The rising demand for content consumption is reshaping the ecology of knowledge supplyIn recent times, as awareness around paid knowledge has grown alongside advancements in technologies like 5G and AI, the audio industry has emerged as a new frontier of consumptionAudio works, exemplified by podcasts, audiobooks, radio dramas, and online music, have captivated a significant user base due to their diverse usage contexts, high companionship levels, and screen-free natureWhether on a bustling subway during the morning rush, while taking a leisurely walk, or before settling in for bed, individuals can simply open their favorite audio apps to enjoy stories, music, or educational contentThis dual enjoyment of relaxation and maximizing fragmented time is a compelling pullAccording to data from iiMedia Research, the number of online audio users in China is expected to reach 540 million in 2024, with the audio economy projected to grow by 10.2% year-on-year, reaching a staggering 568.82 billion yuan, and is forecasted to exceed 740 billion yuan by 2029.

However, the rapid emergence of various audio platforms and audiobook apps has brought along myriad challenges, including issues of homogenization, vulgarity, and copyright disputes

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Some users express dissatisfaction with certain audio platforms, citing limited membership benefits and a lack of value for their expenditures, which fail to meet their expectationsFor companies, even the leading enterprises are grappling with the challenge of balancing content costs with user conversion rates, as low conversion rates and difficult profitability present significant hurdles, with the optimal solutions for market monetization still elusiveTherefore, it is clear that for the audio industry to achieve sustainable growth, substantial effort is required.

The core value of the audio industry is driven by content; users are only willing to pay for high-quality products that offer great value for moneyAudio companies need to invest more in the quality of their product contentThis entails curating excellent works, enhancing recording quality, setting reasonable pricing, and broadening consumption channels to awaken more ears with delightful sounds

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For instance, the YunTing app exemplifies this commitment by establishing a “Mainstream Cultural Chronicle,” launching initiatives like the “Mandarin Museum” and the “Local Dialect Museum.” There is also a need to hone in on niche categories, such as creating features that address specific functional needs or targeted demographic segments, thereby reducing the selection burden on listenersLeveraging precise data analysis of users, the aim is to deliver audio content effectively and enhance audience immersion and resonance.

From an industrial perspective, stakeholders, including government bodies and relevant departments, should emphasize and support small and micro enterprises within the industryEncouraging these enterprises to participate in the formulation of technological standards and industry regulations contributes to cultivating a conducive environment that promotes orderly competition and mutual benefits

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Businesses must enhance cooperation across their supply chains—content, technology, and industry—to drive cross-sector integrationIn this way, they can escalate the valuation of brands, content IP, and collaborative products, ultimately forming a comprehensive ecological chain around the industry for better market value realizationFor example, Ximalaya has partnered with multiple publishing houses to develop celebrity audiobooks and produce various audio content, thus delivering high-quality auditory experiences to users.

Innovation at the platform level is crucial as well; one approach could involve empowering audio technologyThis could be seen in the exploration of monetization through advertising, paid subscriptions, audience rewards, brand collaborations, and other new business models like “audio + live streaming," “audio + e-commerce," or “audio + transportation services.” Capturing these new avenues can entice consumers to spend on audio experiences

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Engaging with smart device service providers can lead to greater integration within various applications, including automotive interfaces, home appliances, and wearable tech, thereby enhancing user experiences and exploring new monetization channelsAdditionally, building audio communities on platforms to bolster interactive audio social experiences could facilitate revenue generation via user-generated content, platform validation, and work disseminationThis would increase user engagement and foster loyalty while enhancing the sustainability of paid user experiences.

When a user successfully purchases audio content, it does not conclude their journey in knowledge acquisition but initiates a new chapterUsers will assess their purchasing experiences, and if they feel satisfied, word-of-mouth effects will create a positive feedback loopTo leverage this, audio companies can utilize intelligent technologies to establish diversified, verticalized, and segmented operational models, develop audio-related products, and expand the IP derivative value