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彤彤1224
2021-08-03
??
Li Auto-W starts its IPO today, with an entrance fee of approximately HK$15,151
彤彤1224
2021-07-31
????
How does music streaming get out of the woods?
Go to Tiger App to see more news
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The company plans to issue 100 million shares, including about 10 million shares for public offering and about 90 million shares for international offering. The maximum issue price per share is HK$150, 100 shares per lot, and the admission fee is about HK$15,151. Goldman Sachs and CICC are the joint sponsors. The shares are expected to be listed on August 12. [<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0803/2021080300012_c.pdf\" target=\"_blank\">Detailed</a>】<img src=\"https://static.tigerbbs.com/54015cfc1c6710c6700119e34b67366e\" tg-width=\"601\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Li Auto is a Chinese new energy vehicle manufacturer founded in 2015 and listed on the Nasdaq in 2020, engaged in the design, research and development, manufacturing and sales of luxury smart electric vehicles.</p><p>In the PRC, Li Auto is a pioneer in the successful commercialization of extended-range electric vehicles. Its first and currently only commercialized extended-range electric vehicle model, \"Ideal ONE\", started mass production in November 2019, and as of 31 July 2021, the Company had delivered more than 72,000 Ideal ONE units. According to the CIC Report, in terms of sales volume, Ideal ONE was named the best-selling new energy SUV model in China in 2020, accounting for 9.7% of the market share; Meanwhile, it ranked sixth in China's new energy vehicle market, accounting for 2.8% of the market share; Li Auto ranked 11th among China's new energy vehicle brands.</p><p>In terms of financial position, the Group recorded total revenue of RMB284 million and RMB9,457 million and net loss of RMB2,439 million and RMB152 million for the years ended 31 December 2019 and 2020. For the first three months ended March 31, 2021, total revenue was RMB3,575 million, representing a year-on-year increase of 319.8%, and a net loss of RMB360 million was recorded in the same period.</p><p><img src=\"https://static.tigerbbs.com/8f136bd868bfc507dba66e15b4b709de\" tg-width=\"662\" tg-height=\"641\" referrerpolicy=\"no-referrer\">In terms of industry, China has become the world's largest market for new energy vehicles. According to the CIC Report, the sales volume of new energy vehicles in China increased from 300,000 units in 2016 to 1.2 million units in 2020, representing a CAGR of 41.7%. In 2020, the sales volume of new energy vehicles accounted for only 5.8% of the total sales volume of passenger vehicles, indicating that there is significant growth potential in the future.</p><p>The total sales volume of extended range electric vehicles in China increased from 14 units in 2016 to 33,356 units in 2020, representing a CAGR of 598.7%, and it is expected that the sales volume of extended range electric vehicles will further increase to approximately 403,800 units in 2025.</p><p>According to the prospectus, Li Xiang, CEO of Li Auto, holds 23.79% of the shares and is the largest shareholder; Meituan holds 13.23%, making it the second largest shareholder; Meituan CEO Wang Xing personally holds 6.76% of the shares; Fan Zheng, an independent director of Li Auto, holds 4.46% shares.</p><p>For financing purposes, assuming the Over-allotment Option is not exercised, it is expected that the net proceeds received by the Company will be used for the following purposes: 45% will be allocated to research and development purposes in the next 12 to 36 months; 45% will fund the expansion of infrastructure, marketing and promotion over the next 12 to 36 months; 10% will be used for working capital and other general corporate purposes in the next 12 months to support the Company's business operations and growth.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Auto-W starts its IPO today, with an entrance fee of approximately HK$15,151</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLi Auto-W starts its IPO today, with an entrance fee of approximately HK$15,151\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-03 08:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 3rd news,<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>It will be offered from August 3rd to August 6th. The company plans to issue 100 million shares, including about 10 million shares for public offering and about 90 million shares for international offering. The maximum issue price per share is HK$150, 100 shares per lot, and the admission fee is about HK$15,151. Goldman Sachs and CICC are the joint sponsors. The shares are expected to be listed on August 12. [<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0803/2021080300012_c.pdf\" target=\"_blank\">Detailed</a>】<img src=\"https://static.tigerbbs.com/54015cfc1c6710c6700119e34b67366e\" tg-width=\"601\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Li Auto is a Chinese new energy vehicle manufacturer founded in 2015 and listed on the Nasdaq in 2020, engaged in the design, research and development, manufacturing and sales of luxury smart electric vehicles.</p><p>In the PRC, Li Auto is a pioneer in the successful commercialization of extended-range electric vehicles. Its first and currently only commercialized extended-range electric vehicle model, \"Ideal ONE\", started mass production in November 2019, and as of 31 July 2021, the Company had delivered more than 72,000 Ideal ONE units. According to the CIC Report, in terms of sales volume, Ideal ONE was named the best-selling new energy SUV model in China in 2020, accounting for 9.7% of the market share; Meanwhile, it ranked sixth in China's new energy vehicle market, accounting for 2.8% of the market share; Li Auto ranked 11th among China's new energy vehicle brands.</p><p>In terms of financial position, the Group recorded total revenue of RMB284 million and RMB9,457 million and net loss of RMB2,439 million and RMB152 million for the years ended 31 December 2019 and 2020. For the first three months ended March 31, 2021, total revenue was RMB3,575 million, representing a year-on-year increase of 319.8%, and a net loss of RMB360 million was recorded in the same period.</p><p><img src=\"https://static.tigerbbs.com/8f136bd868bfc507dba66e15b4b709de\" tg-width=\"662\" tg-height=\"641\" referrerpolicy=\"no-referrer\">In terms of industry, China has become the world's largest market for new energy vehicles. According to the CIC Report, the sales volume of new energy vehicles in China increased from 300,000 units in 2016 to 1.2 million units in 2020, representing a CAGR of 41.7%. In 2020, the sales volume of new energy vehicles accounted for only 5.8% of the total sales volume of passenger vehicles, indicating that there is significant growth potential in the future.</p><p>The total sales volume of extended range electric vehicles in China increased from 14 units in 2016 to 33,356 units in 2020, representing a CAGR of 598.7%, and it is expected that the sales volume of extended range electric vehicles will further increase to approximately 403,800 units in 2025.</p><p>According to the prospectus, Li Xiang, CEO of Li Auto, holds 23.79% of the shares and is the largest shareholder; Meituan holds 13.23%, making it the second largest shareholder; Meituan CEO Wang Xing personally holds 6.76% of the shares; Fan Zheng, an independent director of Li Auto, holds 4.46% shares.</p><p>For financing purposes, assuming the Over-allotment Option is not exercised, it is expected that the net proceeds received by the Company will be used for the following purposes: 45% will be allocated to research and development purposes in the next 12 to 36 months; 45% will fund the expansion of infrastructure, marketing and promotion over the next 12 to 36 months; 10% will be used for working capital and other general corporate purposes in the next 12 months to support the Company's business operations and growth.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2c0ab7d3f5d89bb403311ca0a8e68f8e","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120137772","content_text":"8月3日消息，理想汽车-W将于8月3日-8月6日招股，公司拟发行1亿股股份，其中公开发售约1000万股，国际发售约9000万股股份，每股发行价最多150港元，每手100股，入场费约15151港元，高盛，中金为联席保荐人。股份预期将于8月12日挂牌上市。【详细】理想汽车是中国新能源汽车制造商，创立于2015年，并于2020年在纳斯达克上市，从事豪华智能电动汽车的设计、研发、制造和销售。\n在中国，理想汽车是成功实现增程式电动汽车商业化的先锋。旗下首款及目前唯一一款商业化的增程式电动汽车型「理想ONE」于2019年11月开始批量生产，截至2021年7月31日，公司已交付逾7.2万辆理想ONE。根据灼识咨询报告，按销量统计，理想ONE于2020年被评为中国最畅销的新能源SUV车型，占市场份额9.7%；同时于中国新能源汽车市场排名第六，占市场份额2.8%；理想汽车于中国新能源汽车品牌排名第十一。\n财务状况方面，截至2019年及2020年12月31日止年度，集团取得的收入总额为人民币2.84亿元及94.57亿元，净亏损为24.39亿元及1.52亿元。截至2021年3月31日止的前3个月，收入总额为35.75亿元，同比增长319.8%，同期录得净亏损3.6亿元。\n行业方面，中国已成为全球最大的新能源汽车市场。根据灼识咨询报告，中国的新能源汽车销售量从2016年的30万辆增至2020年的120万辆，年复合增长率为41.7%。