20182 iResearch Inc 90 IP/live house SMS3 1 2 3 44 iResearch Inc 2013 2013 2.1 18%2015 2.72 2016 3 2020 2020 5 1.8 2.1 2.4 2.7 3.1 3.5%3.6%3.8%4.0%4.1%2012 2013 2014 2015 20162012-2016 GDP GDP%5 iResearch Inc 89.0 82.0 76.0 68.0 61.0 58.0 54.0 41.0 43.0 49.0 54.0 57.0 60.0 66.0 78.0 133.0 14.0 14.0 16.0 17.0 19.0 20.0 22.0 28.0 0501001502002502010 2011 2012 2013 2014 2015 2016 2020e2010-2016&2020 2013-2015 2016 20.3%30.6%2010-2016 IFPI 2020 20.3%5.9%2016 12 2015146 iResearch Inc 50%2016 529 6.2%75%2017 10%2016 2013-2016 2017 440.7 491.2 498.2 529.3 580.6 11.5%1.4%6.2%9.7%2013 2014 2015 2016 2017e2012-2017%7 iResearch Inc 1 2 3 4 CP/SP 2017/8 iResearch Inc/live house To C2017 IP/live house IP IP/live house To B9 iResearch Inc/live house/live house 1.2017 1.6 2.8 5.0 11.1 20.0 31.8 46.6 64.1 83.5 75.5%78.5%80.0%121.7%79.9%59.0%46.5%37.4%30.3%2012 2013 2014 2015 2016 2017e 2018e 2019e 2020e2012-2020%2016 160 6.7%10 iResearch Inc 2016 2017 2017 2017 11 21-QQ 2017 3 3 Ed Sheeran+Deluxe 60000+4000+110000+44000+-2017 3 9&SPY.C C-3500+53000+63000+-2017 4 7 31000+-14000+84000+-2017 5 16-2700+68000+-2017 5 18&35000+9900+380000+240000+29000+2017 5 19 37000+4500+140000+130000+-2017 5 31 2100+1300+11000+33000+-2017 6 9 Katy Perry Witness 340000+12000+680000+720000+69000+2017 6 16 Lorde Melodrama 17000+2300+330000+340000+38000+2017 6 19 Faye 1200+100+4500+6100+-2017 6 23 Imagine dragons Evolve 4600+300+52000+63000+3000+2017 7 6 200+100+1000+5700+-2017 7 21 Lana Del Rey Lust For Life 25000+2800+330000+630000+69000+2017 8 4&340000+4900+270000+220000+23000+2017 8 23 42000+6500+290000+18000+-2017 10 9 in 19000+2400+130000+120000+10000+2017 11 3 Sam Smith The Thrill Of It All 22000+3500+400000+590000+41000+2017 11 3 Maroon 5 Red Pill Blues 79000+8600+1160000+1290000+39000+2017 11 9 No.1 100000+69000+1050000+1230000+290000+2017 11 10 Taylor Swift reputation 310000+50000+4490000+4190000+270000+2017 11 iResearch Inc 2017 2017 12 20 QQ 12 iResearch Inc+2017 12+Maroon 5 Red Pill Blues UGC UGC 2017 11 3 Red Pill Blues Wanna Know 2017 4 7 13 1 2 3 414 iResearch Inc R&B 15 iResearch Inc 59.8%59.2%50%48.8%46.6%N=500 59.8%59.2%53.8%52.8%48.8%46.6%44.8%38.2%2017 16 iResearch Inc 90 27.2%14.2%14%19-30 30 N=500 74.3%70.7%67.1%69.0%35.1%65.7%72.6%53.7%52.1%64.9%65.7%68.3%62.4%53.5%48.6%19-24 25-30 31-35 36-40 40 2017 48.4%53.2%47.6%58.2%57.2%63.2%63.0%62.8%67.0%4.0%5.4%5.8%7.4%8.4%13.6%14.0%14.2%27.2%/live house/%17 iResearch Inc 7.6%31.5%21.9%5.4%5.7%7.6%8.0%10.5%20.3%14.1%28.0%18.6%6.6%7.6%10.2%10.1%17.7%21.5%25.1%16.8%22.7%14.9%20.3%20.1%23.1%20.7%27.2%19.9%8.7%17.8%17.3%14.9%18.2%11.3%18.1%11.7%14.43%6.64%8.26%19.10%14.29%18.79%13.87%14.29%9.18%12.37%5.24%4.96%17.01%20.95%12.74%15.55%11.65%7.28%17.01%11.75%8.60%10.92%/live