"别墅里面唱K、水池里面银龙鱼……"当《大展鸿图》的BGM洗脑了每个人的抖音，汽水音乐的月活用 户已不知不觉来到了1.2亿，直逼网易云音乐的1.47亿。 作为一款基础服务产品，其不仅为抖音、剪映、西瓜视频等内容平台提供版权音乐库，也为字节跳动探 索音乐市场提供一个支点。在音乐平台"一超一强"的时代，版权向来是最大的护城河。但汽水音乐的打 法是，不挑战你拥有多少"周杰伦"，而是重新定义"用户如何遇见一首歌"。 依托抖音的流量倾斜、算法加持以及"免费策略"，汽水音乐俨然扮演了市场"搅局者"的角色。然而，这 种增长模式也将其带入了一个甜蜜陷阱：如何进行商业化？因为字节显然不会做亏本赚吆喝的事。也许 对于一个上线不到三年的应用来说，谈赚钱有些为时过早。但在这个瞬息万变、人和万物都可以被AI 取代的时代，谈"背靠大树好乘凉"也不再现实了。没有不能割席的同行者，也永远有虎视眈眈的替代 者。 "喂"出来的1.2亿 很多人第一次接触汽水音乐，都是在刷抖音的时候。听到好听的音乐想搜原唱，左下角图标会帮你自动 跳转到汽水音乐；很多和音乐相关的视频，会自动带应用下载橱窗；一些长视频解说博主，会插入"在 汽水听抖音"的口播。不仅如此 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 闫妍 今日，网易云音乐推出了2025年度听歌报告。随后在社交媒体上有网友称"年度听歌报告数据不准 确"、"出现我没有听过的音乐"等，引发热议。 有用户表示，"我每个榜单都是五月天，结果年度作词作曲不是阿信，而是一个只听了几天的纯音乐， 这是怎么统计的？"还有人向《BUG》栏目表示，"有的歌都没听过，但显示听了快100遍。" 对此，《BUG》栏目向网易云音乐官方进行问询，截至发稿暂无回应。网易云音乐官方客服表 示，"2025年年度报告数据从1月1日统计至12月20日，基本包括所有端的有效听歌数据计入，具体以实 际展示数据为准。" 针对用户提出的"账号是否被他人用于刷数据"的疑问，其官方客服明确否认了此类可能："这个不会 的。"并表示，"年度报告一经生成，数据便无法修改。" 用户质疑年度听歌报告数据不准，官方回应 今日，网易云音乐正式推出了2025年度听歌报告，随即引发用户热议。但在社交平台上，不少用户直接 表达了对年度报告数据真实性的质疑。 一位用户发帖称："这年度总结还不如不出，一看又是两眼发黑发现账号被人拿去刷数据 ...

在线音乐赛道有了微妙的变化。 如今，这位曾经的追赶者正在逐渐掉队。 多年以来，网易云音乐一直扮演追赶者的角色，而随着汽水音乐的入局，昔日的追赶者变成被追赶者。 毋庸置疑，压力来到网易云音乐这一边。 在2021年，网易云音乐的月活跃用户数高达1.83亿，随着2022年汽水音乐入局，这个数字已萎缩至如今的 1.47亿。这意味着，行业"二哥"之争已从遥不可及的威胁变为近在眼前的现实，现在，压力给到了网易云音 乐。 前不久，QuestMobile发布的《2025中国移动互联网秋季大报告》披露，汽水音乐以1.2亿的月活 跃用户数位居行业第四，逼近网易云音乐的1.47亿月活跃用户数。 用户基本盘的失守，是网易云音乐系统性困境的冰山一角。月活跃用户数之外，网易云音乐的净收入已连续 四个季度同比下滑。2025年Q3，网易云音乐的净收入为20亿元，同比下滑了1.8%，而2024Q4至2025Q2分别 同比下滑了5.3%、8.4%、3.5%。 网易云音乐：追赶者掉队了 2013年，网易云音乐作为在线音乐市场的新军，凭借其算法推荐、乐评社区，成功在在线音乐赛道巨头的夹 缝中杀出一条血路，超越了天天动听、虾米音乐等一众前辈，稳坐行业 ...