于2020年，新能源汽车销售量仅占乘用车总销售量的5.8%，表明未来存在巨大增长潜力。\n增程式电动汽车于中国的总销量从2016年的14辆增至2020年的33356辆，年复合增长率为598.7%，预计2025年增程式电动汽车销量将进一步增至约40.38万辆。\n据招股书披露，理想汽车CEO李想持股23.79%，为第一大股东；美团持股13.23%，为第二大股东；美团CEO王兴个人持股6.76%；理想汽车独立董事樊铮则持股4.46%。\n筹资用途方面，假设超额配售权未获行使，预计公司将获得的所得款项净额用于以下用途：45%将用于未来12至36个月分配至研发用途；45%将为未来12至36个月扩大基础设施、市场营销及宣传提供资金；10%于未来12个月用作营运资金及其他一般公司用途，以支持公司的业务营运及增长。","news_type":1,"symbols_score_info":{"LI":0.9,"02015":0.9}},"isVote":1,"tweetType":1,"viewCount":1936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802391429,"gmtCreate":1627714939661,"gmtModify":1703495144690,"author":{"id":"4089701904678300","authorId":"4089701904678300","name":"彤彤1224","avatar":"https://static.tigerbbs.com/618404794d89600a1a9b29c27e92b061","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089701904678300","idStr":"4089701904678300"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/802391429","repostId":"2155715078","repostType":4,"repost":{"id":"2155715078","kind":"highlight","pubTimestamp":1627700813,"share":"https://ttm.financial/m/news/2155715078?lang=en_US&edition=fundamental","pubTime":"2021-07-31 11:06","market":"us","language":"zh","title":"How does music streaming get out of the woods?","url":"https://stock-news.laohu8.com/highlight/detail?id=2155715078","media":"华尔街见闻","summary":"音乐流媒体还是门好生意吗？面对种种困境，龙头公司会如何应对？","content":"<p>China's music platform began to develop in 2003, and three online music platforms, Kugou Music, QQ Music and Kuwo Music, were born. China Music Group successively acquired Kuwo Music and Kugou Music from 2013 to 2014, and then<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It has become the largest leading music company in China. Since then, it has joined hands with the overseas streaming media giant Spotify to establish its position as a strong player today.</p><p>Except<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>, NetEase Cloud Music, founded in 2013, is also developing rapidly. The company has seized the golden time of the development of the music community and successfully attracted many young user groups. At present, the post-90s users account for as high as 90%.</p><p>As a representative form of pan-entertainment, how does the music media, which has been free for many years, make profits? How will the future change?</p><p><h2>1. The free truth</h2>In the Internet age, whoever has mastered the user's time has mastered the password of wealth. Why do you say that? How to interpret the business experience here?</p><p>Many free products we see, such as audio, video, etc., no matter what the product form is, the profit model cannot escape three steps:<b>First, increase the user scale; Second, increase the user usage time; Third, place advertisements.</b>I can't help thinking here, is there really a \"free lunch\" in the world? Merchants \"consume\" users' time while investing a lot of advertisements to make profits.<b>It seems that the number of user groups and usage time are the core elements for free products to make profits.</b></p><p>Here comes the question. There will be an upper limit for the growth of the number of users. When the growth reaches a high level and starts to slow down, will the development of the industry hit the ceiling?</p><p>Looking at the development law of many industries, when the user penetration rate reaches more than 65%, it is no longer an emerging field that capital is crazily pursuing, because its future imagination space will be very limited. So is this industry really \"cold\"? Of course, the development of the industry will enter a bottleneck period, when the marginal benefits of advertising investment begin to decrease. At this time, the benefits brought by free products will be very limited, and enterprises will introduce new sources of performance growth.</p><p><h2>2. Ideal form</h2>When the growth of the number of users reaches a bottleneck period, free products will begin to enter the payment stage, in which there are two key variables:<b>First, the number of paying users (number of active users * paying conversion rate), and second, the average monthly user income (ARPU). The multiplication of the two is the monthly operating income of the business.</b>This formula can be applied to many product forms, such as music membership, video membership, network disk membership and so on.</p><p>Where does the growth space of paid products come from? The answer is very simple. Increase the conversion rate of paying users, so that more free users can become paying users, become big members or increase the price level of single customer consumption. This starts with the cultivation of users. After using a product for a long time, a large number of free user groups are cultivated and finally user dependence is formed. At this time, it becomes easier to charge the product again.</p><p><h2>3. Domestic payment dilemma</h2>Product payment is the most ideal form for all free product development, whether it is music, online audio or video and games.<b>However, there are many factors to improve the paid conversion rate, such as the attractiveness of products, users' awareness of payment, and new competitors, which will greatly affect the improvement of paid conversion rate.</b></p><p>The first battle in the music media industry is the copyright dispute. In 2018, it ended with Tencent Music and NetEase Cloud Music mutually licensing up to 99% of exclusive music. Tencent Music is the overlord who enjoys the largest domestic music copyright among the two, and the remaining 1% exclusive music copyright is a battleground for other military strategists.</p><p>Today, the number of monthly active users (MAUs) of Tencent Music is as high as 620 million, which is twice as fast as the number of users of Spotify, a world-renowned music platform (356 million). NetEase Cloud Music's MAUs are 181 million, slightly lower than Spotify.</p><p>However, according to the latest data, Spotify's payment rate has reached nearly 51%, that is to say, half of the user groups are paying users. However, the payment rate of Tencent Music, the two major music platforms in China, is about 10%, and that of Netease Cloud Music is about 9%. Even Tencent Music, which has the largest free user group in the world, is facing this step of product payment conversion. Of course, this has a lot to do with the cultivation of domestic people's payment habits and the invasion of competitors in new categories.</p><p><h2>4. Many competitors of pan-entertainment</h2>According to the statistics of big data, the average time spent by each user in China on short videos has reached 42.6 hours per month, while mobile games and mobile music are 21.0 and 5.7 hours respectively. That is to say, the time spent by users on short videos and games is several times that of music, while people's time is irreversible and limited. Because of changes in user habits, digital music no longer has the strongest appeal, and short videos have become a strong \"time competitor\" for digital music.</p><p>In addition, according to the survey results of online audio listening preferences of national users in 2021, the top four highest rankings are entertainment content, knowledge learning, life content and audio reading.<b>Music ranks fifth.</b>Also an online audio business<a href=\"https://laohu8.com/S/XIMA\">Himalayas</a>It has developed rapidly in recent years, ranking among the leaders in the long audio industry with a market share of 60%.</p><p>From the perspective of competitiveness, Himalaya has a more ingenious layout in terms of user preferences, occupying several main areas of user preferences, such as knowledge learning, audiobooks, etc. However, the current number of monthly active users (250 million) cannot match Tencent Music (620 million), but higher than NetEase Cloud Music (181 million). Judging from the forecast of payment rate, the payment rate of Himalaya will increase from 5.6% to 15% in the next five years, and the payment rate of Tencent Music and NetEase Cloud Music will also increase to 15%, but watching Spotify's payment rate of 51% The ceiling is still out of reach.</p><p><h2>5. See how leading companies break the situation</h2>Faced with the dilemma of domestic music payment conversion rate, there are many competitors with various categories. The way for leading music companies to break the situation is very critical. The most important thing to retain users is to have a good grasp of users' hobbies and habits, and then form an ecosystem of subdivided fields, and then deliver accurate content. Simply put, users push whatever they like. From the formal point of view, short videos and live broadcasts are the most popular among audiences in the past two years; From the content point of view, originality has the greatest potential.