Picture source @Visual China
text | Internet Phantom Thieves
In recent days, WeChat’s “Listen” is undergoing grayscale testing. More and more WeChat users have an additional function on the “Discover” page. The default location is “Scan” below and “take a look” above. If you haven't been grayed out yet, don't worry. Just scroll down to the WeChat "Conversation" page (first screen) and you will find the three logos "Music", "Audio" and "Recently Played" at the top of the page. They provide The functionality completely overlaps with "Listen".
After trying this feature with great interest and communicating with some music lovers, my feeling is: will be the most important feature update of WeChat since the launch of the video account in early 2020. pan-audio entertainment (including music, podcasts, radio, audio books, etc.) will become a focus of WeChat's efforts, and this track is in line with the resource endowment and work style of WeChat's business group. For existing players in the audio entertainment industry, WeChat’s entry is a mixed blessing, depending on which segment they are in:
For online music track , WeChat’s entry may have a negative impact on existing players. Head apps pose a huge potential threat. The long-term goal of WeChat should be to build a complete and powerful music player that integrates music, social networking, video accounts and other functions into an organic whole. For non-Tencent music apps, the blow will be particularly severe. For the non-music audio track , the entry of WeChat may bring new vitality to this industry that has always been "high or low" and lacks a business model. As long as WeChat can expand the audio track, everyone will benefit, including its competitors. Of course, the ones who benefit the most are creators, such as podcast hosts.
(the default location of “Listen” on the WeChat discovery page)
Let’s talk about the music track first. Click on the "Music" option in "Listen", and the first things that appear below are "Live Music" and "Music Fan Circle". These two functions are deeply bound to the video account. All displayed in the "Live Music" of
are horizontal screen videos of live music from the video account; I estimate that when the video account holds a concert, the live broadcast of the concert will also be displayed here. The content here is all in horizontal screen form, which is in sharp contrast to the vertical screen of the main interface of the video account - this is not only for differentiation, but also because the horizontal screen is more suitable for displaying concert or concert content. By the way, the video information flow in "Take a Look" is also mainly horizontal screen medium and long videos. "Music Fan Circle" is a graphic community used to discuss music works and musicians. The speakers all display their WeChat video IDs, and users can choose to follow them. I estimate that this community will soon become a battleground for music creators with video accounts. Even if they are not music creators, it will be difficult to resist the temptation of "grabbing traffic" here.
After randomly opening hundreds of songs, I found that all the music content in "Listen" comes from three sources: qq music, WeChat radio, and video account musicians. At present, the content from qq music still accounts for the majority, which is completely expected. However, the latter two are independent of Tencent Music, and both focus on original content. Many musicians (whether mainstream or niche) have long been accustomed to using video accounts as a promotional stage, and video accounts have already opened the audio content release function. Over time, WeChat's native music content ecosystem will eventually take shape, and Tencent Music will also feel a certain amount of pressure. Of course, those "non-Tencent" music platforms, such as NetEase Cloud Music, are under the greatest pressure; WeChat's challenge will be the most severe issue they face in 2024.
So here comes the question: Why does Tencent want to establish a fairly independent music ecosystem in addition to Tencent Music? This is obviously not due to financial considerations. Judging from the financial data in 2023, Tencent Music's online music business revenue growth is still good, mainly because the social entertainment (live broadcast) business has encountered problems; online music paying members exceeded 100 million for the first time.Tencent Music's non-gaap net profit in a single quarter is approximately US$200 million. Although it is not very high, it is completely acceptable. The problem is that the music app under Tencent Music does not have the "initiative" or "voice" in the music market, but loses it to Douyin - this is unbearable for Tencent.
The powerful and efficient Douyin is sweeping the "right to speak" in all content forms: from movies to dramas, from games to music. When it comes to music specifically, starting from 2018, a song or a musician can only truly "break out of the circle" if it becomes popular on Douyin; the most played songs on music platforms are most likely "Douyin Divine Songs". If Douyin is allowed to have the "right to speak" in music, Tencent will not only be controlled by others, but also very likely to lose the upstream content ecology to the other party - although it has been proven that ByteDance is not good at games, it does not necessarily do well at music. . Whether it's QQ Music, Kugou Music, or old rival NetEase Cloud Music, they are all "music listening tools" in the final analysis; they have certain community and public opinion attributes, but they are far from as strong as Douyin. To truly regain the “right to speak”, the WeChat video account must appear. This is why WeChat’s “Listen” is closely bound to the video account.
