以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 惊蛰研究所 . 探索发现新经济。 *本文为惊蛰研究所X21财经·南财号联合出品 来源丨南财号"惊蛰研究所" 作者丨成昱 近年来，线下演出市场持续火爆。演唱会、音乐节、话剧、戏剧等各类演出数量呈井喷态势， 其衍生出的消费场景也不断丰富。 从演出前粉丝群体专门准备的明星物料、观演行头，到演出后的打卡留念仪式，观演人群对线 下演出体验的需求升级也解锁了越来越多的细分消费市场，成为激活消费的新动能。 摆摊经济：一边追星一边赚钱 2025年暑期，线下演出市场热度一路飙升，据灯塔专业版数据显示，7月演出市场总票房超34 亿，同比增长近6成，直追电影市场规模。在这股热潮的带动下，场馆周边的商业生态也随之 活跃，一种围绕数万观众即时需求形成的摆摊经济，正悄然融入演出经济的整体生态，成为消 费市场中一个颇具特色的存在。 每逢演唱会，往往演出尚未开演，场馆周边各种流动摊位就已热闹展开。一场热门演出往往能 吸引数万人参与，这些观众从城市各个角落甚至周边城市汇聚到场馆周边，在入场前的等待和 散场后的疏导过程中，形成了两个明显的消费高峰时段。正是这种短时间内高度集中的人流， 为摆摊生意 ...

近年来，线下演出市场持续火爆。演唱会、音乐节、话剧、戏剧等各类演出数量呈井喷态势，其衍生出的消费场景也不断丰富。 从演出前粉丝群体专门准备的明星物料、观演行头，到演出后的打卡留念仪式，观演人群对线下演出体验的需求升级也解锁了越来越多的细分消费市场， 成为激活消费的新动能。 摆摊经济：一边追星一边赚钱 2025年暑期，线下演出市场热度一路飙升，据灯塔专业版数据显示，7月演出市场总票房超34亿，同比增长近6成，直追电影市场规模。在这股热潮的带动 下，场馆周边的商业生态也随之活跃，一种围绕数万观众即时需求形成的摆摊经济，正悄然融入演出经济的整体生态，成为消费市场中一个颇具特色的存 在。 每逢演唱会，往往演出尚未开演，场馆周边各种流动摊位就已热闹展开。一场热门演出往往能吸引数万人参与，这些观众从城市各个角落甚至周边城市汇 聚到场馆周边，在入场前的等待和散场后的疏导过程中，形成了两个明显的消费高峰时段。正是这种短时间内高度集中的人流，为摆摊生意创造了天然的 市场空间，让各类商品有了精准触达目标客群的机会。 与固定商铺相比，摆摊的启动成本相对较低，摊主通常只需准备少量的商品库存和简单的经营设备，就能快速开启生意。同时，由 ...

2025.08. 23 本文字数：1035，阅读时长大约2分钟 作者 | 第一财经 乐琰 粉丝经济如火如荼，这几天除了时代少年团的上海演唱会，STAYREAL PARK在8月23日开园，吸 引大量五月天粉丝到场。 STAYREAL PARK是由创意潮流品牌STAYREAL打造的潮趣主题游牧店，已游历过北京、杭州、成 都、深圳等十多个城市。本次快闪以"遇见公园飞驰上海"为主题，落地长宁来福士百年钟楼。据 悉，创意潮牌STAYREAL由五月天阿信与艺术家不二良于2007年成立，品牌名称来源于"MAKE SOUND STEREO,MAKE LIFE STAYREAL"，寓意做任何事都不要忘了开始时的初衷，鼓励大家 坚持梦想。 在STAYREAL PARK现场，第一财经记者看到从白天到夜晚，一直有大量粉丝排队进店购物，现场 工作人员表示，要进入公园店购物是需要排队的，因为里面有限定版新品，而另一边的普通常驻门店 可以随时进入购物。记者进入普通门店看到，商品有挂饰、T恤、玩偶等，大部分商品价格从100多 元到300多元不等。 在访谈了部分粉丝后，第一财经记者了解到这些排队者大部分都是五月天的粉丝，他们至少都排了2 ～3 ...

在STAYREAL PARK现场，第一财经记者看到从白天到夜晚，一直有大量粉丝排队进店购物，现场工作人员表示，要进入公园店购物是需要排队的，因为里 面有限定版新品，而另一边的普通常驻门店可以随时进入购物。记者进入普通门店看到，商品有挂饰、T恤、玩偶等，大部分商品价格从100多元到300多元 不等。 STAYREAL PARK吸引大量五月天粉丝排队购物。 粉丝经济如火如荼，这几天除了时代少年团的上海演唱会，STAYREAL PARK在8月23日开园，吸引大量五月天粉丝到场。 STAYREAL PARK是由创意潮流品牌STAYREAL打造的潮趣主题游牧店，已游历过北京、杭州、成都、深圳等十多个城市。本次快闪以"遇见公园飞驰上 海"为主题，落地长宁来福士百年钟楼。据悉，创意潮牌STAYREAL由五月天阿信与艺术家不二良于2007年成立，品牌名称来源于"MAKE SOUND STEREO,MAKE LIFE STAYREAL"，寓意做任何事都不要忘了开始时的初衷，鼓励大家坚持梦想。 记者在现场看到，还有不少在打包快递的粉丝也和小丽有类似的情况。粉丝们排队还是比较有秩序的，大家也都比较有耐心。 公开信息显示，此前星巴克 ...

