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jenniferlee
2021-08-06
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Will NetEase Cloud Music stop being "depressed" after overcoming the copyright hurdle?
jenniferlee
2021-07-20
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13:04","market":"hk","language":"zh","title":"Will NetEase Cloud Music stop being \"depressed\" after overcoming the copyright hurdle?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194508517","media":"亿欧网","summary":"“音乐社区”的生意似乎挣不了多少钱。\n\n网易云音乐赴港上市进程又加快一步。\n8月1日晚间，港交所官网显示，网易云音乐已通过上市聆讯并上载聆讯后资料集，上市联席保荐人为美林、中金和瑞信。\n而就在此前一周","content":"<p>The \"music community\" business doesn't seem to make much money. NetEase Cloud Music's Hong Kong IPO process has accelerated another step.</p><p>On the evening of August 1, the Hong Kong Stock Exchange website showed that NetEase Cloud Music had passed the listing hearing and uploaded the post-hearing documents. The joint sponsors for the listing are Merrill Lynch, CICC and Credit Suisse.</p><p>Just a week earlier, on July 24, the State Administration for Market Regulation announced an administrative penalty decision against Tencent, ordering Tencent and its affiliated companies (mainly referring to Tencent Music, which includes Kugou Music, QQ Music and Kuwo Music) to terminate exclusive music copyrights, stop paying high prepayments and other copyright fees within 30 days, and impose a fine of 500,000 yuan.</p><p>This signifies the end of the era of exclusive copyright for online music. The fact that NetEase Cloud Music is taking advantage of this crucial juncture in its IPO has raised market expectations for its development prospects.</p><p>However, even after overcoming the copyright hurdle, NetEase Cloud Music still faces many challenges. According to the prospectus, NetEase Cloud Music, which has been established for many years, is still operating at a loss. Meanwhile, in the past two years, short video platforms such as Douyin and Kuai have also begun to compete for the online music market.</p><p><b>Whether capital will buy into the story of becoming the \"world's first music community stock\" depends on NetEase Cloud Music's monetization ability.</b></p><p><b>A \"music community\" that doesn't make much money</b></p><p>NetEase Cloud Music, which embodies Ding Lei's musical dream, was officially launched in 2013 and submitted its prospectus to the Hong Kong Stock Exchange eight years later. If all goes smoothly, NetEase Cloud Music will become the \"first listed company in the global music community\" and the second listed company in China's online music industry after Tencent Music Entertainment Group (TME, hereinafter referred to as \"Tencent Music\").</p><p><b>Judging from the financial data, the \"music community\" business doesn't seem to be making much money.</b></p><p>According to the prospectus, NetEase Cloud Music's revenue was RMB 1.148 billion, RMB 2.318 billion and RMB 4.895 billion in 2018, 2018 and 2020, respectively, doubling its revenue for two consecutive years. Revenue in the first quarter of 2021 was RMB 1.491 billion, a year-on-year increase of 74.6%.</p><p>Despite the impressive revenue growth, the profitability situation is not optimistic. From 2018 to 2020, the company suffered continuous losses, with net losses of RMB 2.006 billion, RMB 2.016 billion and RMB 2.951 billion respectively, and adjusted net profits (unaudited) of RMB 1.81 billion, RMB 1.58 billion and RMB 1.57 billion respectively. In the first quarter of 2021, the adjusted net loss was 280 million yuan.</p><p>Although losses are narrowing year by year, the gap between them and their competitors is still significant. From 2018 to 2020, Tencent Music's net profit was RMB 1.833 billion, RMB 3.982 billion and RMB 4.155 billion, respectively; In the first quarter of 2021, the net profit was 926 million yuan.</p><p><img src=\"https://static.tigerbbs.com/ad55cc5d56adebc9db61f1c446f7b1ce\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>The prospectus explained that the losses were mainly due to business expansion, which led to increased marketing expenses and R&D expenses. The prospectus also acknowledged that the company's profitability remains uncertain, and due to the company's continued investment in content, R&D, and marketing activities, it is expected to continue to incur losses over the next three years.</p><p><b>Despite being operating at a loss, multiple operating figures demonstrate NetEase Cloud Music's strong growth potential.</b></p><p>According to the prospectus, based on revenue in 2020, Tencent Music and NetEase Cloud Music held 72.8% and 20.5% market shares in China's online music sector, respectively.</p><p>In terms of revenue scale, Tencent Music's total revenue reached 73.6 billion yuan from 2018 to 2020, while NetEase Cloud Music's total revenue over three years was approximately 8.4 billion yuan, a difference of nearly 10 times.</p><p>In terms of revenue growth, NetEase Cloud Music performed even better, with revenue growth exceeding 100% for two consecutive years in 2019 and 2020. Although the growth rate declined in the first quarter of 2021, it still reached 75%. Tencent Music, with its massive size, lags behind, with its revenue growth rate in 2020 being only 15%.</p><p><img src=\"https://static.tigerbbs.com/fb60e6167e60a9909f349e4613237b67\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that<b>In terms of data that have a key impact on the revenue and profit of online music service platforms, such as the number of monthly active users, the number of paying users, and the user payment rate, NetEase Cloud Music has an advantage over Tencent Music.</b></p><p><img src=\"https://static.tigerbbs.com/b44d8db2ef7f01b0b7d38f8f14c9bde3\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In terms of monthly paying users, although there is still a significant gap between NetEase Cloud Music and Tencent Music, their growth rates were 105% and 85% in 2019 and 2020, respectively. In the first quarter of 2021, the number of paying online music users increased from 12.68 million in the same period last year to 24.29 million, a year-on-year increase of 91.5%.</p><p>According to the prospectus, NetEase Cloud Music's online music service ranks first in the industry in terms of monthly active users (MAU) growth rate, paying user growth rate, and payment rate.<b>In the first quarter of 2021, NetEase Cloud Music's online music paid rate reached 13.3%, exceeding Tencent Music's 9.9%, and data since 2018 shows that the gap is gradually widening.</b></p><p><img src=\"https://static.tigerbbs.com/f21c24f015945d1196d77b23fabac5ee\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In summary,<b>In terms of revenue and paying users, Tencent Music far surpasses NetEase Cloud Music; In terms of user growth and paid subscription rates, NetEase Cloud Music outperforms Tencent Music.</b></p><p>Since its establishment in 2013, NetEase Cloud Music has focused on managing its community and cultivating a group of users with high stickiness and brand loyalty. Data shows that as of the end of 2020, each active user spent an average of 76 minutes on the platform per day. Thanks to this, NetEase Cloud Music still maintains its undeniable competitiveness despite continuous losses.</p><p>Now, exclusive copyrights are about to become a thing of the past. As the only remaining player in the online music field that can compete with Tencent Music, NetEase Cloud Music's development prospects present more possibilities.</p><p><b>Overcoming the copyright mountain</b></p><p>Compared to listed companies in multiple sectors that have recently been hit hard by policies, NetEase Cloud Music seems to have had a bit more luck.</p><p>On July 24, market regulators imposed anti-monopoly penalties on Tencent Group in the online music field, marking the end of the era of exclusive music copyrights. This also means that the copyright cost issue that has plagued platforms such as NetEase Cloud Music for many years will be significantly alleviated.</p><p>Over the past few years, the copyright battle in the online music market has been fierce. Tencent Music, with its copyright advantages gained through its substantial capital, has dragged down many competitors. While various companies are vying for exclusive music copyrights, they are also driving up copyright licensing fees, resulting in higher operating costs.</p><p>In 2017, the National Copyright Administration held talks with the heads of platforms such as Tencent Music, NetEase Cloud Music, and Alibaba Music, demanding that they prohibit price gouging, rigged bidding, and avoid purchasing exclusive copyrights.</p><p>Later, in February 2018, NetEase Cloud Music and Tencent Music reached an agreement to mutually license 99% of the music copyrights. Even so, the platform can still build its own competitive advantage with that 1% advantage.</p><p>According to relevant data, Tencent owned approximately 5 million exclusive music copyrights at that time. Based on 1%, it retained nearly 50,000 exclusive songs, most of which were popular and played, including Jay Chou, a pop musician with a huge fan base. Thanks to this portion of exclusive music, Tencent Music has been able to maintain a large proportion of its market share.</p><p>In this exclusive copyright competition,<b>High copyright fees have forced several online music platforms, including Xiami and Duomi, to cease operations. Although NetEase Cloud Music was not defeated, it has long been troubled by copyright costs.</b></p><p>NetEase CEO Ding Lei has publicly complained about this issue. On May 16, 2021, during NetEase's first-quarter earnings call, Ding Lei discussed the issue of music copyright costs, saying that some companies control the market, which drives up the annual copyright rental costs.</p><p>The prospectus also mentions that music copyright-related expenses account for the majority of NetEase Cloud Music's revenue costs. From 2018 to 2020, the company's content costs were RMB 1.97 billion, RMB 2.85 billion and RMB 4.79 billion, respectively, accounting for 171.7%, 123.1% and 97.8% of its revenue. This is also the main reason for NetEase Cloud Music's losses.</p><p><b>Even Tencent Music, which owns the vast majority of the exclusive copyrights, has paid a huge price in terms of copyright.</b>Tencent Music's Q1 2021 financial report shows that due to the increase in royalty-related content fees and revenue sharing fees, the cost of revenue in the first quarter was RMB 5.36 billion, an increase of 23.6% compared with the same period last year.</p><p>Therefore, this sanction against exclusive copyrights also means that the industry will be relieved of its heavy copyright burden. As the announcement states, this sanction will help shift the focus of industry competition from leveraging capital advantages to seize copyright resources to a rational track of innovating service levels and improving user experience.</p><p><b>Stories of the Music Community</b></p><p>Faced with strong competitors, NetEase Cloud Music has always chosen to adhere to its positioning as a \"music community\". Since its establishment, it has launched highly interactive features such as Cloud Village and \"Mlog\", which mainly features UGC content. According to the prospectus, the company's future strategy includes strengthening the construction of music communities and enhancing support for original music.</p><p><b>However, facing competition from companies like Tencent Music, Kuaishou, and Douyin, NetEase Cloud Music needs to not only maintain its revenue growth, but also genuinely increase its profits.</b></p><p>Currently, NetEase Cloud Music's revenue mainly comes from two business segments: one is...<b>Online music service,</b>Including membership subscriptions, advertising services and others; The other piece is<b>Social entertainment services and others</b>This includes online karaoke, audio live streaming, etc.</p><p>Online music services contributed the main source of revenue, but their revenue share has been declining year by year. From Q1 2018 to 2021, the online music service segment accounted for 89.4%, 76.6%, 53.6% and 50.9% of revenue, respectively.</p><p>Conversely, another business segment, social entertainment services, is showing strong growth momentum. The revenue share in Q1 2018-2021 was 10.6%, 23.4%, 46.4% and 49.1% respectively, showing a strong trend of surpassing the former.</p><p>In the social entertainment services sector, the flagship product is the live streaming product \"LOOK Live\" launched in the second half of 2018, which uses live streaming functions to activate and monetize the traffic accumulated in the music community. Currently, this product contributes the vast majority of revenue to the social entertainment services sector.</p><p><b>The social entertainment services segment, represented by live streaming products, is very likely to develop into the company's largest source of revenue in the near future.</b></p><p><img src=\"https://static.tigerbbs.com/be2ab671b0c988d8380342ccf975e160\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>However, the current profitability of this business is still unstable.</p><p>Although the monthly revenue per paying user for social entertainment services jumped to 477.6 yuan in 2019 after launching live streaming products, and further increased to 573.8 yuan in 2020, its monthly paying user scale cannot be compared with that of online music services.</p><p>Data shows that the number of monthly paying users of social entertainment services increased from 5,800 in 2018 to 91,700 in 2019, and further increased to 327,000 in 2020. In 2020, online music services had 15.962 million monthly paying users, nearly 50 times that of social entertainment services.</p><p><img src=\"https://static.tigerbbs.com/4e3864869aa8ada73d25a38304d54c7e\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>In addition, this business is currently facing considerable external competitive pressure.</p><p>On the one hand, its direct competitor, Tencent Music, has already established a strong business foundation. According to Tencent Music's financial report, its main business segments are online music services and social entertainment services. Among them, social entertainment services, which account for nearly 70% of revenue, have live streaming and karaoke as their main products, with Kugou Live and Quanmin Karaoke as their representative products.</p><p><b>On the other hand, short video platforms such as Kuaishou and Douyin are also entering the music market.</b></p><p>In early 2021, media reports indicated that ByteDance had established a music business unit and was testing a product called \"Feilo,\" which might be operated by Douyin. Meanwhile, the music distribution platform \"BeatDynamic\" is also undergoing testing.</p><p>On May 26, Kuaishou launched the music app \"Xiao Sen Chang\", which provides users with functions such as using AI to create exclusive original songs, karaoke songs, and short video KTV launches.</p><p>In addition, even if exclusive copyright is no longer available, copyright costs will still be a considerable expense. Moreover, without the constraint of exclusive copyright, more players will be able to return to the competition, and the intensity of market competition will increase rather than decrease, making it an unavoidable tough battle for NetEase Cloud Music.