出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 头图｜电影《敦刻尔克》 喜马拉雅卖身传闻，或将靴子落地。 4 月 27 日，媒体援引知情人士消息，腾讯音乐集团（TME）计划作价 24 亿美元买下喜马拉雅，协议最快可能在未来几星期内达成；另据《科创板日报》报 道，该项交易于两个月前启动，喜马拉雅管理层已经签字。 随后，虎嗅多次向 TME 与喜马拉雅方面求证，腾讯音乐方面没有回应，喜马拉雅不予置评。 不过，有投资人士对上述信息可靠性表示存疑，"现在喜马拉雅叫价大几十亿港元都没人 Call，形势完全不同了——一是，TME 收购喜马拉雅会涉及反垄断 审查，有消息说此类并购政府部门还待审核；二是，市场对喜马拉雅估值逻辑已经从规模优先转而更关注盈利的可持续性"。 一个有趣的切面是，前几年喜马拉雅数次卷入收购传闻均因价格未谈拢而告吹，本次 TME 出价较喜马拉雅上轮估值大幅缩水（其 2020 年估值已高达 43.45 亿美元）；但收购传闻在坊间发酵了一周，双方仍对媒体三缄其口。 值得玩味的是，喜马拉雅共融资 12 轮，募集资金近百亿，最早于 2021 年 4 月在美国 SEC 递交上市申请，数月后撤回申请；后分别于 20 ...

Core Viewpoint - Tencent Music Group is reportedly planning to acquire Himalaya, with the deal initiated two months ago and the price significantly reduced, although both companies have not confirmed the sale yet [1][3]. Group 1: Acquisition Context - The potential acquisition of Himalaya by Tencent Music is speculated to be driven by three main factors: the challenging market environment for niche audio applications, Tencent's significant influence in the audio sector, and the need for Tencent to enhance its offerings in paid audio content [1]. - Previous discussions between Tencent Music and Himalaya regarding a partnership were hindered by management control issues, but recent capital movements by Himalaya, such as a substantial increase in registered capital, are seen as signals for a possible acquisition restart [1][2]. Group 2: Company Performance - Himalaya, founded in 2012, is the largest online audio platform in China, leading in mobile listening duration and online audio revenue as of 2023 [2]. - Despite its leading position, Himalaya has faced growth challenges, with its average monthly active users increasing by only 3.9% from 2021 to 2023, compared to a 24.4% increase in 2021 [2]. Group 3: Financial Overview - Himalaya has attempted multiple IPOs, with a valuation of approximately $5 billion in 2021, but the current acquisition valuation is expected to be between $1 billion and $1.5 billion [3]. - The company's revenue from 2021 to 2023 shows a slight increase, with total revenues of 58.6 billion, 60.6 billion, and 61.6 billion respectively, while net profits fluctuated, with a significant loss in 2021 turning into a profit of 2.24 billion in 2023 due to cost-cutting measures [3][4]. - Subscription services remain the primary revenue source for Himalaya, accounting for 51.7% of total revenue in 2023, although paid content revenue has declined from 10.58 billion in 2021 to 6.94 billion in 2023 [4]. Group 4: Market Challenges - Himalaya's advertising revenue has also seen a decline, with figures of 14.88 billion, 14.49 billion, and 14.23 billion from 2021 to 2023, indicating challenges in monetizing its platform effectively [4]. - The audio app market is perceived as facing significant competition from larger platforms that can offer similar functionalities, leading to skepticism about the future growth of audio apps like Himalaya [5].

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].

早在三四年前，腾讯音乐（01698.HK）就和喜马拉雅传出了收购绯闻;。据悉，彼时双方探讨了合作的 可能性，但管理权分配等核心问题未能达成一致意见。 此后，腾讯音乐和喜马拉雅之间时不时就传出收购相关的消息。而在日前，又有媒体报道称，腾讯音乐 和喜马拉雅就收购事项进行了磋商，但交易价格较之前大幅下降。 不过，对于此事，腾讯音乐表示，类似的消息早就有传播；喜马拉雅则回应称，不知晓出售;一事。 值得一提的是，喜马拉雅是音频领域的头部企业，为何屡屡传出卖身;消息？ 这主要是因为喜马拉雅自身正面临困局，这或许也是传闻中说交易价格较之前大幅下降的原因所在。 最近几年，喜马拉雅频繁传出战略摇摆不定、人事变动、裁员、上市未遂等问题。 另外，在业绩方面，根据此前披露的招股书，2021-2023年期间，喜马拉雅分别实现营收58.57（人民 币，下同）亿元、60.61亿元、61.63亿元；调整后净利润分别为-7.18亿元、-2.96亿元及2.24亿元。 总的来看，虽然调整后净利润在2023年实现了盈利，但营收增速在放缓。 更关键的是，喜马拉雅还有着音频行业局限性的问题。 一方面，短视频的出现给知识付费在内的音频行业带来了明显冲击； ...

金十数据4月24日讯，国内音频行业头部平台喜马拉雅再陷卖身传闻。4月25日，从多位知情人士处获 悉，喜马拉雅近期与腾讯音乐集团就收购进行了磋商，但潜在估值已大打折扣。公开数据显示，这家拥 有12年历史的平台正经历剧烈人员调整。2021年末4342人的团队，至2024年仅余约1500人，裁员幅度达 65%。2023年底的大规模裁员波及内容、技术等多部门，2024年更实施多轮"人员汰换"。 （凤凰网科 技） 消息称腾讯音乐集团洽谈收购喜马拉雅，过去三年已减员超6成 ...