2025年，音乐行业正经历着一场前所未有的变革，而人工智能音乐人的崛起，就是其中一股最大的冲击潮。 从Aventhis到The Devil Inside，这些所谓的非真人AI音乐"艺术家"，正凭借AI的力量大规模涌入主流音乐流媒体平台，给传统音乐生态带来了巨大冲击， 敲响了行业危机的警钟。 本周，MBW对Aventhis的报道在音乐界掀起了轩然大波。大家都推测这不是真人艺术家，Aventhis的YouTube频道的匿名所有者也写道："声音和图像是在 人工智能的帮助下创建的。歌词是我写的。" 一股令人胆寒的趋势正在发生——人类创作者在音乐平台的"人气"竟然开始干不过机器音乐人了。 如今，每天有超过20000条完全由人工智能生成的轨迹充斥着Deezer的平台。4月份，机器人制作的音频占"上传内容总量"的18%。 02 这位乡村"艺术家"，由AI生成的曲目在Spotify上每月竟能吸引超100万听众，这一数据足以让众多传统音乐人瞠目结舌。 01 而Aventhis并非个例，另一支人工智能生成乐队The Devil Inside同样备受欢迎，在Spotify上每月也拥有近70万听众。 The Devil Inside ...

User Growth and Engagement - Spotify's total monthly active users (MAUs) grew 10% year over year to 678 million in Q1 2025, indicating strong global appeal and user acquisition capabilities [1][9] - Premium subscribers increased by 12% from the previous year to 268 million, reflecting an improved conversion rate from free to paid users, which is crucial for financial stability [2][9] - The growth in users is primarily driven by strategic focus on emerging markets, particularly in Latin America and the Rest of World, showcasing effective localization efforts [3][9] Strategic Initiatives - Spotify aims to reach one billion users globally by 2030, leveraging geographic diversification and competition against major players like Apple and Amazon [4] - The company is utilizing AI technologies, such as Spotify Wrapped and AI DJ, to enhance user engagement and retention, which helps in converting free users to premium subscribers [5][9] Management Outlook - Management is optimistic about user growth, projecting an increase of 11 million MAUs and 5 million premium subscribers in Q2 2025, indicating confidence in ongoing user attraction and retention strategies [6] Financial Performance - Spotify's stock has increased by 56.7% year-to-date, outperforming the industry average of 12.7% and the S&P 500's 1.5% rise, reflecting strong market performance [7] - The forward price-to-earnings ratio for Spotify is 60.91, which is above the industry average of 39.53, indicating a premium valuation [11]

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 腾讯音乐-SW（01698.HK） 音乐恒久远，腾讯音乐始终相伴 TMT 及中小盘/传媒 公司背靠腾讯，内容版权优势稳固，在 AIGC 等创新技术的赋能下持续推进会 员权益分层化、多元化，有望实现付费率及 ARPU 值的进一步提升，首次覆盖 给予"强烈推荐"评级。 ❑ 风险提示：付费用户数增长不及预期、行业竞争加剧、行业监管收紧。 强烈推荐（首次） 目标估值：NA 当前股价：68.9 港元 基础数据 财务数据与估值 | 总股本（百万股） | 3098 | | --- | --- | | 香港股（百万股） | 1433 | | 总市值（十亿港元） | 220.9 | | 香港股市值（十亿港元） | 102.2 | | 每股净资产（港元） | 23.6 | | ROE（TTM） | 9.1 | | 资产负债率 | 23.3% | | 主要股东 | 腾讯控股有限公司 | | 主要股东持股比例 | 47.7967% | 股价表现 % 1m 6m 12m 绝对表现 36 63 22 相对表现 30 43 -2 资料来源：公司数据、招商证券 -40 -20 ...

本播客由扣子空间（coze.cn）一键生成 整理｜冬梅、核子可乐 2024 年，全球录制音乐市场迎来里程碑时刻，总收入飙升至 296 亿美元。其中，流媒体经济贡献突 出，年收入首次突破 200 亿美元大关。然而，这一蓬勃发展的领域，却因 AI 技术的火爆成为了犯罪 分子眼中的 "肥肉"，利用 AI 技术进行的流媒体欺诈问题日益严峻。 利用 AI 诈骗流量，获利千万美元 近日，《连线》报道的一起涉嫌利用 AI 欺诈的案件引发热议。 在这起涉及 AI 生成音乐的开创性刑事案件中，一名 52 岁的北卡罗来纳州男子被控利用 AI 创作虚假 歌曲，并在 Amazon Music、苹果音乐、Spotify 及 YouTube Music 等音乐平台上进行欺诈性传播以 获取非法版税。 从起诉书来看，利用这些自动账户外加虚拟专用网络（VPN）模拟不同地理位置，被告人恶意操纵 流媒体数据，造成了全球用户都在收听他歌曲的假象。 Smith 承认， 他每天可以产生约 66 万 1440 次流媒体播放，每年版税收入超过 120 万美元 。为了 避免被平台管理员发现，他还将刻意将流量分摊到大量曲目当中。 为了进一步增加利润，Smith ...

