直播和短视频正在改变音乐产业（中国在线音乐产业）-瑞银

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE48.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch29July2019ChinaOnlineMusicIndustryLivestreamingandshortvideoarechangingthemusicindustrySignificantgrowthopportunities—butnewdisruptorsareemergingWebelieveonlinemediaconsumersinChina—liketheircounterpartsindevelopedmarkets—areincreasinglywillingtopay(report).However,therearetwokeydifferencesinChinasmusicindustry.First,livestreaming(includingonlinekaraoke)willremainakeygrowthdriverinChina.In2018,live-streamingrevenue