</p><p>So how to break through the plight of the music industry? How to form a new ecosystem to retain more user time?</p><p>Judging from the layout of Tencent Music and Netease Cloud Music for the live broadcast section,<b>Introducing original musicians for live broadcast or short video creation is indeed operable. More original music is a very good way to form a new user ecosystem</b>On the other hand, original musicians will classify music sections according to their own specialties, such as hot games, secondary elements, etc., and each type of original concert will form a deeper circle culture. The vitality of this ecosystem will come from the growing number of original music bloggers and hit tracks,<b>Compared with the previous copyrighted music, the new ecosystem is more open and diverse. A steady stream of fresh blood and specific preference classifications seem to be easier to improve the retention rate of users and strive for more \"time value\".</b></p><p><h2>6. The road ahead is boundless</h2>It is still unknown whether the road to breaking the game can go smoothly, and why?</p><p>Judging from the penetration rate of the short video and live broadcast industry, it has reached 70%, and Kuaishou and<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>It is entirely possible to carry out the same type of music originality. That is to say, although this method is a new layout for traditional music media, for the ecology of Douyin and Kuaishou, music is not only one of the ways to create content. In addition, from the perspective of user retention time, Douyin and Kuaishou may be more competitive.</p><p>Did the music media take this wrong step? Not really. Because the original user ecosystem of music media was formed earlier and has strong user music habit attributes, from this point of view alone, there are naturally many more music users than Douyin and Kuaishou. Just from the perspective of the new track of live video and original music, several competitors have different advantages, and there are also in the field of original video<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>, it can be described as a leading \"figure\" in China for the cultivation of user ecology. It is really difficult and long to see the road to break the music media.</p><p>The music media industry has entered a mature stage, which is accompanied by the bottleneck period of penetration rate and various difficulties in increasing paid conversion rate. New product imagination must be introduced to break the situation. Because music belongs to the pan-entertainment field, the forms and contents of competitors emerge in endlessly. This is no better than consumer staples. After the industry enters a mature stage, leading companies only need to enjoy the rich results brought by the empire.</p><p>Therefore, the layout of Tencent Music and NetEase Cloud Music is also reasonable this time, and it is still unknown how much value this innovative track can bring to the two companies. Perhaps the leaders will also have new deployments and directions. We will wait and see what happens in the future.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does music streaming get out of the woods?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does music streaming get out of the woods?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-31 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's music platform began to develop in 2003, and three online music platforms, Kugou Music, QQ Music and Kuwo Music, were born. China Music Group successively acquired Kuwo Music and Kugou Music from 2013 to 2014, and then<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It has become the largest leading music company in China. Since then, it has joined hands with the overseas streaming media giant Spotify to establish its position as a strong player today.</p><p>Except<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>, NetEase Cloud Music, founded in 2013, is also developing rapidly. The company has seized the golden time of the development of the music community and successfully attracted many young user groups. At present, the post-90s users account for as high as 90%.</p><p>As a representative form of pan-entertainment, how does the music media, which has been free for many years, make profits? How will the future change?</p><p><h2>1. The free truth</h2>In the Internet age, whoever has mastered the user's time has mastered the password of wealth. Why do you say that? How to interpret the business experience here?</p><p>Many free products we see, such as audio, video, etc., no matter what the product form is, the profit model cannot escape three steps:<b>First, increase the user scale; Second, increase the user usage time; Third, place advertisements.</b>I can't help thinking here, is there really a \"free lunch\" in the world? Merchants \"consume\" users' time while investing a lot of advertisements to make profits.<b>It seems that the number of user groups and usage time are the core elements for free products to make profits.</b></p><p>Here comes the question. There will be an upper limit for the growth of the number of users. When the growth reaches a high level and starts to slow down, will the development of the industry hit the ceiling?</p><p>Looking at the development law of many industries, when the user penetration rate reaches more than 65%, it is no longer an emerging field that capital is crazily pursuing, because its future imagination space will be very limited. So is this industry really \"cold\"? Of course, the development of the industry will enter a bottleneck period, when the marginal benefits of advertising investment begin to decrease. At this time, the benefits brought by free products will be very limited, and enterprises will introduce new sources of performance growth.</p><p><h2>2. Ideal form</h2>When the growth of the number of users reaches a bottleneck period, free products will begin to enter the payment stage, in which there are two key variables:<b>First, the number of paying users (number of active users * paying conversion rate), and second, the average monthly user income (ARPU). The multiplication of the two is the monthly operating income of the business.</b>This formula can be applied to many product forms, such as music membership, video membership, network disk membership and so on.</p><p>Where does the growth space of paid products come from? The answer is very simple. Increase the conversion rate of paying users, so that more free users can become paying users, become big members or increase the price level of single customer consumption. This starts with the cultivation of users. After using a product for a long time, a large number of free user groups are cultivated and finally user dependence is formed. At this time, it becomes easier to charge the product again.</p><p><h2>3. Domestic payment dilemma</h2>Product payment is the most ideal form for all free product development, whether it is music, online audio or video and games.<b>However, there are many factors to improve the paid conversion rate, such as the attractiveness of products, users' awareness of payment, and new competitors, which will greatly affect the improvement of paid conversion rate.</b></p><p>The first battle in the music media industry is the copyright dispute. In 2018, it ended with Tencent Music and NetEase Cloud Music mutually licensing up to 99% of exclusive music. Tencent Music is the overlord who enjoys the largest domestic music copyright among the two, and the remaining 1% exclusive music copyright is a battleground for other military strategists.</p><p>Today, the number of monthly active users (MAUs) of Tencent Music is as high as 620 million, which is twice as fast as the number of users of Spotify, a world-renowned music platform (356 million). NetEase Cloud Music's MAUs are 181 million, slightly lower than Spotify.</p><p>However, according to the latest data, Spotify's payment rate has reached nearly 51%, that is to say, half of the user groups are paying users. However, the payment rate of Tencent Music, the two major music platforms in China, is about 10%, and that of Netease Cloud Music is about 9%. Even Tencent Music, which has the largest free user group in the world, is facing this step of product payment conversion. Of course, this has a lot to do with the cultivation of domestic people's payment habits and the invasion of competitors in new categories.</p><p><h2>4. Many competitors of pan-entertainment</h2>According to the statistics of big data, the average time spent by each user in China on short videos has reached 42.6 hours per month, while mobile games and mobile music are 21.0 and 5.7 hours respectively. That is to say, the time spent by users on short videos and games is several times that of music, while people's time is irreversible and limited. Because of changes in user habits, digital music no longer has the strongest appeal, and short videos have become a strong \"time competitor\" for digital music.