流媒体音乐服务平台Spotify市场前景及投资研究报告-外文版培训课件

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PRODUCTSSpotifyCHAPTER

01OverviewMusicstreamingrevenueworldwidefrom2005to2023(inbillionU.S.dollars)Musicstreamingrevenueworldwide2005-202325201510519.317.515.712.710.78.86.24.42.61.81.30.90.60.30.40.40.10.10.2020052006200720082009201020112012201320142015201620172018201920202021202220234Description:In2023,streamingrevenuesreached19.3billionU.S.dollarsworldwide,thehighesteverrecordedandmorethanseventimesthefiguregivenfor2015,whenmusicstreamingrevenueamountedto2.6billion.Streamingrevenuesnowaccountforover67percentoftotalglobalrecordedmusicrevenue.ReadmoreNote(s):Worldwide;2005to2023Source(s):IFPIGrowthinmusicstreamingrevenueworldwidefrom2013to2022Musicstreamingrevenuegrowthworldwide2013-202275%65.1%65%55%47.6%45%35%25%15%5%41%41.1%35.5%34%24.3%202122.9%201919.9%202011.5%20222013201420152016201720185Description:Globalmusicstreamingrevenueincreasedby11.5percentworldwidein2022,andnowaccountsfor67percentoftotalglobalrecordedmusicrevenue.Whilststreamingisnowthemusicindustry'smainrevenuedriverworldwide,growthhassloweddowndramaticallysince2016whenstreamingrevenuegrowthsurpassed65percentyearonyear.ReadmoreNote(s):Worldwide;2013to2022Source(s):IFPINumberofmusicstreamingsubscribersworldwidefromthe1sthalfof2019to3rdquarter2023(inmillions)Streamingmusicsubscribersworldwide2019-2023800700713.4616.2600523.94875004003002001000400304.9H12019Q12020Q12021Q22021Q22022Q320236Description:Inthethirdquarterof2023,thenumberofmusicstreamingsubscribersworldwideamountedto713million,upfrom616millionattheendofthesecondquarterof2022.Paidmusicstreamingsubscriptionshavebecomethenormformanymusicfans,andthemarkethasseenconsistentlyimpressiveincreasesinsubscribernumbersoverthelastfewyears.Recentforecastsshowhoweverthatwhilstbothsubscribernumbersandrevenueareexpectedtocontinuetorise,growthwillslow[...]

ReadmoreNote(s):Worldwide;2019toQ32023Source(s):MIDiAResearch;MusicBusinessWorldwideStreamingmusicrevenueintheUnitedStatesfrom1sthalf2015to1sthalf2022,bysource(inmillionU.S.dollars)StreamingmusicrevenueintheU.S.bysource2015-2022PaidsubscriptionAd-supportedon-demandDigitalandcustomizedradio3,7925,0004,5004,0003,5003,0002,5002,0001,5001,0005004,5074,1203,3222,5501,7121,0678717485855665274744934684213874073694104332731991570H12015H12016H12017H12018H12019H12020H12021H120227Description:StreamingmusicrevenueintheUnitedStateshasbeenincreasingdramaticallyonanannualbasisforseveralyearsnow,andinthefirsthalfof2022amountedtoaround6.5billionU.S.dollars.Accordingtothesource,paidsubscriptionrevenuesweretheindustry'smainrevenuesource,accountingfor4.5billiondollarsofthetotal.ReadmoreNote(s):UnitedStates;H12015toH12022Source(s):RIAACHAPTER

02FinancialsSpotify'srevenueworldwidefrom2013to2023(inmillioneuros)Spotifyrevenue2013-202314,00013,24711,72712,00010,0008,0006,0004,0002,00009,6687,8806,7645,25920184,09020172,95220161,94020151,08520147462013201920202021202220239Description:In2023,ꢀmusicstreamingserviceSpotifygeneratedarevenueofover13.2billioneuros,upfrom11billioninthepreviousyear.ThemajorityofSpotify'srevenuescamefromitspremiumsubscribersratherthanadplacements.FoundedinStockholmin2005,theformerstart-upisnowamarketleaderinthedigitalmusicstreamingsector,competingalongsideestablishedcompaniessuchasAppleandtheirstreamingserviceAppleMusic.

