三個皮匠報告
政策庫
new
付費
搜索

Spotify分業務毛利率推移（2016-2024）-行業數據

Spotify分業務毛利率推移（2016-2024）
Spotify分業務毛利率推移（2016-2024）
結合運營費用的控制，R&D、S&M、G&A等費用絕對值和占收入比均有收窄，帶動運營利潤率從2023年的-3%提升至2024年的9%。
行業數據 下載Excel 下載圖片 原圖定位
圖片屬性
圖片格式：PNG 圖片大?。?8KB 圖片尺寸：1143*1024
同報告圖片
 / 117
Spotify分業務毛利率推移（2016-2024）_第1頁
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
Spotify分業務毛利率推移（2016-2024）_第2頁
fCDlubTku70gfCDkvJrlkZjmlbDvvIjnmb7kuIfvvIkgfCBBUlBV77yI5YWD77yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLXwKfCAyMDI0IHwgNTQgICAgICAgICAgICAgfCA2LjkgICAgICAgIHwKfCAyMDI3RXwgNzIgICAgICAgICAgICAgfCA3LjUgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOi0ouaKpe+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第3頁
Spotify分業務毛利率推移（2016-2024）_第4頁
Spotify分業務毛利率推移（2016-2024）_第5頁
Spotify分業務毛利率推移（2016-2024）_第6頁
fCDlubTku70gfCDlubTmlLblhaXvvIjnmb7kuIflhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDI0IHwgNDUwMCAgICAgICAgICAgICB8CnwgMjAyN0V8IDY1MDAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+46LSi5oql77yM5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第7頁
fCDpn7PkuZDlupTnlKggfCBNQVUgKG1uKSB8IEFQUCBpb3PmlLblhaUgKFVTRCBtbikgfAp8IC0tLSB8IC0tLSB8IC0tLSB8CnwgUVHpn7PkuZAgfCAxOTAgfCAyNTAgfAp8IOe9keaYk+S6kemfs+S5kCB8IDE0MCB8IDE1MCB8Cnwg6YW354uX6Z+z5LmQIHwgMjIwIHwgMTAwIHwKfCDmsb3msLTpn7PkuZAgfCA4MCB8IDUwIHwKfCDphbfmiJHpn7PkuZAgfCAxMjAgfCAzMCB8CgrotYTmlpnmnaXmupDvvJpRTUksIFNlbnNvciBUb3dlciwg5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第8頁
fCDpn7PkuZBBUFAgICB8IGlvc+aUtuWFpS9NQVXvvIgl77yJIHwKfC0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCBRUemfs+S5kCAgICAgfCAyMCAgICAgICAgICAgIHwKfCDnvZHmmJPkupHpn7PkuZAgICB8IDEwICAgICAgICAgICAgfAp8IOmFt+eLl+mfs+S5kCAgICAgfCA3ICAgICAgICAgICAgIHwKfCDmsb3msLTpn7PkuZAgICAgIHwgNCAgICAgICAgICAgICB8Cnwg6YW35oiR6Z+z5LmQICAgICB8IDEgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaUU0sIFNlbnNvciBUb3dlciwg5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第9頁
Spotify分業務毛利率推移（2016-2024）_第10頁
Spotify分業務毛利率推移（2016-2024）_第11頁
Spotify分業務毛利率推移（2016-2024）_第12頁
Spotify分業務毛利率推移（2016-2024）_第13頁
Spotify分業務毛利率推移（2016-2024）_第14頁
Spotify分業務毛利率推移（2016-2024）_第15頁
Spotify分業務毛利率推移（2016-2024）_第16頁
Spotify分業務毛利率推移（2016-2024）_第17頁
Spotify分業務毛利率推移（2016-2024）_第18頁
Spotify分業務毛利率推移（2016-2024）_第19頁
Spotify分業務毛利率推移（2016-2024）_第20頁
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
Spotify分業務毛利率推移（2016-2024）_第21頁
