HSBC：2025年中国在线音乐：深挖新动力、利润率和竞争报告（英文版）

As growth in China’s online music sector slows and a strong new player (Soda Music) enters the market, we take a fresh look at the sector and all the various new initiatives to attract and keep listeners. In particular, we assess how far gross profit margins (GPM) can rise and present a blue-sky scenario for the industry’s new initiatives.