</p><p><b>Ending</b></p><p>\"A sense of belonging,\" \"spiritual home,\" and \"resonance\" are the main reasons why many loyal users of NetEase Cloud Music choose to stay with this App. Comment sections that consistently resonate with people, interface designs that surpass most platforms, and \"personalized recommendations\" that always tap into user preferences are also attractive features that users keep mentioning.</p><p>However, many users have also noticed that NetEase Cloud Music has undergone some changes in its pursuit of commercial interests.</p><p>\"NetEase Cloud Music's personalized recommendations aren't as good as before,\" \"It's become increasingly distorted after multiple redesigns,\" \"There are too many ads, and even with memberships, there are paid programs\"... Similar comments have become common on social media platforms regarding NetEase Cloud Music.</p><p>How to achieve business goals while maintaining its original aspirations and preserving the foundation of products that belong to this sentiment is a key factor in determining how far NetEase Cloud Music can go in the future.</p>","source":"yow","collect":0,"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>Will NetEase Cloud Music stop being \"depressed\" after overcoming the copyright hurdle?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWill NetEase Cloud Music stop being \"depressed\" after overcoming the copyright hurdle?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧网</strong><span class=\"h-time small\">2021-08-06 13:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The \"music community\" business doesn't seem to make much money. NetEase Cloud Music's Hong Kong IPO process has accelerated another step.</p><p>On the evening of August 1, the Hong Kong Stock Exchange website showed that NetEase Cloud Music had passed the listing hearing and uploaded the post-hearing documents. The joint sponsors for the listing are Merrill Lynch, CICC and Credit Suisse.</p><p>Just a week earlier, on July 24, the State Administration for Market Regulation announced an administrative penalty decision against Tencent, ordering Tencent and its affiliated companies (mainly referring to Tencent Music, which includes Kugou Music, QQ Music and Kuwo Music) to terminate exclusive music copyrights, stop paying high prepayments and other copyright fees within 30 days, and impose a fine of 500,000 yuan.</p><p>This signifies the end of the era of exclusive copyright for online music. The fact that NetEase Cloud Music is taking advantage of this crucial juncture in its IPO has raised market expectations for its development prospects.</p><p>However, even after overcoming the copyright hurdle, NetEase Cloud Music still faces many challenges. According to the prospectus, NetEase Cloud Music, which has been established for many years, is still operating at a loss. Meanwhile, in the past two years, short video platforms such as Douyin and Kuai have also begun to compete for the online music market.</p><p><b>Whether capital will buy into the story of becoming the \"world's first music community stock\" depends on NetEase Cloud Music's monetization ability.</b></p><p><b>A \"music community\" that doesn't make much money</b></p><p>NetEase Cloud Music, which embodies Ding Lei's musical dream, was officially launched in 2013 and submitted its prospectus to the Hong Kong Stock Exchange eight years later. If all goes smoothly, NetEase Cloud Music will become the \"first listed company in the global music community\" and the second listed company in China's online music industry after Tencent Music Entertainment Group (TME, hereinafter referred to as \"Tencent Music\").</p><p><b>Judging from the financial data, the \"music community\" business doesn't seem to be making much money.</b></p><p>According to the prospectus, NetEase Cloud Music's revenue was RMB 1.148 billion, RMB 2.318 billion and RMB 4.895 billion in 2018, 2018 and 2020, respectively, doubling its revenue for two consecutive years. Revenue in the first quarter of 2021 was RMB 1.491 billion, a year-on-year increase of 74.6%.</p><p>Despite the impressive revenue growth, the profitability situation is not optimistic. From 2018 to 2020, the company suffered continuous losses, with net losses of RMB 2.006 billion, RMB 2.016 billion and RMB 2.951 billion respectively, and adjusted net profits (unaudited) of RMB 1.81 billion, RMB 1.58 billion and RMB 1.57 billion respectively. In the first quarter of 2021, the adjusted net loss was 280 million yuan.</p><p>Although losses are narrowing year by year, the gap between them and their competitors is still significant. From 2018 to 2020, Tencent Music's net profit was RMB 1.833 billion, RMB 3.982 billion and RMB 4.155 billion, respectively; In the first quarter of 2021, the net profit was 926 million yuan.</p><p><img src=\"https://static.tigerbbs.com/ad55cc5d56adebc9db61f1c446f7b1ce\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>The prospectus explained that the losses were mainly due to business expansion, which led to increased marketing expenses and R&D expenses. The prospectus also acknowledged that the company's profitability remains uncertain, and due to the company's continued investment in content, R&D, and marketing activities, it is expected to continue to incur losses over the next three years.</p><p><b>Despite being operating at a loss, multiple operating figures demonstrate NetEase Cloud Music's strong growth potential.</b></p><p>According to the prospectus, based on revenue in 2020, Tencent Music and NetEase Cloud Music held 72.8% and 20.5% market shares in China's online music sector, respectively.</p><p>In terms of revenue scale, Tencent Music's total revenue reached 73.6 billion yuan from 2018 to 2020, while NetEase Cloud Music's total revenue over three years was approximately 8.4 billion yuan, a difference of nearly 10 times.</p><p>In terms of revenue growth, NetEase Cloud Music performed even better, with revenue growth exceeding 100% for two consecutive years in 2019 and 2020. Although the growth rate declined in the first quarter of 2021, it still reached 75%. Tencent Music, with its massive size, lags behind, with its revenue growth rate in 2020 being only 15%.</p><p><img src=\"https://static.tigerbbs.com/fb60e6167e60a9909f349e4613237b67\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that<b>In terms of data that have a key impact on the revenue and profit of online music service platforms, such as the number of monthly active users, the number of paying users, and the user payment rate, NetEase Cloud Music has an advantage over Tencent Music.</b></p><p><img src=\"https://static.tigerbbs.com/b44d8db2ef7f01b0b7d38f8f14c9bde3\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In terms of monthly paying users, although there is still a significant gap between NetEase Cloud Music and Tencent Music, their growth rates were 105% and 85% in 2019 and 2020, respectively. In the first quarter of 2021, the number of paying online music users increased from 12.68 million in the same period last year to 24.29 million, a year-on-year increase of 91.5%.</p><p>According to the prospectus, NetEase Cloud Music's online music service ranks first in the industry in terms of monthly active users (MAU) growth rate, paying user growth rate, and payment rate.<b>In the first quarter of 2021, NetEase Cloud Music's online music paid rate reached 13.3%, exceeding Tencent Music's 9.9%, and data since 2018 shows that the gap is gradually widening.</b></p><p><img src=\"https://static.tigerbbs.com/f21c24f015945d1196d77b23fabac5ee\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In summary,<b>In terms of revenue and paying users, Tencent Music far surpasses NetEase Cloud Music; In terms of user growth and paid subscription rates, NetEase Cloud Music outperforms Tencent Music.</b></p><p>Since its establishment in 2013, NetEase Cloud Music has focused on managing its community and cultivating a group of users with high stickiness and brand loyalty. Data shows that as of the end of 2020, each active user spent an average of 76 minutes on the platform per day. Thanks to this, NetEase Cloud Music still maintains its undeniable competitiveness despite continuous losses.</p><p>Now, exclusive copyrights are about to become a thing of the past. As the only remaining player in the online music field that can compete with Tencent Music, NetEase Cloud Music's development prospects present more possibilities.</p><p><b>Overcoming the copyright mountain</b></p><p>Compared to listed companies in multiple sectors that have recently been hit hard by policies, NetEase Cloud Music seems to have had a bit more luck.</p><p>On July 24, market regulators imposed anti-monopoly penalties on Tencent Group in the online music field, marking the end of the era of exclusive music copyrights. This also means that the copyright cost issue that has plagued platforms such as NetEase Cloud Music for many years will be significantly alleviated.</p><p>Over the past few years, the copyright battle in the online music market has been fierce. Tencent Music, with its copyright advantages gained through its substantial capital, has dragged down many competitors. While various companies are vying for exclusive music copyrights, they are also driving up copyright licensing fees, resulting in higher operating costs.</p><p>In 2017, the National Copyright Administration held talks with the heads of platforms such as Tencent Music, NetEase Cloud Music, and Alibaba Music, demanding that they prohibit price gouging, rigged bidding, and avoid purchasing exclusive copyrights.</p><p>Later, in February 2018, NetEase Cloud Music and Tencent Music reached an agreement to mutually license 99% of the music copyrights. Even so, the platform can still build its own competitive advantage with that 1% advantage.</p><p>According to relevant data, Tencent owned approximately 5 million exclusive music copyrights at that time. Based on 1%, it retained nearly 50,000 exclusive songs, most of which were popular and played, including Jay Chou, a pop musician with a huge fan base. Thanks to this portion of exclusive music, Tencent Music has been able to maintain a large proportion of its market share.</p><p>In this exclusive copyright competition,<b>High copyright fees have forced several online music platforms, including Xiami and Duomi, to cease operations. Although NetEase Cloud Music was not defeated, it has long been troubled by copyright costs.</b></p><p>NetEase CEO Ding Lei has publicly complained about this issue. On May 16, 2021, during NetEase's first-quarter earnings call, Ding Lei discussed the issue of music copyright costs, saying that some companies control the market, which drives up the annual copyright rental costs.</p><p>The prospectus also mentions that music copyright-related expenses account for the majority of NetEase Cloud Music's revenue costs. From 2018 to 2020, the company's content costs were RMB 1.97 billion, RMB 2.85 billion and RMB 4.79 billion, respectively, accounting for 171.7%, 123.1% and 97.8% of its revenue. This is also the main reason for NetEase Cloud Music's losses.</p><p><b>Even Tencent Music, which owns the vast majority of the exclusive copyrights, has paid a huge price in terms of copyright.</b>Tencent Music's Q1 2021 financial report shows that due to the increase in royalty-related content fees and revenue sharing fees, the cost of revenue in the first quarter was RMB 5.36 billion, an increase of 23.6% compared with the same period last year.</p><p>Therefore, this sanction against exclusive copyrights also means that the industry will be relieved of its heavy copyright burden. As the announcement states, this sanction will help shift the focus of industry competition from leveraging capital advantages to seize copyright resources to a rational track of innovating service levels and improving user experience.</p><p><b>Stories of the Music Community</b></p><p>Faced with strong competitors, NetEase Cloud Music has always chosen to adhere to its positioning as a \"music community\". Since its establishment, it has launched highly interactive features such as Cloud Village and \"Mlog\", which mainly features UGC content. According to the prospectus, the company's future strategy includes strengthening the construction of music communities and enhancing support for original music.</p><p><b>However, facing competition from companies like Tencent Music, Kuaishou, and Douyin, NetEase Cloud Music needs to not only maintain its revenue growth, but also genuinely increase its profits.</b></p><p>Currently, NetEase Cloud Music's revenue mainly comes from two business segments: one is...<b>Online music service,</b>Including membership subscriptions, advertising services and others; The other piece is<b>Social entertainment services and others</b>This includes online karaoke, audio live streaming, etc.</p><p>Online music services contributed the main source of revenue, but their revenue share has been declining year by year. From Q1 2018 to 2021, the online music service segment accounted for 89.4%, 76.6%, 53.6% and 50.9% of revenue, respectively.</p><p>Conversely, another business segment, social entertainment services, is showing strong growth momentum. The revenue share in Q1 2018-2021 was 10.6%, 23.4%, 46.4% and 49.1% respectively, showing a strong trend of surpassing the former.</p><p>In the social entertainment services sector, the flagship product is the live streaming product \"LOOK Live\" launched in the second half of 2018, which uses live streaming functions to activate and monetize the traffic accumulated in the music community. Currently, this product contributes the vast majority of revenue to the social entertainment services sector.</p><p><b>The social entertainment services segment, represented by live streaming products, is very likely to develop into the company's largest source of revenue in the near future.</b></p><p><img src=\"https://static.tigerbbs.com/be2ab671b0c988d8380342ccf975e160\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>However, the current profitability of this business is still unstable.</p><p>Although the monthly revenue per paying user for social entertainment services jumped to 477.6 yuan in 2019 after launching live streaming products, and further increased to 573.8 yuan in 2020, its monthly paying user scale cannot be compared with that of online music services.</p><p>Data shows that the number of monthly paying users of social entertainment services increased from 5,800 in 2018 to 91,700 in 2019, and further increased to 327,000 in 2020. In 2020, online music services had 15.962 million monthly paying users, nearly 50 times that of social entertainment services.</p><p><img src=\"https://static.tigerbbs.com/4e3864869aa8ada73d25a38304d54c7e\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>In addition, this business is currently facing considerable external competitive pressure.</p><p>On the one hand, its direct competitor, Tencent Music, has already established a strong business foundation. According to Tencent Music's financial report, its main business segments are online music services and social entertainment services. Among them, social entertainment services, which account for nearly 70% of revenue, have live streaming and karaoke as their main products, with Kugou Live and Quanmin Karaoke as their representative products.