</p><p>In addition, according to the survey results of online audio listening preferences of national users in 2021, the top four highest rankings are entertainment content, knowledge learning, life content and audio reading.<b>Music ranks fifth.</b>Also an online audio business<a href=\"https://laohu8.com/S/XIMA\">Himalayas</a>It has developed rapidly in recent years, ranking among the leaders in the long audio industry with a market share of 60%.</p><p>From the perspective of competitiveness, Himalaya has a more ingenious layout in terms of user preferences, occupying several main areas of user preferences, such as knowledge learning, audiobooks, etc. However, the current number of monthly active users (250 million) cannot match Tencent Music (620 million), but higher than NetEase Cloud Music (181 million). Judging from the forecast of payment rate, the payment rate of Himalaya will increase from 5.6% to 15% in the next five years, and the payment rate of Tencent Music and NetEase Cloud Music will also increase to 15%, but watching Spotify's payment rate of 51% The ceiling is still out of reach.</p><p><h2>5. See how leading companies break the situation</h2>Faced with the dilemma of domestic music payment conversion rate, there are many competitors with various categories. The way for leading music companies to break the situation is very critical. The most important thing to retain users is to have a good grasp of users' hobbies and habits, and then form an ecosystem of subdivided fields, and then deliver accurate content. Simply put, users push whatever they like. From the formal point of view, short videos and live broadcasts are the most popular among audiences in the past two years; From the content point of view, originality has the greatest potential.</p><p>So how to break through the plight of the music industry? How to form a new ecosystem to retain more user time?</p><p>Judging from the layout of Tencent Music and Netease Cloud Music for the live broadcast section,<b>Introducing original musicians for live broadcast or short video creation is indeed operable. More original music is a very good way to form a new user ecosystem</b>On the other hand, original musicians will classify music sections according to their own specialties, such as hot games, secondary elements, etc., and each type of original concert will form a deeper circle culture. The vitality of this ecosystem will come from the growing number of original music bloggers and hit tracks,<b>Compared with the previous copyrighted music, the new ecosystem is more open and diverse. A steady stream of fresh blood and specific preference classifications seem to be easier to improve the retention rate of users and strive for more \"time value\".</b></p><p><h2>6. The road ahead is boundless</h2>It is still unknown whether the road to breaking the game can go smoothly, and why?</p><p>Judging from the penetration rate of the short video and live broadcast industry, it has reached 70%, and Kuaishou and<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>It is entirely possible to carry out the same type of music originality. That is to say, although this method is a new layout for traditional music media, for the ecology of Douyin and Kuaishou, music is not only one of the ways to create content. In addition, from the perspective of user retention time, Douyin and Kuaishou may be more competitive.</p><p>Did the music media take this wrong step? Not really. Because the original user ecosystem of music media was formed earlier and has strong user music habit attributes, from this point of view alone, there are naturally many more music users than Douyin and Kuaishou. Just from the perspective of the new track of live video and original music, several competitors have different advantages, and there are also in the field of original video<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>, it can be described as a leading \"figure\" in China for the cultivation of user ecology. It is really difficult and long to see the road to break the music media.</p><p>The music media industry has entered a mature stage, which is accompanied by the bottleneck period of penetration rate and various difficulties in increasing paid conversion rate. New product imagination must be introduced to break the situation. Because music belongs to the pan-entertainment field, the forms and contents of competitors emerge in endlessly. This is no better than consumer staples. After the industry enters a mature stage, leading companies only need to enjoy the rich results brought by the empire.</p><p>Therefore, the layout of Tencent Music and NetEase Cloud Music is also reasonable this time, and it is still unknown how much value this innovative track can bring to the two companies. Perhaps the leaders will also have new deployments and directions. We will wait and see what happens in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636697\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fcabf75ca25b5c2a5767c559e42702f8","relate_stocks":{"NTES":"网易","QNETCN":"纳斯达克中美互联网老虎指数","09999":"网易-S"},"source_url":"https://wallstreetcn.com/articles/3636697","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155715078","content_text":"中国的音乐平台从2003年开始发展，曾经诞生酷狗音乐、QQ音乐和酷我音乐三大在线音乐平台。中国音乐集团在2013-2014年间陆续收购酷我音乐、酷狗音乐，而后腾讯控股了中国音乐流媒体，成为国内最大的音乐龙头公司，此后又携手海外流媒体Spotify巨头，奠定了今日的强者地位。\n除了腾讯音乐，成立于2013年的网易云音乐同样发展迅猛。公司抓住了音乐社区发展的黄金时间，成功吸引了众多的年轻用户群，目前90后用户占比高达九成。\n作为泛娱乐的一种代表形态，曾经免费多年的音乐媒体又是如何盈利的呢？未来又会有怎样的变化？\n一、免费的真相\n在互联网时代，谁掌握了用户的时间，谁就掌握了财富的密码。为什么这么说呢？这里面的生意经又该怎样解读？\n我们见到的诸多免费产品，如音频、视频等，无论产品形态是怎样的，盈利的模式都逃不开三步骤：第一提高用户规模；第二提高用户使用时长；第三投放广告。这里不禁想到，天下真的有“免费的午餐”的吗？商家是在“消费”用户时间的同时投入大量的广告从而进行盈利的。这么看来用户群体的数量和使用时间是免费产品用来盈利的核心要素。\n这里问题就来了，用户数量的增长是会有上限的，当增长达到较高水平开始放缓后，行业发展是不是就触及天花板了呢？\n纵观众多行业的发展规律，当用户渗透率达到65%以上，便不在是资本疯狂追逐的新兴领域，因为它未来的想象空间将非常有限。那么这个行业就真的“凉”了吗？当然不是，行业的发展将会进入一个瓶颈期，此时广告投入的边际效益开始递减。这时候免费产品所带来的效益会很有限，企业将会引入新的业绩增长来源。\n二、理想形态\n在用户使用数量增长达到一个瓶颈期时，免费产品将开始进入付费阶段，这当中关键的变量有两个：第一付费用户数（活跃用户数*付费转化率），第二每月用户平均收入（ARPU），两者相乘就是该业务的月度营业收入额。这个公式可以套用很多产品形态，比如音乐会员、视频会员，网盘会员等等。\n那付费产品的增长空间来自哪里呢？答案很简单，提高付费用户的转化率，使得更多的免费用户变成付费用户，成为大会员或者是提高单客消费价格水平。而这就要从用户养成开始，在长时间使用一个产品后，培养了众多的免费用户群体并最终形成用户依赖，这时的产品再进行收费就变得容易起来。\n三、国内付费困境\n产品付费是所有免费产品发展的最理想形态，无论是音乐、在线音频还是视频和游戏。但是付费转化率提升的要素非常之多，比如产品的吸引力、用户的付费意识、新的竞争者都会很大程度影响到付费转化率的提升。\n在音乐媒体行业中第一战是版权之争，在2018年以腾讯音乐和网易云音乐互相授权音乐高达99%的独家音乐而落下帷幕，腾讯音乐更是两者中享有最大国内音乐版权的霸主，而仅剩的1%独家音乐版权是其他兵家必争之地。\n现如今腾讯音乐的月活用户数量（MAUs）高达620百万，比全球知名音乐平台Spotify用户数（356百万）高出快两倍，网易云音乐的MAUs是181百万，稍稍低于Spotify。\n但是据最新的数据显示，Spotify的付费率已经达到了近乎51%的水平，也就是说有一半的用户群体都是付费用户，然而坐观国内两大音乐平台腾讯音乐的付费率约10%，网易云音乐的付费率约9%，即使是拥有全球最多免费用户群体的腾讯音乐，在面对产品付费转化的这一步走起来也是困难重重，当然这与国内人群的付费习惯培养和新品类的竞争者入侵有很大的关系。\n四、泛娱乐的众多竞争者\n根据大数据的统计显示，全国用户平均每个人每月花费在短视频的时间已经达42.6小时，手机游戏和移动音乐分别为21.0和5.7小时。也就是说用户群体花在短视频和游戏的时间是音乐的几倍之多，而人的时间是不可逆且有限的，因为用户习惯的变化，导致数字音乐不再具备最强劲的吸引力，而短视频成为了数字音乐强劲的“时间竞争者”。\n此外在2021年全国用户在线音频的收听偏好调查结果中显示，排名最高的前四位是娱乐内容、知识学习、生活内容和有声阅读，音乐则位居第五位。同为在线音频业务的喜马拉雅这几年发展飞速，以六成的市占率位居长音频行业龙头。\n从竞争力来看，喜马拉雅在用户偏好方面布局的更巧妙，占据了用户喜好的几个主要领域，像是知识学习，有声读物等等，但是目前月活用户数量（250百万）还无法匹及腾讯音乐（620百万），但较网易云音乐（181百万）高出一些。从付费率的预测来看，未来五年喜马拉雅的付费率将从5.6%提升至15%，而腾讯音乐和网易云音乐的付费率也将会提升至15%，但是坐观Spotify51%的付费率天花板还是望尘莫及。\n五、看龙头企业如何破局\n面对国内音乐付费转化率的困境重重，品类花样繁多的竞争者。音乐龙头企业的破局之路就非常关键了，想要留住用户最重要的就是对用户的爱好以及习惯的良好把握，进而将细分领域形成一个生态圈，再进行精准的内容投放。简单来说就是用户喜欢什么，就推送什么。从形式上来看，短视频和直播是近两年最受观众喜欢的；从内容上看，原创是潜力最大的。\n那么音乐行业的困境要如何突破呢？该如何形成新的生态圈留住更多的用户时间？\n从腾讯音乐、网易云音乐对于直播板块的布局来看，引入原创音乐人进行直播或短视频创作这条路确实可操作。更多原创的音乐是形成用户新生态非常好的方式，另一方面，原创音乐人会根据自己的特长进行音乐板块分类，比如火热的游戏、二次元等等，每一类原创音乐会再形成一个更深度圈层的文化。这个生态圈的活力将来自于不断增长的原创音乐博主和热门曲目，对比曾经的版权音乐来看，新的生态圈是更加开放更加多元的，源源不断的新鲜血液和特定的偏好分类看起来更容易提高用户的留存率，争取更多的“时间价值”。\n六、前路茫茫\n破局这条路是否能够走得顺畅尚且未知，而这又是为什么呢？\n从短视频和直播行业的渗透率来看已经达到七成，而做直播和短视频起家的快手和抖音完全可以进行同类型的音乐原创，也就是说这种方式虽说对于传统音乐媒体是新的布局，但是对于抖音和快手的生态来说，音乐只不是创作内容的方式之一。另外，从用户留存时间来看也许抖音和快手更具备竞争力。\n难道音乐媒体这一步走错了？倒也不尽然。因为音乐媒体的原始用户生态圈形成较早，且具备很强的用户音乐习惯属性，单从这点来看自然比抖音和快手的音乐用户多很多。只是从视频直播原创音乐这个新赛道来讲，几方竞争者的优势不同，且还有原创视频领域的哔哩哔哩，它对于用户生态的培养可谓是国内的领军\"人物\"。这么看音乐媒体的破局之路真可谓是艰难且长。\n音乐媒体行业进入成熟阶段，伴随而来的是渗透率进入瓶颈期，付费转化率提升的种种困境，必须引入新的产品想象力来进行破局。因为音乐属于泛娱乐领域，竞争者的形式和内容层出不穷。这不比必需消费品，行业进入成熟阶后，龙头公司只需坐享帝国版图来带的丰厚成果。