雷达财经讯，天眼查工商信息显示，近日，酷狗音乐关联公司广州酷狗计算机科技有限公司发生工商变更，李瑞宝卸任法定代表人，胡敏卸任董事长，均由 傅鸿城接任。 | | | 都在用的商业查询工具 | 自公司 音表板 音关系 音风险 × | 天眼一下 船 应用 ▼ 商务合作 | | --- | --- | --- | --- | --- | | | | 家中小企业发展了基金旗下机构 | 广州酷狗计算机科技有限公司 | | | 基本信息 999+ | | 上市信息 167 | 法律诉讼 999+ 经营风险3 | 经营信息 999+ 公司发展 34 | | 变更记录 71 ○ ● | | | | 变更项目, | | 序号 | 变更目期 | 变更项目 | 变更前 | | | 1 | 2025-11-24 | 经营范围 | 动漫游戏开发:数字内容制作服务(不含出版发行):数据处理服务:网 络与信息安全软件开发,信息技术咨询服务;软件开发,网络技术服务;技 术服务、技术开发、技术咨询、技术交流、技术转让、技术推广广 告制作,广告发布(非广播电台、电视台、报刊出版单位);广告设 计、代理 信息咨询服务(不含许可类信息咨询服务) 票务 ...

以下文章来源于斑马消费 ，作者陈碧婷 斑马消费 . 寻找泛消费领域的斑马企业 来源丨 斑马消费（ID:banmaxiaofei） 作者丨陈碧婷 图源丨豆包AI 在线音乐行业，正在走出一个漫长的周期。从平台格局到商业模式，从内容分发到用户留存，这场由 版权驱动的旧秩序，正在被算法与行为数据重构。 数字音乐市场在过去十几年里完成了从盗版野蛮生长到正版平台化竞争的转折。但随着抖音以汽水音 乐为代表的搅局者入局，一个算法主导下的后版权时代也正在加速显形。 草莽时期，"神仙"难下手 中国的数字音乐产业最初处于无序发展阶段，整个市场被盗版和未经授权的内容主导。彼时的主流音 乐平台，包括千千静听、酷狗音乐、百度 MP3 等，普遍采用 P2P 搜索与聚合方式构建曲库。这些 平台依赖用户上传和互联网抓取构建音乐数据库，并通过广告或客户端推广获得收入。 以虾米音乐为例，公开资料显示，其初期以用户上传为主，强调编辑打榜和社区推荐，曲库大多由用 户贡献。用户对"免费听歌"的预期长期固化，也缺乏对内容付费的基本认知。 这一阶段的盈利困境同样反映在新兴平台上。网易云音乐于 2013 年正式上线，初期在无版权积累基 础下，主要依赖广告联盟 ...

Core Insights - The emergence of Qishui Music as a significant player in the music streaming industry is reshaping the competitive landscape, prompting established giants like Tencent Music and NetEase Cloud Music to reassess their market positions [1][2][9] User Growth and Market Dynamics - Qishui Music has rapidly grown to 120 million active users by September 2025, positioning itself as the fourth largest player in the industry, following Tencent Music, QQ Music, and NetEase Cloud Music [1][4] - Tencent Music's stock fell by 11% following its Q3 2025 earnings report, despite reporting a total revenue of 8.46 billion yuan, a year-on-year increase of 20.6% [1][8] - The user overlap between Qishui Music and traditional platforms like QQ Music and NetEase Cloud Music is only 2%-3%, indicating that Qishui Music is attracting new users rather than merely redistributing existing ones [9][10] Business Model and Revenue Streams - Qishui Music employs a "free + subscription" model, significantly lowering the barriers to entry for users, which contrasts with the traditional subscription-based revenue model of Tencent Music and NetEase Cloud Music [11][13] - Tencent Music's subscription revenue accounted for 53.2% of its total revenue in Q3 2025, while Qishui Music's approach focuses on user engagement through low-cost membership options and promotional offers [11][13] Competitive Strategies - Qishui Music leverages its integration with Douyin (TikTok) to enhance user engagement and retention, with 38% of its users also active on Douyin [4][6] - The platform's algorithm-driven recommendations and short video experiences have proven effective in attracting users, leading to a 90.7% year-on-year increase in active users as of September [6][8] Industry Implications - The loosening of exclusive music copyright agreements has allowed Qishui Music to enter the market more effectively, capitalizing on the shift towards shared rights among platforms [2][3] - The competitive pressure from Qishui Music is forcing Tencent Music and NetEase Cloud Music to innovate and adapt their business models to retain users and market share [17]

