to regain control over their music rights after signing contracts that relinquished their ownership to record labels [3][4][5]. Group 1: Artist Experiences - G.E.M. signed a contract at age 15 that transferred her music copyright and recording rights to her former label, resulting in her not receiving royalties for six years due to ongoing legal disputes [4][6]. - Wu Qingfeng faced a similar situation, where he lost the rights to his music after signing a contract with a music company, leading to a lengthy legal battle to reclaim his rights [8][9]. - Taylor Swift's experience involved her original label selling her first six albums' master recordings to a controversial figure, prompting her to re-record her albums to regain control and encourage fans to support her new versions [12][13]. Group 2: Industry Practices - The article highlights the problematic nature of contracts in the music industry, particularly for young artists who may not fully understand the implications of relinquishing their rights [18][20]. - It emphasizes the shift in the music industry's revenue model, where artists now have more avenues for exposure and income, making it crucial for them to negotiate better terms regarding their rights [20][21]. - The article suggests that the current copyright structure often disadvantages artists, as many are unaware of the long-term consequences of their contracts, leading to a need for greater awareness and negotiation power among musicians [19][21].

Investment Rating - The report maintains an "Outperform" rating for the online music industry [1] Core Insights - The online music industry exhibits strong bilateral effects and is less correlated with the economy, with "one super and one strong" company identified as high-quality long-term cash flow assets [2] - The industry is characterized by high concentration due to significant copyright fees, making it difficult for new entrants [2] - The growth of music subscriptions is driven by supply-side factors, with low churn rates observed in subscription services [2][32] - The Chinese digital music market is expected to grow by 15% year-on-year in 2024, outpacing global growth [7][12] Summary by Sections 01 Overview of Domestic and International Online Music Industry - The online music industry has a high concentration, with Tencent Music holding approximately 66% market share and NetEase Cloud Music around 27% [25] - The industry is experiencing a shift towards subscription models, with significant growth in paid users [32] 02 Tencent Music and Spotify Stock Review - Tencent Music's subscription business is a key growth driver, with a projected CAGR of 19% for subscription revenue from 2024 to 2027 [5] - Spotify is expected to achieve profitability in 2024, with a focus on cost reduction and efficiency improvements [4] 03 Financial Analysis - The subscription penetration rates for Tencent Music and NetEase Cloud Music are projected to reach 25% and 20.6% respectively by 2024 [5] - The average revenue per paying user (ARPPU) for Tencent Music is expected to increase, driven by the development of premium services [5] 04 Valuation Analysis and Investment Recommendations - The online music industry is projected to maintain a CAGR of 15% over the next three years, indicating growth potential [5] - Current price-to-earnings (PE) ratios for Tencent Music, NetEase Cloud Music, and Spotify are 23x, 27x, and 38x respectively for 2025 [5]

6月18日，邓紫棋前音乐公司蜂鸟音乐公司发布严正声明。 蜂鸟音乐表示，邓紫棋女士在各大在线音乐平台发布重制版本的行为存在复制权/改编权侵 害、信息网络传播权侵害的法律问题， 要求各音乐平台立即下架涉事重制版歌曲，要求邓紫 棋女士团队48小时内删除所有渠道传播的侵权内容。 若上述要求未在指定期限内履行，将依 法采取行动。 随后，邓紫棋发文回应。 蜂鸟音乐称， 发现艺人邓紫棋女士于2025年6月12日在各在线音乐平台上线多首音乐制品重 制版本 ，所涉歌曲（除《天空没有极限》《后会无期》《喜欢你》以外）均创作于双方合约 期间，原版录音制品也发行于双方合约期间。所涉音乐作品、音乐制品在全球版权登记机构 (IFPI)及国内各大音乐平台均明确标注相关权利人为蜂鸟音乐有限公司。 文中表示：与我的律师团队聊完后，我们都无奈的摊手笑了。其实我不知道我还要回应什 么？因为我这次重录的法律依据已经非常充足了。 这次的重录，是严格依据我国的法定许可重录的，我也依法支付报酬。 更重要的是，我所有作品的公播权，自我14岁起（这可是在遇见蜂鸟之前哦），就已让CASH 协会代为管理，所以这些重录版本是合法地全球上架的。 所以我不会下架歌曲。 ...

6月18日，蜂鸟音乐公司发布音乐作品著作权归属的严正声明： 请各音乐平台立即下架涉事重制版歌 曲，要求邓紫棋女士团队48小时内删除所有渠道传播的侵权内容 。 此前报道： 6月12日，邓紫棋在社交平台宣布《I AM GLORIA》重录专辑全网上线，并发长文自述重录专辑的缘 由， 以及其与前公司长达超过6年的版权纠纷，称已超过6年没有收到自己旧歌的版税 。 邓紫棋表示，尽管著作权的归属仍存在争议，但她作为作者以及演唱者理应拥有相应部分的版税收入。 然而，过去6年多以来，她从未收到过《泡沫》《光年之外》《我的秘密》等众多旧作的合法版税。 此次重录专辑，源自其法律团队终于找到了明确的法律依据，她得以合法重录旧作并上架全球平台，进 行公开播放。 邓紫棋透露，真正让她能够合法将重录版本进行全球上架并公播的关键一步，在于她14岁那年"只因觉 得酷"而加入了CASH（香港作曲家及作词家协会）的举动。由于加入了CASH，所有她创作的歌曲， 其"公开表演""广播""网络传播"等权利都已交由该协会代为管理，而不属于前公司。因此，即使旧作的 著作权归属仍有争议，其传播权等公开播放的权利仍属于邓紫棋。 她感慨地写道："天知道，当我意识 ...