Morgan Stanley：2025年中国流媒体音乐市场的高端化机遇报告（英文版）

We take a detailed look at China's music market, TME's SVIP tier, and the prospect of similar premium offerings outside of China. This carries opportunity across OWs SPOT/UMG and EW WMG, in our view, but likely represents a single contributor to multifactor pricing growth for music streaming.