fCDmtbflpJbmtYHlqpLkvZMgfCDkvJrlkZjmlbDku73pop0gfAp8IC0tLSB8IC0tLSB8CnwgU3BvdGlmeSB8IDQxJSB8CnwgQXBwbGUgTXVzaWMgfCAxNSUgfAp8IEFtYXpvbiBNdXNpYyB1c2VycyB8IDEzJSB8CnwgWW91VHViZSBNdXNpYyB8IDEzJSB8CnwgWWFuZGV4IHwgNiUgfAp8IOWFtuS7liB8IDEyJSB8CgrotYTmlpnmnaXmupDvvJpNaURpYSwg5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D77yb5qC55o2uIE1pRGlhIOeahOWFqOeQgw==
Spotify分業務毛利率推移（2016-2024）_第22頁
5qC55o2u5oKo5o+Q5L6b55qE5L+h5oGv77yM5Lul5LiL5piv5o+Q5Y+W55qE5pWw5o2u5bm255Sf5oiQ55qE6KGo5qC877yM5Lul5Y+K55u45bqU55qE6LWE5paZ5p2l5rqQ77yaCgp8IOW5s+WPsCAgIHwg5Lya5ZGY5pWw5Lu96aKdIHwKfC0tLS0tLS0tfC0tLS0tLS0tLS0tLXwKfCDnvZHmmJPkupHpn7PkuZAgfCAzMyUgICAgICAgfAp8IFRNRSAgICB8IDY3JSAgICAgICB8CgrotYTmlpnmnaXmupDvvJpNaURpYSwg5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第23頁
Spotify分業務毛利率推移（2016-2024）_第24頁
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
Spotify分業務毛利率推移（2016-2024）_第25頁
Spotify分業務毛利率推移（2016-2024）_第26頁
Spotify分業務毛利率推移（2016-2024）_第27頁
fCDlubTku70gfCDlhajnkIPliY0xMOWQjeS4reeahFVNR+iJuuacr+WutuaVsOmHjyB8IFVNR+WFqOeQg+WJjTEw5ZCN6Im65pyv5a625Lit5p2l6Ieq576O5Zu9L+iLseWbveeahOaVsOmHjyB8IFVNR+WFqOeQg+WJjTEw5ZCN6Im65pyv5a625Lit5p2l6Ieq6Z2e576O5Zu9L+iLseWbveeahOaVsOmHjyB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMTkgfCA4LzEwICAgICAgICAgICAgICAgICAgICAgICAgfCA4LzggICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8IDAvMiAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAyMCB8IDkvMTAgICAgICAgICAgICAgICAgICAgICAgICB8IDkvOSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwgMC8xICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCAyMDIxIHwgOC8xMCAgICAgICAgICAgICAgICAgICAgICAgIHwgNi84ICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCAyLzIgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMjIgfCA3LzEwICAgICAgICAgICAgICAgICAgICAgICAgfCA0LzcgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8IDMvMyAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAyMyB8IDkvMTAgICAgICAgICAgICAgICAgICAgICAgICB8IDUvOSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwgNC8xICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCAyMDI0IHwgOS8xMCAgICAgICAgICAgICAgICAgICAgICAgIHwgNy85ICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCAyLzEgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaVU1HMjAyNOW5tOi0ouaKpe+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第28頁
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
Spotify分業務毛利率推移（2016-2024）_第29頁
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
Spotify分業務毛利率推移（2016-2024）_第30頁
Spotify分業務毛利率推移（2016-2024）_第31頁
Spotify分業務毛利率推移（2016-2024）_第32頁
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
Spotify分業務毛利率推移（2016-2024）_第33頁
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
Spotify分業務毛利率推移（2016-2024）_第34頁