魔童大战魔都 事实上，早在时代少年团门票抢购阶段，这场演唱会的人气火爆就已初露端倪。 据网传消息，此次演唱会有多达500万人争抢18万张门票，开售后短短5秒内便全面售罄，抢票激烈程度可见一斑。 谁是时代少年团？ 不少中年人满腹疑惑，毕竟，他们的记忆还停留在TFboys。 作为时代峰峻推出的第二代男团，时代少年团由马嘉祺、丁程鑫、宋亚轩、刘耀文、张真源、严浩翔、贺峻霖七名成员组成，于2019年8月正式出道，如今已成为 新一代年轻人的偶像。 票务平台数据显示，本次演唱会观众以年轻女性为主，25岁以下占比超过80%，其中超过四分之一为未成年人。因此，现场首次设置了外围家长等候区，出现了场 内粉丝云集、场外父母扎堆的现象。 可怜天下父母心，由于等候区位于室外，许多父母举着遮阳伞、拎着零食袋，在高温下默默等待散场的孩子。 演唱会检票工作提前4小时启动，现场部署了大量安保人员维持秩序。但仍有狂热粉丝试图将应援灯牌带入场内，与安保人员发生争执。 更令人咋舌的是，社交平台上甚至流传着荒谬的"时代少年团粉丝被沪C牌照车辆带走""两名粉丝因灯牌被没收跳江身亡"等未经证实的传言，实在夸张。 追星虽非新鲜事，但新一代年轻人的追星方式 ...

活动多了，客流多了，外地的粉丝也多了，楼里满是拖着行李、背着大背包的粉丝。"我们发现粉丝们 拖着行李箱上下电扶梯特别不方便，而且也不安全，所以在一层辟出一片区域，专门给粉丝们存放行 李。"刚开始是一两个箱子，最后所有外地粉丝都把箱子集中在一层，商场还派出保安，专门给粉丝们 照看行李。 朝阳公园北部区域客流近17万人次 粉丝经济有多火爆？翟志浩向记者提供了一组数字："餐厅推出的套餐有大鸡腿饭，售价16.8元，还 有'五色虾片'主题套餐，这些都是粉丝'打卡'的必点品。大约半个月时间，鸡腿就卖出5000多个，两款 套餐累计销售额近13万元。"此外，活动带动街区内昆泰嘉华酒店、秋果酒店、汉庭酒店入住率显著提 升。 位于朝阳公园北湖的巨型"五球"气膜装置和位于亮马河的"冠佑"公仔同样吸睛，它们带动公园北部片区 客流显著增长。6月至8月暑期期间，朝阳公园北部区域客流近17万人次，环比增长约220%，其中18-35 岁群体占比约75%。 这个暑假，朝阳区约60家演艺场所推出近千场演出，音乐、戏剧、舞蹈、曲艺……乐迷、歌迷、戏迷纷 至沓来，亮马河游船、朝阳公园、网红商圈客流显著增长。 记者从朝阳区了解到，今年暑期，在演艺经济 ...

Group 1 - The core idea of the articles is that concerts, particularly large-scale events like Mayday's 25th anniversary tour, are transforming into significant drivers of urban consumption and cultural engagement, creating a new model of "concert + tourism" that enhances the overall city experience [2][3][4] - The concert economy is not just about ticket sales; it significantly boosts the entire urban consumption chain, including transportation, accommodation, dining, and shopping, with concert-related spending leading to a 240% increase in surrounding hotel bookings during the Mayday concert [3][4] - The integration of concerts with urban experiences is creating immersive cultural routes and commercial spaces, allowing fans to engage with the city beyond just attending the event, thus enhancing the emotional connection and cultural participation [5][6] Group 2 - The phenomenon of "concert special forces" is emerging, where fans travel to cities for short, intensive experiences, contributing to local economies and enhancing the city's visibility [7] - Cities are encouraged to develop long-term strategies around concert IPs, creating permanent landmarks and narrative spaces to convert transient fan engagement into lasting cultural capital [7] - Urban management and security challenges are being addressed through comprehensive service mechanisms and policy support to ensure the smooth execution of large-scale events, highlighting the need for coordinated efforts across various city departments [8]