Group 1 - Meta's Ray-Ban smart glasses will be available for sale in India starting May 19 at a price of ₹29,990 (approximately $353) [1] - The smart glasses support Meta AI, which can answer questions, translate audio and video live, send messages, and make calls [1] - Approximately 2 million pairs of the smart glasses have been sold since their launch in 2023 [2] Group 2 - The smart glasses currently support live translation for English, French, Italian, and Spanish, but do not yet support Indian languages [2] - The glasses can connect to music apps like Spotify, Amazon Music, Shazam, and Apple Music in India [2]

Bringing nearly 20 years of global experience at Amazon, Nader Kabbani is joining the executive leadership team to help the company further innovate on the delivery of affordable, seamless personalized care in the U.S. and globally.Hims & Hers Health on Monday announced Nader Kabbani, a former Amazon executive who helped establish many of its health-care offerings, will join the telehealth company as its chief operations officer.Kabbani spent nearly 20 years at Amazon, where he oversaw the launch of Amazon ...

Financial Data and Key Metrics Changes - The company reported revenue of $155.7 billion, a 10% increase year over year excluding foreign exchange impacts [5][29] - Operating income reached $18.4 billion, up 20% year over year, exceeding guidance by approximately $400 million [5][29] - Trailing twelve-month free cash flow was $25.9 billion [5] Business Line Data and Key Metrics Changes - North America segment revenue was $92.9 billion, an 8% increase year over year [30] - International segment revenue was $33.5 billion, also an 8% increase year over year excluding foreign exchange impacts [30] - Worldwide paid units grew by 8% year over year [30] Market Data and Key Metrics Changes - Advertising revenue grew 19% year over year, contributing significantly to profitability [34] - AWS revenue was $29.3 billion, a 17% increase year over year, with an annualized revenue run rate exceeding $117 billion [36] Company Strategy and Development Direction - The company is focused on maintaining broad selection and low prices for customers, especially in uncertain economic conditions [49][51] - Investments are being made in fulfillment and transportation networks to improve delivery speeds and cost structure [37][40] - The company is diversifying production locations to mitigate risks associated with tariffs and supply chain disruptions [51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictability of demand due to economic factors such as tariffs and inflation [4][10] - The company remains optimistic about capturing market share and improving customer experiences despite challenges [14][49] - Future growth in AWS is anticipated, particularly in AI services, with a multi-billion dollar annual run rate business growing at triple-digit percentages [25][44] Other Important Information - The company introduced Alexa Plus, a more capable version of its personal assistant, which is expected to enhance user engagement [26][71] - The backlog for AWS reached $189 billion, up 20% year over year, with a weighted average remaining life of 4.1 years [88] Q&A Session Summary Question: AWS and AI workload supply-demand imbalance - Management indicated that AI business is growing rapidly, but capacity constraints are limiting revenue potential [44] Question: Strategic priorities amid global trade uncertainty - Management emphasized the importance of maintaining low prices and broad selection while managing inventory effectively [49] Question: AWS revenue fluctuations and competitive growth - Management explained that revenue can be unpredictable due to varying sales cycles and the impact of AI on demand [56][62] Question: Operational focus for upcoming peak seasons - Management highlighted the need for effective inventory management and support for sellers to ensure smooth operations during key events [81] Question: Q2 EBIT guidance and tariff-related costs - Management confirmed that there are some tariff-related costs expected in Q2, but they are not significant due to pre-buying strategies [83][84] Question: AWS backlog and enterprise migration strength - Management reported a backlog of $189 billion for AWS, indicating strong future demand despite ongoing migration challenges [88]

Subscriber Growth - Spotify's premium subscriber base increased by 5 million in Q1, a 12% year-over-year growth, totaling 268 million subscribers, marking the second-highest total ever and the highest net addition for a first quarter since 2020 [1] Financial Performance - The company reported a record-high quarterly operating income of €509 million (approximately $528 million), although this was below the guidance of €548 million ($625 million) [2] - Total revenue rose by 15% year-over-year to €4.2 billion ($4.8 billion) [2] - The operating income for the previous quarter was €477 million ($509.48 million) [3] Market Position and Competitive Landscape - Spotify continues to be a leading player in the music streaming industry, outperforming competitors like Apple Music and Amazon Music [4] - The company is expanding into video podcasts, with 330,000 shows available on the platform, and has launched the Spotify Partner Program, which paid out over $100 million to podcast creators in Q1 [4] Product Innovations - Spotify has introduced its AI Playlist feature to over 40 markets, including countries such as the Bahamas, Fiji, Ghana, Jamaica, Kenya, and Singapore [5]