文｜新熵 晓伊

编辑丨蕨影

tengxunyinleciciyingshoutongbizhengzengzhangdedaolai，shuweibuyi。yaozhidao，ciqianyilianxusigejiduchuxianyingshoutongbixiahuadetaishi。

11yue12ri，tengxunyinlegongbu2024niandisanjidudecaiwubaogao。baogaoxianshi，gaijidugongsizongshourudadao70.2yiyuanrenminbi，jiaoquniantongqizengzhang6.8%；diaozhenghoudejinglirunwei19.4yiyuanrenminbi，tongbidafuzengzhang29.1%。

jinnianlai，shoudaoxingyeyonghuguimozengsufanghuan、yinleduanshipindeqiangjingchongji，yijishejiaoyulefuwujianguanriquyangedengyinsudeyingxiang，zaixianyinlexingyedeshuiwenfashengjubian，tengxunyinleyeyouciyinglaizhuanxingdezhentongqi，zhidaoqunianerjidu，qizaixianyinlefuwucaishoucichaoguoshejiaoyulefuwudeshourugongxian，buruzhenggui。

raner，zheixiebingbuyiweizhetengxunyinlejiunenggaozhenwuyou，xiangfan，zaiyixiliekansixianghaodeshujubeihou，yeanzangzheyouhuan。

yifangmian，caibaoyetancheng，zaixianyinlefuwushourusuiyouqiangjingzengzhang，danzheiyizengzhangshitouzaiyidingchengdushangbeiqitayewudexiahuasuodixiao，ruqicengjingdehexinyewushejiaoyulefuwushouruzaibenjidutongbixiajiangle23.9%zhi15.4yiyuan。

lingyifangmian，tengxunyinlezaixianyinledeyuehuoyueyonghuguimojixuchengxianxiajiangqushi，disanjiduzaicitongbixiajiangle3%zhi5.76yi。

zairujinzaixianyinleshichangbaohe、geyinleruanjianjingzhengjiliedexingshixia，tengxunyinlenengfoujixubaochizengzhangtaishi？

版权制胜，付费用户激增

tengxunyinlezaibenjiduyingshoudetongbizengzhang，libukaizaixianyinlefuwushourudeqiangjingzengzhang。

caibaoshujuxianshi，2023niandisanjidu，tengxunyinledezaixianyinlefuwushouruwei54.8yiyuan，xiangbiquniantongqide45.5yiyuanzengzhang20.4%，zhanzongyingshoudebiliyuewei78%。

zhuyaoshouyiyugaopinzhideneirong、juyouxiyinlidehuiyuanquanyi，youhuadeyonghuyunying，youxiaodetuiguangcuoshi，yijichaojihuiyuandezengzhang。

duiyucicizengzhangdeyuanyin，tengxunyinleyulejituanzhixingdongshizhangpengjiaxinzhichu，zhuyaodeyiyutengxunyinlezaixianyinlefufeiyonghuguimowenbukuoda，yinlefuwuyujiafengfuduoyuan，yijitmepingtaiyuwanshandeneirongshengtaizhijiandexietongriyizengqiang。

jutitixianzailianggeguanjiancengmiandeshujuzengzhang，tamenfenbieshizaixianyinlefufeiyonghushulianghedangefufeiyonghuyuejunshouru，qianzhetongbizengzhang15.5%，zongliangpanshengzhi1.190yi，qiehuanbijingzeng200wanzhiduo；houzhetongbizengzhang4.9%，dadaorenminbi10.8yuan。

zaisanjidudecaibaodianhuahuiyizhong，tengxunyinlexiangguanfuzerenduicijinxinglexiangxidejieshi，biruyinweitamenbuduanjiaqiangyuguoneiguojichangpiangongsidehezuo，zhenduibutongyonghuqunti，jijituozhandutegainian、fensihuodong（ruremenyirenyanchumenpiaoyushou）dengsviphuiyuandutequanyi；yutengxunyouxihezuotuichu《yingxionglianmeng》he《hepingjingying》dengyouxidezhutigequ。

caibaozhong，tengxunyinlehaitidao，zaineirongyinrufangmianbenjidutamentong“huayuyuanchuangyinlexinshili”daxiangyinlejituanxuqianshenduzhanlvehezuo，haiyuguojijuxingg-dragonquanzhilongsuoshujingjigongsigalaxy corporationjianlihezuo，hezuofanweibaokuoshuzizhuanji、shitizhoubian、huodequanzhilonghaiwaidiquxunyandezhubanquandeng。

yishangzhongzhongjucuoguranyouxiao，danzaiqqyinlezishenhuiyuanwangqikanlai，xiyintachongzhihuiyuanzuizhuyaodehaishibanquan。tashizaijinnianrenwukerencongwangyiyunhuiyuanhuanchengqqyinlehuiyuande，“shougouyishougezheigepingtaitingbule，zhinengqiehuanliangsangepingtaitinggedeqingkuang，xuanzezhikaiqqyinlehuiyuanjiushiyinweitabanquanduo。”

hulianwangchanyefenxishizhangshuleyezhichu，tengxunyinlemuqiandehexinjingzhengliyiranshichaonengli，jijishaoshuyouzhizuopindebanquan，danyecunzaiyonghuxiyinheliucunfangmiandewenti。

jianeryanzhi，jiushitengxunyinlezengzhangdeluojizaiyugaojiazhiyonghuduiyuhaoneirongdegangxingxuqiu，qudongqijinxingfufei，zheiyeshigerenkouhonglixiaotuishichangdezengzhangluoji。buguo，zheiyeyiweizheqiyexuyaoshenwayonghujiazhi，zuohaogengjingxihuadeyunying。