8月，小编拿到一个选题，调查演唱会年消费过万的人群。 第二天，我又发布了另一条，以询问的态度咨询网友，"大家一年大概会花多少钱在看演唱会上？"出乎意料的是，评论一条一条的进来，大家在评论区互 动、分享、相互交流，有的贴出几页长长的演唱会list和票价统计，有的分享了自己精心整理的应援棒九宫格拼图，有人谈起现场的激动瞬间，也有人调 侃道"别问这些大家都不开心的事"。 100 多条留言里，藏着比数据更鲜活的真相，75% 的人年消费超万，其中60% 集中在 1 - 3 万，更有 10% 的人为热爱豪掷 5 万甚至 10 万。但比起这些数 字，更动人的是评论区里流动的快乐情绪，那些关于现场的尖叫与泪水，关于和陌生人合唱时的默契，关于偶像的歌声如何成为生活的铠甲。 这让我突然意识到，当我们谈论演唱会消费时，其实是在谈论那些无法被标价的热爱与连接。 "演唱会消费过万"，这听起来会是一个偏商业和客观的话题，感觉可能缺点什么。带着犹疑和对交稿日的担忧，小编发布了第一篇小红书笔记，"演唱会 年花费过万的人请进"，结果仅有1人回复，没有什么水花。 被访者来自小红书评论区和朋友推荐，以下为根据访谈内容整理的自述，供参考： 今年32 ...

Core Viewpoint - The online music industry is becoming a profitable business, with significant revenue growth reported by major players like Tencent Music and NetEase Cloud Music, driven by improved copyright management and user payment habits [1][3][6]. Financial Performance - Tencent Music reported total revenue of 8.44 billion yuan for Q2 2025, a year-on-year increase of 17.9%, with online music service revenue growing by 26.4% to 6.85 billion yuan [1]. - NetEase Cloud Music's revenue for the first half of 2025 was 3.827 billion yuan, a decrease of 6% from the previous year, but online music service revenue increased by 15.9% to 2.967 billion yuan [1]. - Tencent Music's adjusted net profit for the quarter was 2.64 billion yuan, up 33% year-on-year [1]. Market Dynamics - Online music services now account for 80% of Tencent Music's total revenue and 77.5% of NetEase Cloud Music's total revenue, a significant shift from 2018 when these figures were much lower [2]. - The competitive landscape has evolved, with Tencent Music and NetEase Cloud Music now focusing on online music services rather than social entertainment services, which previously dominated their revenue streams [2][3]. Copyright Management - The decline of music piracy in China, from 95% to below 5%, has been pivotal in the growth of the digital music industry, leading to a "copyright accumulation competition" among platforms [4]. - Tencent Music has secured exclusive rights to a significant portion of the music library, forcing competitors like NetEase Cloud Music to pay high prices for licensing [4][5]. - The copyright wars have driven up the prices of music rights, but they have also fostered a culture of paid subscriptions among users [6][7]. User Engagement and Payment Models - Tencent Music's online music subscription revenue reached 4.38 billion yuan in Q2 2023, with a 17.1% year-on-year growth, and the number of paying users increased to 124 million [7]. - NetEase Cloud Music's subscription revenue grew to 2.47 billion yuan, a 15.2% increase [7]. - The platforms have developed a tiered subscription model to enhance user engagement and payment rates, effectively turning music into a sustainable profit-generating business [7]. Competitive Landscape - The rise of new players like "Soda Music" and "Tomato Listening" is challenging the dominance of Tencent Music and NetEase Cloud Music, leveraging lower subscription fees and algorithm-driven user engagement [14][15]. - The competition is intensifying as these new entrants utilize short video platforms to attract users, creating a potential shift in the market dynamics [14][17]. - The future of the online music industry may evolve into a three-way competition, with Tencent Music, NetEase Cloud Music, and new entrants vying for market share [17].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company has experienced a 6% year-on-year decline in total revenue for H1 2025, with a significant drop of 43% in social entertainment revenue. However, the adjusted operating profit has increased by 35% year-on-year, indicating effective cost control [1][8] - The online music subscription business has shown robust growth, with a 15% increase in subscription revenue driven by the growth in paid user numbers. The online music revenue reached 2.97 billion yuan, up 16% year-on-year, with a leading paid penetration rate of 27% [2][15] - The company is focusing on young users and developing original content to create differentiation, which is expected to support long-term growth. The number of independent musicians on the platform has exceeded 820,000, with approximately 4.8 million music tracks uploaded [3][20] Summary by Sections Performance Overview - In H1 2025, the company achieved total revenue of 3.83 billion yuan, a decrease of 6% year-on-year, while the gross margin improved to 36.4%, up 1.4 percentage points due to optimized music copyright costs. The content service cost was 1.8 billion yuan, down 10% year-on-year, accounting for 47% of revenue [1][8][9] - The total expense ratio for H1 2025 was 16.6%, down 4 percentage points year-on-year, primarily due to effective sales expense optimization [9] Commercialization - The online music subscription revenue reached 2.47 billion yuan, reflecting a 15% year-on-year increase, driven by the growth in paid users. The company has enhanced its membership benefits to stimulate user willingness to pay for premium experiences [2][15] - Social entertainment services and other business revenues fell to 860 million yuan, a decline of 43% year-on-year, as the company is restructuring its live streaming ecosystem [19] Financial Forecast and Valuation - The company has adjusted its profit forecast for 2025-2027, expecting adjusted profits of 3.05 billion, 2.54 billion, and 3.05 billion yuan respectively, with an upward revision of 47% for 2025 [3][20] - The reasonable valuation range for the company's stock is set between 311.00 and 354.00 HKD, with a closing price of 280.00 HKD [5]