</p><p><b>On the other hand, short video platforms such as Kuaishou and Douyin are also entering the music market.</b></p><p>In early 2021, media reports indicated that ByteDance had established a music business unit and was testing a product called \"Feilo,\" which might be operated by Douyin. Meanwhile, the music distribution platform \"BeatDynamic\" is also undergoing testing.</p><p>On May 26, Kuaishou launched the music app \"Xiao Sen Chang\", which provides users with functions such as using AI to create exclusive original songs, karaoke songs, and short video KTV launches.</p><p>In addition, even if exclusive copyright is no longer available, copyright costs will still be a considerable expense. Moreover, without the constraint of exclusive copyright, more players will be able to return to the competition, and the intensity of market competition will increase rather than decrease, making it an unavoidable tough battle for NetEase Cloud Music.</p><p><b>Ending</b></p><p>\"A sense of belonging,\" \"spiritual home,\" and \"resonance\" are the main reasons why many loyal users of NetEase Cloud Music choose to stay with this App. Comment sections that consistently resonate with people, interface designs that surpass most platforms, and \"personalized recommendations\" that always tap into user preferences are also attractive features that users keep mentioning.</p><p>However, many users have also noticed that NetEase Cloud Music has undergone some changes in its pursuit of commercial interests.</p><p>\"NetEase Cloud Music's personalized recommendations aren't as good as before,\" \"It's become increasingly distorted after multiple redesigns,\" \"There are too many ads, and even with memberships, there are paid programs\"... Similar comments have become common on social media platforms regarding NetEase Cloud Music.</p><p>How to achieve business goals while maintaining its original aspirations and preserving the foundation of products that belong to this sentiment is a key factor in determining how far NetEase Cloud Music can go in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/Cpt9YgYZpnrRRx4bM7VgEw\">亿欧网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4d6504bb41454bce5335835ac4011ce6","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/Cpt9YgYZpnrRRx4bM7VgEw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194508517","content_text":"“音乐社区”的生意似乎挣不了多少钱。\n\n网易云音乐赴港上市进程又加快一步。\n8月1日晚间，港交所官网显示，网易云音乐已通过上市聆讯并上载聆讯后资料集，上市联席保荐人为美林、中金和瑞信。\n而就在此前一周的7月24日，市场监管总局通报了对腾讯的行政处罚决定，责令腾讯及其关联公司（主要指腾讯音乐，旗下包括酷狗音乐、QQ音乐以及酷我音乐）在30天内解除独家音乐版权、停止高额预付金等版权费用支付方式，并处以50万元罚款。\n这意味着网络音乐独家版权时代的终结。而网易云音乐在上市的关键节点逢此利好，也让市场对其发展前景有了更多的期待。\n不过，即使越过版权大山，网易云音乐面前依然有诸多挑战。从招股书数据来看，成立多年的网易云音乐至今仍处于亏损状态。同时，近两年抖快等短视频平台也开展了对线上音乐市场的争夺。\n资本是否会为“全球音乐社区第一股”的故事买单，关键还是要看网易云音乐的变现能力。\n不太挣钱的“音乐社区”\n承载着丁磊音乐梦的网易云音乐于2013年正式推出，在上线8年之后向港交所提交招股说明书。如果进程顺利，网易云音乐将成为“全球音乐社区第一股”，也是继腾讯音乐娱乐集团（TME，以下称“腾讯音乐”）之后，国内在线音乐领域的第二家上市企业。\n从财务数据来看，“音乐社区”的生意似乎挣不了多少钱。\n招股书数据显示，网易云音乐2018-2020年的营收分别为11.48亿元、23.18亿元和48.95亿元，连续两年营收翻倍；2021年一季度营收14.91亿元，同比增长74.6%。\n可观的营收增速背后，盈利的情况却并不乐观。2018-2020年，公司处于持续亏损状态，净亏损分别为20.06亿元、20.16亿元和29.51亿元，经调整后的净利润（未经审计）分别为18.1亿元、15.8亿元和15.7亿元；2021年一季度，调整后净亏损为2.8亿元。\n虽然亏损在逐年收窄，但与对手相比还是差距明显。2018-2020年，腾讯音乐净利润分别为18.33亿元、39.82亿元和41.55亿元；2021年一季度，净利润为9.26亿元。\n\n招股书解释称，亏损主要是由于业务扩张，导致市场费用及研发费用增加。同时招股书也坦承，公司的盈利能力尚存在不确定性，由于公司对内容、研发、营销活动等方面的持续投入，预计未来三年还将持续亏损。\n尽管处于亏损状态，但多项经营数据却显示出网易云音乐强大的增长潜力。\n招股书数据显示，按2020年的收入计，在中国在线音乐领域中腾讯音乐及网易云音乐的市场份额分别为72.8%及20.5%。\n在营收规模方面，2018-2020年腾讯音乐的营收总和高达736亿元，而网易云音乐三年收入总和约为84亿元，两者相差近10倍。\n在营收增速方面，网易云音乐表现更亮眼，在2019年、2020年连续两年营收增速超过100%，2021年一季度增速虽然有所下滑，但也高达75%。而体量庞大的腾讯音乐则相对逊色，其中2020年的营收增速仅为15%。\n\n值得关注的是，对在线音乐服务平台的营收和利润有着关键影响的数据上，如平台月活用户规模、付费用户规模以及用户付费率等，网易云音乐都较腾讯音乐更有优势。\n\n从月付费用户数来看，网易云音乐与腾讯音乐虽然尚有不小的差距，但在2019年、2020年增速分别为105%和85%。2021年第一季度，在线音乐付费用户数从去年同期的1268万增至2429万，同比增长91.5%。\n招股书显示，网易云音乐在线音乐服务月活（MAU）增速、在线音乐服务付费用户增速和付费率均为行业第一。2021年第一季度，网易云音乐在线音乐付费率已经达到13.3%，超过了腾讯音乐的9.9%，且从2018年以来的数据来看，差距正在逐步拉大。\n\n综合来看，在营收规模和付费用户规模上，腾讯音乐远超网易云音乐；而在用户规模增速和付费率方面，网易云音乐的表现则优于腾讯音乐。\n自2013年成立以来，网易云音乐就着力经营社区，培养了一批有着高度粘性和品牌忠诚度的用户。数据显示，截至2020年末，平均每名活跃用户每天花在平台上的时间高达76分钟。得益于此，网易云音乐在持续亏损状态下，仍然有不容忽视的竞争力。\n眼下，独家版权即将成为过去式，作为在线音乐领域仅存的能与腾讯音乐对垒的选手，网易云音乐的发展前景呈现出更多可能性。\n越过版权大山\n与近期多个领域上市公司受政策暴击相比，网易云音乐似乎多了一点好运气。\n7月24日，市场监管部门对腾讯集团在线上音乐领域的反垄断处罚，宣告着音乐独家版权时代的终结。这也意味着困扰网易云音乐等平台多年的版权成本问题，将得到大幅度的缓解。\n过去几年，在线音乐市场的版权之争始终很激烈，腾讯音乐凭借雄厚资本换来的版权优势，拖垮了多家对手。各家在争夺音乐独家版权的同时，也让版权授权费用水涨船高，带来了更高的运营成本。\n2017年，国家版权局就曾约谈腾讯音乐、网易云音乐和阿里音乐等平台负责人，提出不得哄抬价格、恶性竞价，避免采购独家版权等要求。\n之后在2018年2月，网易云音乐与腾讯音乐达成协议，互相授权99%的音乐版权。不过即便如此，平台依然能凭借那1%的优势，构筑起自己的护城河。\n相关数据显示，彼时腾讯拥有的独家音乐版权数量约500万首，按照1%计算，保留的独家音乐数量也有近5万首，且大部分为热度及播放量较高的流行音乐，其中就包括了粉丝数量庞大的流行音乐人周杰伦。靠着这一部分独家音乐，腾讯音乐得以守住很大比例的市场份额。\n在这一场独家版权竞争中，高企的版权费用先后逼停了虾米、多米等多家在线音乐平台。网易云音乐虽然没有被击垮，但也长期受到版权成本的困扰。\n网易CEO丁磊曾在公开场合对此问题提出过控诉。2021年5月16日，在网易第一季度财报电话会议上，丁磊就音乐版权成本问题谈道，一些公司控制市场，使得每年版权的租赁成本被抬得很高。\n招股书中也提到，音乐版权相关费用占据了网易云音乐营收成本的大部分。2018-2020年，公司内容成本分别为19.7亿元、28.5亿元和47.9亿元，占收入比例为171.7%、123.1%和97.8%。这也是导致网易云音乐亏损的主要原因。\n即使是拥有了绝大部分独家版权的腾讯音乐，也在版权方面付出了巨大代价。腾讯音乐2021年一季度财报显示，由于版税相关内容费用和收入分成费用增长，第一季度营收成本为53.6亿元，较上年同期增长23.6%。\n因此这次针对独家版权的制裁，也意味着行业将摆脱沉重的版权负担。正如公告所说，这一制裁将有利于将行业竞争的焦点，从利用资本优势抢夺版权资源，回归到创新服务水平、提高用户体验的理性轨道上来。\n音乐社区的故事\n面对强大的竞争对手，网易云音乐选择始终紧守“音乐社区”的定位。成立以来，先后上线包括云村、以UGC内容为主的“Mlog”等具有较强交互性的功能。从招股说明书来看，公司未来的战略包括了强化音乐社区建设、强化原创音乐的扶持。\n但面对腾讯音乐、快手、抖音们的围堵，网易云音乐要做的不仅是保持住营收速度，还要切切实实将利润提上来。\n目前，网易云音乐营收主要来自于两大板块业务，一块是在线音乐服务，包括会员订阅、广告服务及其他；另一块是社交娱乐服务及其他，包括线上K歌、音频直播等。\n其中，在线音乐服务贡献了主要的营收来源，不过其营收占比却在逐年下降。2018-2021年Q1，在线音乐服务板块营收占比分别为89.4%、76.6%、53.6%和50.9%。\n相反，另一业务板块社交娱乐服务却呈现强劲的增长势头。2018-2021年Q1营收占比分别为10.6%、23.4%、46.4%和49.1%，大有超越前者的态势。\n在社交娱乐服务板块，重拳产品是在2018年下半年推出的直播产品——“LOOK直播”，借助直播功能，将音乐社区积累的流量激活变现。目前，该产品贡献了社交娱乐服务板块绝大部分收入。\n以直播产品为代表的社交娱乐服务板块，极有可能在不久的将来发展成为公司的第一大收入来源。\n\n不过，这一业务目前的盈利效果尚不稳定。\n虽然推出直播产品后，社交娱乐服务每月每付费用户收入在2019年一跃达到477.6元，在2020年更是进一步提升至573.8元，但其月付费用户规模与在线音乐服务还不能相提并论。\n数据显示，社交娱乐服务月付费用户数由2018年的5800人增至2019年的9.17万人，在2020年进一步增长到32.7万人。而2020年在线音乐服务月付费用户已有1596.2万，是社交娱乐服务的将近50倍。\n\n此外，这一业务目前也面临不小的外部竞争压力。\n一方面，直接对手腾讯音乐早已布局，并且已经打下了较好的业务基础。根据腾讯音乐财报，其业务板块主要也是在线音乐服务和社交娱乐服务。其中，营收占比近7成的社交娱乐服务，主打产品正是直播和K歌，代表产品是酷狗直播和全民K歌。\n另一方面，快手、抖音等短视频平台也正在进军音乐市场。\n2021年初，有媒体报道字节跳动已成立了音乐事业部，正在测试一款名为“飞乐”的产品，或由抖音参与运营。同时，音乐发行平台“BeatDynamic”也正在测试中。\n5月26日，快手上线了音乐应用“小森唱”，为用户提供用AI打造专属原创歌曲、K歌、短视频KTV上线等功能。\n另外，即使独家版权不再，版权成本仍将是一笔不小的支出。而且没有了独家版权这一掣肘，更多的玩家将有可能重归赛场，市场的竞争激烈程度不降反升，对网易云音乐而言也是一场不能避免的硬仗。\n尾声\n“归属感”、“精神家园”、“共鸣”，是众多网易云音乐忠诚用户选择停留在这款App的主要原因。屡屡能击中人心的评论区留言，优于多数平台的界面设计，总能切中用户喜好的“个性推荐”等，也是用户们不断提及的吸引力。\n但许多用户也察觉到，在追逐商业利益的过程中，网易云音乐有了些许的变化。\n“网易云的个性推荐不如以前好了”、“改版多次后越来越变味了”、“广告多了，开了会员还有收费项目”……在社交平台关于网易云音乐的话题中，类似的言论变得常见。\n如何在实现商业目标的同时保持初心，守住属于这一情怀产品的基本盘，是决定网易云音乐未来能走多远的一大关键。","news_type":1,"symbols_score_info":{"90033":0.9}},"isVote":1,"tweetType":1,"viewCount":2847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171145588,"gmtCreate":1626729299844,"gmtModify":1703763973043,"author":{"id":"4089763888690560","authorId":"4089763888690560","name":"jenniferlee","avatar":"https://static.tigerbbs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21:14","market":"sh","language":"zh","title":"With the rapid development of intelligent connected vehicles, how can data security be ensured?","url":"https://stock-news.laohu8.com/highlight/detail?id=2152463252","media":"格隆汇","summary":"汽车智能网联的数据安全问题已经成了整个汽车产业过程中必须重视的问题，关乎到整个汽车工业全链路的信息安全保障体系。\n工信部新闻发言人赵志国7月16日表示，加快制定工业和信息化领域数据安全管理政策，更好地","content":"<p>automobile<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>NetUnion's data security has become a crucial issue in the entire automotive industry, affecting the entire information security system.</p><p>Zhao Zhiguo, spokesperson for the Ministry of Industry and Information Technology, said on July 16 that it is necessary to accelerate the formulation of data security management policies in the industrial and information technology sectors to better support the implementation of the Data Security Law in the industry. Organize and carry out related work such as industry data classification management and the formulation of important data catalogs, build a standard system in the field of industry data security, and research and formulate important standards for data security in fields such as vehicle networking and industrial internet.</p><p>Zhang Jianxin, Dean of the Industrial Internet Security Research Institute of 360 Group, pointed out at the \"Development and Safety of the Intelligent Connected Vehicle Industry\" themed forum of the 2021 China Automotive Forum that software programming, connected access, and digital applications have become the three main sources of safety risks for intelligent connected vehicles.</p><p><h3><b>Data security issues become prominent</b></h3>As an emerging technology spanning multiple industries including automobiles, transportation, information technology, communications, consumer electronics, industrial electronics, and media and entertainment, automotive intelligent networking has played a positive role in the intelligent development of automobiles. In recent years, with the rapid development of new technologies, businesses, and models such as 5G, big data, artificial intelligence, vehicle networking, industrial internet, and the Internet of Things, the intelligent connected vehicle industry has flourished.</p><p>According to the \"Research on Data Security of Intelligent Connected Vehicles\" recently released by the National Industrial Information Security Development Research Center, in 2020, sales of intelligent connected vehicles in my country reached 3.032 million units, a year-on-year increase of 107%, with a market penetration rate of approximately 15%. In the first quarter of 2021, the market penetration rate of Level 2 (semi-autonomous driving) intelligent connected vehicles reached 17.8%, and the market penetration rate of Level 2 intelligent connected vehicles among new energy vehicles reached 30.9%. It is projected that by 2025, Level 2 and Level 3 intelligent connected vehicles (which achieve partial autonomous driving operations in specific environments) will account for 50% of total vehicle sales in my country, while Level 4 (fully autonomous driving) intelligent connected vehicles will begin to enter the market, with an additional output value of 800 billion yuan.</p><p>With the rapid development of intelligent connected vehicles, data security has also become an unavoidable issue. The prerequisite for intelligent connected vehicles is that there must be a network inside the vehicle, which can be connected to other related devices or the Internet through various wireless methods. However, there are various dangerous possibilities in the Internet space, and these problems caused by data security can greatly affect the operation of the connected vehicle system.</p><p>\"The latest cars have at least 100 ECU (electronic control) units running 60 million lines of code.\"<a href=\"https://laohu8.com/S/300369\">NSFOCUS</a>Liu Jiaqi, product director of the group company, revealed that the code for autonomous vehicles will reach more than 100 million lines.</p><p>\"Any code written by a human will contain all sorts of errors and vulnerabilities,\" Zhang Jianxin pointed out. Although the transmission protocol has been designed with security in mind and encryption requirements have been taken into account, it still cannot avoid exploitable attack points.</p><p>In 2015, Fiat Chrysler recalled 1.4 million vehicles worldwide after a JEEP Cherokee was remotely hacked and manipulated by two security engineers. This year's<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Hackers took control of the vehicle's terminal system by remotely hacking the Model S. They could open the doors and drive the car away through vulnerabilities in the Model S. In addition, they could send commands to the Model S to suddenly shut down the system engine while the vehicle was running normally.</p><p>Currently, the primary security issue for intelligent connected vehicles is the leakage of personal information. The Internet of Vehicles (IoV) has organically combined users' online and offline lives. The relevant data covers not only data related to the safe operation of vehicles, but also data related to user data and IoV application services. When this data is combined, almost all key data related to personal life can be obtained. Secondly, there is illegal manipulation. If a vehicle or vehicle networking platform is illegally hacked by hackers, it may face the risk of the vehicle being remotely unlocked, doors opened, started, or even the steering system and power system being illegally controlled, resulting in vehicle theft or even vehicle driving safety accidents. And more importantly, it could threaten national security. To better realize the interaction between vehicles and roads and surrounding infrastructure, intelligent connected vehicles will collect data on surrounding scenes and important geographic information. \"If the accuracy reaches a certain level, it will affect or threaten national security.\" Huang Peng, deputy chief engineer and director of the Information Policy Institute of the National Industrial Information Security Development Research Center</p><p><h3><b>Supervision urgently needs to be</b></h3>Currently, while intelligent vehicles are developing, security remains the top priority, and the data security of intelligent vehicles is of paramount importance in the development of vehicle networking.</p><p>On July 12, the Ministry of Industry and Information Technology and two other departments issued the \"Regulations on the Management of Security Vulnerabilities in Network Products\". The regulations stipulate that network product providers should ensure that security vulnerabilities in their products are patched in a timely manner and reasonably released. The Ministry of Industry and Information Technology's Cybersecurity Threat and Vulnerability Information Sharing Platform simultaneously notifies the National Network and Information Security Information Notification Center and the National Computer Network Emergency Technology Handling Coordination Center of relevant vulnerability information. The regulations will come into effect on September 1.</p><p><a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>Analysts believe that the current policy level is paying unprecedented attention to cybersecurity, and data has become a core factor of production. Information security reviews and investments in various IT systems, including networks and data, are expected to achieve a qualitative improvement.</p><p>On April 7, the Ministry of Industry and Information Technology publicly solicited opinions on the \"Guidelines for Access Management of Intelligent Connected Vehicle Manufacturers and Products (Trial)\" (draft for comments). The draft requires that intelligent connected vehicle manufacturers should collect, use and protect personal information in accordance with the law, implement data classification and hierarchical management, formulate an important data catalog, and not disclose sensitive information involving national security. Personal information and important data collected and generated during operations within the territory of the People's Republic of China shall be stored within the territory in accordance with relevant regulations. If it is necessary to provide services overseas due to business needs, a report should be made to the relevant industry authorities.