ReadmoreNote(s):2013to2023Source(s):SpotifySpotify'srevenuesfrom2012to2023,bysegment(inmillioneuros)Spotify'ssegmentrevenue2012-2023PremiumAd-Supported14,00012,00010,0008,0006,0004,0002,000020122013201420152016201720182019202020212022202310Description:Inthemostrecentreportedfiscalyear,Spotifygeneratedabout11.5billioneurosinpremiumrevenueand1681millioninad-supportedrevenue.Bothfigureswerethehighestreportedtodate,withpremiumrevenuehavinggrownbymorethantwobillioneurossince2017.ContributingtoSpotify’ssuccesswasitsstrongglobalsubscriberbase–asofthefirstquarterof2020,themusicstreamingplatformhad100millionsubscribersworldwide.Spotifyhasprovedpopularinmultiplemarkets[...]

ReadmoreNote(s):Worldwide;2009to2023Source(s):SpotifyOperatingincomeofSpotifyworldwidefrom2013to2023(inmillioneuros)Spotify'soperatingincome2013-2023200100094-43-100-73-98-200-300-400-500-600-700-191-235-293-349-378-446-6592022201320142015201620172018201920202021202311Description:In2023,globalmusicstreamingserviceSpotifyreportedanoperatinglossof446millioneuros,asignificantnumbercomparedtothe660millioneuroslossinthepreviousyear.Spotifyalsonotedinitsreportthatitexpectsitscoststoincreaseinfutureperiodsandassuchanticipatesanegativeeffectonitsprofitability.Somecostsincludecontentcreation,salesandmarketing,generaladministration,andsecuringpublishingrightsforaudioandvideocontent.ReadmoreNote(s):Worldwide;2013to2023Source(s):SpotifyGrossprofitofSpotifyworldwidefrom2015to2023,bysegment(inmillioneuros)Spotify'sgrossprofit2015-2023,bysegmentPremiumAd-Supported4,0003,5003,0002,5002,0001,5003,3352,8962,4742,0091,6211,2561,0008064365000257971011174330626-312015-352016-500201720182019202020212022202312/statistics/813824/spotify-gross-profit-segmentSpotify'sgrossprofitworldwideamountedto3.33billioneurosin2023,ofwhichthevastmajoritywasgeneratedbyitspremiumsegment.Thead-supportedsegmentgenerated62millioneuros,showingasignificantrisecomparedtothepreviousyear.ReadmoreNote(s):Worldwide;2015to2023Source(s):SpotifyResearchanddevelopmentcostsofSpotifyworldwidefrom2013to2023(inmillioneuros)Spotify'sR&Dcosts2013-20232,0001,8001,6001,4001,2001,0008001,7251,3879128376156004933964002071362000114732013201420152016201720182019202020212022202313Description:In2023,globalmusicstreamingserviceSpotifyhadresearchanddevelopmentcostsof1.73billioneuros,upfrom1.39millioninthepreviousyear.Costshavebeenrisingforyears,andthe2023figurewasmorethan22timeshigherthanthe73millionrecordedin2013.ReadmoreNote(s):Worldwide;2013to2023Source(s):SpotifySpotify'scostofgoodssoldfrom2012to2023(inmillioneuros)Spotify:costofrevenue2012-202312,00010,0008,0009,8508,8017,0775,8656,0004,0002,00005,0423,90620183,24120172,55120161,7142015911618386.52012201320142019202020212022202314Description:DataonSpotify'scostofgoodssoldfrom2012to2023,whichismostlycomprisedoftheꢀmusicstreamingcompany'slicensingexpenses,revealedthatthecompany'scostofsalesamountedto9.8billionU.S.dollarsin2023,morethansixbilliongreaterthanthefigurerecordedfiveyearsearlier.ReadmoreNote(s):Worldwide;2012to2023Source(s):SpotifyShareofSpotify'scostofrevenuefrom2011to2023Spotify:costofrevenueshare2011-2023120%97.7%100%80%60%40%20%0%89.82%88.35%86.41%83.96%82.84%79.24%75.05%74.27%74.54%74.43%74.35%73.2%201120122013201420152016201720182019202020212022202315Description:In2023,74percentofSpotify'srevenueswentmainlytowardsroyaltypaymentstowardsmusicrightsholdersandotherfees.ReadmoreNote(s):Worldwide;2011to2023Source(s):Spotify;RevenueofSpotifyworldwidefrom1stquarter2016to4thquarter2023,bysegment(inmillioneuros)Spotify'squarterlyrevenue2016-2023,bysegmentPremiumAd-Supported4,0003,5003,0002,5002,000447,91329,71385,65282,37323,17216,93185,79148,701701,500126,38142123,151,000500010992374,567453566,2182867316Description:Spotify'sglobalrevenueinthefourthquarterof2023wasmostlyderivedfromthepremiumbusiness,whichamountedto3.17billioneurosinthatperiod.Thedropinad-supportedrevenueatthestartof2020wasattributedbythecompanytothenegativeimpactoftheCOVID-19pandemic.However,ad-supportedrevenuestartedtoincreaseagaininQ42020,andreached501millioneurosinthefourthquarterof2023.