Core Insights - Tencent Music Entertainment Group reported its unaudited financial performance for the third quarter ending September 30, 2025, showing total revenue of RMB 8.46 billion, a year-on-year increase of 20.6%, driven primarily by online music service revenue of RMB 6.97 billion, which grew by 27.2% [1] - The net profit attributable to equity holders was RMB 2.15 billion, up 36.0% year-on-year, while the non-IFRS measure was RMB 2.41 billion, reflecting a 32.6% increase [1] - Despite stable financial growth, the user base of Tencent Music is under pressure, with monthly active users for online music services declining by 4.3% year-on-year to 551 million [1][2] Financial Performance - Total revenue for Q3 2025 reached RMB 8.46 billion, a 20.6% increase from the previous year [1] - Online music service revenue was RMB 6.97 billion, marking a 27.2% year-on-year growth [1] - Net profit attributable to equity holders was RMB 2.15 billion, a 36.0% increase year-on-year [1] - Monthly active users for online music services decreased to 551 million, down 4.3% year-on-year [2] User Metrics - Paid users for online music services reached 125.7 million, a 5.6% increase year-on-year [2] - Average revenue per user (ARPU) rose to RMB 11.9, reflecting a 10.2% year-on-year growth [2] - The decline in monthly active users has been a consistent trend, with a 16-quarter streak of year-on-year decreases [2] Business Development - Tencent Music is expanding its content ecosystem through collaborations with various labels and hosting international tours, such as G-DRAGON's concerts in Australia [5] - The company launched the first TMElive International Music Awards (TIMA), featuring 22 Asian artists and attracting over 20,000 attendees [5] - Strategic partnerships with labels like DREAMUS and KING RECORDS have been established to enhance the music library [5] Market Position - The overall market for music apps is facing challenges, with major competitors like KuGou, QQ Music, and KuWo experiencing a decline in monthly active users [2][4] - NetEase Cloud Music showed a slight increase in monthly active users, while ByteDance's Soda Music achieved a 90.7% year-on-year growth [2][4] Innovations and User Engagement - Tencent Music is focusing on enhancing user experience through technological upgrades, including AI-generated features and improved audio quality [10] - The membership system is designed to cater to different user needs, with a multi-tiered approach that includes free, ad-supported, and premium memberships [10] - The introduction of exclusive content and enhanced audio features has driven the growth of super memberships, contributing to ARPU increases [10] Internal Issues - Tencent Music faced internal corruption issues, leading to the dismissal of two key management personnel, although their actions were not directly related to current business operations [8][9]

Core Insights - Tencent Music Entertainment Group reported Q3 2025 financial results, showing total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, and a net profit of 2.21 billion yuan, with profit attributable to equity holders at 2.15 billion yuan [1] Revenue Breakdown - Online music service revenue grew by 27.2% to 6.97 billion yuan, while social entertainment and other services revenue decreased by 2.7% to 1.49 billion yuan [2] User Metrics - The number of paying users for online music services reached 125.7 million, a year-on-year increase of 5.6%, and the ARPPU (Average Revenue Per Paying User) was 11.9 yuan, up 10.2% [3] Competitive Landscape - The report marks the first full financial quarter for Tencent Music following the acquisition of Ximalaya. However, the impact of Ximalaya on user subscriptions and long audio services has yet to be reflected in the data. Monthly active users for online music services decreased to 551 million year-on-year [4] Market Competition - ByteDance's music products are intensifying competition in the domestic online music market. Despite Tencent's music apps leading in monthly active users, ByteDance's products are showing significant growth rates, with some reaching over 90% year-on-year [5] Strategic Responses - Tencent Music's executives acknowledged the competitive pressure, emphasizing that music is a traditional business where library advantages and user asset accumulation remain core strengths. The company is expanding its offerings with services like Starlight Card and Bubble, which are not available from competitors [5] Growth Drivers - Beyond traditional music content subscriptions, Tencent Music is focusing on content derivatives and user rights operations as growth drivers. The company plans to increase investments in live performances and proprietary events to differentiate itself in the market [6] Cost Trends - Tencent Music's operating costs have returned to positive growth, with costs reported at 4.11 billion yuan, 4.69 billion yuan, and 4.78 billion yuan for the first three quarters, reflecting year-on-year increases of 2.9%, 13.1%, and 18.8% respectively [6]

