>> ALL RIGHT, WELCOME BACK EVERYBODY. DUELING HEALTH CARE BILLS FAILING TO PASS IN THE SENATE AS THE OBAMACARE SUBSIDIES EXPIRATION DATE INCHES CLOSER. AND JOINING US RIGHT NOW TO TALK ABOUT THIS AND MUCH MORE IS REPUBLICAN SENATOR DAVE MCCORMICK FROM THE STATE OF PENNSYLVANIA.AND, SENATOR, THANK YOU FOR BEING HERE TODAY. GOOD MORNING. I'M ACTUALLY A LITTLE SHOCKED THAT WE ARE GETTING THIS CLOSE TO THE DEADLINE FOR THE SUBSIDIES BEING RENEWED, WHERE MOST PEOPLE HAVE TO.THE DEADLINE FOR SIGNING UP IS MONDAY. ...

关注音乐动态的人或许察觉到，关于汽水音乐的讨论最近变得多了起来。QuestMobile数据显示，这 个"新人"在2025年月活达1.2亿，增速超90%，跻身行业前四，增长势头迅猛。 这意味着，汽水音乐迅速崛起的背后，相对于APP产品模式本身的创新颠覆，更多的是依赖母体抖音的 巨额流量输血。 | | 来源为抖音APP的比例 | | APP名称 | APP月活跃用户规模同比增长率 | 所属行业 | | --- | --- | --- | --- | --- | --- | | | 2022年1月之前上线 | | | | | | | 86.8% | 8 | 抖音商城 | 552 2% | 移动购物 | | | 84.9% | 100 | 悟空浏览器 | 83.4% | 聚合信息(浏览器) | | | 2022年1月-2023年1月之间上线 | | | | | | | 82.1% | 2 | 汽水营乐 | 95 2% | 移动音乐 | | | 92.8% | 6 | 抖音夹客 | 37.7% | 办公商务 | | | 2023年1月之后上线 | | | | | | 抖音 | 91.4% | 9 | 可簽 | 445. ...

Core Insights - The short video industry is rapidly developing under the influence of digital technology, but it is also facing a significant increase in copyright infringement cases, which are becoming more complex [1][3][4] - The rise of generative artificial intelligence (AIGC) poses challenges to traditional copyright regulations, particularly in determining the originality and copyright status of AI-generated content [1][4][9] Infringement Trends - There has been a surge in infringement cases, especially on user-generated content platforms like Douyin and Kuaishou, where unauthorized use of film clips and music is common [3][5] - Infringement methods have evolved from direct copying to more subtle forms such as editing and remixing, often claiming "fair use" while infringing on original creators' rights [3][5] - Cross-border infringement is increasingly problematic due to the borderless nature of the internet, complicating enforcement efforts [3] Legal Framework and Challenges - The core of AIGC relies on large-scale data training, which often includes copyrighted material, blurring the lines of originality and legal protection [4][9] - The definition of "fair use" is becoming more ambiguous, especially with AIGC's commercial use and its potential market impact on original works [4][7] - The current legal framework struggles to clearly delineate between "fair use" and infringement, leading to challenges in copyright enforcement [7][9] Types of Infringement - Direct copying involves unauthorized reproduction of copyrighted works, while adaptation infringement includes modifications or reinterpretations of original works [5][6] - Platform-assisted infringement occurs when platforms indirectly promote infringing content through algorithms, raising questions about their responsibility [5][10] Copyright Protection Difficulties - Original short video copyright protection faces challenges such as difficulty in evidence collection, high litigation costs, and unclear platform responsibilities [8][10] - The complexity of determining "substantial similarity" in audiovisual works complicates infringement assessments, especially in the short video format [8][9] Recommendations for Improvement - Legal policies should refine the application standards for AIGC "fair use" and provide clearer judicial interpretations to enhance operability [9][10] - Platforms should take proactive measures in copyright governance, utilizing AI and big data for content monitoring and infringement detection [10][11] - A collaborative governance model involving multiple stakeholders is essential to address copyright issues effectively, including public awareness campaigns and creator self-protection initiatives [11][12]

Regulatory Compliance - The European Union released a code of practice to aid companies in adhering to the AI Act [1] - The AI Act includes copyright protections for creators [1] - The AI Act mandates transparency requirements for advanced AI models [1]

Financial Data and Key Metrics Changes - First quarter revenue for 2025 was $224.1 million, representing growth of 0.8% or 2.6% on a currency neutral basis [4][11] - Adjusted EBITDA was $70.1 million for the quarter, down 0.1% or up 2.2% on a currency neutral basis [4][16] - Annual subscription revenue accounted for 57.2% of total revenue, up from 54.7% in Q1 of the previous year [12] - Free cash flow was negative $0.3 million, down from $7.1 million in Q1 2024 [18] Business Line Data and Key Metrics Changes - Subscription revenue grew by 5.4% or 7.2% on a currency neutral basis, driven primarily by growth in premium access [12] - Paid downloads decreased slightly to $93 million, while video attachment rate increased to 16.7% from 14% [13] - Editorial revenue increased by 4% year on year to $82.6 million, while creative revenue decreased by 4.8% year on year to $132.2 million [13][14] - Other revenue increased to $9.3 million, driven by new multiyear creative content deals [15] Market Data and Key Metrics Changes - Currency neutral revenue growth of 6.4% in The Americas, while EMEA was down 3% and APAC was down less than 1% [15] - The company experienced a mid single-digit decline in its media business, primarily due to the impact of the LA fires [14] Company Strategy and Development Direction - The company is committed to investing in core assets and evolving its offerings to deepen relevance for customers [10] - The annual subscription business represents more than half of total revenue, positioning the company to adapt to potential macroeconomic uncertainties [9] - The company is focused on expanding its customer base, annual subscription business, and geographic footprint [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged early FX pressures and tariff-driven uncertainty impacting customer investments [5][11] - The company expects to navigate challenging environments by remaining flexible and financially disciplined [9] - Guidance for full year 2025 anticipates revenue of $931 million to $968 million, reflecting a decrease of 0.9% to an increase of 3.1% year over year [21] Other Important Information - The proposed merger with Shutterstock is under regulatory review, with expectations for closure in the second half of 2025 [8][9] - The company completed refinancing of its term loan structure, extending maturity to February 2030 [19] Q&A Session Summary Question: Can you elaborate on the subscription mix shift to corporate and the demand perspective? - Management noted a continued trend of building internal corporate marketing groups, which drives subscription growth [28] Question: Are the impacts from LA fires, FX pressures, and broader macro uncertainties resolved? - Management confirmed that while some impacts are expected to continue, they have baked these uncertainties into their guidance [33] Question: What is the expected acceleration in currency neutral guidance and data licensing revenue? - Management indicated no significant changes in data licensing revenue expectations and noted growth opportunities in subscription and video [44] Question: Can you provide an update on the company's Gen AI offering and client adoption? - Management reported consistent adoption of Gen AI offerings, with revenue still in the single-digit millions but growing steadily [54] Question: How has client spending been affected by tariff uncertainty since Liberation Day? - Management observed a decline in agency business, attributing it to macro uncertainties rather than direct tariff impacts [58]