ReadmoreNote(s):Worldwide;Q12016toQ42023Source(s):SpotifyNumberofSpotifyemployeesworldwidefrom2018to2023,byregionSpotify'semployees2018-2023,byregion2018201920202021202220235,0004,5004,0003,5003,0002,5002,0001,5001,0005004,5744,3323,4352,7462,1211,845

1,8531,7081,6881,7061,4371,2801,0488815764633532730UnitedStatesSwedenUnitedKingdom17Description:Spotifyemploysthousandsofpeoplearoundtheworld,withthemajoritybasedintheUnitedStates–4,574asof2023.SecondwasSwedenwith1,706employees,and1048peopleworkingforthecompanyatthattimewerebasedintheUnitedKingdom.ThecompanyislegallydomiciledinLuxembourgandhasitsadministrativeheadquartersinStockholmwherethestreamingplatformwasfoundedbackin2006.ReadmoreNote(s):Worldwide;2018to2023Source(s):SpotifyCHAPTER

03Benchmarks&competitorsLeadingmediacompaniesworldwidein2022,byrevenue(inbillioneuros)Largestmediacompaniesworldwide2022Revenuesinbillioneuros050100150200250300AlphabetInc.(MountainView/USA)ComcastCorporation(Philadelphia/USA)MetaPlatforms,Inc.(Facebook)(PaloAlto/USA)TheWaltDisneyCompany(Burbank/USA)TencentHoldingsLtd.(Shenzen/China)Bytedance(SantaMonica/USA)268.6115.32110.7479.5378.3575.9774.2AppleInc.(Cupertino/USA)A,Inc.(Seattle/USA)69.29CharterCommunicationsInc.(Stanford/USA)SonyCorporation(Tokyo/JP)51.34039.5432.1230MicrosoftCorporation(Redmond/USA)WarnerBros.Discovery(NewYork/USA)Netflix(LosGatos/USA)19Description:In2022,theleadingmediacompanyworldwidebasedonrevenuewasAlphabetInc.,withrevenueof268.6billioneuros.InsecondplacewasComcast,followedbyMetaPlatformsInc,WaltDisney,andTencent.

