上 市 公 司 公 传媒 2025 年 09 月 30 日 网易云音乐 (09899) ——聚焦年轻用户，音乐赛道的成长股—网易云音乐深度 之二 报告原因：强调原有的投资评级 | 买入（维持） | | --- | | 市场数据： | 2025 年 09 月 29 日 | | --- | --- | | 收盘价（港币） | 262.60 | | 恒生中国企业指数 | 9454.12 | | 52 周最高/最低（港币） | 303.40/106.00 | | H 股市值（亿港币） | 572.04 | | 流通 H 股（百万股） | 217.51 | | 汇率（人民币/港币） | 0.9143 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg -3% 497% 09/26 10/26 11/26 12/26 01/26 02/26 03/26 04/26 05/26 06/26 07/26 08/26 09/26 HSCEI 网易云音乐 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@sws ...

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].

Core Viewpoint - The article discusses the transformation of the music industry driven by short video platforms and streaming services, highlighting the significant shift in revenue sources and the impact on music creation and copyright dynamics [2][11][40]. Group 1: Revenue Trends - In 2024, short video and streaming revenues account for 69% of global recorded music revenue, while physical music sales have shrunk to 16.4%, and download revenues have declined for 12 consecutive years, now representing only 2.8% [2][15]. - The Chinese digital music industry is projected to reach a scale of 102.7 billion yuan, with the copyright music market exceeding 60 billion yuan [8]. Group 2: Music Copyright and Monetization - Music copyright encompasses the legal rights to use and disseminate songs, with revenue generated from various scenarios including advertisements, short videos, and live events [14]. - The monetization model has shifted from a one-time purchase of albums to ongoing revenue sharing based on play counts, with platforms paying artists monthly based on streaming data [15][17]. - For instance, Spotify pays between $3 to $7 per 1,000 streams, while domestic platforms offer around 1.5 yuan per 1,000 streams [17]. Group 3: Industry Dynamics and Creation Process - The industry has developed a standardized promotional process for songs, involving initial rights acquisition, targeted marketing through social media, and leveraging trending topics to maximize exposure [18]. - The "ROI" (Return on Investment) concept is now applied to music, where songs with low ROI are quickly abandoned, while successful tracks can yield significant returns on promotional investments [19]. - The creation of music has become increasingly influenced by commercial viability, often prioritizing catchy elements and rapid production cycles over artistic integrity [21][22]. Group 4: Distribution and Market Challenges - The music industry has undergone three distinct phases: the record industry era, the independent production era, and the current digital streaming era, each marked by changes in production, distribution, and consumption [34][35][36]. - The current landscape sees a high volume of new releases, with 1.35 million new songs in 2024, but a stark disparity in success, as only 0.8% achieve over 10 million streams [39]. - The concentration of wealth and success among a few artists and producers raises concerns about the sustainability and diversity of the music ecosystem [40][41]. Group 5: Future Considerations - The article emphasizes the need for fair distribution mechanisms and transparency in copyright transactions to ensure that creators receive appropriate compensation for their work [41][42]. - A balanced approach that fosters both commercial success and artistic expression is essential for the long-term health of the music industry [43].

Core Viewpoint - Tencent Music Entertainment Group (TME) has shown strong performance in its Q2 2025 financial report, with online music subscriptions being the main driver of growth, despite a decline in monthly active users (MAU) over the past three years [2][3]. Group 1: Online Music Revenue - TME's total revenue for Q2 reached 8.44 billion RMB, a year-on-year increase of 17.9%, with adjusted net profit at 2.64 billion RMB, up 33.0% [2]. - Online music service revenue grew to 6.85 billion RMB, a 26.4% increase from 5.42 billion RMB in the same period last year, driven by strong growth in subscription revenue and increased income from advertising and live performances [5]. - Online music subscription revenue was 4.38 billion RMB (611 million USD), up 17.1% from 3.74 billion RMB year-on-year, primarily due to an increase in average revenue per paying user [5][9]. - The number of SVIP subscribers has surpassed 15 million, marking a historical high, attributed to the introduction of a higher-tier membership option [8]. Group 2: Social Entertainment Decline - Revenue from social entertainment services decreased by 8.5% year-on-year to 1.59 billion RMB, with operating costs rising by 13.1% to 4.69 billion RMB [10]. - The decline in social entertainment revenue is linked to increased costs associated with IP, artist-related expenses, and advertising fees, while revenue-sharing costs have decreased due to the drop in income [10][12]. - The competitive landscape in music streaming is heavily influenced by copyright ownership, with TME controlling approximately 95% of the industry’s copyright resources through its various platforms [12]. Group 3: Future Potential - Analysts suggest that TME's current 20% subscription rate has significant room for growth compared to Spotify's over 40% [14]. - The company is expanding its content offerings and community engagement through initiatives like the "Bubble" product, which allows direct interaction between fans and artists [13].