Market Landscape Evolution - The Chinese online music streaming market has shifted from a "duopoly" dominated by Tencent Music and NetEase Cloud Music to a "tripartite" competition with the entry of ByteDance's Soda Music [2][3] - Tencent Music held a market share of 76.1% in 2016-2017, while NetEase Cloud Music had about 15.6%. This dominance continued until the emergence of Soda Music [2][3] - As of Q1 2024, Tencent Music and NetEase Cloud Music maintained a combined market share of over 90%, with Tencent Music's monthly active users (MAU) at approximately 202 million and NetEase Cloud Music at around 185 million [2][3] Business Model Comparison - The overall payment rate for online music in China has increased from less than 5% five years ago to about 15% by the end of 2023, indicating a growing trend in user willingness to pay [5] - Tencent Music reported a decline in monthly active users to 551 million, down 4.3% year-on-year, but an increase in paid users to 12.57 million, reflecting a 5.6% growth [6][7] - NetEase Cloud Music's subscription revenue grew by 15.2% year-on-year, reaching 2.47 billion yuan in the first half of 2025, with a paid user conversion rate of 27% [7][9] Platform Strategies - Tencent Music leverages its extensive entertainment ecosystem, focusing on IP creation and social engagement, while NetEase Cloud Music emphasizes community and original content [13][14] - Soda Music employs an algorithm-driven model similar to Spotify, focusing on user acquisition through free offerings and a seamless integration with Douyin (TikTok) for content discovery [15][26] Copyright Disputes - The end of the exclusive copyright era in 2021 allowed for a more open competition among platforms, reducing the need for high-cost exclusive agreements [20][21] - The transition to a post-exclusive era has led to a more level playing field, with platforms focusing on user experience and operational efficiency rather than solely on acquiring exclusive rights [25][22] Future Outlook - The market may stabilize into a "three-way competition" with Tencent Music, NetEase Cloud Music, and Soda Music each solidifying their respective niches [33] - The potential for a "fourth player" to emerge in the market appears low, given the historical challenges faced by new entrants and the dominance of existing players [34]

Core Insights - Tencent Music reported a total revenue of 8.46 billion yuan for Q3 2025, representing a year-on-year growth of 20.6% [1] - The adjusted net profit for the same period was 2.48 billion yuan, showing a year-on-year increase of 27.7% [1] Revenue Breakdown - Online music service revenue increased by 27.2% year-on-year, reaching 6.97 billion yuan, driven by strong growth in online music subscription revenue, offline performances, advertising services, and artist-related income [1] - Online music subscription revenue was 4.50 billion yuan, up 17.2% from 3.84 billion yuan in the same quarter of 2024, primarily due to an increase in average revenue per paying user [1] User Metrics - Monthly active users slightly decreased by 4.3% to 551 million, while the number of paying users rose by 5.6% to 126 million [1] - The average revenue per paying user increased from 10.8 yuan in Q3 2024 to 11.9 yuan in Q3 2025, attributed to the expansion of super member benefits [1] Membership Strategy - Tencent Music's multi-tier membership system enhances user engagement and conversion, offering differentiated services through free, ad-supported, and standard memberships [2] - The newly introduced ad-supported membership has shown increasing appeal to free users, with a rising average daily usage time on the platform [2]