ReadmoreNote(s):Worldwide;2022Source(s):InstitutfürMedien-undKommunikationspolitikNumberofactivesubscribersofselectedonlinemusicservicesworldwidein3rdquarter2023(inmillions)NumberofactivesubscribersofonlinemusicservicesQ32023250226200150102.710050089.878.969.369.143.724.59.37.1SpotifyTencentAppleMusicAmazonOthersYouTubeNetEaseYandexDeezerPandora20Description:Asofthethirdquarter2023,AppleMusichad89.8activesubscriptionsworldwide,whereasTencenthad102.7millionsubscribersglobally.Spotifyrankedfirstbyahugemargin,with226millioncommerciallyactivesubscriptions.ReadmoreNote(s):Worldwide;Q32023;commerciallyactivesubscriptionsSource(s):MIDiAResearch;MusicIndustryBlogShareofmusicstreamingsubscribersworldwideinthe3rdquarterof2023,bycompanySubscribershareofmusicstreamingservicesworldwideQ32023Other9.6%Deezer1.3%Yandex3.4%NetEase6.7%Spotify31.0%YouTubeMusic9.6%Amazon11.0%TencentMusic14.3%AppleMusic12.5%21Description:Inthethirdquarterof2023,31.7percentofmusicstreamingsubscribersworldwidehadasubscriptionwithSpotify,morethandoublethesharewhoweresubscribedtothesecond-rankedTencentMusic.OtherservicesinthelistincludedAppleMusic,Amazon,andYouTube.ReadmoreNote(s):Worldwide;Q32023Source(s):MIDiAResearch;MusicIndustryBlogShareofWarnerMusicGroup'stotalrevenuerepresentedbyAppleandSpotifyinfiscalyears2017to2023ShareofWMGrevenuegeneratedbyAppleandSpotify2017-2023AppleSpotify20%18%16%14%12%10%8%18%18%17%17%15%14%14%14%14%13%13%11%11%6%4%2%0%201720182019202020212022202322Description:In2023,WarnerMusicGroupreportedthat18percentofitstotalrevenueswereattributedtoitslicensingagreementswithSpotify,anincreasefromthepreviousyear.Also,WarnerMusic'sshareofrevenuerepresentedbyAppleremainedconstantinthesameperiod,amountingto11percent.ReadmoreNote(s):Worldwide;September2017toSeptember2023;fiscalyearsendon30SeptemberofeachyearSource(s):WarnerMusicGroupAnnualrevenueofTencentMusicEntertainmentGroupfrom2016to2023(inbillionyuan)TencentMusic'sannualrevenue2016-20233530252031.2429.1528.3427.7525.4318.991510.98104.36502016201720182019202020212022202323Description:TencentMusicEntertainmentsawthefirstdeclineinannualrevenuein2023.ThemusicdivisionoftheChinesetechgiantTencentearnedabout28billionyuanwithayear-over-yearlossrateat2.1percent.ReadmoreNote(s):China;2016to2023Source(s):TencentMusicEntertainmentPandora'srevenuefrom2019to2023(inmillionU.S.dollars)Pandora'sannualrevenue2019-20232,5002,1132,0982,0722,0001,5001,0005001,6981,6070201920202021Fiscalyear2022202324Description:Pandora'srevenuereached2.113billionU.S.dollarsin2023,upfrom2.098billioninthepreviousyear.Accordingtoannualreports,PandorahasseenitsrevenuesteadilyincreaseeachyearsinceitsacquisitionbySiriusXMinFebruary2019.

ReadmoreNote(s):Worldwide;2019to2023Source(s):SiriusXMRadioCHAPTER

04UsersNumberofSpotifymonthlyactiveusers(MAUs)worldwidefrom1stquarter2015to4thquarter2023(inmillions)Spotify'smonthlyactiveusers2015-202370060050040030055145640635629924820720015713811391100

68026Description:Inthefourthquarterof2023,themusicstreamingserviceSpotifyreachedanall-timehighwith602millionactiveusersworldwide.Thismarkedanincreaseofover110millionusersinjustoneyear.