Core Insights - The rise of Soda Music is significantly driven by its relationship with Douyin, which has allowed it to rapidly gain market share and user engagement [2][4][12] - Soda Music's monthly active users reached 120 million by September 2025, marking a growth of over 90% year-on-year, positioning it as a formidable competitor in the online music space [1][4] - However, 82.1% of Soda Music's traffic is sourced from Douyin, raising concerns about its long-term sustainability and independence [4][5] Group 1: Market Position and Growth - Soda Music has emerged as a challenger in the online music market, ranking fourth among mobile music apps, following KuGou, QQ Music, and NetEase Cloud Music [1] - The app's user base primarily consists of younger demographics, particularly those born in the 1980s and 1990s, with a notable presence in lower-tier cities [6] - The platform's growth strategy has relied heavily on a free model, attracting users through daily logins and ad-based rewards [2][4] Group 2: Challenges and Risks - The dependency on Douyin for traffic poses a risk; any changes in Douyin's strategy could adversely affect Soda Music's growth trajectory [4][5] - The platform faces a dilemma in monetization, balancing between ad revenue and subscription models, with the latter being crucial for long-term sustainability [8][12] - Soda Music's user engagement is characterized by low frequency and short listening times, which complicates its ability to convert users into paying subscribers [6][8] Group 3: Content and Ecosystem Development - To transition from a market disruptor to a core player, Soda Music must build a robust content library and ecosystem, which currently lags behind established competitors like Tencent Music and NetEase Cloud Music [9][11] - The platform's focus on trending songs limits its ability to meet diverse user needs for classic and nostalgic music, which is essential for user retention [11][12] - Building a community and emotional connection with users is critical for Soda Music to evolve from a passive service to an active music platform [11][12]

Summary of Tencent Music Entertainment Group (TME) Investor Call Company Overview - **Company**: Tencent Music Entertainment Group (TME) - **Ticker**: TME US - **Date of Call**: December 3, 2025 - **Sector**: Internet & New Media Key Points Industry Position and Competition - TME is confident in maintaining its leadership in China's online music market due to its focus on user cohorts, extensive content library, and ecosystem advantages [2][2][2] - Despite Soda Music (owned by ByteDance) surpassing 100 million monthly active users (MAUs) in July 2025, TME differentiates itself by attracting more engaged users who prefer personalized experiences and artist connections [2][2][2] - TME's music library includes over 100 million tracks, significantly broader than Soda Music's focus on popular hits [2][2][2] - TME's monetization strategy includes subscriptions and value-added services, contrasting with Soda Music's reliance on advertising [2][2][2] Subscription Services - TME anticipates low-teens growth in music subscription revenue for 2026, driven by an increase in paying users and improvement in average revenue per paying user (ARPPU) [3][3][3] - The Super VIP (SVIP) program is expected to enhance user engagement, with SVIP members listening over 100 minutes daily, 20 minutes more than regular users [4][4][4] - SVIP retention rates have improved from mid-50% to mid-70%, with benefits including high-quality sound, concert access, and exclusive content [4][4][4] - TME aims to increase SVIP users from approximately 20 million to 50 million based on historical consumption patterns [4][4][4] Non-Subscription Revenue Growth - TME projects over 20% growth in non-subscription music service revenue for 2026, driven by advertising, concerts, and fan economy initiatives [6][6][6] - Advertising revenue growth is attributed to diversified channels, AI enhancements, and innovative ad formats [7][7][7] - TME is optimistic about expanding its share in the fragmented concert market, currently valued at CNY 40-50 billion, leveraging its large user base and artist relationships [10][10][10] Financial Considerations - The concert business has a low gross profit margin (GPM) in the mid-single digits to teens, while merchandise has a higher GPM in the mid-to-high teens [11][11][11] - TME expects some dilution in GPM due to increased revenue from concerts and merchandise but anticipates moderation over time due to economies of scale [11][11][11] New Initiatives - TME launched a profitable "Bubble" service on QQ music, focusing on onboarding more artists and localizing features for Chinese users [12][12][12] - The acquisition of Ximalaya is pending government approval and is expected to enhance TME's financials and content offerings [13][13][13] International Strategy - TME plans to explore concert and fan economy opportunities in Southeast Asia and Greater China, while deprioritizing global subscription expansion due to high costs and competition [14][14][14] Stock Rating - TME maintains a "Buy" rating with a target price of USD 26.00, while the closing price on December 3, 2025, was USD 18.31 [8][8][8] Risks - Potential risks include higher-than-expected user churn, lower growth in paying users, and regulatory tightening affecting monetization initiatives [21][21][21]

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. ...

ab 25 November 2025 Global Research First Read China Internet Sector Expert series: Assessing revenue potential and competition in China's online music industry Potential impact of emerging music platform has yet to materialize We hosted an expert call on China's online music industry. We note rising investor concerns on competition from Soda Music, given its sustained rapid user growth, while the expert believes the potential impact on music industry structure has not yet materialized. On user growth, Soda ...