</p><p>Industry experts suggest that at the automaker level, automakers can refer to relevant domestic and international standards to form their own safety protection systems. First, we must improve the security and controllability of core infrastructure technologies, while also enhancing the comprehensive data security protection capabilities. We should utilize next-generation information technologies, including blockchain technology, traffic detection technology, and national cryptography technology, to enhance the comprehensive protection capabilities.</p><p>Huang Peng offered suggestions from the perspective of the future development of the industry: First, coordinate industrial innovation and development with ensuring data security. Second, data classification and grading guidelines and management rules should be introduced as soon as possible. The intelligent connected vehicle industry can learn from the corresponding classification and grading guidelines issued in the fields of finance, industrial internet and other fields. Third, establish a pre-event risk assessment and post-event emergency response mechanism. Fourth, we will focus on the issue of cross-border data flows, and hope to refine the corresponding data flow rules while drawing on globally accepted practices.</p><p>The \"Research on Data Security of Intelligent Connected Vehicles\" recommends that the government should actively coordinate the development of the intelligent connected vehicle industry with data security protection, determine different data management requirements according to application scenarios, accelerate the construction of industry data classification and hierarchy, promote mandatory cybersecurity testing of intelligent vehicles in a timely manner, improve the dedicated insurance system for intelligent connected vehicles and autonomous driving, focus on cross-border data flow issues, strengthen international exchanges, and actively participate in the formulation of international rules.</p>","source":"gelonghui_highlight","collect":0,"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>With the rapid development of intelligent connected vehicles, how can data security be ensured?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWith the rapid development of intelligent connected vehicles, how can data security be ensured?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-07-19 21:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>automobile<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>NetUnion's data security has become a crucial issue in the entire automotive industry, affecting the entire information security system.</p><p>Zhao Zhiguo, spokesperson for the Ministry of Industry and Information Technology, said on July 16 that it is necessary to accelerate the formulation of data security management policies in the industrial and information technology sectors to better support the implementation of the Data Security Law in the industry. Organize and carry out related work such as industry data classification management and the formulation of important data catalogs, build a standard system in the field of industry data security, and research and formulate important standards for data security in fields such as vehicle networking and industrial internet.</p><p>Zhang Jianxin, Dean of the Industrial Internet Security Research Institute of 360 Group, pointed out at the \"Development and Safety of the Intelligent Connected Vehicle Industry\" themed forum of the 2021 China Automotive Forum that software programming, connected access, and digital applications have become the three main sources of safety risks for intelligent connected vehicles.</p><p><h3><b>Data security issues become prominent</b></h3>As an emerging technology spanning multiple industries including automobiles, transportation, information technology, communications, consumer electronics, industrial electronics, and media and entertainment, automotive intelligent networking has played a positive role in the intelligent development of automobiles. In recent years, with the rapid development of new technologies, businesses, and models such as 5G, big data, artificial intelligence, vehicle networking, industrial internet, and the Internet of Things, the intelligent connected vehicle industry has flourished.</p><p>According to the \"Research on Data Security of Intelligent Connected Vehicles\" recently released by the National Industrial Information Security Development Research Center, in 2020, sales of intelligent connected vehicles in my country reached 3.032 million units, a year-on-year increase of 107%, with a market penetration rate of approximately 15%. In the first quarter of 2021, the market penetration rate of Level 2 (semi-autonomous driving) intelligent connected vehicles reached 17.8%, and the market penetration rate of Level 2 intelligent connected vehicles among new energy vehicles reached 30.9%. It is projected that by 2025, Level 2 and Level 3 intelligent connected vehicles (which achieve partial autonomous driving operations in specific environments) will account for 50% of total vehicle sales in my country, while Level 4 (fully autonomous driving) intelligent connected vehicles will begin to enter the market, with an additional output value of 800 billion yuan.</p><p>With the rapid development of intelligent connected vehicles, data security has also become an unavoidable issue. The prerequisite for intelligent connected vehicles is that there must be a network inside the vehicle, which can be connected to other related devices or the Internet through various wireless methods. However, there are various dangerous possibilities in the Internet space, and these problems caused by data security can greatly affect the operation of the connected vehicle system.</p><p>\"The latest cars have at least 100 ECU (electronic control) units running 60 million lines of code.\"<a href=\"https://laohu8.com/S/300369\">NSFOCUS</a>Liu Jiaqi, product director of the group company, revealed that the code for autonomous vehicles will reach more than 100 million lines.</p><p>\"Any code written by a human will contain all sorts of errors and vulnerabilities,\" Zhang Jianxin pointed out. Although the transmission protocol has been designed with security in mind and encryption requirements have been taken into account, it still cannot avoid exploitable attack points.</p><p>In 2015, Fiat Chrysler recalled 1.4 million vehicles worldwide after a JEEP Cherokee was remotely hacked and manipulated by two security engineers. This year's<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Hackers took control of the vehicle's terminal system by remotely hacking the Model S. They could open the doors and drive the car away through vulnerabilities in the Model S. In addition, they could send commands to the Model S to suddenly shut down the system engine while the vehicle was running normally.</p><p>Currently, the primary security issue for intelligent connected vehicles is the leakage of personal information. The Internet of Vehicles (IoV) has organically combined users' online and offline lives. The relevant data covers not only data related to the safe operation of vehicles, but also data related to user data and IoV application services. When this data is combined, almost all key data related to personal life can be obtained. Secondly, there is illegal manipulation. If a vehicle or vehicle networking platform is illegally hacked by hackers, it may face the risk of the vehicle being remotely unlocked, doors opened, started, or even the steering system and power system being illegally controlled, resulting in vehicle theft or even vehicle driving safety accidents. And more importantly, it could threaten national security. To better realize the interaction between vehicles and roads and surrounding infrastructure, intelligent connected vehicles will collect data on surrounding scenes and important geographic information. \"If the accuracy reaches a certain level, it will affect or threaten national security.\" Huang Peng, deputy chief engineer and director of the Information Policy Institute of the National Industrial Information Security Development Research Center</p><p><h3><b>Supervision urgently needs to be</b></h3>Currently, while intelligent vehicles are developing, security remains the top priority, and the data security of intelligent vehicles is of paramount importance in the development of vehicle networking.</p><p>On July 12, the Ministry of Industry and Information Technology and two other departments issued the \"Regulations on the Management of Security Vulnerabilities in Network Products\". The regulations stipulate that network product providers should ensure that security vulnerabilities in their products are patched in a timely manner and reasonably released. The Ministry of Industry and Information Technology's Cybersecurity Threat and Vulnerability Information Sharing Platform simultaneously notifies the National Network and Information Security Information Notification Center and the National Computer Network Emergency Technology Handling Coordination Center of relevant vulnerability information. The regulations will come into effect on September 1.</p><p><a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>Analysts believe that the current policy level is paying unprecedented attention to cybersecurity, and data has become a core factor of production. Information security reviews and investments in various IT systems, including networks and data, are expected to achieve a qualitative improvement.</p><p>On April 7, the Ministry of Industry and Information Technology publicly solicited opinions on the \"Guidelines for Access Management of Intelligent Connected Vehicle Manufacturers and Products (Trial)\" (draft for comments). The draft requires that intelligent connected vehicle manufacturers should collect, use and protect personal information in accordance with the law, implement data classification and hierarchical management, formulate an important data catalog, and not disclose sensitive information involving national security. Personal information and important data collected and generated during operations within the territory of the People's Republic of China shall be stored within the territory in accordance with relevant regulations. If it is necessary to provide services overseas due to business needs, a report should be made to the relevant industry authorities.</p><p>Industry experts suggest that at the automaker level, automakers can refer to relevant domestic and international standards to form their own safety protection systems. First, we must improve the security and controllability of core infrastructure technologies, while also enhancing the comprehensive data security protection capabilities. We should utilize next-generation information technologies, including blockchain technology, traffic detection technology, and national cryptography technology, to enhance the comprehensive protection capabilities.</p><p>Huang Peng offered suggestions from the perspective of the future development of the industry: First, coordinate industrial innovation and development with ensuring data security. Second, data classification and grading guidelines and management rules should be introduced as soon as possible. The intelligent connected vehicle industry can learn from the corresponding classification and grading guidelines issued in the fields of finance, industrial internet and other fields. Third, establish a pre-event risk assessment and post-event emergency response mechanism. Fourth, we will focus on the issue of cross-border data flows, and hope to refine the corresponding data flow rules while drawing on globally accepted practices.</p><p>The \"Research on Data Security of Intelligent Connected Vehicles\" recommends that the government should actively coordinate the development of the intelligent connected vehicle industry with data security protection, determine different data management requirements according to application scenarios, accelerate the construction of industry data classification and hierarchy, promote mandatory cybersecurity testing of intelligent vehicles in a timely manner, improve the dedicated insurance system for intelligent connected vehicles and autonomous driving, focus on cross-border data flow issues, strengthen international exchanges, and actively participate in the formulation of international rules.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/476386\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9dc7e63da1a09d4ef5db25b0c798b13e","relate_stocks":{"300369":"绿盟科技"},"source_url":"http://www.gelonghui.com/p/476386","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2152463252","content_text":"汽车智能网联的数据安全问题已经成了整个汽车产业过程中必须重视的问题，关乎到整个汽车工业全链路的信息安全保障体系。\n工信部新闻发言人赵志国7月16日表示，加快制定工业和信息化领域数据安全管理政策，更好地承接《数据安全法》在行业的实施落地。组织开展行业数据分级分类管理、重要数据目录制定等相关工作，构建行业数据安全领域的标准体系，研究制定车联网、工业互联网等领域的数据安全的重要标准。\n360集团工业互联网安全研究院院长张建新在2021中国汽车论坛“智能网联汽车产业发展与安全” 主题论坛上指出，软件化编程、网联化接入和数字化应用已成为智能网联汽车安全风险的三大主要源头。\n数据安全问题凸显\n汽车智能联网作为一项跨越了汽车、交通运输、信息技术、通讯、消费电子、工业电子、媒体娱乐等多个行业的新兴技术，对汽车的智能化发展起到了积极的作用。近年来，随着5G、大数据、人工智能、车联网、工业互联网、物联网等新技术新业务新模式快速发展，智能网联汽车产业得到了蓬勃发展。\n国家工业信息安全发展研究中心日前发布的《智能网联汽车数据安全研究》显示，2020年，我国智能网联汽车销量为303.2万辆，同比增长107%，市场渗透率约为15%。2021年第一季度，L2级（半自动驾驶）智能网联汽车的市场渗透率达到17.8%，新能源车中的L2级智能网联汽车市场渗透率达30.9%。预计到2025年，我国L2、L3级（在特定环境中实现部分自动驾驶的操作）智能网联汽车销量占全部汽车销量的50%，L4级（完全自动驾驶）智能网联汽车开始进入市场，新增产值可达到8000亿元。\n在迅猛发展的同时，智能联网汽车的数据安全也成了一个无法回避的问题。汽车智能网联的前提是车内必须有网络，通过各类无线方式接入到其他相关设备或互联网，而互联网空间里存在着各种危险的可能，这些因数据安全带来的问题极可能影响车联网系统的运行状态。\n“最新汽车上至少100个ECU（电子控制）单元，运行6000万行代码。”绿盟科技集团股份有限公司产品总监刘嘉奇透露，无人驾驶汽车代码将达1亿行以上。\n“只要是由人编写的代码都会包含各种各样的错误和漏洞。”张建新指出，尽管传输协议在设计中已经进行了安全性设计，也考虑了加密的需求，但仍无法避免可以利用的攻击点。\n2015年，一辆JEEP切诺基被两名安全工程师远程入侵并操控，此后菲亚特克莱斯勒召回了全球范围内140万辆汽车。今年的特斯拉Model S被黑客们仅通过远程入侵，就控制了车辆的终端系统，通过Model S存在的漏洞打开车门并将车开走，此外还能向Model S发送命令，在车辆正常行驶中突然关闭系统引擎。\n目前智能网联汽车的安全问题首先就是泄露个人信息。车联网实现了用户线上和线下生活的有机结合，相关数据既涵盖了与车辆安全运行关联的数据，也包括了用户数据、车联网应用服务相关的数据，这些数据信息相结合，几乎可以得出个人生活相关的所有关键数据。其次是非法操控。车辆或车联网平台一旦被黑客非法入侵，可能面临车辆被远程解锁、远程开车门、启动，甚至是转向系统、动力系统等被非法控制，造成车辆被盗取甚至车辆行驶安全事故。而更重要的是可能威胁国家安全。为更好地实现车与路的互动和周围基础设施的互动，智能网联汽车会收集周围的场景和重要地理信息的数据，“如果精度达到一定程度会影响或者威胁国家安全。” 国家工业信息安全发展研究中心副总工程师兼信息政策所所长黄鹏认为。\n监管亟待加强\n当下，在智能汽车发展的同时安全问题依旧是第一位的，智能汽车的数据安全性是车联网发展道路上的重中之重。\n7月12日工信部等三部门印发了《网络产品安全漏洞管理规定》，《规定》提出，网络产品提供者应当确保其产品安全漏洞得到及时修补和合理发布；工信部网络安全威胁和漏洞信息共享平台同步向国家网络与信息安全信息通报中心、国家计算机网络应急技术处理协调中心通报相关漏洞信息。《规定》自9月1日起施行。\n国信证券分析师认为，当前政策层面对于网络安全的重视程度空前，数据已成为核心生产要素。各类IT系统的网络、数据等信息安全审查和投入有望实现质的提升。\n工信部在4月7日公开征求对《智能网联汽车生产企业及产品准入管理指南(试行)》(征求意见稿)的意见，上述意见稿要求：智能网联汽车生产企业应依法收集、使用和保护个人信息，实施数据分类分级管理，制定重要数据目录，不得泄露涉及国家安全的敏感信息。在中华人民共和国境内运营中收集和产生的个人信息和重要数据应当按照有关规定在境内存储。因业务需要，确需向境外提供的，应向行业主管部门报备。\n业内专家建议，在车企层面，车企可以参考国内外相关标准，形成自身的安全防护体系。首先要提升核心基础技术的安全可控能力，同时还要提升数据安全综合防护能力，利用新一代的信息技术，包括区块链技术、流量检测技术、国密技术等，提升综合防护的能力。\n而黄鹏则从产业未来发展角度提出了建议：一是统筹产业创新发展与保障数据安全。二是尽快出台数据分类分级指南和管理细则，智能网联汽车行业可以借鉴金融、工业互联网等领域出台的相应的分类分级指南。三是建立事前风险评估和事后应急响应机制。四是重点关注跨境数据流动问题，希望后续在借鉴全球通用做法的同时，细化相应的数据流动规则。