ReadmoreNote(s):Worldwide;Q12015toQ42023Source(s):SpotifyNumberofSpotifypremiumsubscribersworldwidefrom1stquarter2015to4thquarterof2023(inmillions)Spotify'spremiumsubscribers2015-202325020015022019518015813811396100500755940281827Description:Asofthefourthquarterof2023,Spotifyhad236millionpremiumsubscribersworldwide,upfrom205millioninthecorrespondingquarterof2022.Spotify’ssubscriberbasehasincreaseddramaticallyinthelastfewyearsandhasmorethandoubledsinceearly2019.ReadmoreNote(s):Worldwide;Q12015toQ42023Source(s):SpotifySpotify’spremiumaveragerevenueperuser(ARPU)worldwidefrom2015to2023(ineuros)Spotify'spremiumARPU2015-202386.84765432106.25.324.814.724.524.394.314.2920152016201720182019202020212022202328/statistics/813789/spotify-premium-arpuSpotify'spremiumaveragerevenueperuser(ARPU)amountedto4.39eurosin2023,onceagainmarkingadecreasefromthepreviousyear.PremiumARPUhasbeenfallingsince2017,withthemostsignificantdropoccurringbetween2016and2017.ReadmoreNote(s):Worldwide;2015to2023Source(s):SpotifyShareofSpotify’spremiumsubscribersworldwidein4thquarter2023,byregionSpotify'sglobalshareofpremiumsubscribersQ42023,byregionRestofWorld13%Europe38%LatinAmerica22%NorthAmerica27%29Description:Withacombinedtotalof65percent,EuropeandNorthAmericaaccountedformorepayingSpotifysubscribersthananyotherregionintheworldinthelastquarterof2023.Specifically,Europeaccountedfor38percentofthetotalpremiumsubscribercount,makingthisregiontheSwedishcompany'sstrongestmarket.Overall,therewereover236millionpayingSpotifyusersthatquarter.ReadmoreNote(s):Worldwide;Q42023Source(s):SpotifyNumberofSpotifyad-supportedmonthlyactiveusers(MAUs)worldwidefrom1stquarter2015to4thquarter2023(inmillions)Spotify'sad-supportedmonthlyactiveusers2015-2023400350300343273236250208200170141150100501169982756451030/statistics/813787/spotify-ad-supported-monthly-active-usersSpotify'snumberofad-supportedmonthlyactiveusersworldwidehit379millioninthefourthquarterof2023,upfrom361millionaquarterearlier.Themusicstreamingservicehasbeenconstantlyincreasingitsad-supportedsubscriberbase.

ReadmoreNote(s):Worldwide;Q12015toQ42023Source(s):SpotifyCHAPTER

05ConsumptionhabitsShareofadultswhosaidtheystreamedmusicatleastonceinthepastmonthintheUnitedStatesin2022,bygenerationMusicstreamingpenetrationintheU.S.2022,bygenerationJune2022July2022August2022September2022October2022November2022December2022100%90%80%70%60%50%40%30%20%10%0%U.S.adultsBabyboomersGenXGenZMillennials32Description:AccordingtoastudyonmusicstreamingintheUnitedStatesin2022,thegroupwiththehighestpenetrationratewasGenZwith90percentofrespondentsstatingthattheylistenedtomusicwithinthelastmonthinOctober2022.Anotherpopularconsumermarketwasthegroupofmillennials,whilebabyboomerswerelesslikelytohaveconsumedmusicwithinthelastmonths.ReadmoreNote(s):UnitedStates;JunetoDecember2022;2200respondents;18yearsandolderSource(s):MorningConsultShareofconsumerswhoenjoymusicorpodcaststreamingcontentintheUnitedStatesin2023,byageConsumersenjoyingmusicorpodcaststreamingintheU.S.2023,byage60%52%50%47%40%40%30%20%10%0%34%31%18-24years25-34years35-44years45-54years55+years33Description:Accordingtoa2023survey,52percentof18to24year-oldsand40percentof25to34year-oldsintheUnitedStatessaidtheyenjoyedstreamingmusicandpodcastcontent.Theagegroupwhichenjoyedtheaudiocontenttheleastwas55yearsandolder,with31percentofU.S.respondentssayingtheyenjoyedlisteningtoonlinemusicorpodcasts.ReadmoreNote(s):UnitedStates;2023;1,028respondents;18yearsandolderSource(s):InMobiTimespentweeklywithaudiostreamingappsinthebackgroundamong16to25year-oldsintheUnitedStatesin2023,bygender(inhours)TimespentwithaudiostreamingappsinthebackgroundintheU.S.2023,bygenderMaleFemale302520151052727262517161615141412111170AmazonMusicSpotifyMusiApplePodcastsYouTubeMusicSoundCloudAppleMusic34/statistics/1379966/time-spent-with-audio-apps-backgroundAccordingtoastudyonaudiostreamingamongthegroupof16to25year-oldsintheUnitedStatesin2023,maleaudiostreamersspent25hoursweeklywithSpotifyrunninginthebackground,comparedto27hoursfromtheirfemalecounterpart.

