iResearch Inc.2 iResearch I 123 50 AI 43.3 SMS3 1 2 3 4 54 iResearch I RSS Pia,5 iResearch I 123 2020 123 2023300/1 1 2 3 app,FM 4 app 4 app 5 yy uki 6 app app 7 65.1 90.0 123.0 173.1 229.0 304.8 38.1%36.7%40.8%32.3%33.1%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%0.050.0100.0150.0200.0250.0300.0350.0400.0450.02018 2019 2020 2021e 2022e 2023e2018-2023%6 iResearch I/KOL 7 iResearch I RSS/KOL/8 iResearch Inc iResearch Inc 2018 2019 2020 IPO 2020 1 2021 9 2021 1 IT 2 1 IT 2 19 A 14 7 B 4 C 4 D 4 E 2 2016-2020 12.7 25.5 82.8 49.5 4.0 18 15 15 4 2-50-40-30-20-1001020300.020.040.060.080.0100.0120.0140.02016 2017 2018 2019 20202016-2020 9 iResearch I 1993 IOT 1993 Internet Talk Radio 1996 12 10 1 2 3 4 511 iResearch Inc iResearch Inc 12 iResearch I13 iResearch I 1 Moon.fm 2 FM 120810941536786950682017 2018 2019 2020 2021.112017-2021 11 14 iResearch I 729 6 15 iResearch Inc iResearch Inc feed PodBean Anchor BuzzSprout:Moon.fm 32.8%Firstory15.2%Soundon14.6%FM 9.4%Anchor 8.8%Soundcloud 2.8%Podcast.rthk.hk2.4%FM 0.9%Buzzsprout0.8%11.7%2021.12 16 iResearch I FM 20202021 75%-85%PGC+PUGC FM 1 mUserTracker 2 PGC+PUGC FM VIP 65%70%75%80%85%2020.1 2020.4 2020.7 2020.10 2021.1 2021.4 2021.7mUserTracker-2020 1-2021 9 TOP3 TOP3%17 iResearch I UT K 100%Spotify The Joe Rogan Experience Megaphone The Ringer 1 mUserTracker K 2 mUserTracker 3 MAU 2020 Q2 2020 Q3 2020Q4 2021Q1 2021 Q2 2021 Q3 TME MAU MAU 4.Spotify 2021 Q2 2020 Spotify The Joe Rogan Experience 2021 Q2 2021Q2 627%Spotify 10.8%9.8%0.0%5.0%10.0%15.0%K mUserTracker-2021 1-9 K APP%9.4%11.7%14.8%20.0%18.7%22.0%0.0%10.0%20.0%30.0%2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q32020Q2-2021Q3 MAU MAU MAU%18 iResearch I APP AI AI APP AI/:19 iResearch I RSS APP RSS RSS App APP RSS RSS Podcasts App 20 iResearch I APP 2017.10 Look直播 2018.10 PK 2013.03组 局玩你 猜我画、谁是 卧底等游戏 2016.09 Pia戏，捏脸 Showmobi 2014.01 Pia 21 iResearch Inc iResearch Inc Hortons FM FM 22 iResearch I Echo 2014 11 2021 Echo Google Nest 2016 10 Home Home Pod 2017 6 Homepod Home Podmini 2017 7 2018 6 2017 7 399 23 1 2 3 4 524 iResearch I 30 1994 MP3 2010 AI 2000 2000-2010 2010-2015 APP 2015 AI CD MP3 2003 2007 APP APP FM 2015 NLP,25 iResearch I 50 2021 2023 20%NLP AI 1 2 1 3 29.1 41.3 50.6 60.9 72.2 86.0 42.0%22.5%20.4%18.6%19.0%-300.0%-220.0%-140.0%-60.0%20.0%0.020.040.060.080.0100.0120.0140.0160.0180.02018 2019 2020 2021e 2022e 2023e2018-2023%26 iResearch I QQ App App 27 iResearch IAI AI AI AI API AI 1-2 IP 28 iResearch I IP 803 APP IP 29 iResearch Inc iResearch Inc N=1034 2021 10 Iclick/N=1034 2021 10 Iclick/TOP5/TOP1 49.7%TOP2 