Core Viewpoint - The online music industry is transitioning from a copyright-driven model to an algorithm-driven era, reshaping platform dynamics and user engagement [6][18]. Group 1: Historical Development - The initial phase of China's digital music industry was characterized by disorder, dominated by piracy and unauthorized content, with platforms like QQ Music and KuGou Music relying on user-uploaded content [8][9]. - The introduction of regulatory measures in 2015 led to significant content removal, marking the beginning of a copyright governance era, with over 2.2 million songs taken down by major platforms [11][9]. - The competitive landscape shifted as Tencent Music consolidated its platforms and established a dual-monopoly with NetEase Cloud Music, focusing on stable copyright partnerships and user retention [17][15]. Group 2: Platform Competition - Tencent Music and NetEase Cloud Music adopted different strategies: Tencent focused on traffic synergy and product differentiation, while NetEase emphasized community engagement and user-generated content [14][15]. - By 2020, Tencent Music reported a 56% increase in music subscription revenue, reaching 5.56 billion yuan, while NetEase Cloud Music faced a net loss of nearly 3 billion yuan despite generating 4.9 billion yuan in revenue [15][17]. Group 3: Emergence of New Competitors - The entry of Douyin with its "Soda Music" app disrupted the market by leveraging algorithm-driven content distribution, contrasting with traditional music apps that relied on user-initiated searches [19][20]. - By September 2025, Douyin's music products showed significant user growth, with "Tomato Listening" and "Soda Music" achieving 92.4% and 90.7% year-on-year growth, respectively, while Tencent's platforms experienced declines [20][22]. Group 4: Future Outlook - The digital music market is at a crossroads, facing the choice between strengthening content barriers through libraries and subscriptions or adopting algorithm-driven models for user engagement [24]. - The competition dynamics have shifted, with algorithmic recommendations becoming a key factor in user acquisition and retention, challenging the traditional value chain of music distribution [24][22].

Core Insights - Tencent Music reported a robust growth in its Q3 2025 financial results, with total revenue reaching 8.46 billion yuan [1] - The online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan, indicating its crucial role in the long-term healthy growth of the overall performance [1] - The online music subscription revenue increased by 17.2% year-on-year to 4.5 billion yuan, with ARPPU rising to 11.9 yuan, showcasing strong performance across various segments [1] Financial Performance - Total revenue for Q3 2025 was 8.46 billion yuan [1] - Online music service revenue was 6.97 billion yuan, reflecting a year-on-year growth of 27.2% [1] - Online music subscription revenue reached 4.5 billion yuan, with a year-on-year increase of 17.2% [1] - The ARPPU for online music services improved to 11.9 yuan [1] Business Expansion - Tencent Music's online music business demonstrated exceptional performance across all areas, contributing to the expansion of its music service boundaries [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China online entertainment industry**, focusing on mobile gaming, online video, and online music sectors. Mobile Gaming Insights - **Overall Market Performance**: Q3 2025 saw a **4% YoY decline** in mobile game grossing due to a high base in 2024, but a **2% QoQ increase**. This is softer than typical Q3 vs Q2 seasonality, attributed to fewer new launches in summer compared to previous years [2][10]. - **Key Players**: - **Tencent**: Achieved a **9% QoQ growth** in grossing, driven by strong performance from **Delta Force** (estimated **Rmb1.5 billion** in September). Other stable titles include **Honor of Kings**, **Peacekeeper Elite**, and **DNF Mobile** [2][9]. - **NetEase**: Reported a **5% QoQ growth** in mobile grossing, with notable contributions from **Eggy Party** and **Where Winds Meet**, although this was partially offset by declines in **Sword of Justice** and **Identity V**. It is noted that only about **40%** of NetEase's reported mobile revenue is tracked, indicating potential revenue from non-app store channels [2][6]. - **Bilibili**: Launched **Escape From Duckrov**, achieving a peak of **222,000 concurrent players**, ranking it as the **5 most played game globally on Steam** [2][6]. Online Video Sector - **Kuaishou** launched **Kling 2.5 Turbo**, which is now the **1** in text-to-video and image-to-video generation, maintaining a cost advantage over competitors like Google's Veo 3 [3][4]. - **iQiyi**: Experienced a **10% MoM/YoY decline** in MAUs but is expected to see low-single-digit QoQ growth in membership revenue for Q3, aided by summer traffic improvements [3][4]. - **Tencent Video** and **Youku** have seen some recent successes with new content releases, while **Mango TV** maintained flat MAUs YoY [3][4]. Online Music Trends - The online music industry saw a **2% YoY increase** in MAUs, but time spent remained stable. **TME** (Tencent Music Entertainment) reported a **7% decline** in combined MAUs, with QQ Music and Kugou Music showing significant drops [6][7]. - **NetEase Cloud Music** showed a slight recovery with a **2% YoY increase** in MAUs, while **Soda Music** outperformed with a **91% YoY increase** in MAUs, likely benefiting from ByteDance's traffic [6][7]. Future Content Pipeline - Upcoming major content releases include titles from **Tencent Video**, **iQiyi**, **Youku**, and **Mango TV**, with several anticipated to launch in late October and throughout November and December [7][8]. Investment Outlook - The report remains positive on the online entertainment sector, citing: 1. Healthy consumer spending on leisure activities. 2. Supply-side improvements due to a more favorable regulatory environment and innovations in business models [4][5]. Additional Insights - The report emphasizes the importance of AI in content production and the potential for new business models to drive growth in the online entertainment sector [4][5]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the online entertainment industry in China.