\n所以此番腾讯音乐和网易云音乐的布局也是合情合理，而这个创新赛道能为两公司带来多少的价值尚且不可知，或许龙头们也还会有新的部署和方向，对于音乐媒体的未来我们静观其变。","news_type":1,"symbols_score_info":{"09999":0.9,"QNETCN":0.9,"NTES":0.9}},"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":804524730,"gmtCreate":1627966399820,"gmtModify":1703498772920,"author":{"id":"4089701904678300","authorId":"4089701904678300","name":"彤彤1224","avatar":"https://static.tigerbbs.com/618404794d89600a1a9b29c27e92b061","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089701904678300","idStr":"4089701904678300"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/804524730","repostId":"1120137772","repostType":4,"repost":{"id":"1120137772","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627950944,"share":"https://ttm.financial/m/news/1120137772?lang=en_US&edition=fundamental","pubTime":"2021-08-03 08:35","market":"hk","language":"zh","title":"Li Auto-W starts its IPO today, with an entrance fee of approximately HK$15,151","url":"https://stock-news.laohu8.com/highlight/detail?id=1120137772","media":"老虎资讯综合","summary":"8月3日消息，理想汽车-W将于8月3日-8月6日招股，公司拟发行1亿股股份，其中公开发售约1000万股，国际发售约9000万股股份，每股发行价最多150港元，每手100股，入场费约15151港元，高盛","content":"<p>August 3rd news,<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>It will be offered from August 3rd to August 6th. The company plans to issue 100 million shares, including about 10 million shares for public offering and about 90 million shares for international offering. The maximum issue price per share is HK$150, 100 shares per lot, and the admission fee is about HK$15,151. Goldman Sachs and CICC are the joint sponsors. The shares are expected to be listed on August 12. [<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0803/2021080300012_c.pdf\" target=\"_blank\">Detailed</a>】<img src=\"https://static.tigerbbs.com/54015cfc1c6710c6700119e34b67366e\" tg-width=\"601\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Li Auto is a Chinese new energy vehicle manufacturer founded in 2015 and listed on the Nasdaq in 2020, engaged in the design, research and development, manufacturing and sales of luxury smart electric vehicles.</p><p>In the PRC, Li Auto is a pioneer in the successful commercialization of extended-range electric vehicles. Its first and currently only commercialized extended-range electric vehicle model, \"Ideal ONE\", started mass production in November 2019, and as of 31 July 2021, the Company had delivered more than 72,000 Ideal ONE units. According to the CIC Report, in terms of sales volume, Ideal ONE was named the best-selling new energy SUV model in China in 2020, accounting for 9.7% of the market share; Meanwhile, it ranked sixth in China's new energy vehicle market, accounting for 2.8% of the market share; Li Auto ranked 11th among China's new energy vehicle brands.</p><p>In terms of financial position, the Group recorded total revenue of RMB284 million and RMB9,457 million and net loss of RMB2,439 million and RMB152 million for the years ended 31 December 2019 and 2020. For the first three months ended March 31, 2021, total revenue was RMB3,575 million, representing a year-on-year increase of 319.8%, and a net loss of RMB360 million was recorded in the same period.</p><p><img src=\"https://static.tigerbbs.com/8f136bd868bfc507dba66e15b4b709de\" tg-width=\"662\" tg-height=\"641\" referrerpolicy=\"no-referrer\">In terms of industry, China has become the world's largest market for new energy vehicles. According to the CIC Report, the sales volume of new energy vehicles in China increased from 300,000 units in 2016 to 1.2 million units in 2020, representing a CAGR of 41.7%. In 2020, the sales volume of new energy vehicles accounted for only 5.8% of the total sales volume of passenger vehicles, indicating that there is significant growth potential in the future.</p><p>The total sales volume of extended range electric vehicles in China increased from 14 units in 2016 to 33,356 units in 2020, representing a CAGR of 598.7%, and it is expected that the sales volume of extended range electric vehicles will further increase to approximately 403,800 units in 2025.</p><p>According to the prospectus, Li Xiang, CEO of Li Auto, holds 23.79% of the shares and is the largest shareholder; Meituan holds 13.23%, making it the second largest shareholder; Meituan CEO Wang Xing personally holds 6.76% of the shares; Fan Zheng, an independent director of Li Auto, holds 4.46% shares.</p><p>For financing purposes, assuming the Over-allotment Option is not exercised, it is expected that the net proceeds received by the Company will be used for the following purposes: 45% will be allocated to research and development purposes in the next 12 to 36 months; 45% will fund the expansion of infrastructure, marketing and promotion over the next 12 to 36 months; 10% will be used for working capital and other general corporate purposes in the next 12 months to support the Company's business operations and growth.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Auto-W starts its IPO today, with an entrance fee of approximately HK$15,151</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLi Auto-W starts its IPO today, with an entrance fee of approximately HK$15,151\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-03 08:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 3rd news,<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>It will be offered from August 3rd to August 6th. The company plans to issue 100 million shares, including about 10 million shares for public offering and about 90 million shares for international offering. The maximum issue price per share is HK$150, 100 shares per lot, and the admission fee is about HK$15,151. Goldman Sachs and CICC are the joint sponsors. The shares are expected to be listed on August 12. [<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0803/2021080300012_c.pdf\" target=\"_blank\">Detailed</a>】<img src=\"https://static.tigerbbs.com/54015cfc1c6710c6700119e34b67366e\" tg-width=\"601\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Li Auto is a Chinese new energy vehicle manufacturer founded in 2015 and listed on the Nasdaq in 2020, engaged in the design, research and development, manufacturing and sales of luxury smart electric vehicles.</p><p>In the PRC, Li Auto is a pioneer in the successful commercialization of extended-range electric vehicles. Its first and currently only commercialized extended-range electric vehicle model, \"Ideal ONE\", started mass production in November 2019, and as of 31 July 2021, the Company had delivered more than 72,000 Ideal ONE units. According to the CIC Report, in terms of sales volume, Ideal ONE was named the best-selling new energy SUV model in China in 2020, accounting for 9.7% of the market share; Meanwhile, it ranked sixth in China's new energy vehicle market, accounting for 2.8% of the market share; Li Auto ranked 11th among China's new energy vehicle brands.</p><p>In terms of financial position, the Group recorded total revenue of RMB284 million and RMB9,457 million and net loss of RMB2,439 million and RMB152 million for the years ended 31 December 2019 and 2020. For the first three months ended March 31, 2021, total revenue was RMB3,575 million, representing a year-on-year increase of 319.8%, and a net loss of RMB360 million was recorded in the same period.</p><p><img src=\"https://static.tigerbbs.com/8f136bd868bfc507dba66e15b4b709de\" tg-width=\"662\" tg-height=\"641\" referrerpolicy=\"no-referrer\">In terms of industry, China has become the world's largest market for new energy vehicles. According to the CIC Report, the sales volume of new energy vehicles in China increased from 300,000 units in 2016 to 1.2 million units in 2020, representing a CAGR of 41.7%. In 2020, the sales volume of new energy vehicles accounted for only 5.8% of the total sales volume of passenger vehicles, indicating that there is significant growth potential in the future.</p><p>The total sales volume of extended range electric vehicles in China increased from 14 units in 2016 to 33,356 units in 2020, representing a CAGR of 598.7%, and it is expected that the sales volume of extended range electric vehicles will further increase to approximately 403,800 units in 2025.</p><p>According to the prospectus, Li Xiang, CEO of Li Auto, holds 23.79% of the shares and is the largest shareholder; Meituan holds 13.23%, making it the second largest shareholder; Meituan CEO Wang Xing personally holds 6.76% of the shares; Fan Zheng, an independent director of Li Auto, holds 4.46% shares.</p><p>For financing purposes, assuming the Over-allotment Option is not exercised, it is expected that the net proceeds received by the Company will be used for the following purposes: 45% will be allocated to research and development purposes in the next 12 to 36 months; 45% will fund the expansion of infrastructure, marketing and promotion over the next 12 to 36 months; 10% will be used for working capital and other general corporate purposes in the next 12 months to support the Company's business operations and growth.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2c0ab7d3f5d89bb403311ca0a8e68f8e","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120137772","content_text":"8月3日消息，理想汽车-W将于8月3日-8月6日招股，公司拟发行1亿股股份，其中公开发售约1000万股，国际发售约9000万股股份，每股发行价最多150港元，每手100股，入场费约15151港元，高盛，中金为联席保荐人。股份预期将于8月12日挂牌上市。【详细】理想汽车是中国新能源汽车制造商，创立于2015年，并于2020年在纳斯达克上市，从事豪华智能电动汽车的设计、研发、制造和销售。\n在中国，理想汽车是成功实现增程式电动汽车商业化的先锋。