中信建投 | 国内在线音乐:汽水音乐高增,行业格局生变

中信建投证券研究
Dec 08, 2025

文|杨艾莉 蔡佳成字节加大音乐布局,行业格局生变。旗下两大平台汽水音乐和番茄音乐9月MAU高增,其中汽水音乐受益于抖音生态,MAU同增91%至1.2亿,已是国内第四大在线音乐平台。汽水音乐版权优势在抖音生态。对比头部,目前版权数量不及1/3。核心优势是与抖音互通,引流强;与抖音共建“孵化-引流-转化”内容闭环,构筑长尾音乐优势。徘徊用户占比低。汽水音乐吸引高价格敏感用户,但这些并非腾讯音乐核心用户...

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