凤凰网科技讯2月26日，Edison Research最新研究显示，播客收听量已正式超越传统脱口秀广播。数据 显示，播客在月度受众规模上首次领先，标志着长音频内容的市场份额取得突破。 研究显示，2015年时AM/FM广播曾占据口语音频收听时长的75%，而当时播客仅占10%。过去十年间， 广播份额持续流失，听众逐步转向播客及点播音频平台。目前，播客已超越广播成为最主要的口语音频 来源，点播语音音频整体占比更高。 ...

Company Overview - SiriusXM Holdings Inc. reported a total revenue of $8.56 billion and a net income of $805 million for the trailing twelve months (TTM) [3] - The company offers a dividend yield of 5.02% and its stock price was $21.70 as of market close on February 12, 2026 [3] Business Model and Strategy - SiriusXM operates a subscription-based model, generating primary revenue from subscription fees for satellite radio, streaming audio, podcasts, and connected vehicle services [8] - The company maintains a strong competitive position through a vertically integrated content and distribution strategy, leveraging exclusive programming and broad automotive partnerships [5] - SiriusXM focuses on recurring subscription revenue and a diversified content portfolio to meet evolving consumer preferences in the U.S. audio entertainment market [5] Recent Developments - Chou Associates Management Inc. reduced its holding in SiriusXM by 292,873 shares, valued at approximately $6.30 million, during the fourth quarter of 2025 [1] - Following the sale, Chou Associates held 409,589 shares valued at $8.19 million, with the overall position's value dropping by $8.16 million [1] - As of December 31, 2025, Chou Associates' stake in SiriusXM represented 4.06% of its 13F assets under management (AUM) [2] Market Performance - SiriusXM shares were priced at $21.70 as of February 12, 2026, reflecting an 11.6% decline over the past year, underperforming the S&P 500 by 24.47 percentage points [2] - The fund reported a total of 28 positions and $201.55 million in reportable U.S. equity holdings at the end of the quarter [2] Investment Considerations - Chou Associates may have a portfolio management strategy in mind with the stock sale, as it still holds a significant amount of SiriusXM shares [9] - Berkshire Hathaway, which holds a substantial position in SiriusXM valued at nearly $3 billion (approximately 35% ownership), may influence Chou Associates' overall ownership strategy [10]

作者：杜臣弘宇（西北师范大学传媒学院〔新闻学院〕副教授） 作为新兴音频内容形式，播客正在成为人们获取信息和自我提升的新选择。数据显示，截至2024年底，中文 播客听众突破1.5亿人，同比增长43.6%，增速全球第一。从2004年诞生之初至今，播客已经历20余年的发 展。最初，播客仅仅指涉的是一种音频的网络服务，相较于传统广播，它最大的特点是由网络和自动订阅系 统所提供。而当下，播客已经变为一种涵盖更广的媒介形态，如声音直播及平台、UGC（用户生产内容）音 频、知识付费收听等，并呈现出用户更广泛、内容更多元、投放更精准、互动更及时的总体性特点，已成为 新大众文艺蓬勃发展的重要样式。 中文播客的发展大致可以分为三个阶段：2004年，"糖蒜广播"作为首个中文播客应运而生，彼时还没有专业 的网络音频平台，所以只能称之为"网页播客"，最初"糖蒜广播"只是网络音乐及交流的个人化播客。随着听 众增多，"糖蒜广播"逐渐变为网络音频平台，2011年后多样化的播客栏目如"糖蒜女子脱口秀""糖蒜夜话读 书"等进入大众视野。此后，播客宝典、中国播客网、土豆网等专业播客平台相继出现。这一时期的中文播客 处于起步阶段，内容比较单一，受众 ...

不只是春节消费热度可期，今年开年以来，全国消费已经有了走稳的迹象，尤其是服务消费超越商品消 费，成为真正的拉动力。 具体来看，下面这四大消费热潮，将关系到你今年的钱包。 第一，旅游热。今年元旦假期3天时间，全国国内出游达到1.42亿人次，国内出游总花费超800亿元，其 中，广东在旅游人次和金额上都是全国第一。非遗游、冰雪游等特色旅游大火。元旦假期间，"非遗"主 题旅游搜索及预订热度环比增长85%，洛阳、泉州等城市成了热门目的地。国内热门航线TOP20中，冰 雪游航线占比达四成左右。值得一提的是，想玩冰雪的人不只是往尔滨走，还挤满了广州、深圳等地的 滑雪场。 史上最长春节要来了！春运刚开始第一周，每天出行人次预计超2亿，相当于每7个中国人，就有1个"在 路上"。 这人一多，对消费是个大利好。飞猪数据显示，春节假期中段出行服务预订量同比增长超30%，高星级 酒店预订量大增近70%。热腾腾的"全国网上年货节"也已启动，长达45天，屏幕前的你想好要买什么了 吗？ 第三，情绪热。能戳中当代人，尤其是年轻人情绪的商品，最有可能成为"顶流"。去年是Labubu、哪 吒、"大湾鸡"大火，今年一开年，义乌"哭哭马"公仔就逆袭成 ...