Group 1 - The investigation into G-DRAGON and YG Entertainment's founder Yang Hyun-Suk is based on allegations of copyright infringement related to a performance and album release from 16 years ago [1][2] - The case originated from a complaint filed by composer A, who accused YG Entertainment of unauthorized reproduction and distribution of his song "G-DRAGON" during a concert in 2009, which was included in the live album "Shine a Light" [2][3] - The core issue revolves around the rights of adaptation and attribution, as A claims that his name was not credited when the song title was changed to "My Age is Thirteen" [3][4] Group 2 - The investigation highlights the complexities of copyright law in the music industry, particularly regarding the balance between original creators' rights and new interpretations of their work [6][7] - The case reflects broader issues in the music industry, including frequent copyright disputes in music variety shows, indicating a lack of understanding of adaptation and performance rights among professionals [6][7] - The evolving landscape of copyright law in China, including the 2020 amendments that strengthened protections for audiovisual works, suggests a need for clearer legal guidance on common creative practices like remixing and sampling [7][8]

Core Viewpoint - The KTV industry is increasingly adopting AI-generated music videos (MVs) as a cost-saving measure, despite the negative reception from consumers regarding the quality and emotional connection of these AI-generated content [9][33][38]. Group 1: Industry Trends - Many KTV establishments across the country are embracing AI technology, but this shift is not solely about modernization; it is also a response to declining patronage and changing consumer behavior [18][19]. - The traditional role of KTV as a social gathering place has diminished, with younger consumers opting for alternative entertainment options such as online karaoke and various gaming activities [19][23][24]. - The rise of self-service KTV and the integration of singing services in restaurants and bars have further diluted KTV's market share [22][25]. Group 2: Cost Management - KTV operators face increasing pressure to manage costs, particularly regarding the expensive licensing fees associated with original MVs, which include music and video rights [27][28][34]. - AI-generated MVs significantly reduce costs, as they require minimal resources to produce compared to traditional MVs, making them an attractive option for KTVs looking to cut expenses [29][38]. - The complexity of negotiating MV rights for popular songs adds to the financial burden, prompting KTVs to seek AI solutions as a more straightforward alternative [34][37]. Group 3: Consumer Experience - The shift to AI-generated MVs has led to a decline in the emotional connection that consumers previously experienced with original MVs, resulting in a fragmented and disjointed viewing experience [44][48]. - Many consumers express dissatisfaction with the lack of coherence and emotional resonance in AI-generated content, which detracts from the overall KTV experience [41][56]. - The desire for authentic emotional experiences in entertainment is becoming a new consensus among younger audiences, who are increasingly rejecting overly commercialized and standardized content [55][62].

Group 1 - The core viewpoint of the article highlights the growth and development of NetEase Cloud Music as a leading music community platform, emphasizing its focus on music discovery and sharing, and its significant user base of over 200 million monthly active users [2] - The company has a concentrated shareholding structure, with NetEase being the largest shareholder and founder Ding Lei holding nearly 30% of the shares as of the first half of 2025 [3] - The company has successfully reduced content costs, leading to an increase in gross margin to 33.7% in 2024, with a notable decrease in content service costs as a percentage of revenue from 98% in 2020 to 50% in 2024 [8] Group 2 - The music streaming industry is entering a mature phase, with the recorded music market in China growing at a rate of 9.6% year-on-year in 2024, making it the fifth largest market globally [9] - The complexity of the Chinese music industry is highlighted, with a fragmented copyright landscape and a long digital music industry chain involving multiple stakeholders [10] - The cessation of exclusive copyright models has led to a more competitive environment, with Tencent Music integrating mainstream copyrights and NetEase Cloud Music expanding its music library from 80 million in 2021 to 150 million in 2023 [12]