47.0%TOP3 45.3%TOP4 41.2%TOP5 36.7%/TOP1 38.7%TOP2 32.4%TOP3 32.1%TOP4 29.3%TOP5 27.8%/TOP530 iResearch I 5-6 11-20 5-6 29.88%23.79%/26.50%11-20 20.70%6-10 90 11-20 5-6 44.9%1 N=1034 2021 10 Iclick 1:/2:34.5%12.8%10.5%20.4%30.1%58.0%8.6%25.5%35.2%44.9%39.8%22.7%37.9%55.3%44.8%32.7%28.9%15.9%19.0%6.4%9.5%2.0%1.2%3.4%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%5 6-10 11-20 21-89 90/5-6 2-4 31 iResearch Inc iResearch Inc 2020 2020 2022 2020 Emarketer emarketer 3084 3640 4367 5420 6840 8560 10340 12170 18.0%20.0%24.1%26.1%25.1%19.6%18.9%-150.0%-130.0%-110.0%-90.0%-70.0%-50.0%-30.0%-10.0%10.0%30.0%020004000600080001000012000140001600018000200002016 2017 2018 2019 2020 2021e 2022e 2023e2016-2023%5175 6207 7510 9200 10700 11780 12620 13320 19.9%21.0%22.5%16.3%10.1%7.2%5.5%-150.0%-130.0%-110.0%-90.0%-70.0%-50.0%-30.0%-10.0%10.0%30.0%020004000600080001000012000140001600018000200002016 2017 2018 2019 2020 2021e 2022e 2023e2016-2023 用 户规模（万人）增长率（%）32 iResearch Inc iResearch Inc-FM FM FM FM FM33 iResearch I KOL 34 iResearch Inc iResearch Inc FM FM N=746 2021 10 Iclick 56.2%60.7%60.7%74.7%0.0%20.0%40.0%60.0%80.0%商 业品 牌 类播 客单 人类播 客谈 话类播 客故 事类播 客 35 iResearch I,36 iResearch Inc iResearch Inc N=746 2021 10 Iclick N=746 2021 10 Iclick 1.0 2.1 2.9 3.0 3.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 46.1%53.3%53.8%61.1%65.4%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%37 iResearch I Pop Park:38 iResearch I FM TOP3 58.0%20%-30%1 APP APP 2 APP Soul 3 4 APP 4 1 TOP3 58.0%42.0%2020 TOP3 K 39 iResearch I APP 2021 Club House,Pia APP APP Pia Clubhouse 2021 APP Pia APP/40 iResearch I FM Clubhouse 41 iResearch I pia pia fm pia look FM pia App 42 iResearch Inc iResearch Inc 52.94%K 46.3%52.94%N=852 2021 10 Iclick TOP1 52.9%TOP2 46.3%TOP3 43.1%TOP4 38.1%TOP5 33.5%TOP1 53.0%TOP2 46.2%TOP3 43.1%TOP4 38.1%TOP5,33.4%TOP5 TOP5 N=852 2021 10 Iclick 43 iResearch Inc iResearch Inc 46.6%TOP1 3%36.38%11-50 N=852 2021 10 Iclick N=852 2021 10 Iclick?TOP1 50.0%TOP2 46.6%TOP3 45.1%TOP4 32.0%TOP5 30.3%TOP1 11-50 36.4%TOP2 10 22.3%TOP3 18.4%TOP4 51-99 12.8%TOP5 100 10.1%TOP5 TOP544 1 2 3 4 545 iResearch Inc iResearch Inc:UGC 2021 UGC KOL UGC UGC 46 iResearch I AI-,X Redmi Play 5000 47 iResearch I:FM FM FM FM FM FM FM 48 iResearch I:FM FM FM|FM FM FM|FM 49 iResearch I:Sure APP Sure APP FM Sure APP APP APP Sure PK&50 iResearch I:Sure APP Z Sure APP APP APP Sure APP LOGO Z ACG Z 51 1 2 3 4 552 iResearch I Pia IP FM pia KOL KOL 53 iResearch I Justpod IP 54 iResearch I AMSR+ASMR+55 IPO 56/360 U&A CEM-KPI ROI TMIC isv TMIC isv TMIC 57 2002 3000 400-026-Contact Us 58