\n《智能网联汽车数据安全研究》建议，政府应积极统筹智能网联汽车产业发展与数据安全保护，根据应用场景确定不同的数据管理要求，加快推动行业数据分类分级建设，适时推进智能汽车网络安全强制测试，完善智能网联汽车和自动驾驶专属保险体系，重点关注跨境数据流动问题，加强国际交流，积极参与国际规则制定。","news_type":1,"symbols_score_info":{"300369":0.9}},"isVote":1,"tweetType":1,"viewCount":3219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":893960505,"gmtCreate":1628229849907,"gmtModify":1703503594546,"author":{"id":"4089763888690560","authorId":"4089763888690560","name":"jenniferlee","avatar":"https://static.tigerbbs.com/fc7ae53b0837627f7063458f7b36d928","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089763888690560","idStr":"4089763888690560"},"themes":[],"title":"","htmlText":"❤️","listText":"❤️","text":"❤️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893960505","repostId":"1194508517","repostType":4,"repost":{"id":"1194508517","kind":"news","pubTimestamp":1628226271,"share":"https://ttm.financial/m/news/1194508517?lang=en_US&edition=fundamental","pubTime":"2021-08-06 13:04","market":"hk","language":"zh","title":"Will NetEase Cloud Music stop being \"depressed\" after overcoming the copyright hurdle?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194508517","media":"亿欧网","summary":"“音乐社区”的生意似乎挣不了多少钱。\n\n网易云音乐赴港上市进程又加快一步。\n8月1日晚间，港交所官网显示，网易云音乐已通过上市聆讯并上载聆讯后资料集，上市联席保荐人为美林、中金和瑞信。\n而就在此前一周","content":"<p>The \"music community\" business doesn't seem to make much money. NetEase Cloud Music's Hong Kong IPO process has accelerated another step.</p><p>On the evening of August 1, the Hong Kong Stock Exchange website showed that NetEase Cloud Music had passed the listing hearing and uploaded the post-hearing documents. The joint sponsors for the listing are Merrill Lynch, CICC and Credit Suisse.</p><p>Just a week earlier, on July 24, the State Administration for Market Regulation announced an administrative penalty decision against Tencent, ordering Tencent and its affiliated companies (mainly referring to Tencent Music, which includes Kugou Music, QQ Music and Kuwo Music) to terminate exclusive music copyrights, stop paying high prepayments and other copyright fees within 30 days, and impose a fine of 500,000 yuan.</p><p>This signifies the end of the era of exclusive copyright for online music. The fact that NetEase Cloud Music is taking advantage of this crucial juncture in its IPO has raised market expectations for its development prospects.</p><p>However, even after overcoming the copyright hurdle, NetEase Cloud Music still faces many challenges. According to the prospectus, NetEase Cloud Music, which has been established for many years, is still operating at a loss. Meanwhile, in the past two years, short video platforms such as Douyin and Kuai have also begun to compete for the online music market.</p><p><b>Whether capital will buy into the story of becoming the \"world's first music community stock\" depends on NetEase Cloud Music's monetization ability.</b></p><p><b>A \"music community\" that doesn't make much money</b></p><p>NetEase Cloud Music, which embodies Ding Lei's musical dream, was officially launched in 2013 and submitted its prospectus to the Hong Kong Stock Exchange eight years later. If all goes smoothly, NetEase Cloud Music will become the \"first listed company in the global music community\" and the second listed company in China's online music industry after Tencent Music Entertainment Group (TME, hereinafter referred to as \"Tencent Music\").</p><p><b>Judging from the financial data, the \"music community\" business doesn't seem to be making much money.</b></p><p>According to the prospectus, NetEase Cloud Music's revenue was RMB 1.148 billion, RMB 2.318 billion and RMB 4.895 billion in 2018, 2018 and 2020, respectively, doubling its revenue for two consecutive years. Revenue in the first quarter of 2021 was RMB 1.491 billion, a year-on-year increase of 74.6%.</p><p>Despite the impressive revenue growth, the profitability situation is not optimistic. From 2018 to 2020, the company suffered continuous losses, with net losses of RMB 2.006 billion, RMB 2.016 billion and RMB 2.951 billion respectively, and adjusted net profits (unaudited) of RMB 1.81 billion, RMB 1.58 billion and RMB 1.57 billion respectively. In the first quarter of 2021, the adjusted net loss was 280 million yuan.</p><p>Although losses are narrowing year by year, the gap between them and their competitors is still significant. From 2018 to 2020, Tencent Music's net profit was RMB 1.833 billion, RMB 3.982 billion and RMB 4.155 billion, respectively; In the first quarter of 2021, the net profit was 926 million yuan.</p><p><img src=\"https://static.tigerbbs.com/ad55cc5d56adebc9db61f1c446f7b1ce\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>The prospectus explained that the losses were mainly due to business expansion, which led to increased marketing expenses and R&D expenses. The prospectus also acknowledged that the company's profitability remains uncertain, and due to the company's continued investment in content, R&D, and marketing activities, it is expected to continue to incur losses over the next three years.</p><p><b>Despite being operating at a loss, multiple operating figures demonstrate NetEase Cloud Music's strong growth potential.</b></p><p>According to the prospectus, based on revenue in 2020, Tencent Music and NetEase Cloud Music held 72.8% and 20.5% market shares in China's online music sector, respectively.</p><p>In terms of revenue scale, Tencent Music's total revenue reached 73.6 billion yuan from 2018 to 2020, while NetEase Cloud Music's total revenue over three years was approximately 8.4 billion yuan, a difference of nearly 10 times.</p><p>In terms of revenue growth, NetEase Cloud Music performed even better, with revenue growth exceeding 100% for two consecutive years in 2019 and 2020. Although the growth rate declined in the first quarter of 2021, it still reached 75%. Tencent Music, with its massive size, lags behind, with its revenue growth rate in 2020 being only 15%.</p><p><img src=\"https://static.tigerbbs.com/fb60e6167e60a9909f349e4613237b67\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that<b>In terms of data that have a key impact on the revenue and profit of online music service platforms, such as the number of monthly active users, the number of paying users, and the user payment rate, NetEase Cloud Music has an advantage over Tencent Music.</b></p><p><img src=\"https://static.tigerbbs.com/b44d8db2ef7f01b0b7d38f8f14c9bde3\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In terms of monthly paying users, although there is still a significant gap between NetEase Cloud Music and Tencent Music, their growth rates were 105% and 85% in 2019 and 2020, respectively. In the first quarter of 2021, the number of paying online music users increased from 12.68 million in the same period last year to 24.29 million, a year-on-year increase of 91.5%.</p><p>According to the prospectus, NetEase Cloud Music's online music service ranks first in the industry in terms of monthly active users (MAU) growth rate, paying user growth rate, and payment rate.<b>In the first quarter of 2021, NetEase Cloud Music's online music paid rate reached 13.3%, exceeding Tencent Music's 9.9%, and data since 2018 shows that the gap is gradually widening.</b></p><p><img src=\"https://static.tigerbbs.com/f21c24f015945d1196d77b23fabac5ee\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In summary,<b>In terms of revenue and paying users, Tencent Music far surpasses NetEase Cloud Music; In terms of user growth and paid subscription rates, NetEase Cloud Music outperforms Tencent Music.</b></p><p>Since its establishment in 2013, NetEase Cloud Music has focused on managing its community and cultivating a group of users with high stickiness and brand loyalty. Data shows that as of the end of 2020, each active user spent an average of 76 minutes on the platform per day. Thanks to this, NetEase Cloud Music still maintains its undeniable competitiveness despite continuous losses.</p><p>Now, exclusive copyrights are about to become a thing of the past. As the only remaining player in the online music field that can compete with Tencent Music, NetEase Cloud Music's development prospects present more possibilities.</p><p><b>Overcoming the copyright mountain</b></p><p>Compared to listed companies in multiple sectors that have recently been hit hard by policies, NetEase Cloud Music seems to have had a bit more luck.</p><p>On July 24, market regulators imposed anti-monopoly penalties on Tencent Group in the online music field, marking the end of the era of exclusive music copyrights. This also means that the copyright cost issue that has plagued platforms such as NetEase Cloud Music for many years will be significantly alleviated.</p><p>Over the past few years, the copyright battle in the online music market has been fierce. Tencent Music, with its copyright advantages gained through its substantial capital, has dragged down many competitors. While various companies are vying for exclusive music copyrights, they are also driving up copyright licensing fees, resulting in higher operating costs.</p><p>In 2017, the National Copyright Administration held talks with the heads of platforms such as Tencent Music, NetEase Cloud Music, and Alibaba Music, demanding that they prohibit price gouging, rigged bidding, and avoid purchasing exclusive copyrights.</p><p>Later, in February 2018, NetEase Cloud Music and Tencent Music reached an agreement to mutually license 99% of the music copyrights. Even so, the platform can still build its own competitive advantage with that 1% advantage.</p><p>According to relevant data, Tencent owned approximately 5 million exclusive music copyrights at that time. Based on 1%, it retained nearly 50,000 exclusive songs, most of which were popular and played, including Jay Chou, a pop musician with a huge fan base. Thanks to this portion of exclusive music, Tencent Music has been able to maintain a large proportion of its market share.</p><p>In this exclusive copyright competition,<b>High copyright fees have forced several online music platforms, including Xiami and Duomi, to cease operations. Although NetEase Cloud Music was not defeated, it has long been troubled by copyright costs.</b></p><p>NetEase CEO Ding Lei has publicly complained about this issue. On May 16, 2021, during NetEase's first-quarter earnings call, Ding Lei discussed the issue of music copyright costs, saying that some companies control the market, which drives up the annual copyright rental costs.</p><p>The prospectus also mentions that music copyright-related expenses account for the majority of NetEase Cloud Music's revenue costs. From 2018 to 2020, the company's content costs were RMB 1.97 billion, RMB 2.85 billion and RMB 4.79 billion, respectively, accounting for 171.7%, 123.1% and 97.8% of its revenue. This is also the main reason for NetEase Cloud Music's losses.</p><p><b>Even Tencent Music, which owns the vast majority of the exclusive copyrights, has paid a huge price in terms of copyright.</b>Tencent Music's Q1 2021 financial report shows that due to the increase in royalty-related content fees and revenue sharing fees, the cost of revenue in the first quarter was RMB 5.36 billion, an increase of 23.6% compared with the same period last year.</p><p>Therefore, this sanction against exclusive copyrights also means that the industry will be relieved of its heavy copyright burden. As the announcement states, this sanction will help shift the focus of industry competition from leveraging capital advantages to seize copyright resources to a rational track of innovating service levels and improving user experience.</p><p><b>Stories of the Music Community</b></p><p>Faced with strong competitors, NetEase Cloud Music has always chosen to adhere to its positioning as a \"music community\". Since its establishment, it has launched highly interactive features such as Cloud Village and \"Mlog\", which mainly features UGC content. According to the prospectus, the company's future strategy includes strengthening the construction of music communities and enhancing support for original music.</p><p><b>However, facing competition from companies like Tencent Music, Kuaishou, and Douyin, NetEase Cloud Music needs to not only maintain its revenue growth, but also genuinely increase its profits.</b></p><p>Currently, NetEase Cloud Music's revenue mainly comes from two business segments: one is...<b>Online music service,</b>Including membership subscriptions, advertising services and others; The other piece is<b>Social entertainment services and others</b>This includes online karaoke, audio live streaming, etc.</p><p>Online music services contributed the main source of revenue, but their revenue share has been declining year by year. From Q1 2018 to 2021, the online music service segment accounted for 89.4%, 76.6%, 53.6% and 50.9% of revenue, respectively.</p><p>Conversely, another business segment, social entertainment services, is showing strong growth momentum. The revenue share in Q1 2018-2021 was 10.6%, 23.4%, 46.4% and 49.1% respectively, showing a strong trend of surpassing the former.</p><p>In the social entertainment services sector, the flagship product is the live streaming product \"LOOK Live\" launched in the second half of 2018, which uses live streaming functions to activate and monetize the traffic accumulated in the music community. Currently, this product contributes the vast majority of revenue to the social entertainment services sector.</p><p><b>The social entertainment services segment, represented by live streaming products, is very likely to develop into the company's largest source of revenue in the near future.</b></p><p><img src=\"https://static.tigerbbs.com/be2ab671b0c988d8380342ccf975e160\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>However, the current profitability of this business is still unstable.</p><p>Although the monthly revenue per paying user for social entertainment services jumped to 477.6 yuan in 2019 after launching live streaming products, and further increased to 573.8 yuan in 2020, its monthly paying user scale cannot be compared with that of online music services.</p><p>Data shows that the number of monthly paying users of social entertainment services increased from 5,800 in 2018 to 91,700 in 2019, and further increased to 327,000 in 2020. In 2020, online music services had 15.962 million monthly paying users, nearly 50 times that of social entertainment services.</p><p><img src=\"https://static.tigerbbs.com/4e3864869aa8ada73d25a38304d54c7e\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>In addition, this business is currently facing considerable external competitive pressure.</p><p>On the one hand, its direct competitor, Tencent Music, has already established a strong business foundation. According to Tencent Music's financial report, its main business segments are online music services and social entertainment services. Among them, social entertainment services, which account for nearly 70% of revenue, have live streaming and karaoke as their main products, with Kugou Live and Quanmin Karaoke as their representative products.</p><p><b>On the other hand, short video platforms such as Kuaishou and Douyin are also entering the music market.</b></p><p>In early 2021, media reports indicated that ByteDance had established a music business unit and was testing a product called \"Feilo,\" which might be operated by Douyin. Meanwhile, the music distribution platform \"BeatDynamic\" is also undergoing testing.</p><p>On May 26, Kuaishou launched the music app \"Xiao Sen Chang\", which provides users with functions such as using AI to create exclusive original songs, karaoke songs, and short video KTV launches.