BUZZ-TD Cowen 认为 Spotify 的价值高于唱片和出版公司

路透中文

Jul 10

BUZZ-TD Cowen 认为 <a href="https://laohu8.com/S/SPOT">Spotify</a> 的价值高于唱片和出版公司

7月10日 -

** TD Cowen指出音乐产业存在重大估值差距

** Spotify SPOT.N目前的估值为1770亿美元，超过了整个音乐录制和出版行业1690亿美元的总和。

** 我们坚信'内容为王'，我们很难将这一信念与市场目前的判断相统一，即在音乐行业，发行的价值是内容所有权的数倍。

** 券商维持对 UMG UMG.AS、WMG WMG.O、索尼 6758.T 和 Live Nation LYV.N 的 "买入 "评级，维持对 Spotify 的 "持有 "评级，理由是其基本面强劲，而且新的 "流媒体 2.0 "交易带来了上升空间。

** 尽管 SPOT 在平台上处于领先地位，但 TD Cowen 认为其利润率上升空间有限，原因是内容成本上升和监管不利因素。

** LYV 仍是现场娱乐领域的佼佼者，尽管受到天气因素的干扰，但强劲的需求和新场地有望推动增长。

** 我们还认为，无论宏观动荡如何，音乐的基本面总体上仍将保持强劲。

(为便利非英文母语者，路透将其报导自动化翻译为数种其他语言。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。)

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</span> </p><p> ** TD Cowen指出音乐产业存在重大估值差距</p><p>** Spotify <span>SPOT.N</span>目前的估值为1770亿美元，超过了整个音乐录制和出版行业1690亿美元<span>的 </span>总和<span>。 </span></p><p> ** 我们坚信'内容为王'，我们很难将这一信念与市场目前的判断相统一，即在音乐行业，发行的价值是内容所有权的数倍。</p><p> ** 券商维持对 UMG <span>UMG.AS</span>、WMG <span>WMG.O</span>、<a href=\"https://laohu8.com/S/SONY\">索尼</a> <span>6758.T</span> 和 Live Nation <span>LYV.N</span> 的 \"买入 \"评级，维持对 Spotify 的 \"持有 \"评级，理由是其基本面强劲，而且新的 \"流媒体 2.0 \"交易带来了上升空间。</p><p> ** 尽管 SPOT 在平台上处于领先地位，但 TD Cowen 认为其利润率上升空间有限，原因是内容成本上升和监管不利因素。</p><p> ** LYV 仍是现场娱乐领域的佼佼者，尽管受到天气因素的干扰，但强劲的需求和新场地有望推动增长。</p><p> ** 我们还认为，无论宏观动荡如何，音乐的基本面总体上仍将保持强劲。</p><p>(为便利非英文母语者，路透将其报导自动化翻译为数种其他语言。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。)</p></body></html>","source":null,"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>BUZZ-TD Cowen 认为 Spotify 的价值高于唱片和出版公司</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBUZZ-TD Cowen 认为 Spotify 的价值高于唱片和出版公司\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1098195322\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">路透中文 </p>\n<p class=\"h-time\">2025-07-10 20:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-TD Cowen 认为 <a href=\"https://laohu8.com/S/SPOT\">Spotify</a> 的价值高于唱片和出版公司</title></head><body><p><span>7月10日</span><span> - </span> </p><p> ** TD Cowen指出音乐产业存在重大估值差距</p><p>** Spotify <span>SPOT.N</span>目前的估值为1770亿美元，超过了整个音乐录制和出版行业1690亿美元<span>的 </span>总和<span>。 </span></p><p> ** 我们坚信'内容为王'，我们很难将这一信念与市场目前的判断相统一，即在音乐行业，发行的价值是内容所有权的数倍。</p><p> ** 券商维持对 UMG <span>UMG.AS</span>、WMG <span>WMG.O</span>、<a href=\"https://laohu8.com/S/SONY\">索尼</a> <span>6758.T</span> 和 Live Nation <span>LYV.N</span> 的 \"买入 \"评级，维持对 Spotify 的 \"持有 \"评级，理由是其基本面强劲，而且新的 \"流媒体 2.0 \"交易带来了上升空间。</p><p> ** 尽管 SPOT 在平台上处于领先地位，但 TD Cowen 认为其利润率上升空间有限，原因是内容成本上升和监管不利因素。</p><p> ** LYV 仍是现场娱乐领域的佼佼者，尽管受到天气因素的干扰，但强劲的需求和新场地有望推动增长。</p><p> ** 我们还认为，无论宏观动荡如何，音乐的基本面总体上仍将保持强劲。</p><p>(为便利非英文母语者，路透将其报导自动化翻译为数种其他语言。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2098885051.SGD","symbol_name":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250710:nL4T3T7101:1","article_id":"2550640182","we_media_id":"1098195322","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2550640182","pubTimestamp":1752149941,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"路透中文","introduction":"路透中文","home_visible":1,"id":"1098195322","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"BUZZ-TD Cowen 认为 Spotify 的价值高于唱片和出版公司7月10日 -   ** TD Cowen指出音乐产业存在重大估值差距** Spotify SPOT.N目前的估值为1770亿美元，超过了整个音乐录制和出版行业1690亿美元的 总和。** 尽管 SPOT 在平台上处于领先地位，但 TD Cowen 认为其利润率上升空间有限，原因是内容成本上升和监管不利因素。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","BK4108":"电影和娱乐","BK4588":"碎股","LU0056508442.USD":"贝莱德世界科技基金A2","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","BK4548":"巴美列捷福持仓","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","WMG":"华纳音乐","LYV":"Live Nation Entertainment","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","BK4561":"索罗斯持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4571":"数字音乐概念","SPOT":"Spotify Technology S.A.","BK4585":"ETF&股票定投概念","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H"},"translate_title":"BUZZ-TD Cowen thinks Spotify is worth more than record and publishing companies","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LYV":0.9,"SPOT":0.9,"WMG":0.9},"content_text":"BUZZ-TD Cowen 认为 Spotify 的价值高于唱片和出版公司7月10日 -   ** TD Cowen指出音乐产业存在重大估值差距** Spotify SPOT.N目前的估值为1770亿美元，超过了整个音乐录制和出版行业1690亿美元的 总和。  ** 我们坚信'内容为王'，我们很难将这一信念与市场目前的判断相统一，即在音乐行业，发行的价值是内容所有权的数倍。 ** 券商维持对 UMG UMG.AS、WMG WMG.O、索尼 6758.T 和 Live Nation LYV.N 的 \"买入 \"评级，维持对 Spotify 的 \"持有 \"评级，理由是其基本面强劲，而且新的 \"流媒体 2.0 \"交易带来了上升空间。 ** 尽管 SPOT 在平台上处于领先地位，但 TD Cowen 认为其利润率上升空间有限，原因是内容成本上升和监管不利因素。 ** LYV 仍是现场娱乐领域的佼佼者，尽管受到天气因素的干扰，但强劲的需求和新场地有望推动增长。 ** 我们还认为，无论宏观动荡如何，音乐的基本面总体上仍将保持强劲。(为便利非英文母语者，路透将其报导自动化翻译为数种其他语言。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}