旗下首款及目前唯一一款商业化的增程式电动汽车型「理想ONE」于2019年11月开始批量生产，截至2021年7月31日，公司已交付逾7.2万辆理想ONE。根据灼识咨询报告，按销量统计，理想ONE于2020年被评为中国最畅销的新能源SUV车型，占市场份额9.7%；同时于中国新能源汽车市场排名第六，占市场份额2.8%；理想汽车于中国新能源汽车品牌排名第十一。\n财务状况方面，截至2019年及2020年12月31日止年度，集团取得的收入总额为人民币2.84亿元及94.57亿元，净亏损为24.39亿元及1.52亿元。截至2021年3月31日止的前3个月，收入总额为35.75亿元，同比增长319.8%，同期录得净亏损3.6亿元。\n行业方面，中国已成为全球最大的新能源汽车市场。根据灼识咨询报告，中国的新能源汽车销售量从2016年的30万辆增至2020年的120万辆，年复合增长率为41.7%。于2020年，新能源汽车销售量仅占乘用车总销售量的5.8%，表明未来存在巨大增长潜力。\n增程式电动汽车于中国的总销量从2016年的14辆增至2020年的33356辆，年复合增长率为598.7%，预计2025年增程式电动汽车销量将进一步增至约40.38万辆。\n据招股书披露，理想汽车CEO李想持股23.79%，为第一大股东；美团持股13.23%，为第二大股东；美团CEO王兴个人持股6.76%；理想汽车独立董事樊铮则持股4.46%。\n筹资用途方面，假设超额配售权未获行使，预计公司将获得的所得款项净额用于以下用途：45%将用于未来12至36个月分配至研发用途；45%将为未来12至36个月扩大基础设施、市场营销及宣传提供资金；10%于未来12个月用作营运资金及其他一般公司用途，以支持公司的业务营运及增长。","news_type":1,"symbols_score_info":{"LI":0.9,"02015":0.9}},"isVote":1,"tweetType":1,"viewCount":1936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802391429,"gmtCreate":1627714939661,"gmtModify":1703495144690,"author":{"id":"4089701904678300","authorId":"4089701904678300","name":"彤彤1224","avatar":"https://static.tigerbbs.com/618404794d89600a1a9b29c27e92b061","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089701904678300","idStr":"4089701904678300"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/802391429","repostId":"2155715078","repostType":4,"repost":{"id":"2155715078","kind":"highlight","pubTimestamp":1627700813,"share":"https://ttm.financial/m/news/2155715078?lang=en_US&edition=fundamental","pubTime":"2021-07-31 11:06","market":"us","language":"zh","title":"How does music streaming get out of the woods?","url":"https://stock-news.laohu8.com/highlight/detail?id=2155715078","media":"华尔街见闻","summary":"音乐流媒体还是门好生意吗？面对种种困境，龙头公司会如何应对？","content":"<p>China's music platform began to develop in 2003, and three online music platforms, Kugou Music, QQ Music and Kuwo Music, were born. China Music Group successively acquired Kuwo Music and Kugou Music from 2013 to 2014, and then<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It has become the largest leading music company in China. Since then, it has joined hands with the overseas streaming media giant Spotify to establish its position as a strong player today.</p><p>Except<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>, NetEase Cloud Music, founded in 2013, is also developing rapidly. The company has seized the golden time of the development of the music community and successfully attracted many young user groups. At present, the post-90s users account for as high as 90%.</p><p>As a representative form of pan-entertainment, how does the music media, which has been free for many years, make profits? How will the future change?</p><p><h2>1. The free truth</h2>In the Internet age, whoever has mastered the user's time has mastered the password of wealth. Why do you say that? How to interpret the business experience here?</p><p>Many free products we see, such as audio, video, etc., no matter what the product form is, the profit model cannot escape three steps:<b>First, increase the user scale; Second, increase the user usage time; Third, place advertisements.</b>I can't help thinking here, is there really a \"free lunch\" in the world? Merchants \"consume\" users' time while investing a lot of advertisements to make profits.<b>It seems that the number of user groups and usage time are the core elements for free products to make profits.</b></p><p>Here comes the question. There will be an upper limit for the growth of the number of users. When the growth reaches a high level and starts to slow down, will the development of the industry hit the ceiling?</p><p>Looking at the development law of many industries, when the user penetration rate reaches more than 65%, it is no longer an emerging field that capital is crazily pursuing, because its future imagination space will be very limited. So is this industry really \"cold\"? Of course, the development of the industry will enter a bottleneck period, when the marginal benefits of advertising investment begin to decrease. At this time, the benefits brought by free products will be very limited, and enterprises will introduce new sources of performance growth.</p><p><h2>2. Ideal form</h2>When the growth of the number of users reaches a bottleneck period, free products will begin to enter the payment stage, in which there are two key variables:<b>First, the number of paying users (number of active users * paying conversion rate), and second, the average monthly user income (ARPU). The multiplication of the two is the monthly operating income of the business.</b>This formula can be applied to many product forms, such as music membership, video membership, network disk membership and so on.</p><p>Where does the growth space of paid products come from? The answer is very simple. Increase the conversion rate of paying users, so that more free users can become paying users, become big members or increase the price level of single customer consumption. This starts with the cultivation of users. After using a product for a long time, a large number of free user groups are cultivated and finally user dependence is formed. At this time, it becomes easier to charge the product again.</p><p><h2>3. Domestic payment dilemma</h2>Product payment is the most ideal form for all free product development, whether it is music, online audio or video and games.<b>However, there are many factors to improve the paid conversion rate, such as the attractiveness of products, users' awareness of payment, and new competitors, which will greatly affect the improvement of paid conversion rate.</b></p><p>The first battle in the music media industry is the copyright dispute. In 2018, it ended with Tencent Music and NetEase Cloud Music mutually licensing up to 99% of exclusive music. Tencent Music is the overlord who enjoys the largest domestic music copyright among the two, and the remaining 1% exclusive music copyright is a battleground for other military strategists.</p><p>Today, the number of monthly active users (MAUs) of Tencent Music is as high as 620 million, which is twice as fast as the number of users of Spotify, a world-renowned music platform (356 million). NetEase Cloud Music's MAUs are 181 million, slightly lower than Spotify.</p><p>However, according to the latest data, Spotify's payment rate has reached nearly 51%, that is to say, half of the user groups are paying users. However, the payment rate of Tencent Music, the two major music platforms in China, is about 10%, and that of Netease Cloud Music is about 9%. Even Tencent Music, which has the largest free user group in the world, is facing this step of product payment conversion. Of course, this has a lot to do with the cultivation of domestic people's payment habits and the invasion of competitors in new categories.</p><p><h2>4. Many competitors of pan-entertainment</h2>According to the statistics of big data, the average time spent by each user in China on short videos has reached 42.6 hours per month, while mobile games and mobile music are 21.0 and 5.7 hours respectively. That is to say, the time spent by users on short videos and games is several times that of music, while people's time is irreversible and limited. Because of changes in user habits, digital music no longer has the strongest appeal, and short videos have become a strong \"time competitor\" for digital music.</p><p>In addition, according to the survey results of online audio listening preferences of national users in 2021, the top four highest rankings are entertainment content, knowledge learning, life content and audio reading.<b>Music ranks fifth.</b>Also an online audio business<a href=\"https://laohu8.com/S/XIMA\">Himalayas</a>It has developed rapidly in recent years, ranking among the leaders in the long audio industry with a market share of 60%.</p><p>From the perspective of competitiveness, Himalaya has a more ingenious layout in terms of user preferences, occupying several main areas of user preferences, such as knowledge learning, audiobooks, etc. However, the current number of monthly active users (250 million) cannot match Tencent Music (620 million), but higher than NetEase Cloud Music (181 million). Judging from the forecast of payment rate, the payment rate of Himalaya will increase from 5.6% to 15% in the next five years, and the payment rate of Tencent Music and NetEase Cloud Music will also increase to 15%, but watching Spotify's payment rate of 51% The ceiling is still out of reach.