</p><p>In addition, even if exclusive copyright is no longer available, copyright costs will still be a considerable expense. Moreover, without the constraint of exclusive copyright, more players will be able to return to the competition, and the intensity of market competition will increase rather than decrease, making it an unavoidable tough battle for NetEase Cloud Music.</p><p><b>Ending</b></p><p>\"A sense of belonging,\" \"spiritual home,\" and \"resonance\" are the main reasons why many loyal users of NetEase Cloud Music choose to stay with this App. Comment sections that consistently resonate with people, interface designs that surpass most platforms, and \"personalized recommendations\" that always tap into user preferences are also attractive features that users keep mentioning.</p><p>However, many users have also noticed that NetEase Cloud Music has undergone some changes in its pursuit of commercial interests.</p><p>\"NetEase Cloud Music's personalized recommendations aren't as good as before,\" \"It's become increasingly distorted after multiple redesigns,\" \"There are too many ads, and even with memberships, there are paid programs\"... Similar comments have become common on social media platforms regarding NetEase Cloud Music.</p><p>How to achieve business goals while maintaining its original aspirations and preserving the foundation of products that belong to this sentiment is a key factor in determining how far NetEase Cloud Music can go in the future.</p>","source":"yow","collect":0,"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>Will NetEase Cloud Music stop being \"depressed\" after overcoming the copyright hurdle?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWill NetEase Cloud Music stop being \"depressed\" after overcoming the copyright hurdle?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧网</strong><span class=\"h-time small\">2021-08-06 13:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The \"music community\" business doesn't seem to make much money. NetEase Cloud Music's Hong Kong IPO process has accelerated another step.</p><p>On the evening of August 1, the Hong Kong Stock Exchange website showed that NetEase Cloud Music had passed the listing hearing and uploaded the post-hearing documents. The joint sponsors for the listing are Merrill Lynch, CICC and Credit Suisse.</p><p>Just a week earlier, on July 24, the State Administration for Market Regulation announced an administrative penalty decision against Tencent, ordering Tencent and its affiliated companies (mainly referring to Tencent Music, which includes Kugou Music, QQ Music and Kuwo Music) to terminate exclusive music copyrights, stop paying high prepayments and other copyright fees within 30 days, and impose a fine of 500,000 yuan.</p><p>This signifies the end of the era of exclusive copyright for online music. The fact that NetEase Cloud Music is taking advantage of this crucial juncture in its IPO has raised market expectations for its development prospects.</p><p>However, even after overcoming the copyright hurdle, NetEase Cloud Music still faces many challenges. According to the prospectus, NetEase Cloud Music, which has been established for many years, is still operating at a loss. Meanwhile, in the past two years, short video platforms such as Douyin and Kuai have also begun to compete for the online music market.</p><p><b>Whether capital will buy into the story of becoming the \"world's first music community stock\" depends on NetEase Cloud Music's monetization ability.</b></p><p><b>A \"music community\" that doesn't make much money</b></p><p>NetEase Cloud Music, which embodies Ding Lei's musical dream, was officially launched in 2013 and submitted its prospectus to the Hong Kong Stock Exchange eight years later. If all goes smoothly, NetEase Cloud Music will become the \"first listed company in the global music community\" and the second listed company in China's online music industry after Tencent Music Entertainment Group (TME, hereinafter referred to as \"Tencent Music\").</p><p><b>Judging from the financial data, the \"music community\" business doesn't seem to be making much money.</b></p><p>According to the prospectus, NetEase Cloud Music's revenue was RMB 1.148 billion, RMB 2.318 billion and RMB 4.895 billion in 2018, 2018 and 2020, respectively, doubling its revenue for two consecutive years. Revenue in the first quarter of 2021 was RMB 1.491 billion, a year-on-year increase of 74.6%.</p><p>Despite the impressive revenue growth, the profitability situation is not optimistic. From 2018 to 2020, the company suffered continuous losses, with net losses of RMB 2.006 billion, RMB 2.016 billion and RMB 2.951 billion respectively, and adjusted net profits (unaudited) of RMB 1.81 billion, RMB 1.58 billion and RMB 1.57 billion respectively. In the first quarter of 2021, the adjusted net loss was 280 million yuan.</p><p>Although losses are narrowing year by year, the gap between them and their competitors is still significant. From 2018 to 2020, Tencent Music's net profit was RMB 1.833 billion, RMB 3.982 billion and RMB 4.155 billion, respectively; In the first quarter of 2021, the net profit was 926 million yuan.</p><p><img src=\"https://static.tigerbbs.com/ad55cc5d56adebc9db61f1c446f7b1ce\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>The prospectus explained that the losses were mainly due to business expansion, which led to increased marketing expenses and R&D expenses. The prospectus also acknowledged that the company's profitability remains uncertain, and due to the company's continued investment in content, R&D, and marketing activities, it is expected to continue to incur losses over the next three years.</p><p><b>Despite being operating at a loss, multiple operating figures demonstrate NetEase Cloud Music's strong growth potential.</b></p><p>According to the prospectus, based on revenue in 2020, Tencent Music and NetEase Cloud Music held 72.8% and 20.5% market shares in China's online music sector, respectively.</p><p>In terms of revenue scale, Tencent Music's total revenue reached 73.6 billion yuan from 2018 to 2020, while NetEase Cloud Music's total revenue over three years was approximately 8.4 billion yuan, a difference of nearly 10 times.</p><p>In terms of revenue growth, NetEase Cloud Music performed even better, with revenue growth exceeding 100% for two consecutive years in 2019 and 2020. Although the growth rate declined in the first quarter of 2021, it still reached 75%. Tencent Music, with its massive size, lags behind, with its revenue growth rate in 2020 being only 15%.</p><p><img src=\"https://static.tigerbbs.com/fb60e6167e60a9909f349e4613237b67\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that<b>In terms of data that have a key impact on the revenue and profit of online music service platforms, such as the number of monthly active users, the number of paying users, and the user payment rate, NetEase Cloud Music has an advantage over Tencent Music.</b></p><p><img src=\"https://static.tigerbbs.com/b44d8db2ef7f01b0b7d38f8f14c9bde3\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In terms of monthly paying users, although there is still a significant gap between NetEase Cloud Music and Tencent Music, their growth rates were 105% and 85% in 2019 and 2020, respectively. In the first quarter of 2021, the number of paying online music users increased from 12.68 million in the same period last year to 24.29 million, a year-on-year increase of 91.5%.</p><p>According to the prospectus, NetEase Cloud Music's online music service ranks first in the industry in terms of monthly active users (MAU) growth rate, paying user growth rate, and payment rate.<b>In the first quarter of 2021, NetEase Cloud Music's online music paid rate reached 13.3%, exceeding Tencent Music's 9.9%, and data since 2018 shows that the gap is gradually widening.</b></p><p><img src=\"https://static.tigerbbs.com/f21c24f015945d1196d77b23fabac5ee\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>In summary,<b>In terms of revenue and paying users, Tencent Music far surpasses NetEase Cloud Music; In terms of user growth and paid subscription rates, NetEase Cloud Music outperforms Tencent Music.</b></p><p>Since its establishment in 2013, NetEase Cloud Music has focused on managing its community and cultivating a group of users with high stickiness and brand loyalty. Data shows that as of the end of 2020, each active user spent an average of 76 minutes on the platform per day. Thanks to this, NetEase Cloud Music still maintains its undeniable competitiveness despite continuous losses.</p><p>Now, exclusive copyrights are about to become a thing of the past. As the only remaining player in the online music field that can compete with Tencent Music, NetEase Cloud Music's development prospects present more possibilities.</p><p><b>Overcoming the copyright mountain</b></p><p>Compared to listed companies in multiple sectors that have recently been hit hard by policies, NetEase Cloud Music seems to have had a bit more luck.</p><p>On July 24, market regulators imposed anti-monopoly penalties on Tencent Group in the online music field, marking the end of the era of exclusive music copyrights. This also means that the copyright cost issue that has plagued platforms such as NetEase Cloud Music for many years will be significantly alleviated.</p><p>Over the past few years, the copyright battle in the online music market has been fierce. Tencent Music, with its copyright advantages gained through its substantial capital, has dragged down many competitors. While various companies are vying for exclusive music copyrights, they are also driving up copyright licensing fees, resulting in higher operating costs.</p><p>In 2017, the National Copyright Administration held talks with the heads of platforms such as Tencent Music, NetEase Cloud Music, and Alibaba Music, demanding that they prohibit price gouging, rigged bidding, and avoid purchasing exclusive copyrights.</p><p>Later, in February 2018, NetEase Cloud Music and Tencent Music reached an agreement to mutually license 99% of the music copyrights. Even so, the platform can still build its own competitive advantage with that 1% advantage.</p><p>According to relevant data, Tencent owned approximately 5 million exclusive music copyrights at that time. Based on 1%, it retained nearly 50,000 exclusive songs, most of which were popular and played, including Jay Chou, a pop musician with a huge fan base. Thanks to this portion of exclusive music, Tencent Music has been able to maintain a large proportion of its market share.</p><p>In this exclusive copyright competition,<b>High copyright fees have forced several online music platforms, including Xiami and Duomi, to cease operations. Although NetEase Cloud Music was not defeated, it has long been troubled by copyright costs.</b></p><p>NetEase CEO Ding Lei has publicly complained about this issue. On May 16, 2021, during NetEase's first-quarter earnings call, Ding Lei discussed the issue of music copyright costs, saying that some companies control the market, which drives up the annual copyright rental costs.</p><p>The prospectus also mentions that music copyright-related expenses account for the majority of NetEase Cloud Music's revenue costs. From 2018 to 2020, the company's content costs were RMB 1.97 billion, RMB 2.85 billion and RMB 4.79 billion, respectively, accounting for 171.7%, 123.1% and 97.8% of its revenue. This is also the main reason for NetEase Cloud Music's losses.</p><p><b>Even Tencent Music, which owns the vast majority of the exclusive copyrights, has paid a huge price in terms of copyright.</b>Tencent Music's Q1 2021 financial report shows that due to the increase in royalty-related content fees and revenue sharing fees, the cost of revenue in the first quarter was RMB 5.36 billion, an increase of 23.6% compared with the same period last year.</p><p>Therefore, this sanction against exclusive copyrights also means that the industry will be relieved of its heavy copyright burden. As the announcement states, this sanction will help shift the focus of industry competition from leveraging capital advantages to seize copyright resources to a rational track of innovating service levels and improving user experience.</p><p><b>Stories of the Music Community</b></p><p>Faced with strong competitors, NetEase Cloud Music has always chosen to adhere to its positioning as a \"music community\". Since its establishment, it has launched highly interactive features such as Cloud Village and \"Mlog\", which mainly features UGC content. According to the prospectus, the company's future strategy includes strengthening the construction of music communities and enhancing support for original music.</p><p><b>However, facing competition from companies like Tencent Music, Kuaishou, and Douyin, NetEase Cloud Music needs to not only maintain its revenue growth, but also genuinely increase its profits.</b></p><p>Currently, NetEase Cloud Music's revenue mainly comes from two business segments: one is...<b>Online music service,</b>Including membership subscriptions, advertising services and others; The other piece is<b>Social entertainment services and others</b>This includes online karaoke, audio live streaming, etc.</p><p>Online music services contributed the main source of revenue, but their revenue share has been declining year by year. From Q1 2018 to 2021, the online music service segment accounted for 89.4%, 76.6%, 53.6% and 50.9% of revenue, respectively.</p><p>Conversely, another business segment, social entertainment services, is showing strong growth momentum. The revenue share in Q1 2018-2021 was 10.6%, 23.4%, 46.4% and 49.1% respectively, showing a strong trend of surpassing the former.</p><p>In the social entertainment services sector, the flagship product is the live streaming product \"LOOK Live\" launched in the second half of 2018, which uses live streaming functions to activate and monetize the traffic accumulated in the music community. Currently, this product contributes the vast majority of revenue to the social entertainment services sector.</p><p><b>The social entertainment services segment, represented by live streaming products, is very likely to develop into the company's largest source of revenue in the near future.</b></p><p><img src=\"https://static.tigerbbs.com/be2ab671b0c988d8380342ccf975e160\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>However, the current profitability of this business is still unstable.</p><p>Although the monthly revenue per paying user for social entertainment services jumped to 477.6 yuan in 2019 after launching live streaming products, and further increased to 573.8 yuan in 2020, its monthly paying user scale cannot be compared with that of online music services.</p><p>Data shows that the number of monthly paying users of social entertainment services increased from 5,800 in 2018 to 91,700 in 2019, and further increased to 327,000 in 2020. In 2020, online music services had 15.962 million monthly paying users, nearly 50 times that of social entertainment services.</p><p><img src=\"https://static.tigerbbs.com/4e3864869aa8ada73d25a38304d54c7e\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>In addition, this business is currently facing considerable external competitive pressure.