Spotify分業務毛利率推移（2016-2024）_第35頁
Spotify分業務毛利率推移（2016-2024）_第36頁
fCDlubTku70gfCDoibrmnK/lrrbmiJDmnKwgfCDliLbkvZzotLnnlKggfCBTJkdBIHwgQSZJIHwKfC0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLXwtLS0tLS18CnwgMjAyMiB8IDQ1JSAgICAgIHwgMTAlICAgIHwgMjYlICB8IDMlICAgfAp8IDIwMjMgfCA0NiUgICAgICB8IDEwJSAgICB8IDI5JSAgfCAyJSAgIHwKfCAyMDI0IHwgNDYlICAgICAgfCAxMSUgICAgfCAyNSUgIHwgMyUgICB8CgrotYTmlpnmnaXmupDvvJpVTUfotKLmiqXvvIzlub/lj5Hor4HliLjlj5HlsZXnoJTnqbbkuK3lv4M=
Spotify分業務毛利率推移（2016-2024）_第37頁
fCDlubTku70gfCBBIHwgQiB8IEMgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS18LS0tLS0tfAp8IDIwMjAgfCAxOCUgIHwgMTQlICB8IC0gICAgfAp8IDIwMjEgfCAxOCUgIHwgMTIlICB8IC0gICAgfAp8IDIwMjIgfCAxOCUgIHwgMTIlICB8IDEwJSAgfAp8IDIwMjMgfCAxOSUgIHwgMTElICB8IDEwJSAgfAp8IDIwMjQgfCAyMCUgIHwgMTElICB8IDEwJSAgfAoK6LWE5paZ5p2l5rqQ77yaVU1H6LSi5oql77yM5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第38頁
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
Spotify分業務毛利率推移（2016-2024）_第39頁
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
Spotify分業務毛利率推移（2016-2024）_第40頁
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
Spotify分業務毛利率推移（2016-2024）_第41頁
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
Spotify分業務毛利率推移（2016-2024）_第42頁
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
Spotify分業務毛利率推移（2016-2024）_第43頁
fCDoibrmnK/lrrYgfCDmiJDlsLEgfAp8IC0tLSB8IC0tLSB8CnwgUk9Tw4kgJiBCUlVOTyBNQVJTIHwg5ZyoQmlsbGJvYXJkIEdsb2JhbCAyMDDmjpLooYzmppzkuIrojrflvpfnrKzkuIDlkI3vvIzkuI5CcnVubyBNYXJz5ZCI5L2c55qE5q2M5puyJ0EuUC5ULicgfAp8IENPTERQTEFZIHwg5Yet5YCfJ01vb24gTXVzaWMn5ZyoQmlsbGJvYXJkIDIwMOaOkuihjOamnOS4iummluasoeS6ruebuCB8CnwgTElOS0lOIFBBUksgfCDlnKjkuIPkuKrmrKfmtLLluILlnLrkuIrlh63lgJ8nVGhlIEVtcHRpbmVzcyBNYWNoaW5lJ+iOt+W+l+esrOS4gOWQjSB8CnwgQ0hBUkxJIFhDWCB8IOWHreWAnydCcmF0J+iOt+W+l+S4g+mhueagvOiOsee+juaPkOWQje+8jOWMheaLrOW5tOW6puS4k+i+keWSjOW5tOW6puWUseeJhyB8CgrotYTmlpnmnaXmupDvvJpXTUcgMjRRNOi0ouaKpe+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第44頁
5qC55o2u5Zu+54mH5Lit55qE5pWw5o2u77yM5Lul5LiL5piv6KGo5qC85bGV56S677yaCgp8IOW5tOS7vSB8IFdNR+atjOabsuaVsOmHj++8iOeZvuS4h++8iSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDA1IHwgMSAgICAgICAgICAgICAgICAgICAgfAp8IDIwMjQgfCAxLjUgICAgICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpXTUfotKLmiqXvvIzlub/lj5Hor4HliLjlj5HlsZXnoJTnqbbkuK3lv4M=
Spotify分業務毛利率推移（2016-2024）_第45頁
fCDlubTku70gfCDor43mm7LliJvkvZzogIXmlbDph48gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18CnwgMjAwNSB8IDY1LDAwMCB8CnwgMjAyNCB8IDE4MCwwMDAgfAoK6LWE5paZ5p2l5rqQ77yaV01H6LSi5oql77yM5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第46頁