Core Viewpoint - Capital Management Corp sold 147,767 shares of Sirius XM Holdings, reflecting a reassessment of the company's durability and growth potential amid a challenging year for the stock [2][10]. Company Overview - Sirius XM Holdings is a leading provider of satellite radio and streaming audio services in the U.S., with a strong subscription base and diversified content portfolio [6]. - The company operates a subscription-based business model, generating revenue primarily through subscription fees and advertising [9]. Financial Performance - For the trailing twelve months (TTM), Sirius XM reported revenue of $8.55 billion and a net income of $993 million [4]. - The company experienced a 1% year-over-year revenue decline in the third quarter, totaling $2.16 billion, while adjusted EBITDA decreased to $676 million from $693 million a year earlier [11]. - Free cash flow surged to $257 million in the quarter, up from $93 million one year earlier, leading management to raise full-year guidance to $1.23 billion [11]. Stock Performance - As of February 2, Sirius XM shares were priced at $20.20, down 14% over the past year, underperforming the S&P 500's approximately 15% gain during the same period [3]. - After the sale, Sirius XM's position represented 1.68% of Capital Management Corp's reportable U.S. equity assets, indicating continued belief in the stock despite the reduction [3][12]. Market Position and Challenges - Sirius XM's exposure to auto sales cycles, rising acquisition costs, and slower subscriber growth presents challenges, making it a tougher fit in a portfolio focused on high-margin and cash-generative assets [10][12]. - The company remains profitable, but growth has become more difficult to achieve, with mixed subscriber trends and pressure on self-pay net adds [11].

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！ ©读懂消费原创/出品 作者：杨扬 编辑：夏益军 在短视频疯狂生长，短平快内容盛行的当下，曲高和寡的播客意外掀起了新声量。 2025年，播客似乎成了知识分子的白月光，从越挫越战的罗永浩，到从奶茶妹转身的章泽天，还有陈鲁 豫，于谦、李诞、杨迪等名嘴们前赴后继地在播客开起"茶话会"。 名人们盯上播客，是因为播客相对容易承载个人形象，且用户覆盖多为高知群体，是打造个人形象的颇 佳载体。 举个极端例子，也正是播客易打造人设的特征，田小姐在这里高举独立女性大旗："感谢那些年努力的 自己，我的成功不靠他"。 但正如知识分子的上一代白月光"豆瓣"，商业化也成了困住播客的魔咒。 整体来看，2025年播客市场规模在50亿左右，全行业赚的钱不到快手收入的4%。行业近八成从业者都 是兼职状态。 "顶流"播客《不合时宜》近1年时间仅有一单广告合作，还被爆出拖欠实习生工资。 播客商业化的羸弱，表面看是因为它的产品形态只适合品牌广告，不符国内广告主的口味。但更深层次 的看，播客的瓶颈，是由用户习惯、区位环境等诸多先天因素决定。 / 01 / 知识分子的茶话会 201 ...

Core Insights - The article discusses the recent trend of celebrities, including Zhang Zetian, entering the podcasting space, highlighting that their motivations are not primarily for monetization but for personal branding and influence [3][11][19] Group 1: Podcasting Landscape - The podcasting industry is currently facing challenges in monetization, with the Chinese podcast advertising market projected to be only 3.3 billion in 2024, which is significantly less than that of short videos [4] - Ordinary individuals find it difficult to earn money from podcasts due to long content formats, limited user base, and a highly concentrated head effect where most revenue goes to top creators [5][6][7] Group 2: Celebrity Motivation - Celebrities like Zhang Zetian and Luo Yonghao view podcasts as a strategic tool for building personal brands and establishing trust rather than immediate revenue generation [11][19] - Podcasts allow public figures to control their narratives and present their viewpoints in a more comprehensive manner, reducing the risk of misrepresentation that can occur in traditional media [11][13] Group 3: Content and Audience Engagement - The podcast format provides a platform for deeper engagement and allows for the establishment of a personal connection with the audience, which is increasingly valuable in a fragmented information landscape [11][14] - The success of celebrity podcasts often hinges on their unique experiences, relatability, and the ability to engage in meaningful dialogue, which can enhance their public persona [18] Group 4: Risks and Challenges - Despite the potential benefits, there are inherent risks in podcasting, particularly for high-profile individuals, as audience expectations can lead to scrutiny and criticism if the content does not meet their standards [14][19] - The transition to video podcasts introduces additional challenges, as visual presentation and delivery become critical factors in audience perception [14][18]

