本报记者 李昆昆 李正豪 北京报道 吴清 近日，多家媒体报道，喜马拉雅将被腾讯音乐集团收购。其中，《科创日报》的报道称，腾讯音 乐正计划收购喜马拉雅，并称该项交易事宜在两个月前就已启动，腾讯音乐方面给出的交易价格大幅下 降，喜马拉雅管理层已经签字。 对于收购喜马拉雅一事，腾讯音乐方面于4月24日公开表示，暂无回应。4月25日中午，喜马拉雅方面也 公开表示，尚不知晓 "出售" 一事。《中国经营报》记者就传言收购事项致电喜马拉雅相关业务负责 人，截至发稿前，对方未予回应。 一位刚从喜马拉雅离职不久的员工对记者说："腾讯到底有没有去买喜马拉雅，网上应该是有一些信息 的。但是这件事情到底有没有成，应该还是在进行当中。" 将被收购？ 谈及喜马拉雅为何要卖给腾讯音乐一事，财经专栏作者马继鹏告诉记者："目前喜马拉雅是否卖给腾 讯，人家自己还没有表态，但是就第三方分析的话，它为什么要卖给腾讯？我觉得可能有三方面的原 因：第一，可能现在市场环境并不好，像这种在音频领域过分小众的应用，也可能生存空间被大的平台 挤压得比较严重。第二，就是为什么要卖给腾讯，因为腾讯在音频方面影响力比较大，卖给腾讯应该是 一个不错的选择。第三，腾讯可 ...

Core Viewpoint - Tencent Music Group is reportedly planning to acquire Ximalaya, with the transaction initiated two months ago and the price significantly reduced, although both companies have not confirmed the sale yet [1][2]. Group 1: Acquisition Details - Tencent Music's acquisition of Ximalaya is speculated to be driven by three main reasons: the challenging market environment for niche audio applications, Tencent's significant influence in the audio sector, and Tencent's need to enhance its offerings in paid audio content [1][2]. - Ximalaya's subsidiary recently increased its registered capital from 300 million to 2.8 billion yuan, a rise of 837.6%, which is perceived as a signal for a potential acquisition restart [1][3]. Group 2: Company Performance - Ximalaya, founded in 2012, is the largest online audio platform in China, leading the industry in terms of mobile listening duration and online audio revenue [2]. - The company has faced growth challenges, with its average monthly active users increasing by only 3.9% in 2023, compared to a 24.4% increase in 2021 [2]. Group 3: Financial Performance - Ximalaya has attempted multiple IPOs, with a 2021 valuation of approximately $5 billion, while the current acquisition valuation is speculated to be between $1 billion and $1.5 billion [3]. - From 2021 to 2023, Ximalaya's revenue figures were 5.86 billion yuan, 6.06 billion yuan, and 6.16 billion yuan, with net profits of -5.106 billion yuan, 3.7 billion yuan, and 3.736 billion yuan respectively [3][4]. - In 2023, Ximalaya achieved a positive adjusted net profit of 224 million yuan, attributed to cost-cutting measures such as layoffs and reduced marketing expenses [3][4]. Group 4: Revenue Composition - Ximalaya's revenue is primarily derived from four segments: subscriptions (51.7%), advertising (23.1%), live streaming (18.4%), and innovative products and services (6.8%) in 2023 [3][4]. - Subscription service revenue has shown slight growth, with figures of 2.992 billion yuan, 3.081 billion yuan, and 3.189 billion yuan from 2021 to 2023, maintaining a contribution of over 50% to total revenue [4]. Group 5: Market Challenges - Ximalaya's advertising revenue has declined from 1.488 billion yuan in 2021 to 1.423 billion yuan in 2023, indicating challenges in monetizing its platform due to the limitations of audio advertising [4]. - The audio app market is perceived as facing significant competition from larger platforms that can offer similar functionalities, leading to concerns about the sustainability of Ximalaya's growth [5].