fCDlubTku70gfCDmtYHlqpLkvZMt6K6i6ZiFIHwg5rWB5aqS5L2TLeW5v+WRiiB8IOWQjOatpeadgyB8IOihqOa8lOadgyB8IOWunuS9k+mfs+S5kCB8IOaVsOWtl+S4i+i9vSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLXwtLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDE5IHwgNDIuMCUgICAgICB8IDE0LjElICAgIHwgNS4wJSB8IDUuMCUgfCAzLjAlICAgfCAxLjAlICAgfAp8IDIwMjAgfCA0Ni4wJSAgICAgIHwgMTYuMiUgICAgfCA1LjAlIHwgNS4wJSB8IDMuMCUgICB8IDEuMCUgICB8CnwgMjAyMSB8IDQ3LjMlICAgICAgfCAxNy43JSAgICB8IDUuMCUgfCA1LjAlIHwgMy4wJSAgIHwgMS4wJSAgIHwKfCAyMDIyIHwgNDguMyUgICAgICB8IDE4LjclICAgIHwgNS4wJSB8IDUuMCUgfCAzLjAlICAgfCAxLjAlICAgfAp8IDIwMjMgfCA0OC45JSAgICAgIHwgMTguNSUgICAgfCA1LjAlIHwgNS4wJSB8IDMuMCUgICB8IDEuMCUgICB8CnwgMjAyNCB8IDUxLjIlICAgICAgfCAxNy43JSAgICB8IDUuMCUgfCA1LjAlIHwgMy4wJSAgIHwgMS4wJSAgIHwKCui1hOaWmeadpea6kO+8mklGUEnvvIzlub/lj5Hor4HliLjlj5HlsZXnoJTnqbbkuK3lv4M=
Spotify分業務毛利率推移（2016-2024）_第47頁
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
Spotify分業務毛利率推移（2016-2024）_第48頁
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
Spotify分業務毛利率推移（2016-2024）_第49頁
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
Spotify分業務毛利率推移（2016-2024）_第50頁
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
Spotify分業務毛利率推移（2016-2024）_第51頁
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
Spotify分業務毛利率推移（2016-2024）_第52頁
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
Spotify分業務毛利率推移（2016-2024）_第53頁
Spotify分業務毛利率推移（2016-2024）_第54頁
Spotify分業務毛利率推移（2016-2024）_第55頁
Spotify分業務毛利率推移（2016-2024）_第56頁
Spotify分業務毛利率推移（2016-2024）_第57頁
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
Spotify分業務毛利率推移（2016-2024）_第58頁
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
Spotify分業務毛利率推移（2016-2024）_第59頁
Spotify分業務毛利率推移（2016-2024）_第60頁
5oqx5q2J77yM5oiR5peg5rOV5o+Q5Y+W5Zu+54mH5Lit55qE5pWw5o2u5oiW55Sf5oiQ6KGo5qC844CC5aaC5p6c5L2g5pyJ5YW25LuW6Zeu6aKY5oiW6ZyA6KaB5biu5Yqp77yM6K+35ZGK6K+J5oiR77yB
Spotify分業務毛利率推移（2016-2024）_第61頁
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
Spotify分業務毛利率推移（2016-2024）_第62頁
Spotify分業務毛利率推移（2016-2024）_第63頁
fCDlubTku70gfCDmrYzmm7LmlbDph4/vvIjnmb7kuIfpppbvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18CnwgMjAyMCB8IDcwICAgICAgICAgICAgIHwKfCAyMDIxIHwgODIgICAgICAgICAgICAgfAp8IDIwMjIgfCAxMDAgICAgICAgICAgICB8CnwgMjAyMyB8IDEwMCAgICAgICAgICAgIHwKfCAyMDI0IHwgMTAwICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaU3BvdGlmeei0ouaKpe+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第64頁
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
