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中信建投:全球在線音樂行業量價齊升 構築長期增長潛力

中信建投研報指出,國內音樂行業需求穩定,兩大龍頭通過社區建設和獨立音樂內容扶持實現差異化,雙龍頭具有長期成長潛力。看行業,相比長視頻,國內音樂平臺具有更良性的增長環境。看增長,海外產品提升增長想象空間。Spotify的高付費率打開國內龍頭收入增長空間;扶持獨立音樂人策略增強對全球三大唱片公司的議價能力,打開毛利率空間。隨着國內雙龍頭聚焦在線音樂主業的“付費會員和ARPPU”雙輪驅動,在良性競爭環境和行業格局下,看好業績可持續增長。

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