house/2017 1000 501-1000 201-500 151-200 101-150 51-100 11-50 10 10-100/live house/500 59.4%40.5%41.8%10-500 10-100 N=500 18 iResearch Inc iResearch Inc 69.4%61.2%/80.4%66.8%N=500 N=500 47.8%48.1%56.7%61.2%69.4%2017 40.8%44.0%59.2%61.7%66.8%80.4%/2017 19 iResearch Inc iResearch Inc 48.4%49.6%22.7%47.6%70.6%59.4%27.4%33.7%56.2%26.1%21.7%26.5%55.2%56.0%31.8%56.6%78.8%66.4%37.4%43.4%62.2%37.2%29.0%37.2%R&B/2017%101.4106.2122.6118.0130.3103.1 112.6 116.9 122.5 127.2 2017 TGI R&B/TGI=/*100 N=1000 N=500 2017 TGI=/*100 N=1000 N=500 2017 TGI=140.4TGI=142.5TGI=136.5TGI=140.120 iResearch Inc 68%60.9%75.4%73.2%TGI 160 TGI 149 142 75.4%73.2%37.8%56.2%56.0%40.6%47.4%53.2%68.0%60.9%25.3%41.0%40.4%29.0%33.3%33.2%111 120 149 137 139 140 142 160 2017%TGI TGI Target Group Index()TGI=/*100 N=1000 N=500 201721 1 2 3 422 iResearch Inc 40.0 77.5 110.4 122.5 44.4/MBA/25-30 TGI 111.8 TGI 123.5/MBA/TGI 122.5 110.4 20000 TGI 166.7 TGI 139.8 133 58.7 94.0 106.0 111.8 104.5 40 36-40 31-35 25-30 24 59.5 81.7 103.2 123.5 72.5 79.2 92.3 92.3 92.9 100.0 133.0 139.8/2017 TGI Target Group Index()TGI=/*100 N=1000 N=500 2017 55.2 79.7 96.2 106.4 133.8 125.6 166.7 3000 3000 5000 5001 8000 8001 10000 10001 15000 15001 20000 2000023 iResearch Inc 85.6%83.9%83.6%92.4%90.4%89%TGI 129.3 129.1 122.7 87.0%85.6%90.4%78.0%86.6%92.4%81.4%89.0%86.0%84.0%76.4%83.2%85.8%79.6%72.4%80.1%74.8%83.9%68.4%79.9%85.6%73.2%83.6%78.0%73.5%59.1%73.6%80.4%64.9%56.1%2017%TGI=129.1TGI=129.3TGI=122.7 TGI Target Group Index()TGI=/*100 N=1000 N=500 201724 iResearch Inc iResearch Inc 6.3%7.5%40.1%46.8%33.23%28.97%12.23%10.32%8.15%6.35%2017 1 2-3 4-5 6-10 10 102.5 104.1 112.0 112.3 112.6 113.4 114.5 121.4 126.6 138.6 139.0 142.2/2017 TGI 63.8%4-5 6-10 10 TGI Target Group Index()TGI=/*100 N=1000 N=500 2017 TGI Target Group Index()TGI=/*100 N=1000 N=500 2017 35.4%47.4%24.4%63.8%25 iResearch Inc 52.5%63.3%66.1%2017 66.1%63.3%73.5%71.1%69.7%N=500 56.3%63.5%64.9%66.3%71.1%73.5%2017 43.9%56.3%66.7%67.1%69.7%2017 26 iResearch Inc iResearch Inc/74.4%70.9%/70.3%73.8%68.5%79.4%N=500 N=500 70.3%73.8%68.5%79.4%20.2%19.2%22.4%14.4%9.4%7.0%9.0%6.2%/2017/74.4%70.9%45.3%49.1%14.0%17.2%17.2%17.4%11.6%11.8%37.5%33.5%2017 27 iResearch Inc 45.6%48.5%50.1%56.5%62.9%64.0%73.2%76.3%53.5%54.3%53.1%66.5%71.5%68.1%78.4%79.6%1 2017%TGI=104.3TGI=107.1TGI=106.4TGI=113.7TGI=117.7TGI=106TGI=112TGI=117.3 TGI Target Group Index()TGI=/*100 N=1000 N=500 2017 76.3%73.2%TGI 117.7 TGI 117.3 TGI 113.728 1 2 3 429 iResearch Inc 1 2 3 IP 30 iResearch Inc+1 2 N=364/KTV/live house 31 iResearch Inc IP IP IP IP IP IP IP IP IP IP IP IP IP 2017 IP Thouse+32 Keep Learning 400-026-2099 33