Spotify分業務毛利率推移（2016-2024）_第65頁
Spotify分業務毛利率推移（2016-2024）_第66頁
fCDlubTku70gfCDku5jotLnnjocgfAp8LS0tLS0tfC0tLS0tLS0tfAp8IDIwMTYgfCAzOSUgICAgfAp8IDIwMTcgfCA0NCUgICAgfAp8IDIwMTggfCA0NiUgICAgfAp8IDIwMTkgfCA0NiUgICAgfAp8IDIwMjAgfCA0NSUgICAgfAp8IDIwMjEgfCA0NCUgICAgfAp8IDIwMjIgfCA0MiUgICAgfAp8IDIwMjMgfCAzOSUgICAgfAp8IDIwMjQgfCAzOSUgICAgfAoK6LWE5paZ5p2l5rqQ77yaU3BvdGlmeei0ouaKpe+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第67頁
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
Spotify分業務毛利率推移（2016-2024）_第68頁
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
Spotify分業務毛利率推移（2016-2024）_第69頁
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
Spotify分業務毛利率推移（2016-2024）_第70頁
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
Spotify分業務毛利率推移（2016-2024）_第71頁
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
Spotify分業務毛利率推移（2016-2024）_第72頁
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
Spotify分業務毛利率推移（2016-2024）_第73頁
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
Spotify分業務毛利率推移（2016-2024）_第74頁
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
Spotify分業務毛利率推移（2016-2024）_第75頁
Spotify分業務毛利率推移（2016-2024）_第76頁
Spotify分業務毛利率推移（2016-2024）_第77頁
Spotify分業務毛利率推移（2016-2024）_第78頁
Spotify分業務毛利率推移（2016-2024）_第79頁
fCDlnLDljLogICB8IDIwMjLlubQgfCAyMDIz5bm0IHwgMjAyNOW5tCB8CnwtLS0tLS0tLXwtLS0tLS0tLXwtLS0tLS0tLXwtLS0tLS0tLXwKfCDnvo7lm70gICB8IDUuMCUgICB8IDcuNSUgICB8IDEwLjAlICB8Cnwg5pel5pysICAgfCA3LjUlICAgfCAxMC4wJSAgfCAxMi41JSAgfAp8IOasp+a0siAgIHwgMTAuMCUgIHwgMTIuNSUgIHwgMTUuMCUgIHwKfCDmvrPlpKfliKnkupogfCAxMC4wJSAgfCAxMi41JSAgfCAxNS4wJSAgfAp8IOWKoOaLv+WkpyAgfCAxMi41JSAgfCAxNS4wJSAgfCAxNy41JSAgfAp8IOaLiee+jiAgIHwgMjUuMCUgIHwgMjcuNSUgIHwgMzAuMCUgIHwKfCDkuK3kuJzlkozljJfpnZ4gfCAyMC4wJSAgfCAyMi41JSAgfCAyNS4wJSAgfAp8IOS4reWbvSAgIHwgMzAuMCUgIHwgMzIuNSUgIHwgMzUuMCUgIHwKfCDljZfpnZ4gICB8IDM1LjAlICB8IDM3LjUlICB8IDQwLjAlICB8CgrotYTmlpnmnaXmupDvvJpJRlBJ77yM5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第80頁
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
Spotify分業務毛利率推移（2016-2024）_第81頁
fCDnsbvliKsgICB8IOa2qOS7t+WJjSB8IOa2qOS7t+WQjiB8IOa2qOW5hSAgfAp8LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLXwKfCBJbmRpdmlkdWFsIHwgMTAuOTkgIHwgMTEuOTkgIHwgOSUgICAgfAp8IER1byAgICAgfCAxNC45OSAgfCAxNi45OSAgfCAxMyUgICB8CnwgRmFtaWx5ICB8IDE2Ljk5ICB8IDE3Ljk5ICB8IDE4JSAgIHwKfCBTdHVkZW50IHwgNS45OSAgIHwgNS45OSAgIHwgMCUgICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45a6Y572R77yM5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第82頁
Spotify分業務毛利率推移（2016-2024）_第83頁