编者按：线性叙事已破产。借麦克卢汉四因说看透现状：非线性切片正让极客的思想碎片，变成统治时 代的新武器。文章来自编译。 科技界有一句话很简单，虽已是陈词滥调，却总能被证明是真理："我们往往会高估未来两年的变化， 却低估未来十年的变革。"要意识到我们还有多长的路要走，既需要谦逊，也需要想象力。当我们思考 媒介，以及权力如何迅速转移到那些与新技术产生强烈共鸣的新群体手中时，这种意识尤为必要。 过去十年，一种新的主流媒介格式已经悄然兴起：即将长篇素材转化并整合为短视频切片。这种"从播 客到推文/短视频"的流水线，已成为新闻和娱乐内容挖掘与包装的标准方式。我们对此高度重视，因为 它不仅是媒介发展趋势的风向标，更揭示了"谁拥有影响力，以及为什么"。 这里存在一个看似简单、实则深刻的趋势，它才刚刚开始显现，且在世界权力格局中尚未得到充分重 视：极客（Nerds）更容易"出片"（clippable）；因此，极客拥有了更大的权力。这听起来有些荒谬，但 却极其重要。 科技界的每个人或多或少都能感受到这一点，因为我们一直是这种新格式的受益者，而赢的感觉总是很 好。但我认为，我们仍然低估了这一趋势的重要性，以及它如何强化了"播客转 ...

Group 1 - The core viewpoint of the article is that Zhang Zetian, the wife of JD.com founder Liu Qiangdong, has announced her entry into podcasting, indicating a shift towards building her personal brand and public image rather than immediate monetization [1] Group 2 - Zhang Zetian released her first podcast episode on January 12, featuring a conversation with actress Liu Jialing [1] - This move marks a significant change as Zhang has been relatively quiet in public expression over the years [1] - The initiative may reflect a broader trend of individuals leveraging new media platforms to enhance their personal branding [1]

Core Viewpoint - Zhang Zetian has launched a personal podcast named "Xiao Tian Zhang," which has quickly gained popularity, indicating a significant event in the podcasting space over the past year [1] Group 1: Podcast Launch and Strategy - The podcast has attracted 6,750 followers and nearly 300 comments within the first hour, showcasing its immediate impact [1] - Zhang Zetian's choice of a personal name for the podcast suggests a deliberate move to establish her own identity, distancing from associations with "Milk Tea Sister" or "JD Boss's Wife" [1] - This marks a shift in her communication strategy, moving from indirect communication through media to direct engagement with her audience [4] Group 2: Trends in Personal Branding - The trend of building personal IPs among entrepreneurs has become prevalent, with many public figures engaging directly with their audiences through various media [5] - The current economic climate and rising costs of internet traffic make direct engagement a cost-effective strategy for entrepreneurs [5] - Establishing direct connections with fans can enhance user loyalty and create a "fan culture" around businesses [5] Group 3: Podcasting as a Medium - Podcasting is seen as a suitable medium for Zhang Zetian to build her image as an independent businesswoman, aligning with her goal of redefining her public persona [6][7] - While podcasting has limitations in terms of audience reach and monetization compared to other formats, it offers a unique platform for in-depth discussions and personal expression [8] - For established figures like Zhang Zetian, the podcast serves as a "personal radio station," allowing for professional and personal branding without the immediate pressure of monetization [8] Group 4: Implications for the Podcasting Landscape - The entry of high-profile individuals into the podcasting space may attract new listeners but could also create competition for attention among ordinary creators [9] - The production quality and resource demands of podcasting are high, which may deter average creators from entering the space [9] - The impact of top-tier influencers on the podcasting ecosystem remains uncertain, as it could either expand the audience or limit opportunities for emerging creators [9]