月活下滑，增长遇瓶颈

jinguantengxunyinledefufeiyonghushuchixuzengzhang，danzhengtiyuehuoyueyonghushuquechengxianxiahuaqushi，disanjidutongbixiajiangle3%zhi5.76yi。

ciwai，zaibencicaibaoli，tengxunyinleshouciduiwaigongbuleyixiangzhongyaoshuju：jiezhi 2024nian9yuedi，qichaojihuiyuanshuliangyirantupo1000wan。

zhakanzhixia，zheiwuyishiyigexiangdangkeguandeshuzi，raner，dangwomenjiangqizhiyufufeiyonghushuhezongyuehuoyueyonghushudeweidujinxingkaoliangshi，qingkuangzeyousuobutong，qichaojihuiyuanzaifufeiyonghuzhongdeshentoulvjinwei8.4%，erzaizongyuehuoyueyonghushuzhongdezhanbigengshidizhi1.8%。

zheiyijiaodideshentoulvbiaoming，jinguanchaojihuiyuanshuliangpangda，danzaizhenggeyonghutixizhongrengyoujiaodadefazhankongjian，tengxunyinlezaichaojihuiyuanyewutuozhanfangmiankenengmianlinzheyidingdetiaozhan。

congxingyelaikan，yeshiruci。juzhongguohulianwangxinxizhongxin（cnnic）fabude《di 55 cizhongguohulianwangluofazhanzhuangkuangtongjibaogao》xianshi，muqianguoneizaixianyinlefufeiyonghuzhuanhualvyijingjiejin 30%，jixutishengdekongjianshifenyouxian。

erqie，tigaofufeiyonghude arpu zhikunnanzhongzhong，shaoyoubushenjiukenengdaozhiyonghuliushi，bijingzaiyinleleiruanjianjingzhengjiliededangxia，yonghuduijiagegaodumingan。

lingyicengjingdeqqyinlehuiyuanlinyugaosu「xinshang」，yitazijiweili，yinweiqqyinledequkuduoerchongzhihuiyuan，danyeyinweiqqyinlexuyaofufeidequmuguoduoerzhangjialikai，“xiangdangyubukaihuiyuangenbentingbulejishouge，jiushibinikejin。”

juhaituntouyandeshuju，muqian，tengxunyinleqixialiangdayinlepingtaiqqyinlehekugouyinle，narufufeiqiangde vip qumuzhanbi50%～70%（qizhongremenqumu50%jinlefufeiqiang），junxianzhugaoyuqitatongxing，biruyunyinleyue 35%，douyindeqishuiyinlejiugengdile。

buguo，kugouyinledeyuehuoyaogenggaoyixie。genjuquestmobiledeshuju，jiezhi2024nian6yue，kugouyinleyi23023wandeyuehuoyueyonghuguimowenjuzaixianyinleappxingyediyiming。

kugouyinleshiduoniandezishenyonghulinlejuede，kenengyinweikugouyinlehaojiuhaozaiyoukan30miaoguanggaozengsongyixiaoshitinggedehuodong，duiyutazheizhongqingduyonghulaishuoyijingzugou，yinweizijitinggechaoguoyixiaoshihuigandaofanzao。

zaizhangshuleyanzhong，fufeiyonghutuozhankunnan，zheishigedayinlepingtaigongtongmianlindenanti。tengxunyinlezaixianyinlefuwushourusuiyouzengzhang，jinnengbiaomingyonghufufeiqingkuangwendingqieyouyidingfududeshangsheng，dangaiyewudefazhantianhuabanqingxikejian，gengduozaixianyinlefuwudefufeichangjingshangweikaiqi，qishouruzongheweibinengchaoguoshejiaoyuleyewu。

shijishang，wulunshitengxunyinlehaishiwangyiyunyinle，doujidaitansuozaixianyinlefufeizhiwaidechangjing，xiangxianshangyanchanghui、xunigeshouhuodong、yinleshouquanduanshipindengdouyingnarukaolvfanwei，fouzejiangnanyishixiankechixufazhan。

“zaixinchangjingweinengyouxiaotuozhandeqingkuangxia，pingtaideyingshouzengzhangbuguoshicongjingzhengduishouneiliqiangduofene，chengxianchucixiaobizhangdetaishi。ruowufawajuegengduoxiaofeichangjing，tengxunyinleyejiuwufacushiyuanchuangyinleru ‘pifa’ bandaliangyongxian。”zhangshulebiaoshi。