fCDnsbvliKsgICAgICAgfCDmtqjku7fliY0gfCDmtqjku7flkI4gfCDmtqjluYUgIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwtLS0tLS0tLXwtLS0tLS0tfAp8IOS4quS6unByaW1lICB8IDEwLjk5ICB8IDEwLjk5ICB8IDEwJSAgIHwKfCDkuKrkurpub24tcHJpbWUgfCAxMS45OSAgfCAxMS45OSAgfCA5JSAgICB8Cnwg5a625bqtICAgICAgIHwgMTkuOTkgIHwgMTkuOTkgIHwgMTglICAgfAoKCui1hOaWmeadpea6kO+8muWFrOWPuOWumOe9ke+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第84頁
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
Spotify分業務毛利率推移（2016-2024）_第85頁
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
Spotify分業務毛利率推移（2016-2024）_第86頁
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
Spotify分業務毛利率推移（2016-2024）_第87頁
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
Spotify分業務毛利率推移（2016-2024）_第88頁
fCDlubTku70gfCBNQVXvvIjnmb7kuIfvvIkgfCDplIDllK7otLnnlKjvvIjnmb7kuIflhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE4IHwgMTAwICAgICAgICAgIHwgNTAgICAgICAgICAgICAgICB8CnwgMjAxOSB8IDE1MCAgICAgICAgICB8IDEwMCAgICAgICAgICAgICAgfAp8IDIwMjAgfCAxODAgICAgICAgICAgfCAxNTAgICAgICAgICAgICAgIHwKfCAyMDIxIHwgMjAwICAgICAgICAgIHwgMjAwICAgICAgICAgICAgICB8CnwgMjAyMiB8IDIyMCAgICAgICAgICB8IDI1MCAgICAgICAgICAgICAgfAp8IDIwMjMgfCAyNDAgICAgICAgICAgfCAzMDAgICAgICAgICAgICAgIHwKfCAyMDI0IHwgMjMwICAgICAgICAgIHwgMjgwICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrnvZHmmJPkupHpn7PkuZDotKLmiqXvvIzlub/lj5Hor4HliLjlj5HlsZXnoJTnqbbkuK3lv4PjgII=
Spotify分業務毛利率推移（2016-2024）_第89頁
Spotify分業務毛利率推移（2016-2024）_第90頁
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
Spotify分業務毛利率推移（2016-2024）_第91頁
Spotify分業務毛利率推移（2016-2024）_第92頁
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
Spotify分業務毛利率推移（2016-2024）_第93頁
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
Spotify分業務毛利率推移（2016-2024）_第94頁
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
Spotify分業務毛利率推移（2016-2024）_第95頁
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
Spotify分業務毛利率推移（2016-2024）_第96頁
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
Spotify分業務毛利率推移（2016-2024）_第97頁
Spotify分業務毛利率推移（2016-2024）_第98頁
fCDlubTku70gfCBUTUUgfCDnvZHmmJPkupHpn7PkuZAgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tfAp8IDIwMTggfCA3MCUgIHwgMTgwJSAgICB8CnwgMjAxOSB8IDcwJSAgfCAxNDAlICAgIHwKfCAyMDIwIHwgNzAlICB8IDEyMCUgICAgfAp8IDIwMjEgfCA3MCUgIHwgODAlICAgICB8CnwgMjAyMiB8IDcwJSAgfCA3MCUgICAgIHwKfCAyMDIzIHwgNjAlICB8IDYwJSAgICAgfAp8IDIwMjQgfCA1MCUgIHwgNTAlICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jotKLmiqXvvIzlub/lj5Hor4HliLjlj5HlsZXnoJTnqbbkuK3lv4M=
Spotify分業務毛利率推移（2016-2024）_第99頁
