腾讯音乐(TME)股价在盘前大幅下跌5.03%,主要原因在于其主营业务增长乏力,公司长期前景存在不确定性,引发投资者担忧。
一方面,腾讯音乐的社交娱乐业务持续低迷。该业务面临用户娱乐方式日趋多元化、短视频平台竞争加剧等冲击,营收和活跃用户规模大幅下滑,成为拖累公司整体营收下滑的"元凶"。财报数据显示,该业务收入在2024年第二季度同比暴跌42.8%,月活跃用户数同比骤减31.6%。
另一方面,腾讯音乐的在线音乐服务业务虽然付费用户和付费率保持增长,但增长幅度也在放缓,难以像Spotify那样实现高付费率。付费用户规模增速在今年第二季度已经降至17.7%,付费率虽突破20%但仍明显低于Spotify。原因在于国内音乐市场竞争激烈、音乐版权失去独家优势以及自身功能服务优势不突出等,影响了用户付费意愿。
总体而言,腾讯音乐两大主营业务均面临不同程度的增长瓶颈,缺乏长期持续增长确定性。伴随着社交娱乐业务疲软及在线音乐业务增长边际收窄,公司未来的发展道路存在不确定性,从而引发投资者对其长期主义故事的质疑,导致股价下跌。
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