如果你是一家科技公司的市场经理，最渴望的莫过于客户在案例里夸你一句——那种能被摘出来放大印 刷、当成金句宣传的评价。比如英国零售巨头特易购（Tesco）在 2019 年曾公开表示： "VMware 对特易购的运营以及其食品供应能力至关重要。" 然而到了 2025 年，这句本应令 VMware 自豪的"客户赞美"，却出现在了起诉内容中：近日，特易购将 博通（Broadcom）告上法庭，指控其违反 VMware 软件许可协议，要求索赔 1 亿英镑（约合人民币 9.6 亿元）。特易购甚至直言，如果问题不能解决，英国超市货架上的食品供应可能都会受到影响。 事件导火索：从"永久授权"到"订阅制" 时间回到 2021 年 1 月，特易购和 VMware 签下了一份长期合同： 可以说，这套 VMware 软件对特易购的 IT 系统至关重要。据了解，特易购拥有近 4 万台服务器工作负 载依赖 VMware 虚拟化平台运行，这些系统直接支撑门店收银系统、供应链调度、库存管理等核心业 务——如果 VMware 软件或支持服务出现中断，整个食品供应链都可能受到波及。 而问题就出在博通收购 VMware 之后。2023 年 11 月 ...

Core Viewpoint - Alibaba's new "Big Member" program integrates multiple platforms within its ecosystem, enhancing user experience and loyalty while addressing internal coordination challenges [1][4]. Group 1: Membership System - The "Big Member" program connects resources from Ele.me, Fliggy, Youku, and Hema, creating a unified benefits system covering food, travel, entertainment, and shopping [1]. - The transition from a traditional shopping-focused membership to a lifestyle-oriented service reflects Alibaba's strategy to evolve from an e-commerce platform to a comprehensive consumer platform [1][4]. - Subscription models are gaining traction in the e-commerce sector, providing stronger user engagement and more stable cash flow compared to ad-driven revenue [2]. Group 2: Competitive Landscape - The competition in the e-commerce and local services sector is intensifying, with rivals like JD and Meituan enhancing their membership offerings [3][4]. - Alibaba's integration of various resources aims to provide diverse services, helping the company to expand its market share and improve its competitive position against JD and Meituan [4]. - The core competitive advantages of the "Big Member" program include a wide range of consumer services, comprehensive supply to meet lifecycle needs, and robust technological support from Alibaba Cloud and AI [4].

Core Viewpoint - The article discusses the valuation of Ximalaya, questioning whether it is worth 20.9 billion yuan after its acquisition by Tencent Music, highlighting a significant drop from its previous valuation of 30 billion yuan during the last funding round [1][2]. Group 1: Valuation and Market Comparison - Ximalaya's valuation of 20.9 billion yuan is comparable to seven times that of Zhihu, eight times that of Keep, and eleven times that of Douyu, indicating a substantial reduction in perceived value [2]. - The company has faced four unsuccessful attempts to go public and has incurred losses exceeding 3 billion yuan over five years, making the discounted sale seem reasonable [2]. Group 2: Importance of Copyright - The article emphasizes that copyright is the most valuable asset for online audio platforms, similar to how Tencent Music cannot afford to lose Jay Chou, Ximalaya cannot afford to lose Guo Degang [5][3]. - Ximalaya has strategically invested in copyright since 2014, partnering with Guo Degang's company, and has secured 70% of the market's audio book adaptation rights through agreements with major copyright holders [9][11]. Group 3: Revenue Structure and Challenges - Ximalaya's revenue structure shows that subscription income contributes over half of its total revenue, with a significant reliance on audio books and traditional storytelling formats [12][13]. - Despite having a large user base, the platform struggles with monetization, as evidenced by a decline in subscription revenue growth from 57.1% in 2021 to 8.5% in 2023 [35]. Group 4: User Engagement and Market Limitations - Ximalaya's average monthly active users reached 300 million, but the user engagement metrics indicate a potential ceiling, with average listening time declining from 144 minutes in 2021 to 130 minutes in 2023 [22][30]. - The platform's user base includes a significant number of IoT and third-party platform users, which limits the monetization potential compared to video platforms [31]. Group 5: Competitive Landscape - The article compares Ximalaya's situation to that of its competitors, noting that platforms like Lizhi, which rely on user-generated content, have lower monetization rates, highlighting Ximalaya's relatively better performance [17][19]. - The online audio market faces challenges due to a lack of a broad audience and a mature commercial mechanism, making it difficult to balance high copyright costs with revenue generation [58]. Group 6: Acquisition Context - Tencent Music's acquisition of Ximalaya reflects a strategic move to consolidate its position in the online audio market, especially after struggling with its own platform, Penguin FM [62][64]. - The acquisition gives Tencent Music control over a significant portion of the online audio market, with Ximalaya holding a market share of 45.52% [64].