fCBMaXF1aWQgU3RhdGUg6Im65Lq6IHwg6aaW5pSv5Y2V5puyIHwg5ZCI5L2c6Im65Lq6IHwKfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS18CnwgQ09SU+KIgEsgKOiDoeaipuWRqCkgICB8IOOAiua6r1JldmVyc2XjgIsgfCDpqazlkJ/lkJ8gICB8
Spotify分業務毛利率推移（2016-2024）_第100頁
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
Spotify分業務毛利率推移（2016-2024）_第101頁
Spotify分業務毛利率推移（2016-2024）_第102頁
Spotify分業務毛利率推移（2016-2024）_第103頁
Spotify分業務毛利率推移（2016-2024）_第104頁
fCDlubTku70gfCDkvJrlkZjmlbDvvIjnmb7kuIfvvIkgfCBBUlBV77yI5YWD77yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLXwKfCAyMDI0IHwgMTIwICAgICAgICAgICAgfCAxMzAgICAgICAgIHwKfCAyMDI3RXwgMTQwICAgICAgICAgICAgfCAxNTAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOi0ouaKpe+8jOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
Spotify分業務毛利率推移（2016-2024）_第105頁
fCDlubTku70gICB8IOW5tOaUtuWFpe+8iOeZvuS4h+WFg++8iSB8CnwtLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18CnwgMjAyNCAgIHwgMTUsMDAwICAgICAgICAgICB8CnwgMjAyN0UgIHwgMjUsMDAwICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jotKLmiqXvvIzlub/lj5Hor4HliLjlj5HlsZXnoJTnqbbkuK3lv4M=
Spotify分業務毛利率推移（2016-2024）_第106頁
Spotify分業務毛利率推移（2016-2024）_第107頁
Spotify分業務毛利率推移（2016-2024）_第108頁
Spotify分業務毛利率推移（2016-2024）_第109頁
Spotify分業務毛利率推移（2016-2024）_第110頁
fCDlhY3otLnnlKjmiLfnnIvlub/lkYrojrflj5bkvJrlkZjmrYzmm7Lml7bplb8gfCDlhY3otLnnlKjmiLfnnIvlub/lkYrkvY0gfCDnvZHotZrmqKHlvI/ph5HluIHmj5DnjrAgfAp8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5oGt5Zac5L2g77yM5Y+v5YWN6LS55ZCs5q2MKzMw5YiG6ZKfIHwg5bm/5ZGK5YaF5a65IHwg5oiR55qE6YeR5biB77yaMzU2IHwKCui1hOaWmeadpea6kO+8mlFR6Z+z5LmQQVBQ77yM5bm/5Y+R6K+B5Yi45Y+R5bGV56CU56m25Lit5b+D
Spotify分業務毛利率推移（2016-2024）_第111頁
5oqx5q2J77yM5oiR5peg5rOV5o+Q5Y+W5Zu+54mH5Lit55qE5pWw5o2u5bm255Sf5oiQ6KGo5qC844CC5aaC5p6c5L2g6ZyA6KaB5biu5Yqp77yM6K+35ZGK6K+J5oiR5YW35L2T55qE5YaF5a655oiW5pWw5o2u77yM5oiR5Lya5bC95Yqb5Li65L2g5o+Q5L6b5pSv5oyB44CC
Spotify分業務毛利率推移（2016-2024）_第112頁
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
Spotify分業務毛利率推移（2016-2024）_第113頁
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
Spotify分業務毛利率推移（2016-2024）_第114頁
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
Spotify分業務毛利率推移（2016-2024）_第115頁
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
Spotify分業務毛利率推移（2016-2024）_第116頁
Spotify分業務毛利率推移（2016-2024）_第117頁
Spotify分業務毛利率推移（2016-2024）_第118頁
所屬報告： 數字媒體行業：音樂流媒體長坡厚雪構建可持續的增長生態-250411（54頁）.pdf
打包全文圖表

相關數據

最新數據
聯系我們
  • 0731-84720580
  • sgpjbg002
  • 工作日 9:30 - 18:00
關于我們
侵權處理
關于我們

三個皮匠報告專業的行業報告下載站，每日更新，歡迎大家關注！

copyright@2008-2013 長沙景略智創信息技術有限公司版權所有
網站備案/許可證號：湘B2-20190120

客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站