Core Insights - Tencent Music operates popular music products in the domestic market, including QQ Music, Kugou Music, Kuwo Music, and Quanmin Kge, offering services such as online music, audio, karaoke, live streaming, and online performances [1][2] Financial Performance - In Q3 2025, Tencent Music reported total revenue of RMB 84.6 billion, a year-on-year increase of 20.6%, and an adjusted net profit of RMB 24.8 billion, up 27.7% year-on-year [3] - Online music service revenue grew by 27.2% year-on-year to RMB 69.7 billion, driven by strong growth in online music subscription revenue and increases in offline performances, advertising services, and artist-related income [1] User Metrics - Monthly active users slightly decreased by 4.3% to 551 million, while the number of paying users increased by 5.6% to 126 million [1] - Online music subscription revenue reached RMB 45.0 billion, a 17.2% increase from RMB 38.4 billion in the same period last year, primarily due to an increase in average revenue per paying user [1] Membership Strategy - Tencent Music's multi-tier membership system enhances user engagement and conversion, offering differentiated services through free, ad-supported, and standard memberships to meet diverse user needs [2] - The newly introduced ad-supported membership has shown increasing appeal to free users, with daily usage time on the platform continuing to rise [2]

Core Insights - Tencent Music reported a total revenue of 8.46 billion yuan for Q3 2025, representing a year-on-year growth of 20.6% [1] - The net profit attributable to shareholders reached 2.48 billion yuan, up 27.7% year-on-year [1] - The increase in revenue is primarily attributed to the strong growth in online music service revenue, which now accounts for 82.4% of total revenue [1] Revenue Breakdown - Online music service revenue for Q3 2025 was 6.97 billion yuan, a year-on-year increase of 27.2% [2] - Online music subscription revenue was 4.50 billion yuan, growing 17.2% compared to 3.84 billion yuan in the same period of 2024 [2] - The growth in subscription revenue was driven by an increase in average revenue per paying user (ARPPU), which rose from 10.8 yuan to 11.9 yuan [2] Advertising and Other Revenue - Advertising revenue saw a year-on-year increase due to a more diversified product offering and innovative advertising formats, such as incentive-based advertising [2] - Revenue from artist-related activities and offline performances also experienced strong growth, highlighted by successful concerts in six cities [2] Year-to-Date Performance - For the first three quarters of the year, Tencent Music achieved a total revenue of 24.261 billion yuan, an increase of 15.8% compared to the same period in 2024 [3]

Core Insights - Tencent Music has faced significant management upheaval due to the dismissal of two senior executives involved in corruption, which occurred seven years ago while they were in different roles [1] - The long-standing copyright disputes with the China Music Copyright Association have finally reached a resolution, with both parties signing a strategic cooperation memorandum to improve music licensing mechanisms [2][4] - Despite a strong financial performance in Q2 2023, Tencent Music's active user base continues to decline, marking the 15th consecutive quarter of year-on-year decreases in monthly active users [10][11] Management and Governance - Two senior executives from Tencent Music were dismissed and handed over to law enforcement for corruption related to past roles, indicating potential governance issues within the company [1] - The company has emphasized its commitment to compliance and governance in its ESG report, highlighting measures taken to avoid copyright infringement [2] Copyright and Legal Issues - Tencent Music has been involved in a protracted legal battle with the China Music Copyright Association over copyright licensing and compensation standards, which has now been resolved with a new strategic partnership [2][4] - Recent court rulings have resulted in Tencent Music's platforms being ordered to pay damages for copyright infringement, highlighting ongoing legal challenges in the industry [4] User Experience and Compliance - Tencent Music has established a comprehensive user service mechanism, achieving a 100% complaint resolution rate, yet user complaints regarding automatic renewals and service discrepancies remain high [7] - The company has faced scrutiny over data privacy and compliance issues, with past incidents leading to regulatory attention and negative publicity [9] Financial Performance - In Q2 2023, Tencent Music reported a revenue of 8.44 billion yuan, a year-on-year increase of 17.9%, and a net profit of 2.64 billion yuan, up 33% from the previous year [10] - Despite financial growth, the company is experiencing a decline in its user base, with a 3.2% drop in monthly active users to 553 million [11] Competitive Landscape - The competitive dynamics in the music streaming industry are shifting, with rivals like NetEase Cloud Music showing slight growth while Tencent Music's user base declines [11] - ByteDance's new music platform, Soda Music, has seen explosive growth, benefiting from integration with Douyin, which poses a challenge to Tencent Music's market position [11]