further said that in order to compete with the booming Douyin in any industry and on any track, Tencent must rely on the WeChat video account. This should have reached a consensus within Tencent (and even the entire Internet industry). In this regard, Video Account also has a unique "advantage", that is, its current level of commercialization is not high, so the "opportunity cost" of strategic collaboration is not high. (But having said that, the fundamental purpose of doing any business is to make money. The management of Tencent and WeChat must really hope that the video account can be commercialized.)
let’s talk about the audio (non-music) track. In my opinion, this is one of the few tracks in China that has had high hopes in the past few years but has never lived up to expectations. I personally love podcasts and audiobooks, and am a heavy user of Himalayas and Little Universe. Like millions of users, I realize that the role of audio (non-music) content is irreplaceable in fitness, outdoor, driving, bedtime and other occasions. However, the domestic audio track has so far been unable to overcome two structural problems:
user market is large, but not particularly large. Strictly speaking, consumers of audio (non-music) content are concentrated among the middle class in big cities, and they are not penetrated enough; and even for the middle-class market, it has not yet finished its consumption. There is no real head app in the audio field (not even Himalaya). The level of commercialization is very poor. The North American podcast market has a high level of commercialization, with advertising revenue alone exceeding US$6 billion in 2022; however, the development level of the domestic podcast market, both in terms of advertising and payment, is very limited. This may be because domestic advertisers are more pursuing precise delivery, or it may be due to user habits.
As a content creator, from 2020 to 2022, I discussed plans to make podcasts or audiobooks with countless platforms, creators, and friends in life. However, the facts made me vote with my feet, and I haven’t invested much energy in audio content so far. I believe that there are tens of thousands of creators who voted with their feet just like me. Now, if WeChat can really activate this "high or low" track, I believe all market participants will be happy, even competitors!
(Audio function page in "Listen")
There are endless claims that WeChat official accounts have "aged" and are losing their appeal. However, WeChat official accounts are still the most important graphic information platform in China (especially for professional graphics and texts), and no one should be able to deny this. At least, in vertical self-media fields such as technology and finance, WeChat official accounts are the undisputed home base, and no platform can compare with it. More importantly, in its twelve-year history, official accounts have accumulated a massive amount of historical content, much of which is still attractive today. In comparison, the accumulation of video accounts with only four years of history is much weaker (audio content is even weaker).Whether it is telling professional content to white-collar workers in big cities, or telling stories and jokes to lower-tier markets, official accounts can provide a richer selection; this is the fundamental reason why the audio part of “Listen to” should be based on official accounts. . Both the
public account and the video account have the "audio content" function, have strong private domain and personal IP attributes, and both have a huge user base - for Tencent, which is good at "internal horse racing", this is also a certain A degree of internal horse racing. On the surface, WeChat has given the "listen" music function to the video account and the audio function to the official account. The status of the two is equal. However, if you look closely, you will find that the status of the two is not equal: over time, video accounts can continue to invade the audio territory of official accounts, and it is difficult for official accounts to counterattack. I feel that the audio function of "Listen" is likely to be the last chance for the ancient product of the official account to reinvent itself - if it succeeds, it will open up a new world in the fields of podcasts, audio courses, etc.; if it fails, it will not It means death, but from now on it will be completely limited to the traditional graphics and text field, and there will no longer be the possibility of exploring new fields.
All in all, our views on the new WeChat function "Listen" (probably the most important function since the video account) are as follows:
In the field of music, it will become a decisive disruptor, not only for "non-Muslims" Tencent-based music apps pose a threat and also pose a threat to Tencent Music. If all goes well, WeChat will eventually develop an independent, self-sufficient music content ecosystem. In the audio (non-music) field, it will take on the mission of allowing this track to break through the ceiling and replicate the myth of the North American podcast market. I believe all market participants will hope it succeeds, because if WeChat fails, no one will be able to bring the domestic podcast and audiobook market up. “Listen” is the latest manifestation of Tencent’s competition with Douyin based on its WeChat video account (at least in terms of music functions). Although the relationship between Tencent and ByteDance has greatly eased with the sale of the latter's gaming business, competition still exists, and the video account is the winner.
In 2024, WeChat’s most important task is video account e-commerce. This is a strategic direction that Tencent has not been able to do well, and it is also the most reliable direction for monetizing video accounts (but it requires arduous efforts); the second one may be “listening” "Listen to it." If Listen is successful, music and audio creators will flood in, just as video creators have flooded video accounts over the past three years. On the other hand, if we have not observed such a phenomenon by the second half of 2024, it means that "Listen to a Listen" has failed.
What is your prediction?
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