7月31日，"网易云音乐起诉韩国SM娱乐"冲上微博热搜。 天眼查APP显示，近日，法院公开杭州乐读科技有限公司、杭州网易云音乐科技有限公司起诉SM ENTERTAINMENT CO. 、L*、卡斯梦（上海）文化传播有限公司的开庭信息，案由涉及滥用市场支配 地位纠纷。 公告显示，该案件计划于8月6日，在浙江省杭州市中级人民法院开庭审理。 网易云音乐与SM娱乐的合作最早始于2018年。当时，网易云音乐因与阿里音乐达成音乐著作权互相转 授权的合作，获得了包括SM娱乐在内的音乐版权。仅仅过了一年，2019年，SM娱乐与腾讯音乐娱乐集 团（TME）签署战略合作，此后就有用户反映称网易云音乐平台上，SM娱乐的歌曲不能正常听，歌单 大面积变灰下架。 转机出现在两年后。2021年，国家市场监管总局下发"解除令"，叫停了独家版权。 2022年6月，网易云音乐再次与SM娱乐达成合作，获得SM娱乐公司旗下全量音乐版权授权。网易公司 创始人、CEO丁磊当时把这次签约定义为"回归"："SM娱乐公司版权回归云村了，其他还会远吗？大家 不要急不要慌不要乱，版权采购村长一直在一线。多给我们点时间，都会回来的。话不多说，我们先听 歌。"他在云 ...

Core Viewpoint - The ongoing legal dispute between NetEase Cloud Music and South Korea's SM Entertainment has escalated, with a court hearing scheduled for August 6, 2023, regarding allegations of market dominance abuse [1]. Group 1: Legal Dispute - NetEase Cloud Music and its subsidiary have filed a lawsuit against SM Entertainment and its affiliates, with the case set to be heard in Hangzhou [1]. - The lawsuit follows a series of complications in the partnership between NetEase Cloud Music and SM Entertainment, which began in 2018 [6][8]. Group 2: Historical Context of Partnership - The collaboration between NetEase Cloud Music and SM Entertainment started in 2018, but faced challenges when SM Entertainment signed a strategic deal with Tencent Music in 2019, leading to the removal of SM's songs from NetEase's platform [8]. - In 2021, regulatory changes allowed for the cessation of exclusive copyright agreements, leading to a renewed partnership in 2022 where NetEase regained full music rights from SM Entertainment [8][9]. Group 3: Financial Performance - For the year 2024, NetEase Cloud Music reported online music service revenue of 5.35 billion yuan, a 23.1% increase from 4.35 billion yuan in the previous year, driven by a growing subscriber base [9]. - Subscription revenue reached 4.46 billion yuan, reflecting a year-on-year growth of 22.2%, while content service costs decreased from 4.6 billion yuan in 2023 to 4 billion yuan in 2024 [9].

Core Viewpoint - The ongoing copyright dispute surrounding the song "Year Ring" highlights the complexities and challenges in the music industry's copyright system, particularly in the context of multiple versions and interpretations of songs [1][19][20] Group 1: Background of the Dispute - The controversy began when online singer "Wang Zai Xiao Qiao" claimed that the original singer of "Year Ring" is only Zhang Bichen, leading to a "dual original singer" dispute between the song's creator Wang Sulong and performer Zhang Bichen [3][5] - The year 2015 marked a pivotal moment in China's online music copyright landscape, with the National Copyright Administration issuing a notice to halt unauthorized music distribution, thus ending the "wild west" era of online music [3][4] Group 2: Industry Response - Major music streaming platforms, such as QQ Music and NetEase Cloud, exhibited unusual behavior by altering the "original singer" labels for the song, which raised public skepticism about the criteria for determining "original" status [4][19] - The platforms' actions reflect a lack of a clear and transparent standard for defining "original" in the context of multiple versions of songs, indicating a need for improved governance in the industry [4][20] Group 3: Implications for Copyright System - The "dual original singer" situation underscores the necessity for a more refined and transparent copyright determination system that accommodates the evolving nature of music production and consumption [19][20] - The current copyright framework struggles to adapt to the complexities of multiple interpretations and versions of songs, necessitating a shift towards a more nuanced approach that balances emotional value and commercial interests [20]