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Lincoln Harris

Research Analyst at Goldman Sachs

Lincoln Harris is an analyst at Goldman Sachs focused on equity research within the technology sector, providing in-depth coverage of major companies such as Apple, Microsoft, Alphabet, and Meta Platforms. Renowned for analytical rigor and accurate forecasting, Harris maintains a strong performance record including a success rate above 65% on public analyst ranking platforms and consistently positive annualized returns for clients. He began his career at Morgan Stanley in 2014 before joining Goldman Sachs in 2018, and has since risen to Associate Vice President. Harris holds the FINRA Series 7 and Series 63 securities licenses and is frequently cited in industry media for his sector insights.

Lincoln Harris's questions to Tencent Music Entertainment (TME) leadership

Question · Q3 2025

Lincoln Harris inquired about the evolving competitive landscape in the music streaming business, particularly concerning peer music app competition, MAU ramp-up, and content acquisition budgets, and how Tencent Music Entertainment plans to enhance its leadership through content differentiation and service offerings.

Answer

Executive Chairman Cussion Kar Shun Pang, with translation by CFO Shirley Hu, acknowledged competition from Soda Music, NetEase Cloud Music, and ByteDance's music apps. He emphasized TME's core competitive advantages: extensive music library, accumulated user assets, leading sound quality/effects, diversified experiences (Starlight Card, user badge, Bubble), strong K-song products, and multi-terminal presence (PC, in-car, HarmonyOS). He also highlighted TME's comprehensive content strategy, including co-creation with music creators and top IPs from Tencent Games/Video, and integration of platform and content for IP protection and subscription growth.

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