强敌崛起，短视频蚕食

zaixianyinleshichang，tengxunyinleyiranzhanjulegengduodeshichangfene。

genjuguanwang，tengxunyinlejituanqixiayongyouqqyinle、kugouyinle、kuwoyinlehequanminkgedengsikuanchanpin，qizhongqqyinlehekugouyinledouwenjuquestmobilede2024nian6yuezaixianyinleappxingyeyuehuoyueyonghuguimodiyihedier。

raner，yijinruyonghucunliangshidaiderujin，zheijishitengxunyinledeyoushi，yeshiqiruodian。

yifangmian，yongyouyijiyonghupanzidetengxunyinle，buyongcaoxinguoduozengzhang，zhixubayuanyoudeyonghuzhuanhuachengfufeiyonghu；lingyifangmian，rujindezaixianyinleshichangdangaoyouxian，houjinnaizhixinjindeyinleapphuidingjintengxunyinledeyonghu，shituqiangzhangengduofene。

biruwenjudisandewangyiyunyinle，suiranbanquanyoushimeiyoutengxunyinlemingxian，danyiqidutedeshequwenhuahejingzhundegexinghuatuijiansuanfa，chenggongxiyinledaliangnianqingqiezhongchengdujigaodeyonghuqunti，jinrihaibuduantuichuxiangguanfulihuodong，ru“heijiao6haoxian”xianshifulihuodong。

youqishiduanshipinpingtai，duiyinleshichangchongjijuda。

douyin、kuaishoudengyongyoupangdayonghuhegaohuoyuedu，duiyinlexingyeyingxiangjianshen。tamentongguoyinleshouquanjiangyinlerongruduanshipin，chuangzaoxinchuanbohexiaofeimoshi，xuduogequjiecizouhong，yonghunengzaiduanshipinpingtaimanzubufenyinleyulexuqiu，zheijidafenliuletengxunyinledengchuantongpingtaideshiyongshizhang。

erqieduanshipinpingtaibuduantuozhanyinleyewu，rutuichuyinlebangdan、chuangzuogongjudeng，jinyibujiajuyutengxunyinledengzhuanyepingtaidejingzheng，birudouyinqixiadeqishuiyinlehefanqiechangtingyinleban。genjuquestmobileshuju，liangzhedeyuehuoyueyonghuguimofenbieweiliediwuhediliu，yuehuoyueyonghutongbizengsufenbiedadao105.5%、733.1%，hejiyuehuoyueyonghutupo7000wan。

youqishiqishuiyinle，zi2022nian6yueshangxianzhijinbuguoliangnianduodeshijian，fazhansudushifenxunsu，jiezhi2024nian3yue6ri，iosyijingzhanhuo3000duowancixiazai，qiyouhuiliduyeshixiangdangda，「xinshang」faxianqishuiyinleweixinyonghutigong“vipxianshitiantiansong““1yuelianxubaoyue”dengfuli。

yijingshiyongqishuiyinletinggeyinianduodesuyubiaoshi，zijishicongdouyinguoqude，benlaijiuhenxihuandouyinneixiewangluorequ，erqishuiyinlehuiyuanfeibugao，jiemianyehenjianjie，dabufengedoufuhetadetinggexihao。

zheixiexinxingpingtaidechuxian，rutongxiongyongdechaoshuiyiban，buduanchongjizhetengxunyinledeshichangdiwei，fenzouledaliangdeqianzaiyonghuhebofangliang。

zaibanquanzhengduofangmian，jushiyeyufajinzhang。cengjing，tengxunyinlezaibanquanlingyutourujuda，tongguoyuzhongduochangpiangongsijianlihezuoguanxi，yongyoulefengfudeyinlebanquanziyuan，zheiyechengweiqizaihenzhangyiduanshijianneidejingzhengbilei。

raner，suizhebanquanshichangdebuduanfazhanheguifan，youqishi2021nianguojiashichangjianduguanlizongjudeyizhijinling，yedapoletengxunyinlededujiabanquanmeng，qitajingzhengduishouchenshiershangzhengqugengduoyinlebanquan，daozhibanquandefenbugengjiafensan，yerangyonghuzaixuanzeyinlepingtaishiyoulegengduodekenengxing，buzaijuxianyutengxunyinle。

zhengrushangwenzhangshulesuoyan，zairujindeshichanghuanjingxia，pingtaimenbixuwajuegengduoxiaofeichangjing，caiyoukenengshixianchixudezengzhang。muqian，tengxunyinleyezaitansuogengduoduoyuanhuayewu，birujinnian7yuetuichushougeduanjuduliapp“quanminduanju”，tansuoai+yinledeng。

buguo，zaizhangshulekanlai，muqianzheixiekuajiemoshi，douhaimeiyouzhanshichuqiteshuxing。nengfoutongguopingtaishangdanshengdeyuanchuangyinlegengguangfandeshouquandaobaokuoqiebuxianyuduanshipin、duanju、zhangshipin、youxidengzhizuozhizhong，xingchengb2bdeyingshouxingeju，jinercijiyinlerenjiadajingpinyinledechuangzuolidu，huoxunenggouchengweiyigetupokou。