ReadmoreNote(s):UnitedStates;January2023;5,000respondents;16to25yearsSource(s):MeasureProtocolShareofpeoplewholistenedtopodcastsworldwidein2020and2022,byethnicityPodcastlisteningworldwide2020-2022,byethnicity2020202250%45%43%40%34%34%35%30%25%20%15%10%5%25%0%BlackHispanic35Description:Accordingtoastudyfrom2022,theshareofBlackandHispanicpodcastlistenershasincreasedbetween2020and2022.TheshareofBlackconsumersincreasedfrom34percentin2020byawhooping26percentto43percentin2022.ThesamedevelopmentcanbeobservedwithHispanicpodcastlisteners.ReadmoreNote(s):Worldwide;2020and2022Source(s):EdisonResearch;iHeartMedia;PodnewsNumberofmonthlypodcastlistenersonSpotifyandApplePodcastsintheUnitedStatesin2022(inmillions)NumberofpodcastlistenersonSpotify&ApplePodcastsU.S.20223532.53025201510528.50SpotifyApplePodcasts36Description:Accordingtoaforecastonthehabitsofpodcastlistenersin2022,SpotifyhasovertakenApplePodcastsintermsofmonthlypodcastlistenersintheUnitedStates.Spotifyisestimatedtoreach32.5millionpodcastlistenerspermonthwhileApplePodcastispredictedtoonlyhave28.5millionmonthlylisteners.However,bothnumberspresentanincreaseinlistenernumbercomparedtothepreviousyear.

ReadmoreNote(s):UnitedStates;February2022;forecastSource(s):eMarketerShareofad-supportedaudiotimeworldwidein2022,byformatAd-supportedaudiotimeworldwide2022,byformat70%60%50%40%30%60%20%14%12%10%0%6%6%4%AM/FMradioPodcastsAd-supportedPandoraAd-supportedSpotifyAd-supportedSiriusXM

Over-the-airAM/FMradio37Description:Accordingtoastudyfromthesecondquarterof2022,peoplespentthemajorityoftheiraudiolisteningtimewithAMandFMradio,namely60percent.Otherformatsofad-supported,meaningspokenwordcontent,waslesspopular.Nonetheless,podcastsarebecomingincreasinglypopular,with14percentoftheaudiotimespent.ReadmoreNote(s):Worldwide;Q22022;18yearsandolderSource(s):EdisonResearch;WestwoodOneCHAPTER

06ContentMoststreamedalbumsonSpotifyasof2023,bynumberofstreams(inbillions)Spotify'smoststreamedalbums2023Numberofstreamsinbillions1.5

2.0

2.50.00.51.03.03.54.04.55.04.864.825.5MidnightsbyTaylorSwiftUnVeranoSinTibyBadBunnySOSbySZA4.76StarboybyTheWeeknd4.353.73.63.53.323.25MañanaSeráBonitobyKarolGLoverbyTaylorSwiftOneThingataTimebyMorganWallenHeroes&VillainsbyMetroBoominGénesisbyPesoPluma2.87Harry’sHousebyHarryStyles39Description:In2023,TaylorSwiftwasthemoststreamedartistonSpotify.Hernewestalbum"Midnights"wasstreamed4.86billiontimesin2023.BadBunny'salbum"UnVeranoSinTi"wasstreamed4.82billiontimes.ReadmoreNote(s):Worldwide;2023Source(s):ChartMasters;SpotifyMoststreamedartistsonSpotifyasof2023,bynumberofstreams(inbillions)Spotify'smoststreamedartistsasof20233529.130252015