</p><p><h2>5. See how leading companies break the situation</h2>Faced with the dilemma of domestic music payment conversion rate, there are many competitors with various categories. The way for leading music companies to break the situation is very critical. The most important thing to retain users is to have a good grasp of users' hobbies and habits, and then form an ecosystem of subdivided fields, and then deliver accurate content. Simply put, users push whatever they like. From the formal point of view, short videos and live broadcasts are the most popular among audiences in the past two years; From the content point of view, originality has the greatest potential.</p><p>So how to break through the plight of the music industry? How to form a new ecosystem to retain more user time?</p><p>Judging from the layout of Tencent Music and Netease Cloud Music for the live broadcast section,<b>Introducing original musicians for live broadcast or short video creation is indeed operable. More original music is a very good way to form a new user ecosystem</b>On the other hand, original musicians will classify music sections according to their own specialties, such as hot games, secondary elements, etc., and each type of original concert will form a deeper circle culture. The vitality of this ecosystem will come from the growing number of original music bloggers and hit tracks,<b>Compared with the previous copyrighted music, the new ecosystem is more open and diverse. A steady stream of fresh blood and specific preference classifications seem to be easier to improve the retention rate of users and strive for more \"time value\".</b></p><p><h2>6. The road ahead is boundless</h2>It is still unknown whether the road to breaking the game can go smoothly, and why?</p><p>Judging from the penetration rate of the short video and live broadcast industry, it has reached 70%, and Kuaishou and<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>It is entirely possible to carry out the same type of music originality. That is to say, although this method is a new layout for traditional music media, for the ecology of Douyin and Kuaishou, music is not only one of the ways to create content. In addition, from the perspective of user retention time, Douyin and Kuaishou may be more competitive.</p><p>Did the music media take this wrong step? Not really. Because the original user ecosystem of music media was formed earlier and has strong user music habit attributes, from this point of view alone, there are naturally many more music users than Douyin and Kuaishou. Just from the perspective of the new track of live video and original music, several competitors have different advantages, and there are also in the field of original video<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>, it can be described as a leading \"figure\" in China for the cultivation of user ecology. It is really difficult and long to see the road to break the music media.</p><p>The music media industry has entered a mature stage, which is accompanied by the bottleneck period of penetration rate and various difficulties in increasing paid conversion rate. New product imagination must be introduced to break the situation. Because music belongs to the pan-entertainment field, the forms and contents of competitors emerge in endlessly. This is no better than consumer staples. After the industry enters a mature stage, leading companies only need to enjoy the rich results brought by the empire.</p><p>Therefore, the layout of Tencent Music and NetEase Cloud Music is also reasonable this time, and it is still unknown how much value this innovative track can bring to the two companies. Perhaps the leaders will also have new deployments and directions. We will wait and see what happens in the future.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does music streaming get out of the woods?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does music streaming get out of the woods?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-31 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's music platform began to develop in 2003, and three online music platforms, Kugou Music, QQ Music and Kuwo Music, were born. China Music Group successively acquired Kuwo Music and Kugou Music from 2013 to 2014, and then<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It has become the largest leading music company in China. Since then, it has joined hands with the overseas streaming media giant Spotify to establish its position as a strong player today.</p><p>Except<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>, NetEase Cloud Music, founded in 2013, is also developing rapidly. The company has seized the golden time of the development of the music community and successfully attracted many young user groups. At present, the post-90s users account for as high as 90%.</p><p>As a representative form of pan-entertainment, how does the music media, which has been free for many years, make profits? How will the future change?</p><p><h2>1. The free truth</h2>In the Internet age, whoever has mastered the user's time has mastered the password of wealth. Why do you say that? How to interpret the business experience here?</p><p>Many free products we see, such as audio, video, etc., no matter what the product form is, the profit model cannot escape three steps:<b>First, increase the user scale; Second, increase the user usage time; Third, place advertisements.</b>I can't help thinking here, is there really a \"free lunch\" in the world? Merchants \"consume\" users' time while investing a lot of advertisements to make profits.<b>It seems that the number of user groups and usage time are the core elements for free products to make profits.</b></p><p>Here comes the question. There will be an upper limit for the growth of the number of users. When the growth reaches a high level and starts to slow down, will the development of the industry hit the ceiling?</p><p>Looking at the development law of many industries, when the user penetration rate reaches more than 65%, it is no longer an emerging field that capital is crazily pursuing, because its future imagination space will be very limited. So is this industry really \"cold\"? Of course, the development of the industry will enter a bottleneck period, when the marginal benefits of advertising investment begin to decrease. At this time, the benefits brought by free products will be very limited, and enterprises will introduce new sources of performance growth.</p><p><h2>2. Ideal form</h2>When the growth of the number of users reaches a bottleneck period, free products will begin to enter the payment stage, in which there are two key variables:<b>First, the number of paying users (number of active users * paying conversion rate), and second, the average monthly user income (ARPU). The multiplication of the two is the monthly operating income of the business.</b>This formula can be applied to many product forms, such as music membership, video membership, network disk membership and so on.</p><p>Where does the growth space of paid products come from? The answer is very simple. Increase the conversion rate of paying users, so that more free users can become paying users, become big members or increase the price level of single customer consumption. This starts with the cultivation of users. After using a product for a long time, a large number of free user groups are cultivated and finally user dependence is formed. At this time, it becomes easier to charge the product again.</p><p><h2>3. Domestic payment dilemma</h2>Product payment is the most ideal form for all free product development, whether it is music, online audio or video and games.<b>However, there are many factors to improve the paid conversion rate, such as the attractiveness of products, users' awareness of payment, and new competitors, which will greatly affect the improvement of paid conversion rate.</b></p><p>The first battle in the music media industry is the copyright dispute. In 2018, it ended with Tencent Music and NetEase Cloud Music mutually licensing up to 99% of exclusive music. Tencent Music is the overlord who enjoys the largest domestic music copyright among the two, and the remaining 1% exclusive music copyright is a battleground for other military strategists.</p><p>Today, the number of monthly active users (MAUs) of Tencent Music is as high as 620 million, which is twice as fast as the number of users of Spotify, a world-renowned music platform (356 million). NetEase Cloud Music's MAUs are 181 million, slightly lower than Spotify.</p><p>However, according to the latest data, Spotify's payment rate has reached nearly 51%, that is to say, half of the user groups are paying users. However, the payment rate of Tencent Music, the two major music platforms in China, is about 10%, and that of Netease Cloud Music is about 9%. Even Tencent Music, which has the largest free user group in the world, is facing this step of product payment conversion. Of course, this has a lot to do with the cultivation of domestic people's payment habits and the invasion of competitors in new categories.