羊城晚报全媒体记者 王丹阳 俗话说，世上武功，唯快不破。但在互联网科技的浪潮中，走得快远不如走得稳。对一路创业、杀出重围，终于坐稳在线音频赛道市场占有率第一的喜马拉 雅来说，事实也并不如此。 除了腾讯音乐，字节旗下的番茄畅听、长视频平台的"只听"模式以及网易云音乐、小红书、小宇宙都在瓜分原有喜马拉雅的市场"蛋糕"。这意味着高度依赖 会员订阅及广告的喜马拉雅，难以"以不变应万变"。 近日，一纸公告让喜马拉雅被放在聚光灯下。腾讯音乐娱乐集团发布公告，拟以总额为12.6亿美元的现金以及5.5686%的等A类普通股全资收购喜马拉雅。 这一数字相当于29亿美元，约合人民币209亿元。 但耐人寻味的是刺眼的"贱卖"价格。若以此次公告预估计算，腾讯给出的喜马拉雅估值仅约209亿元。这一数字与喜马拉雅巅峰时期估值近50亿美元乃至100 亿美元相距甚远。如果此次交易达成，腾讯将会以"打折价"如愿接盘。 而花了13年努力成为行业第一的喜马拉雅为何"起大早，赶晚集"？身为要月活有月活，要收入有订阅甚至还盈利的头部企业，忙碌4年，身价为何反而跌了 至少1/3甚至还要裁员？ 为何"起大早赶晚集"？ 值得注意的是，今年4月就已传出了腾讯 ...

Group 1 - Tencent Music is acquiring Ximalaya for $1.26 billion in cash and 5.5% equity, marking a significant transaction in the mobile internet sector [1][58] - Ximalaya has attempted to go public four times, with the latest attempt in April 2024 failing to materialize [2][4] - The company has faced challenges in the capital market, including increased profitability thresholds for Hong Kong listings and a declining valuation system in the Chinese internet sector [3][4] Group 2 - Ximalaya's workforce has decreased by 39% from 4,342 employees in 2021 to 2,627 by the end of 2023, indicating significant operational adjustments [6] - The company has focused on consolidating profitable segments while gradually divesting unprofitable ones, such as its education live-streaming business [7] - In 2023, Ximalaya achieved its first profitable year, which has raised hopes for a potential listing on the Hong Kong stock exchange [9] Group 3 - Ximalaya's valuation reached approximately 30 billion RMB by 2020, based on a total financing amount nearing 10 billion RMB [13] - Comparatively, Ximalaya's daily active users (over 30 million) and paid subscribers (15.5 million) are significantly lower than competitors like Bilibili and Tencent Music [14][30] - The company's high sales expense ratio of around 33% raises concerns, especially given that 50% of its revenue comes from subscription fees [20][22] Group 4 - Ximalaya's low member renewal rate, estimated at around 25%, indicates a high churn rate among subscribers, necessitating substantial marketing expenditures to acquire new users [29][30] - The company has been criticized for its reliance on low-cost customer acquisition strategies, which attract price-sensitive users rather than fostering long-term loyalty [38][40] - The lack of user stickiness and community engagement has made it difficult for Ximalaya to maintain its subscriber base in a competitive landscape [46][57] Group 5 - The acquisition by Tencent Music represents a culmination of Ximalaya's struggles in the content platform space, highlighting the end of an era for the long audio platform [60] - The deal, valued at 20 billion RMB, reflects the challenges faced by Ximalaya in sustaining its business model amid increasing competition and changing market dynamics [58][59] - The transition from a broad content platform to a more focused strategy may be necessary for future growth and sustainability in the industry [55][56]