</p><p>On the one hand, its direct competitor, Tencent Music, has already established a strong business foundation. According to Tencent Music's financial report, its main business segments are online music services and social entertainment services. Among them, social entertainment services, which account for nearly 70% of revenue, have live streaming and karaoke as their main products, with Kugou Live and Quanmin Karaoke as their representative products.</p><p><b>On the other hand, short video platforms such as Kuaishou and Douyin are also entering the music market.</b></p><p>In early 2021, media reports indicated that ByteDance had established a music business unit and was testing a product called \"Feilo,\" which might be operated by Douyin. Meanwhile, the music distribution platform \"BeatDynamic\" is also undergoing testing.</p><p>On May 26, Kuaishou launched the music app \"Xiao Sen Chang\", which provides users with functions such as using AI to create exclusive original songs, karaoke songs, and short video KTV launches.</p><p>In addition, even if exclusive copyright is no longer available, copyright costs will still be a considerable expense. Moreover, without the constraint of exclusive copyright, more players will be able to return to the competition, and the intensity of market competition will increase rather than decrease, making it an unavoidable tough battle for NetEase Cloud Music.</p><p><b>Ending</b></p><p>\"A sense of belonging,\" \"spiritual home,\" and \"resonance\" are the main reasons why many loyal users of NetEase Cloud Music choose to stay with this App. Comment sections that consistently resonate with people, interface designs that surpass most platforms, and \"personalized recommendations\" that always tap into user preferences are also attractive features that users keep mentioning.</p><p>However, many users have also noticed that NetEase Cloud Music has undergone some changes in its pursuit of commercial interests.</p><p>\"NetEase Cloud Music's personalized recommendations aren't as good as before,\" \"It's become increasingly distorted after multiple redesigns,\" \"There are too many ads, and even with memberships, there are paid programs\"... Similar comments have become common on social media platforms regarding NetEase Cloud Music.</p><p>How to achieve business goals while maintaining its original aspirations and preserving the foundation of products that belong to this sentiment is a key factor in determining how far NetEase Cloud Music can go in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/Cpt9YgYZpnrRRx4bM7VgEw\">亿欧网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4d6504bb41454bce5335835ac4011ce6","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/Cpt9YgYZpnrRRx4bM7VgEw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194508517","content_text":"“音乐社区”的生意似乎挣不了多少钱。\n\n网易云音乐赴港上市进程又加快一步。\n8月1日晚间，港交所官网显示，网易云音乐已通过上市聆讯并上载聆讯后资料集，上市联席保荐人为美林、中金和瑞信。\n而就在此前一周的7月24日，市场监管总局通报了对腾讯的行政处罚决定，责令腾讯及其关联公司（主要指腾讯音乐，旗下包括酷狗音乐、QQ音乐以及酷我音乐）在30天内解除独家音乐版权、停止高额预付金等版权费用支付方式，并处以50万元罚款。\n这意味着网络音乐独家版权时代的终结。而网易云音乐在上市的关键节点逢此利好，也让市场对其发展前景有了更多的期待。\n不过，即使越过版权大山，网易云音乐面前依然有诸多挑战。从招股书数据来看，成立多年的网易云音乐至今仍处于亏损状态。同时，近两年抖快等短视频平台也开展了对线上音乐市场的争夺。\n资本是否会为“全球音乐社区第一股”的故事买单，关键还是要看网易云音乐的变现能力。\n不太挣钱的“音乐社区”\n承载着丁磊音乐梦的网易云音乐于2013年正式推出，在上线8年之后向港交所提交招股说明书。如果进程顺利，网易云音乐将成为“全球音乐社区第一股”，也是继腾讯音乐娱乐集团（TME，以下称“腾讯音乐”）之后，国内在线音乐领域的第二家上市企业。\n从财务数据来看，“音乐社区”的生意似乎挣不了多少钱。\n招股书数据显示，网易云音乐2018-2020年的营收分别为11.48亿元、23.18亿元和48.95亿元，连续两年营收翻倍；2021年一季度营收14.91亿元，同比增长74.6%。\n可观的营收增速背后，盈利的情况却并不乐观。2018-2020年，公司处于持续亏损状态，净亏损分别为20.06亿元、20.16亿元和29.51亿元，经调整后的净利润（未经审计）分别为18.1亿元、15.8亿元和15.7亿元；2021年一季度，调整后净亏损为2.8亿元。\n虽然亏损在逐年收窄，但与对手相比还是差距明显。2018-2020年，腾讯音乐净利润分别为18.33亿元、39.82亿元和41.55亿元；2021年一季度，净利润为9.26亿元。\n\n招股书解释称，亏损主要是由于业务扩张，导致市场费用及研发费用增加。同时招股书也坦承，公司的盈利能力尚存在不确定性，由于公司对内容、研发、营销活动等方面的持续投入，预计未来三年还将持续亏损。\n尽管处于亏损状态，但多项经营数据却显示出网易云音乐强大的增长潜力。\n招股书数据显示，按2020年的收入计，在中国在线音乐领域中腾讯音乐及网易云音乐的市场份额分别为72.8%及20.5%。\n在营收规模方面，2018-2020年腾讯音乐的营收总和高达736亿元，而网易云音乐三年收入总和约为84亿元，两者相差近10倍。\n在营收增速方面，网易云音乐表现更亮眼，在2019年、2020年连续两年营收增速超过100%，2021年一季度增速虽然有所下滑，但也高达75%。而体量庞大的腾讯音乐则相对逊色，其中2020年的营收增速仅为15%。\n\n值得关注的是，对在线音乐服务平台的营收和利润有着关键影响的数据上，如平台月活用户规模、付费用户规模以及用户付费率等，网易云音乐都较腾讯音乐更有优势。\n\n从月付费用户数来看，网易云音乐与腾讯音乐虽然尚有不小的差距，但在2019年、2020年增速分别为105%和85%。2021年第一季度，在线音乐付费用户数从去年同期的1268万增至2429万，同比增长91.5%。\n招股书显示，网易云音乐在线音乐服务月活（MAU）增速、在线音乐服务付费用户增速和付费率均为行业第一。2021年第一季度，网易云音乐在线音乐付费率已经达到13.3%，超过了腾讯音乐的9.9%，且从2018年以来的数据来看，差距正在逐步拉大。\n\n综合来看，在营收规模和付费用户规模上，腾讯音乐远超网易云音乐；而在用户规模增速和付费率方面，网易云音乐的表现则优于腾讯音乐。\n自2013年成立以来，网易云音乐就着力经营社区，培养了一批有着高度粘性和品牌忠诚度的用户。数据显示，截至2020年末，平均每名活跃用户每天花在平台上的时间高达76分钟。得益于此，网易云音乐在持续亏损状态下，仍然有不容忽视的竞争力。\n眼下，独家版权即将成为过去式，作为在线音乐领域仅存的能与腾讯音乐对垒的选手，网易云音乐的发展前景呈现出更多可能性。\n越过版权大山\n与近期多个领域上市公司受政策暴击相比，网易云音乐似乎多了一点好运气。\n7月24日，市场监管部门对腾讯集团在线上音乐领域的反垄断处罚，宣告着音乐独家版权时代的终结。这也意味着困扰网易云音乐等平台多年的版权成本问题，将得到大幅度的缓解。\n过去几年，在线音乐市场的版权之争始终很激烈，腾讯音乐凭借雄厚资本换来的版权优势，拖垮了多家对手。各家在争夺音乐独家版权的同时，也让版权授权费用水涨船高，带来了更高的运营成本。\n2017年，国家版权局就曾约谈腾讯音乐、网易云音乐和阿里音乐等平台负责人，提出不得哄抬价格、恶性竞价，避免采购独家版权等要求。\n之后在2018年2月，网易云音乐与腾讯音乐达成协议，互相授权99%的音乐版权。不过即便如此，平台依然能凭借那1%的优势，构筑起自己的护城河。\n相关数据显示，彼时腾讯拥有的独家音乐版权数量约500万首，按照1%计算，保留的独家音乐数量也有近5万首，且大部分为热度及播放量较高的流行音乐，其中就包括了粉丝数量庞大的流行音乐人周杰伦。靠着这一部分独家音乐，腾讯音乐得以守住很大比例的市场份额。\n在这一场独家版权竞争中，高企的版权费用先后逼停了虾米、多米等多家在线音乐平台。网易云音乐虽然没有被击垮，但也长期受到版权成本的困扰。\n网易CEO丁磊曾在公开场合对此问题提出过控诉。2021年5月16日，在网易第一季度财报电话会议上，丁磊就音乐版权成本问题谈道，一些公司控制市场，使得每年版权的租赁成本被抬得很高。\n招股书中也提到，音乐版权相关费用占据了网易云音乐营收成本的大部分。2018-2020年，公司内容成本分别为19.7亿元、28.5亿元和47.9亿元，占收入比例为171.7%、123.1%和97.8%。这也是导致网易云音乐亏损的主要原因。\n即使是拥有了绝大部分独家版权的腾讯音乐，也在版权方面付出了巨大代价。腾讯音乐2021年一季度财报显示，由于版税相关内容费用和收入分成费用增长，第一季度营收成本为53.6亿元，较上年同期增长23.6%。\n因此这次针对独家版权的制裁，也意味着行业将摆脱沉重的版权负担。正如公告所说，这一制裁将有利于将行业竞争的焦点，从利用资本优势抢夺版权资源，回归到创新服务水平、提高用户体验的理性轨道上来。\n音乐社区的故事\n面对强大的竞争对手，网易云音乐选择始终紧守“音乐社区”的定位。成立以来，先后上线包括云村、以UGC内容为主的“Mlog”等具有较强交互性的功能。从招股说明书来看，公司未来的战略包括了强化音乐社区建设、强化原创音乐的扶持。\n但面对腾讯音乐、快手、抖音们的围堵，网易云音乐要做的不仅是保持住营收速度，还要切切实实将利润提上来。\n目前，网易云音乐营收主要来自于两大板块业务，一块是在线音乐服务，包括会员订阅、广告服务及其他；另一块是社交娱乐服务及其他，包括线上K歌、音频直播等。\n其中，在线音乐服务贡献了主要的营收来源，不过其营收占比却在逐年下降。2018-2021年Q1，在线音乐服务板块营收占比分别为89.4%、76.6%、53.6%和50.9%。\n相反，另一业务板块社交娱乐服务却呈现强劲的增长势头。2018-2021年Q1营收占比分别为10.6%、23.4%、46.4%和49.1%，大有超越前者的态势。\n在社交娱乐服务板块，重拳产品是在2018年下半年推出的直播产品——“LOOK直播”，借助直播功能，将音乐社区积累的流量激活变现。目前，该产品贡献了社交娱乐服务板块绝大部分收入。\n以直播产品为代表的社交娱乐服务板块，极有可能在不久的将来发展成为公司的第一大收入来源。\n\n不过，这一业务目前的盈利效果尚不稳定。\n虽然推出直播产品后，社交娱乐服务每月每付费用户收入在2019年一跃达到477.6元，在2020年更是进一步提升至573.8元，但其月付费用户规模与在线音乐服务还不能相提并论。\n数据显示，社交娱乐服务月付费用户数由2018年的5800人增至2019年的9.17万人，在2020年进一步增长到32.7万人。而2020年在线音乐服务月付费用户已有1596.2万，是社交娱乐服务的将近50倍。\n\n此外，这一业务目前也面临不小的外部竞争压力。\n一方面，直接对手腾讯音乐早已布局，并且已经打下了较好的业务基础。根据腾讯音乐财报，其业务板块主要也是在线音乐服务和社交娱乐服务。其中，营收占比近7成的社交娱乐服务，主打产品正是直播和K歌，代表产品是酷狗直播和全民K歌。\n另一方面，快手、抖音等短视频平台也正在进军音乐市场。\n2021年初，有媒体报道字节跳动已成立了音乐事业部，正在测试一款名为“飞乐”的产品，或由抖音参与运营。同时，音乐发行平台“BeatDynamic”也正在测试中。\n5月26日，快手上线了音乐应用“小森唱”，为用户提供用AI打造专属原创歌曲、K歌、短视频KTV上线等功能。\n另外，即使独家版权不再，版权成本仍将是一笔不小的支出。而且没有了独家版权这一掣肘，更多的玩家将有可能重归赛场，市场的竞争激烈程度不降反升，对网易云音乐而言也是一场不能避免的硬仗。\n尾声\n“归属感”、“精神家园”、“共鸣”，是众多网易云音乐忠诚用户选择停留在这款App的主要原因。屡屡能击中人心的评论区留言，优于多数平台的界面设计，总能切中用户喜好的“个性推荐”等，也是用户们不断提及的吸引力。\n但许多用户也察觉到，在追逐商业利益的过程中，网易云音乐有了些许的变化。\n“网易云的个性推荐不如以前好了”、“改版多次后越来越变味了”、“广告多了，开了会员还有收费项目”……在社交平台关于网易云音乐的话题中，类似的言论变得常见。\n如何在实现商业目标的同时保持初心，守住属于这一情怀产品的基本盘，是决定网易云音乐未来能走多远的一大关键。","news_type":1,"symbols_score_info":{"90033":0.9}},"isVote":1,"tweetType":1,"viewCount":2847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171145588,"gmtCreate":1626729299844,"gmtModify":1703763973043,"author":{"id":"4089763888690560","authorId":"4089763888690560","name":"jenniferlee","avatar":"https://static.tigerbbs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21:14","market":"sh","language":"zh","title":"With the rapid development of intelligent connected vehicles, how can data security be ensured?","url":"https://stock-news.laohu8.com/highlight/detail?id=2152463252","media":"格隆汇","summary":"汽车智能网联的数据安全问题已经成了整个汽车产业过程中必须重视的问题，关乎到整个汽车工业全链路的信息安全保障体系。\n工信部新闻发言人赵志国7月16日表示，加快制定工业和信息化领域数据安全管理政策，更好地","content":"<p>automobile<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>NetUnion's data security has become a crucial issue in the entire automotive industry, affecting the entire information security system.</p><p>Zhao Zhiguo, spokesperson for the Ministry of Industry and Information Technology, said on July 16 that it is necessary to accelerate the formulation of data security management policies in the industrial and information technology sectors to better support the implementation of the Data Security Law in the industry. Organize and carry out related work such as industry data classification management and the formulation of important data catalogs, build a standard system in the field of industry data security, and research and formulate important standards for data security in fields such as vehicle networking and industrial internet.</p><p>Zhang Jianxin, Dean of the Industrial Internet Security Research Institute of 360 Group, pointed out at the \"Development and Safety of the Intelligent Connected Vehicle Industry\" themed forum of the 2021 China Automotive Forum that software programming, connected access, and digital applications have become the three main sources of safety risks for intelligent connected vehicles.</p><p><h3><b>Data security issues become prominent</b></h3>As an emerging technology spanning multiple industries including automobiles, transportation, information technology, communications, consumer electronics, industrial electronics, and media and entertainment, automotive intelligent networking has played a positive role in the intelligent development of automobiles. In recent years, with the rapid development of new technologies, businesses, and models such as 5G, big data, artificial intelligence, vehicle networking, industrial internet, and the Internet of Things, the intelligent connected vehicle industry has flourished.</p><p>According to the \"Research on Data Security of Intelligent Connected Vehicles\" recently released by the National Industrial Information Security Development Research Center, in 2020, sales of intelligent connected vehicles in my country reached 3.032 million units, a year-on-year increase of 107%, with a market penetration rate of approximately 15%. In the first quarter of 2021, the market penetration rate of Level 2 (semi-autonomous driving) intelligent connected vehicles reached 17.8%, and the market penetration rate of Level 2 intelligent connected vehicles among new energy vehicles reached 30.9%. It is projected that by 2025, Level 2 and Level 3 intelligent connected vehicles (which achieve partial autonomous driving operations in specific environments) will account for 50% of total vehicle sales in my country, while Level 4 (fully autonomous driving) intelligent connected vehicles will begin to enter the market, with an additional output value of 800 billion yuan.</p><p>With the rapid development of intelligent connected vehicles, data security has also become an unavoidable issue. The prerequisite for intelligent connected vehicles is that there must be a network inside the vehicle, which can be connected to other related devices or the Internet through various wireless methods. However, there are various dangerous possibilities in the Internet space, and these problems caused by data security can greatly affect the operation of the connected vehicle system.</p><p>\"The latest cars have at least 100 ECU (electronic control) units running 60 million lines of code.\"<a href=\"https://laohu8.com/S/300369\">NSFOCUS</a>Liu Jiaqi, product director of the group company, revealed that the code for autonomous vehicles will reach more than 100 million lines.</p><p>\"Any code written by a human will contain all sorts of errors and vulnerabilities,\" Zhang Jianxin pointed out. Although the transmission protocol has been designed with security in mind and encryption requirements have been taken into account, it still cannot avoid exploitable attack points.</p><p>In 2015, Fiat Chrysler recalled 1.4 million vehicles worldwide after a JEEP Cherokee was remotely hacked and manipulated by two security engineers. This year's<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Hackers took control of the vehicle's terminal system by remotely hacking the Model S. They could open the doors and drive the car away through vulnerabilities in the Model S. In addition, they could send commands to the Model S to suddenly shut down the system engine while the vehicle was running normally.</p><p>Currently, the primary security issue for intelligent connected vehicles is the leakage of personal information. The Internet of Vehicles (IoV) has organically combined users' online and offline lives. The relevant data covers not only data related to the safe operation of vehicles, but also data related to user data and IoV application services. When this data is combined, almost all key data related to personal life can be obtained. Secondly, there is illegal manipulation. If a vehicle or vehicle networking platform is illegally hacked by hackers, it may face the risk of the vehicle being remotely unlocked, doors opened, started, or even the steering system and power system being illegally controlled, resulting in vehicle theft or even vehicle driving safety accidents. And more importantly, it could threaten national security. To better realize the interaction between vehicles and roads and surrounding infrastructure, intelligent connected vehicles will collect data on surrounding scenes and important geographic information. \"If the accuracy reaches a certain level, it will affect or threaten national security.\" Huang Peng, deputy chief engineer and director of the Information Policy Institute of the National Industrial Information Security Development Research Center</p><p><h3><b>Supervision urgently needs to be</b></h3>Currently, while intelligent vehicles are developing, security remains the top priority, and the data security of intelligent vehicles is of paramount importance in the development of vehicle networking.</p><p>On July 12, the Ministry of Industry and Information Technology and two other departments issued the \"Regulations on the Management of Security Vulnerabilities in Network Products\". The regulations stipulate that network product providers should ensure that security vulnerabilities in their products are patched in a timely manner and reasonably released. The Ministry of Industry and Information Technology's Cybersecurity Threat and Vulnerability Information Sharing Platform simultaneously notifies the National Network and Information Security Information Notification Center and the National Computer Network Emergency Technology Handling Coordination Center of relevant vulnerability information. The regulations will come into effect on September 1.</p><p><a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>Analysts believe that the current policy level is paying unprecedented attention to cybersecurity, and data has become a core factor of production. Information security reviews and investments in various IT systems, including networks and data, are expected to achieve a qualitative improvement.</p><p>On April 7, the Ministry of Industry and Information Technology publicly solicited opinions on the \"Guidelines for Access Management of Intelligent Connected Vehicle Manufacturers and Products (Trial)\" (draft for comments). The draft requires that intelligent connected vehicle manufacturers should collect, use and protect personal information in accordance with the law, implement data classification and hierarchical management, formulate an important data catalog, and not disclose sensitive information involving national security. Personal information and important data collected and generated during operations within the territory of the People's Republic of China shall be stored within the territory in accordance with relevant regulations. If it is necessary to provide services overseas due to business needs, a report should be made to the relevant industry authorities.