Calculated according to the prospectus，It is assumed that the over allotment right has not been exercised，The Netease cloud music public offering shares accounted for% of the total issued shares7.7%。Per share190-220Hong Kong dollar calculation，After the listing of Netease cloud music, the valuation will be394.7Hundred million-457.1HK $billion（about323.7Hundred million-374.8RMB 100 million）between。As the main competitor of Netease cloud music，Tencent music（According to its11month22Daily closing price calculation）The total market value is128.97dollar，The corresponding RMB is about824RMB100mn。In other words，The valuation of Netease cloud music is about the same as that of Tencent music40%。
Open from both2021According to the results of the third quarter of，Netease cloud music achieves total revenue19.16RMB100mn，For Tencent music24.5%；Netease cloud music online music serviceMAUby1.85Hundred million，For Tencent music29.08%；The number of paying users of Netease cloud music is2752ten thousand，For Tencent music38.7%；The valuation of Netease cloud music reached 50% of the market value of Tencent music40%，Or some investors have seen the value of Netease cloud music community。Compared with Tencent music'sQQmusic、Cool dog music and other copyright music platforms，The greater advantage of Netease cloud music lies in its“Strong community”attribute，High user stickiness，And help to improve the user payment rate，The payment rate of Netease cloud music in the third quarter was14.9%，Higher than Tencent music11.2%。
Since Tencent music in7After being ordered by national regulators to remove the exclusive copyright mode of online music in late June，The online music industry has entered the post copyright era，Music copyright distribution is becoming more and more decentralized，The content differentiation of music platform is reduced，It is difficult for Netease cloud music and Tencent music to rely on content to improve platform users、Retention and payment。Supporting original musicians has become the path that many music platforms are trying，As the largest Incubation Platform for independent musicians in China，Netease cloud music has a first mover advantage in the field of original music。end2021Third quarter of，Netease cloud music has super original musicians30ten thousand，Proportion of works played by original musicians47%。
With the support of multiple music platforms，Although original musicians show a trend of rapid expansion and development，But at the same time“It's hard to get out of the circle”problem，exceed60%The original musician's works were not listened to，Many original musicians have no music revenue。At present, the current situation of original musicians is that very few really come out of the circle and allow users to pay，It mainly depends on the operation of the music platform。For Netease cloud music and Tencent music，The most important thing for long-term development is to rely on its operational capacity、User scale or even asset scale。
In the post copyright Era，Netease cloud music continues to cultivate the original musician plan of the music community，Open music copyright at the same time“buy whatever you want”pattern，And modern sky、King Entertainment、China record group and other domestic key music copyright owners have reached cooperation，Music content tends to be homogeneous with Tencent music。Tencent music, after giving up its exclusive copyright, focused its operation on music content、The realization of social entertainment，Launched《Tencent musician billion yuan incentive plan4·0》。in addition，Tencent music has strengthened the layout of intelligent devices at non mobile terminals，The largest distributor of television applications in the United Nations、Dangbei of TV software service provider，Jointly launched dangbei cool dog music, a large screen music application，And the big screenKSong application——When beiku dog sings。at present，Application of Tencent music on non mobile intelligent devicesIoT MAUThe scale has reached6900ten thousand。
After years of copyright competition，The payment habit of domestic music users has gradually developed，The user payment rates of Tencent music and Netease cloud music platforms are increasing year by year，This shows that China's online music industry is moving towards a positive cycle。According to the prediction of investment and Finance Research Institute，China's online music service market will grow from2020Year128Billion to2025Year495Hundred million，The market scale of music derived social entertainment services will increase from2020Year285Billion to2025Year1174Hundred million。For Netease cloud music, which has converged with Tencent music in content，By virtue of its“Strong community”Attributes and original music advantages，It's also possible to take the lead in breaking through on the music track after listing。This listing，Netease cloud music400HK $billion valuation or room for rise。
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