</p><p><h2>4. Many competitors of pan-entertainment</h2>According to the statistics of big data, the average time spent by each user in China on short videos has reached 42.6 hours per month, while mobile games and mobile music are 21.0 and 5.7 hours respectively. That is to say, the time spent by users on short videos and games is several times that of music, while people's time is irreversible and limited. Because of changes in user habits, digital music no longer has the strongest appeal, and short videos have become a strong \"time competitor\" for digital music.</p><p>In addition, according to the survey results of online audio listening preferences of national users in 2021, the top four highest rankings are entertainment content, knowledge learning, life content and audio reading.<b>Music ranks fifth.</b>Also an online audio business<a href=\"https://laohu8.com/S/XIMA\">Himalayas</a>It has developed rapidly in recent years, ranking among the leaders in the long audio industry with a market share of 60%.</p><p>From the perspective of competitiveness, Himalaya has a more ingenious layout in terms of user preferences, occupying several main areas of user preferences, such as knowledge learning, audiobooks, etc. However, the current number of monthly active users (250 million) cannot match Tencent Music (620 million), but higher than NetEase Cloud Music (181 million). Judging from the forecast of payment rate, the payment rate of Himalaya will increase from 5.6% to 15% in the next five years, and the payment rate of Tencent Music and NetEase Cloud Music will also increase to 15%, but watching Spotify's payment rate of 51% The ceiling is still out of reach.</p><p><h2>5. See how leading companies break the situation</h2>Faced with the dilemma of domestic music payment conversion rate, there are many competitors with various categories. The way for leading music companies to break the situation is very critical. The most important thing to retain users is to have a good grasp of users' hobbies and habits, and then form an ecosystem of subdivided fields, and then deliver accurate content. Simply put, users push whatever they like. From the formal point of view, short videos and live broadcasts are the most popular among audiences in the past two years; From the content point of view, originality has the greatest potential.</p><p>So how to break through the plight of the music industry? How to form a new ecosystem to retain more user time?</p><p>Judging from the layout of Tencent Music and Netease Cloud Music for the live broadcast section,<b>Introducing original musicians for live broadcast or short video creation is indeed operable. More original music is a very good way to form a new user ecosystem</b>On the other hand, original musicians will classify music sections according to their own specialties, such as hot games, secondary elements, etc., and each type of original concert will form a deeper circle culture. The vitality of this ecosystem will come from the growing number of original music bloggers and hit tracks,<b>Compared with the previous copyrighted music, the new ecosystem is more open and diverse. A steady stream of fresh blood and specific preference classifications seem to be easier to improve the retention rate of users and strive for more \"time value\".</b></p><p><h2>6. The road ahead is boundless</h2>It is still unknown whether the road to breaking the game can go smoothly, and why?</p><p>Judging from the penetration rate of the short video and live broadcast industry, it has reached 70%, and Kuaishou and<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>It is entirely possible to carry out the same type of music originality. That is to say, although this method is a new layout for traditional music media, for the ecology of Douyin and Kuaishou, music is not only one of the ways to create content. In addition, from the perspective of user retention time, Douyin and Kuaishou may be more competitive.</p><p>Did the music media take this wrong step? Not really. Because the original user ecosystem of music media was formed earlier and has strong user music habit attributes, from this point of view alone, there are naturally many more music users than Douyin and Kuaishou. Just from the perspective of the new track of live video and original music, several competitors have different advantages, and there are also in the field of original video<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>, it can be described as a leading \"figure\" in China for the cultivation of user ecology. It is really difficult and long to see the road to break the music media.</p><p>The music media industry has entered a mature stage, which is accompanied by the bottleneck period of penetration rate and various difficulties in increasing paid conversion rate. New product imagination must be introduced to break the situation. Because music belongs to the pan-entertainment field, the forms and contents of competitors emerge in endlessly. This is no better than consumer staples. After the industry enters a mature stage, leading companies only need to enjoy the rich results brought by the empire.</p><p>Therefore, the layout of Tencent Music and NetEase Cloud Music is also reasonable this time, and it is still unknown how much value this innovative track can bring to the two companies. Perhaps the leaders will also have new deployments and directions. We will wait and see what happens in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636697\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fcabf75ca25b5c2a5767c559e42702f8","relate_stocks":{"NTES":"网易","QNETCN":"纳斯达克中美互联网老虎指数","09999":"网易-S"},"source_url":"https://wallstreetcn.com/articles/3636697","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155715078","content_text":"中国的音乐平台从2003年开始发展，曾经诞生酷狗音乐、QQ音乐和酷我音乐三大在线音乐平台。中国音乐集团在2013-2014年间陆续收购酷我音乐、酷狗音乐，而后腾讯控股了中国音乐流媒体，成为国内最大的音乐龙头公司，此后又携手海外流媒体Spotify巨头，奠定了今日的强者地位。\n除了腾讯音乐，成立于2013年的网易云音乐同样发展迅猛。公司抓住了音乐社区发展的黄金时间，成功吸引了众多的年轻用户群，目前90后用户占比高达九成。\n作为泛娱乐的一种代表形态，曾经免费多年的音乐媒体又是如何盈利的呢？未来又会有怎样的变化？\n一、免费的真相\n在互联网时代，谁掌握了用户的时间，谁就掌握了财富的密码。为什么这么说呢？这里面的生意经又该怎样解读？\n我们见到的诸多免费产品，如音频、视频等，无论产品形态是怎样的，盈利的模式都逃不开三步骤：第一提高用户规模；第二提高用户使用时长；第三投放广告。这里不禁想到，天下真的有“免费的午餐”的吗？商家是在“消费”用户时间的同时投入大量的广告从而进行盈利的。这么看来用户群体的数量和使用时间是免费产品用来盈利的核心要素。\n这里问题就来了，用户数量的增长是会有上限的，当增长达到较高水平开始放缓后，行业发展是不是就触及天花板了呢？\n纵观众多行业的发展规律，当用户渗透率达到65%以上，便不在是资本疯狂追逐的新兴领域，因为它未来的想象空间将非常有限。那么这个行业就真的“凉”了吗？当然不是，行业的发展将会进入一个瓶颈期，此时广告投入的边际效益开始递减。这时候免费产品所带来的效益会很有限，企业将会引入新的业绩增长来源。\n二、理想形态\n在用户使用数量增长达到一个瓶颈期时，免费产品将开始进入付费阶段，这当中关键的变量有两个：第一付费用户数（活跃用户数*付费转化率），第二每月用户平均收入（ARPU），两者相乘就是该业务的月度营业收入额。这个公式可以套用很多产品形态，比如音乐会员、视频会员，网盘会员等等。\n那付费产品的增长空间来自哪里呢？答案很简单，提高付费用户的转化率，使得更多的免费用户变成付费用户，成为大会员或者是提高单客消费价格水平。而这就要从用户养成开始，在长时间使用一个产品后，培养了众多的免费用户群体并最终形成用户依赖，这时的产品再进行收费就变得容易起来。\n三、国内付费困境\n产品付费是所有免费产品发展的最理想形态，无论是音乐、在线音频还是视频和游戏。但是付费转化率提升的要素非常之多，比如产品的吸引力、用户的付费意识、新的竞争者都会很大程度影响到付费转化率的提升。\n在音乐媒体行业中第一战是版权之争，在2018年以腾讯音乐和网易云音乐互相授权音乐高达99%的独家音乐而落下帷幕，腾讯音乐更是两者中享有最大国内音乐版权的霸主，而仅剩的1%独家音乐版权是其他兵家必争之地。\n现如今腾讯音乐的月活用户数量（MAUs）高达620百万，比全球知名音乐平台Spotify用户数（356百万）高出快两倍，网易云音乐的MAUs是181百万，稍稍低于Spotify。\n但是据最新的数据显示，Spotify的付费率已经达到了近乎51%的水平，也就是说有一半的用户群体都是付费用户，然而坐观国内两大音乐平台腾讯音乐的付费率约10%，网易云音乐的付费率约9%，即使是拥有全球最多免费用户群体的腾讯音乐，在面对产品付费转化的这一步走起来也是困难重重，当然这与国内人群的付费习惯培养和新品类的竞争者入侵有很大的关系。\n四、泛娱乐的众多竞争者\n根据大数据的统计显示，全国用户平均每个人每月花费在短视频的时间已经达42.6小时，手机游戏和移动音乐分别为21.0和5.7小时。也就是说用户群体花在短视频和游戏的时间是音乐的几倍之多，而人的时间是不可逆且有限的，因为用户习惯的变化，导致数字音乐不再具备最强劲的吸引力，而短视频成为了数字音乐强劲的“时间竞争者”。\n此外在2021年全国用户在线音频的收听偏好调查结果中显示，排名最高的前四位是娱乐内容、知识学习、生活内容和有声阅读，音乐则位居第五位。同为在线音频业务的喜马拉雅这几年发展飞速，以六成的市占率位居长音频行业龙头。\n从竞争力来看，喜马拉雅在用户偏好方面布局的更巧妙，占据了用户喜好的几个主要领域，像是知识学习，有声读物等等，但是目前月活用户数量（250百万）还无法匹及腾讯音乐（620百万），但较网易云音乐（181百万）高出一些。从付费率的预测来看，未来五年喜马拉雅的付费率将从5.6%提升至15%，而腾讯音乐和网易云音乐的付费率也将会提升至15%，但是坐观Spotify51%的付费率天花板还是望尘莫及。\n五、看龙头企业如何破局\n面对国内音乐付费转化率的困境重重，品类花样繁多的竞争者。音乐龙头企业的破局之路就非常关键了，想要留住用户最重要的就是对用户的爱好以及习惯的良好把握，进而将细分领域形成一个生态圈，再进行精准的内容投放。简单来说就是用户喜欢什么，就推送什么。从形式上来看，短视频和直播是近两年最受观众喜欢的；从内容上看，原创是潜力最大的。\n那么音乐行业的困境要如何突破呢？该如何形成新的生态圈留住更多的用户时间？\n从腾讯音乐、网易云音乐对于直播板块的布局来看，引入原创音乐人进行直播或短视频创作这条路确实可操作。更多原创的音乐是形成用户新生态非常好的方式，另一方面，原创音乐人会根据自己的特长进行音乐板块分类，比如火热的游戏、二次元等等，每一类原创音乐会再形成一个更深度圈层的文化。这个生态圈的活力将来自于不断增长的原创音乐博主和热门曲目，对比曾经的版权音乐来看，新的生态圈是更加开放更加多元的，源源不断的新鲜血液和特定的偏好分类看起来更容易提高用户的留存率，争取更多的“时间价值”。\n六、前路茫茫\n破局这条路是否能够走得顺畅尚且未知，而这又是为什么呢？\n从短视频和直播行业的渗透率来看已经达到七成，而做直播和短视频起家的快手和抖音完全可以进行同类型的音乐原创，也就是说这种方式虽说对于传统音乐媒体是新的布局，但是对于抖音和快手的生态来说，音乐只不是创作内容的方式之一。另外，从用户留存时间来看也许抖音和快手更具备竞争力。\n难道音乐媒体这一步走错了？倒也不尽然。因为音乐媒体的原始用户生态圈形成较早，且具备很强的用户音乐习惯属性，单从这点来看自然比抖音和快手的音乐用户多很多。只是从视频直播原创音乐这个新赛道来讲，几方竞争者的优势不同，且还有原创视频领域的哔哩哔哩，它对于用户生态的培养可谓是国内的领军\"人物\"。这么看音乐媒体的破局之路真可谓是艰难且长。\n音乐媒体行业进入成熟阶段，伴随而来的是渗透率进入瓶颈期，付费转化率提升的种种困境，必须引入新的产品想象力来进行破局。因为音乐属于泛娱乐领域，竞争者的形式和内容层出不穷。这不比必需消费品，行业进入成熟阶后，龙头公司只需坐享帝国版图来带的丰厚成果。\n所以此番腾讯音乐和网易云音乐的布局也是合情合理，而这个创新赛道能为两公司带来多少的价值尚且不可知，或许龙头们也还会有新的部署和方向，对于音乐媒体的未来我们静观其变。","news_type":1,"symbols_score_info":{"09999":0.9,"QNETCN":0.9,"NTES":0.9}},"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