</p><p>Industry experts suggest that at the automaker level, automakers can refer to relevant domestic and international standards to form their own safety protection systems. First, we must improve the security and controllability of core infrastructure technologies, while also enhancing the comprehensive data security protection capabilities. We should utilize next-generation information technologies, including blockchain technology, traffic detection technology, and national cryptography technology, to enhance the comprehensive protection capabilities.</p><p>Huang Peng offered suggestions from the perspective of the future development of the industry: First, coordinate industrial innovation and development with ensuring data security. Second, data classification and grading guidelines and management rules should be introduced as soon as possible. The intelligent connected vehicle industry can learn from the corresponding classification and grading guidelines issued in the fields of finance, industrial internet and other fields. Third, establish a pre-event risk assessment and post-event emergency response mechanism. Fourth, we will focus on the issue of cross-border data flows, and hope to refine the corresponding data flow rules while drawing on globally accepted practices.</p><p>The \"Research on Data Security of Intelligent Connected Vehicles\" recommends that the government should actively coordinate the development of the intelligent connected vehicle industry with data security protection, determine different data management requirements according to application scenarios, accelerate the construction of industry data classification and hierarchy, promote mandatory cybersecurity testing of intelligent vehicles in a timely manner, improve the dedicated insurance system for intelligent connected vehicles and autonomous driving, focus on cross-border data flow issues, strengthen international exchanges, and actively participate in the formulation of international rules.</p>","source":"gelonghui_highlight","collect":0,"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>With the rapid development of intelligent connected vehicles, how can data security be ensured?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWith the rapid development of intelligent connected vehicles, how can data security be ensured?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-07-19 21:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>automobile<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>NetUnion's data security has become a crucial issue in the entire automotive industry, affecting the entire information security system.</p><p>Zhao Zhiguo, spokesperson for the Ministry of Industry and Information Technology, said on July 16 that it is necessary to accelerate the formulation of data security management policies in the industrial and information technology sectors to better support the implementation of the Data Security Law in the industry. Organize and carry out related work such as industry data classification management and the formulation of important data catalogs, build a standard system in the field of industry data security, and research and formulate important standards for data security in fields such as vehicle networking and industrial internet.</p><p>Zhang Jianxin, Dean of the Industrial Internet Security Research Institute of 360 Group, pointed out at the \"Development and Safety of the Intelligent Connected Vehicle Industry\" themed forum of the 2021 China Automotive Forum that software programming, connected access, and digital applications have become the three main sources of safety risks for intelligent connected vehicles.</p><p><h3><b>Data security issues become prominent</b></h3>As an emerging technology spanning multiple industries including automobiles, transportation, information technology, communications, consumer electronics, industrial electronics, and media and entertainment, automotive intelligent networking has played a positive role in the intelligent development of automobiles. In recent years, with the rapid development of new technologies, businesses, and models such as 5G, big data, artificial intelligence, vehicle networking, industrial internet, and the Internet of Things, the intelligent connected vehicle industry has flourished.</p><p>According to the \"Research on Data Security of Intelligent Connected Vehicles\" recently released by the National Industrial Information Security Development Research Center, in 2020, sales of intelligent connected vehicles in my country reached 3.032 million units, a year-on-year increase of 107%, with a market penetration rate of approximately 15%. In the first quarter of 2021, the market penetration rate of Level 2 (semi-autonomous driving) intelligent connected vehicles reached 17.8%, and the market penetration rate of Level 2 intelligent connected vehicles among new energy vehicles reached 30.9%. It is projected that by 2025, Level 2 and Level 3 intelligent connected vehicles (which achieve partial autonomous driving operations in specific environments) will account for 50% of total vehicle sales in my country, while Level 4 (fully autonomous driving) intelligent connected vehicles will begin to enter the market, with an additional output value of 800 billion yuan.</p><p>With the rapid development of intelligent connected vehicles, data security has also become an unavoidable issue. The prerequisite for intelligent connected vehicles is that there must be a network inside the vehicle, which can be connected to other related devices or the Internet through various wireless methods. However, there are various dangerous possibilities in the Internet space, and these problems caused by data security can greatly affect the operation of the connected vehicle system.</p><p>\"The latest cars have at least 100 ECU (electronic control) units running 60 million lines of code.\"<a href=\"https://laohu8.com/S/300369\">NSFOCUS</a>Liu Jiaqi, product director of the group company, revealed that the code for autonomous vehicles will reach more than 100 million lines.</p><p>\"Any code written by a human will contain all sorts of errors and vulnerabilities,\" Zhang Jianxin pointed out. Although the transmission protocol has been designed with security in mind and encryption requirements have been taken into account, it still cannot avoid exploitable attack points.</p><p>In 2015, Fiat Chrysler recalled 1.4 million vehicles worldwide after a JEEP Cherokee was remotely hacked and manipulated by two security engineers. This year's<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Hackers took control of the vehicle's terminal system by remotely hacking the Model S. They could open the doors and drive the car away through vulnerabilities in the Model S. In addition, they could send commands to the Model S to suddenly shut down the system engine while the vehicle was running normally.</p><p>Currently, the primary security issue for intelligent connected vehicles is the leakage of personal information. The Internet of Vehicles (IoV) has organically combined users' online and offline lives. The relevant data covers not only data related to the safe operation of vehicles, but also data related to user data and IoV application services. When this data is combined, almost all key data related to personal life can be obtained. Secondly, there is illegal manipulation. If a vehicle or vehicle networking platform is illegally hacked by hackers, it may face the risk of the vehicle being remotely unlocked, doors opened, started, or even the steering system and power system being illegally controlled, resulting in vehicle theft or even vehicle driving safety accidents. And more importantly, it could threaten national security. To better realize the interaction between vehicles and roads and surrounding infrastructure, intelligent connected vehicles will collect data on surrounding scenes and important geographic information. \"If the accuracy reaches a certain level, it will affect or threaten national security.\" Huang Peng, deputy chief engineer and director of the Information Policy Institute of the National Industrial Information Security Development Research Center</p><p><h3><b>Supervision urgently needs to be</b></h3>Currently, while intelligent vehicles are developing, security remains the top priority, and the data security of intelligent vehicles is of paramount importance in the development of vehicle networking.</p><p>On July 12, the Ministry of Industry and Information Technology and two other departments issued the \"Regulations on the Management of Security Vulnerabilities in Network Products\". The regulations stipulate that network product providers should ensure that security vulnerabilities in their products are patched in a timely manner and reasonably released. The Ministry of Industry and Information Technology's Cybersecurity Threat and Vulnerability Information Sharing Platform simultaneously notifies the National Network and Information Security Information Notification Center and the National Computer Network Emergency Technology Handling Coordination Center of relevant vulnerability information. The regulations will come into effect on September 1.</p><p><a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>Analysts believe that the current policy level is paying unprecedented attention to cybersecurity, and data has become a core factor of production. Information security reviews and investments in various IT systems, including networks and data, are expected to achieve a qualitative improvement.</p><p>On April 7, the Ministry of Industry and Information Technology publicly solicited opinions on the \"Guidelines for Access Management of Intelligent Connected Vehicle Manufacturers and Products (Trial)\" (draft for comments). The draft requires that intelligent connected vehicle manufacturers should collect, use and protect personal information in accordance with the law, implement data classification and hierarchical management, formulate an important data catalog, and not disclose sensitive information involving national security. Personal information and important data collected and generated during operations within the territory of the People's Republic of China shall be stored within the territory in accordance with relevant regulations. If it is necessary to provide services overseas due to business needs, a report should be made to the relevant industry authorities.</p><p>Industry experts suggest that at the automaker level, automakers can refer to relevant domestic and international standards to form their own safety protection systems. First, we must improve the security and controllability of core infrastructure technologies, while also enhancing the comprehensive data security protection capabilities. We should utilize next-generation information technologies, including blockchain technology, traffic detection technology, and national cryptography technology, to enhance the comprehensive protection capabilities.</p><p>Huang Peng offered suggestions from the perspective of the future development of the industry: First, coordinate industrial innovation and development with ensuring data security. Second, data classification and grading guidelines and management rules should be introduced as soon as possible. The intelligent connected vehicle industry can learn from the corresponding classification and grading guidelines issued in the fields of finance, industrial internet and other fields. Third, establish a pre-event risk assessment and post-event emergency response mechanism. Fourth, we will focus on the issue of cross-border data flows, and hope to refine the corresponding data flow rules while drawing on globally accepted practices.</p><p>The \"Research on Data Security of Intelligent Connected Vehicles\" recommends that the government should actively coordinate the development of the intelligent connected vehicle industry with data security protection, determine different data management requirements according to application scenarios, accelerate the construction of industry data classification and hierarchy, promote mandatory cybersecurity testing of intelligent vehicles in a timely manner, improve the dedicated insurance system for intelligent connected vehicles and autonomous driving, focus on cross-border data flow issues, strengthen international exchanges, and actively participate in the formulation of international rules.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/476386\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9dc7e63da1a09d4ef5db25b0c798b13e","relate_stocks":{"300369":"绿盟科技"},"source_url":"http://www.gelonghui.com/p/476386","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2152463252","content_text":"汽车智能网联的数据安全问题已经成了整个汽车产业过程中必须重视的问题，关乎到整个汽车工业全链路的信息安全保障体系。\n工信部新闻发言人赵志国7月16日表示，加快制定工业和信息化领域数据安全管理政策，更好地承接《数据安全法》在行业的实施落地。组织开展行业数据分级分类管理、重要数据目录制定等相关工作，构建行业数据安全领域的标准体系，研究制定车联网、工业互联网等领域的数据安全的重要标准。\n360集团工业互联网安全研究院院长张建新在2021中国汽车论坛“智能网联汽车产业发展与安全” 主题论坛上指出，软件化编程、网联化接入和数字化应用已成为智能网联汽车安全风险的三大主要源头。\n数据安全问题凸显\n汽车智能联网作为一项跨越了汽车、交通运输、信息技术、通讯、消费电子、工业电子、媒体娱乐等多个行业的新兴技术，对汽车的智能化发展起到了积极的作用。近年来，随着5G、大数据、人工智能、车联网、工业互联网、物联网等新技术新业务新模式快速发展，智能网联汽车产业得到了蓬勃发展。\n国家工业信息安全发展研究中心日前发布的《智能网联汽车数据安全研究》显示，2020年，我国智能网联汽车销量为303.2万辆，同比增长107%，市场渗透率约为15%。2021年第一季度，L2级（半自动驾驶）智能网联汽车的市场渗透率达到17.8%，新能源车中的L2级智能网联汽车市场渗透率达30.9%。预计到2025年，我国L2、L3级（在特定环境中实现部分自动驾驶的操作）智能网联汽车销量占全部汽车销量的50%，L4级（完全自动驾驶）智能网联汽车开始进入市场，新增产值可达到8000亿元。\n在迅猛发展的同时，智能联网汽车的数据安全也成了一个无法回避的问题。汽车智能网联的前提是车内必须有网络，通过各类无线方式接入到其他相关设备或互联网，而互联网空间里存在着各种危险的可能，这些因数据安全带来的问题极可能影响车联网系统的运行状态。\n“最新汽车上至少100个ECU（电子控制）单元，运行6000万行代码。”绿盟科技集团股份有限公司产品总监刘嘉奇透露，无人驾驶汽车代码将达1亿行以上。\n“只要是由人编写的代码都会包含各种各样的错误和漏洞。”张建新指出，尽管传输协议在设计中已经进行了安全性设计，也考虑了加密的需求，但仍无法避免可以利用的攻击点。\n2015年，一辆JEEP切诺基被两名安全工程师远程入侵并操控，此后菲亚特克莱斯勒召回了全球范围内140万辆汽车。今年的特斯拉Model S被黑客们仅通过远程入侵，就控制了车辆的终端系统，通过Model S存在的漏洞打开车门并将车开走，此外还能向Model S发送命令，在车辆正常行驶中突然关闭系统引擎。\n目前智能网联汽车的安全问题首先就是泄露个人信息。车联网实现了用户线上和线下生活的有机结合，相关数据既涵盖了与车辆安全运行关联的数据，也包括了用户数据、车联网应用服务相关的数据，这些数据信息相结合，几乎可以得出个人生活相关的所有关键数据。其次是非法操控。车辆或车联网平台一旦被黑客非法入侵，可能面临车辆被远程解锁、远程开车门、启动，甚至是转向系统、动力系统等被非法控制，造成车辆被盗取甚至车辆行驶安全事故。而更重要的是可能威胁国家安全。为更好地实现车与路的互动和周围基础设施的互动，智能网联汽车会收集周围的场景和重要地理信息的数据，“如果精度达到一定程度会影响或者威胁国家安全。” 国家工业信息安全发展研究中心副总工程师兼信息政策所所长黄鹏认为。\n监管亟待加强\n当下，在智能汽车发展的同时安全问题依旧是第一位的，智能汽车的数据安全性是车联网发展道路上的重中之重。\n7月12日工信部等三部门印发了《网络产品安全漏洞管理规定》，《规定》提出，网络产品提供者应当确保其产品安全漏洞得到及时修补和合理发布；工信部网络安全威胁和漏洞信息共享平台同步向国家网络与信息安全信息通报中心、国家计算机网络应急技术处理协调中心通报相关漏洞信息。《规定》自9月1日起施行。\n国信证券分析师认为，当前政策层面对于网络安全的重视程度空前，数据已成为核心生产要素。各类IT系统的网络、数据等信息安全审查和投入有望实现质的提升。\n工信部在4月7日公开征求对《智能网联汽车生产企业及产品准入管理指南(试行)》(征求意见稿)的意见，上述意见稿要求：智能网联汽车生产企业应依法收集、使用和保护个人信息，实施数据分类分级管理，制定重要数据目录，不得泄露涉及国家安全的敏感信息。在中华人民共和国境内运营中收集和产生的个人信息和重要数据应当按照有关规定在境内存储。因业务需要，确需向境外提供的，应向行业主管部门报备。\n业内专家建议，在车企层面，车企可以参考国内外相关标准，形成自身的安全防护体系。首先要提升核心基础技术的安全可控能力，同时还要提升数据安全综合防护能力，利用新一代的信息技术，包括区块链技术、流量检测技术、国密技术等，提升综合防护的能力。\n而黄鹏则从产业未来发展角度提出了建议：一是统筹产业创新发展与保障数据安全。二是尽快出台数据分类分级指南和管理细则，智能网联汽车行业可以借鉴金融、工业互联网等领域出台的相应的分类分级指南。三是建立事前风险评估和事后应急响应机制。四是重点关注跨境数据流动问题，希望后续在借鉴全球通用做法的同时，细化相应的数据流动规则。\n《智能网联汽车数据安全研究》建议，政府应积极统筹智能网联汽车产业发展与数据安全保护，根据应用场景确定不同的数据管理要求，加快推动行业数据分类分级建设，适时推进智能汽车网络安全强制测试，完善智能网联汽车和自动驾驶专属保险体系，重点关注跨境数据流动问题，加强国际交流，积极参与国际规则制定。","news_type":1,"symbols_score_info":{"300369":0.9}},"isVote":1,"tweetType":1,"viewCount":3219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
